Forest Labs Q4 Profit Increases - Quick Facts

(RTTNews) - Forest Laboratories, Inc. (FRX) said that net income for the fourth quarter of fiscal 2014 was $54.1 million or $0.20 per share up from $45.4 million or $0.17 per share in the same quarter last year.

The fourth quarter of fiscal 2014 included $109.1 million in charges related to Project Rejuvenate and $41.0 million in charges related to the Aptalis acquisition.

Excluding acquisition related amortization and specified items, non-GAAP earnings per share for the fourth quarter of fiscal 2014 equaled $0.87 compared to $0.25 per share for the fourth quarter of fiscal 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 33.8% to $1.0 billion, from $783.2 million in the prior year quarter. The increase in sales was driven by sales of the Company's next generation products which increased $176.8 million or 69.6% to $431.1 million compared with the fourth quarter of fiscal 2013, as well as sales of products acquired with the purchase of Saphris and the acquisition of Aptalis which totaled $136.3 million in the quarter.

Total revenue for the quarter grew to $1.09 billion from the prior year's $813.83 million. Wall Street expected revenues of $956.19 million.