Impax Laboratories Inc (IPXL) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Home SEC Filings Impax Laboratories, Llc 10-K Annual Report Thu Mar 01 2018

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Impax Reports Fourth Quarter and Full Year 2017 Results

‒ Q4 2017 Total Revenues of $183 Million; GAAP Net Loss Per Share of $4.18; Non-GAAP Adjusted Income Per Share of $0.11 ‒
‒ Full Year 2017 Total Revenues of $776 Million; GAAP Net Loss Per Share of $6.53; Non-GAAP Adjusted Income Per Share of $0.63 ‒
‒ Completes Operational and Cost Improvement Plans ‒
‒ Combination with Amneal Pharmaceuticals Expected to Close in the Second Quarter of 2018 ‒

BRIDGEWATER, NJ, March 1, 2018 – Impax Laboratories, Inc.
 (NASDAQ: IPXL), today announced fourth quarter and full year 2017 financial results.

Fourth Quarter 2017

•
Total revenues in the fourth quarter 2017 were $182.9 million, a decrease of 7.8%, compared to $198.4 million in the prior year period due to a decrease in sales of generic products, partially offset by an increase in sales of specialty products.
•
GAAP net loss was $301.1 million or a loss of $4.18 per share for the fourth quarter 2017, compared to a loss of $279.6 million or a loss of $3.91 per share in the prior year period. The fourth quarter of 2017 includes $230.7 million of non-cash intangible asset impairment charges on a few currently marketed and in-development generic products primarily due to competition, and a $74.1 million impairment charge associated with the sale of the Taiwan manufacturing facility. The fourth quarter of 2016 includes non-cash intangible asset impairment charges of $253.9 million due to competition and product discontinuations primarily related to certain products acquired in the Company’s acquisition of Tower Holdings, Inc. and subsidiaries in March 2015 (the “Tower Acquisition”).
•
Adjusted net income was $7.6 million or $0.11 per share in the fourth quarter 2017, compared to $11.6 million or $0.16 per share in the prior year period, primarily due to lower generic product revenue. Refer to the attached “Non-GAAP Financial Measures” for a reconciliation of all GAAP to non-GAAP items.
•
EBITDA (earnings before interest, taxes, depreciation and amortization) was a loss of $274.8 million in the fourth quarter 2017, compared to a loss of $234.0 million in the prior year period, primarily as a result of the charges noted above. Adjusted EBITDA was $33.1 million, compared to $37.3 million in the prior year period.

Full Year 2017
•
Total revenues for the full year 2017 were $775.8 million, a decrease of 5.9%, compared to $824.4 million in the prior year due to a decrease in sales of generic products, partially offset by an increase in sales of specialty products.
•
GAAP net loss was $469.3 million or a loss of $6.53 per share for the full year 2017, compared to a loss of $472.0 million or a loss of $6.63 per share in the prior year, primarily a result of the items noted above. The full year 2017 GAAP results include $289.7 million of non-cash intangible asset impairment charges on a few currently marketed and in- development generic products primarily due to competition, and a $74.1 million impairment charge associated with the sale of the Taiwan manufacturing facility. The GAAP results for 2016 include non-cash intangible asset impairment charges of $541.6 million related to certain products acquired from Teva

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The following information was filed by Impax Laboratories, Llc on Thursday, March 1, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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CIK: 1003642
Form Type: 10-K Annual Report
Accession Number: 0001003642-18-000038
Submitted to the SEC: Thu Mar 01 2018 4:52:53 PM EST
Accepted by the SEC: Thu Mar 01 2018
Period: Sunday, December 31, 2017
Industry: Pharmaceutical Preparations

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