Specialty chemicals distributor Aceto (Nasdaq:ACET) posted record quarterly net sales of $105.8 million for the fourth quarter of fiscal 2010 - an increase of 41% from a year earlier on account of new revenue from herbicide glyphosate.
Profits increased a whopping 303% to $4.2 million for the period, or $0.17 per diluted share, compared to $1.1 million or $0.04 per diluted share in the prior-year quarter.
For the entire year, profits decreased to $6.6 million, or $0.26 per share, from $8.6 million, or $0.35 per share in fiscal 2009 on account of three one-time charges in the second quarter of 2010. Excluding these charges, net income would have amounted to $9.7 million, or $0.39 per share for 2010.
During the fiscal fourth quarter, sales in the company's health sciences segment increased 10.3% from the 2009 comparable quarter, largely the result of improved sales across all business components.
Sales in the specialty chemicals division grew 41.2%, fueled by increased sales in both domestic and international markets.
Demand for products used in surface coatings and in the food, beverage and cosmetics industries all showed continued strength, said the company.
Lastly, sales in the crop protection area increased 293.7% from the 2009 comparable quarter, on account of sales of glyphosate, which began in Q3 2010.
Separately, the company's board of directors announced two changes in its senior management. Albert Eilender was named executive chairman and CEO, while Vince Miata has been appointed president and COO, both effective immediately.
Eilender served as non-executive chairman since October 2009, and has been a member of Aceto's board since December 1999. Miata was the company's president since December 2008, and its CEO since October 2009.
Founded in 1947, Aceto works in the sourcing, quality assurance, regulatory support, marketing and distribution of pharmaceuticals, nutraceuticals, specialty chemicals and crop protection products.
With business operations in ten countries, the company distributes over 1000 chemical compounds used either as principal raw materials or as finished products in the pharmaceutical, agricultural, surface coating/ink and general chemical consuming industries.