GeoPharma reports record income, revenues for sixth straight quarter

By Lisa Kerner

Charlotte, N.C., Nov. 14 - GeoPharma, Inc. said the fiscal second quarter ended Sept. 30 marked its sixth straight quarter of consistent profitability and record revenues.

Total revenues of $16.7 million for the fiscal second quarter were up 15.9% from the fiscal first quarter ended in June and up 36.5% from the prior-year period.

The company's gross profits grew to $4.7 million in the quarter, a 34% increase from the fiscal first quarter and a 67.8% increase from the fiscal second quarter of 2005.

GAAP net income for the September quarter was up at $793,000, or $0.07 per share, from $514,000, or $0.04 per share, for the fiscal second quarter of 2005.

Cash and cash equivalents were $0.8 million at Sept. 30, compared with $1.2 million at March 31.

Selling, general and administrative expenses were up at $3.1 million for the quarter, from $2.6 million for the year-ago period.

GeoPharma saw its research and development expenditures for the three months ended Sept. 30 climb to $367,000 from $133,000 for the three-month period ended Sept. 30, 2005.

"We are encouraged by the growth of each of our business segments and look forward to receiving Abbreviated New Drug Application approvals from the Food and Drug Administration, which will only further our growth from an income and revenue standpoint," chief executive officer Mihir Taneja said in a company news release.

GeoPharma is a Largo, Fla., pharmaceutical company.

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