Akorn Q2 Net Income Up; Backs FY13 View

(RTTNews) - Akorn, Inc.(AKRN.OB, AKRX), a generic pharmaceutical company, Tuesday reported an increase in second-quarter net income, mirroring higher revenues, primarily driven by the sales of new products launched late last year. In addition, the company reaffirmed its full-year outlook.

For the three-month period, the company reported net income of $12.6 million or $0.11 per share, compared with $9.7 million or $0.09 per share last year.

Excluding $1.3 million product warranty reserve reversal, adjusted net income for the quarter was $15.3 million or $0.14 per share. On average, six analysts polled by Thomson Reuters expected earnings per share of $0.13 for the quarter. Analysts' estimates typically exclude one-time items.

Consolidated revenue for the second quarter was $77 million, a 22 percent increase from $63.3 million reported during the corresponding quarter last year. Analysts expected the company to report revenues of $75.06 million.

For the year, the company still expects adjusted net income per share of $0.53 - $0.55 and GAAP net income per share of $0.42 - $0.44, on revenues of $305 million - $315 million. Analysts expect the company to report earnings of $0.55 per share, on revenues of $315.53 million, for the year