Business
Axcan announces record revenue of $72.8 million for the second quarter of fiscal 2006
Axcan announces record revenue of $72.8 million for the second quarter of fiscal 2006.
About this update from Trailbreaker Resources Ltd
[{"type":"text","content":"\n\n\n\n\nTSX SYMBOL (Toronto Stock Exchange): AXP\nNASDAQ SYMBOL (NASDAQ National Market): AXCA\n\n-------------------------------------------------------------------------\n- RECORD REVENUE OF $72.8 MILLION \n\n- DILUTED INCOME PER SHARE INCREASES TO $0.17 VERSUS $0.12\n A YEAR EARLIER\n\n- SOLID BASE BUSINESS: REVENUE GROWTH OF 15%\n-------------------------------------------------------------------------\n\nMONT-SAINT-HILAIRE, QC, May 4 /CNW Telbec/ - Axcan Pharma Inc. (NASDAQ:\nAXCA - TSX: AXP) today announced financial results for the second quarter of\nfiscal 2006, ended March 31, 2006 (all amounts are stated in U.S. dollars).\nHighlights for the second quarter are:\n\n- Record revenue of $72.8 million\n- Fully diluted income per share increased 42%, compared to the same\n period a year earlier\n- Revenue growth of 15% illustrates strength of base business\n\n\"We are delighted to report another strong quarter that once again\nhighlights the financial and operational strength of the Company,\" stated\nFrank Verwiel, M.D., President and Chief Executive Officer of Axcan. \"Axcan's\nsecond quarter results continue to demonstrate the solidity of our base\nbusiness, which we believe will in turn allow us to accelerate future growth,\"\nhe concluded.\nTotal revenue for the three months ended March 31, 2006, was\n$72.8 million, compared with $63.4 million for the second quarter of fiscal\n2005, an increase of 15%.\nNet income for the second quarter of 2006 was $8.3 million or $0.17 per\nshare in spite of the $3.8 million or $0.07 per share write-down mentioned\nbelow, compared with net income of $5.4 million or $0.12 per share for the\ncorresponding 2005 period. Following changes in the French pharmaceutical\nenvironment, which led to the re-pricing of certain of the Company's products\nin France, as well as to certain other of the Company's products in France to\nno longer be reimbursed, the Company decided to write-down a portion of the\ncarrying value of intangible assets with a finite life associated with these\nproducts, which negatively affected net income by $3.8 million or $0.07 per\nshare.\n\nPRODUCT DEVELOPMENT PIPELINE UPDATE\n\nAn update on Axcan's major projects follows:\n\nITAX\n\nResults of the International Phase III trial assessing the efficacy of\nITAX (itopride) in the treatment of Functional Dyspepsia did not...