GeoPharma Announces Fiscal Year 2009 Fourth Quarter and Year End Results


LARGO, Fla., June 30, 2009 (GLOBE NEWSWIRE) -- GeoPharma, Inc. (Nasdaq:GORX) (the "Company") announced today its fiscal year 2009 year end results for the period ended March 31, 2009, reporting total revenues of $63,020,060 for the year representing a increase of approximately 14.6 % versus the same period a year ago. Revenues for the fourth quarter ended March 31, 2009 were $13,842,033 representing an increase of 5.5% sequentially as compared to revenues of $13,112,972 achieved in the third quarter ended December 31, 2008.

Commenting on the year end results, GeoPharma CEO Mihir Taneja stated, "2009 was a difficult economic environment for GeoPharma, as a result we have decided to discontinue some of the business operations that were not profitable in an effort to continue to focus on our core business in the Manufacturing and Pharmaceutical segment. We are pleased with the growth of Carprofen and we look forward to further success from the Pharmaceutical division in the months to come."

Fiscal year 2009 and Fourth Quarter Financial Summary:



 -- Total revenues for the fourth quarter ended March 31, 2009 were
    $13,842,033.

 -- Total revenues for fiscal year ended March 31, 2009 were
    $63,020,060 an increase of 14.6% over the fiscal year ended
    March 31, 2008.

 -- Pharmaceutical revenues for the year ended March 31, 2009 were
    $1,720,696, an increase of 641% over the fiscal year 2008 results
    for the period ended March 31, 2008.

 -- Gross profits for the fiscal ended March 31, 2009 were
    $10,450,908 which was slightly lower than then $10,907,085
    recorded for gross profits for the fiscal year ended March 31,
    2008.

 -- Net loss for the fiscal year ended March 31,2009 was ($26,640,028)
    or ($1.62) per share which includes both continuing and
    discontinued operations. ($15,991,390) or ($.97) is attributable
    to the discontinued operations and ($10,072,188) or ($.65) is from
    the net loss from continuing operations.

 -- Selling, general and administrative expenses, exclusive of
    depreciation and amortization, were $13,657,729 for the fiscal
    year ended March 31, 2009.

 -- Research and development ("R&D") expenditures for the fiscal year
    ended March 31, 2009 totaled approximately $1.8 million dollars
    all of which was charged as an expense to operations as compared
    to approximately $1.6 million dollars of R&D expense for the
    fiscal year ended March 31, 2008.

GeoPharma Sr. VP/CFO Carol Dore-Falcone, commenting on the results, stated, "Tightening margins in our branded products division and our distribution segment have made it difficult to operate without a higher degree of liquidity. Accordingly the Company has decided it is in our best interest to scale back the diversity of our business model and to concentrate on our core business at this time. The growth of our pharmaceutical division showcases the potential of that strategy and we are optimistic that there will additional success recognized in that division shortly."

GeoPharma will host a conference call to discuss the year end results on Tuesday June 30, 2009 at 9 a.m. (ET). The conference call will be hosted by GeoPharma, Inc. CEO Mihir Taneja and Sr. VP/CFO Carol Dore-Falcone. Participants may dial in 15 minutes before the call to register. The dial in number for participants is 1-877-795-3649 and 1-719-325-4764 for international callers. The Conference Confirmation code is 1378429.

Interested parties may also listen via the internet at: http://gorx.client.shareholder.com/events.cfm

Replay of the call will be available from 12 noon ET on June 30th, through Tuesday, July 14th. The Replay of the call may be heard by dialing 1-888-203-1112 or 1-719-457-0820 for international callers. The Replay Pass Code is 1378429. Participants may also choose to listen to the call via webcast through the link in the events and presentations section of the Investor Relations page of the GeoPharma website located at http://gorx.client.shareholder.com/events.cfm

GEOPHARMA, INC.:

GeoPharma, Inc. is a rapidly growing Bio/Pharma company with a diversified business model participating in 3 main market segments: Specialty Pharma, Manufacturing, and Distribution. The Specialty Pharma division specializes in the formulation of generic drugs for human and veterinary usage and the development of medical devices used by oncologists and other medical professionals. The Manufacturing and Distribution divisions, manufacture, package, and distribute generic drugs, nutraceuticals, cosmetics, and functional food products for companies worldwide.

The GeoPharma, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5384

FORWARD-LOOKING STATEMENTS

This press release may contain statements, which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those regarding the company and its subsidiaries' expectations, intentions, strategies and beliefs pertaining to future performance. All statements contained herein are based upon information available to the company's management as of the date hereof, and actual results may vary based upon future events, both within and without management's control. Important factors that could cause such differences are described in the company's periodic filings with the Securities and Exchange Commission.



           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


                                           Fiscal year ended March 31,
                                           --------------------------
                                               2009          2008
                                           ------------  ------------

                                           ------------  ------------
 Total Revenues, net                       $ 20,238,000  $ 24,634,000

 Gross Profit                              $  2,904,000  $  3,861,000
 Stock compensation expense                $  1,461,000  $    957,000
 Depreciation  and amortization            $  1,951,000  $  1,721,000
 SG&A                                      $ 13,658,000  $ 10,366,000
 Other income / (expense), net             $  2,321,000  $   (373,000)
 Income (loss) from continuing operations
  before minority interest and income tax  $(11,844,000) $ (9,556,000)
 Minority interest                         $    709,000  $    900,000
 Income tax benefit (expense)              $  1,063,000  $  1,228,000
 Income (loss) from continuing operations  $(10,072,000) $ (7,428,000)
 Discontinued operations- Distribution:
 Revenues - Distribution                   $ 41,061,000  $ 30,334,000
 Cost of sales - Distribution                33,514,000    23,328,000
                                           ------------  ------------
 Gross profit - Distribution               $  7,547,000  $  7,006,000
 SGA - Distribution                          11,800,000     8,971,000
 Other income (expense), net -
  Distribution                               13,312,000            --
 Asset impairments- Distribution              1,004,000     1,282,000
 Income tax benefit (expense) -
  Distribution                                       --            --
                                           --------------------------
 Exit income (expense) - Distribution      $(15,991,000) $    403,000
 Income (loss) from discontinued
  operations - Distribution                          --  $      8,380
                                           --------------------------
 Income (loss) from discontinued
  operations - PBM                         $(26,064,000)  $(7,017,000)

 Net income (loss)
 Preferred dividends                       $    576,000   $   408,000
 Net income (loss) available to common
  shareholders                             $(26,640,000)  $(7,425,000)
 Basic and diluted  earnings (loss) per
  common share outstanding                 $      (1.62)  $     (0.59)
 Basic weighted average common shares
  outstanding                                16,446,191    12,541,659
 Basic and dilute earnings (loss) per
  common share outstanding - Distribution  $      (0.97)  $      0.03
 Basic and diluted earnings (loss) per
  common share outstanding - PBM           $         --   $     (0.00)

            

Contact Data