GeoPharma, Inc., (the "Company") announced today the results of its fiscal year 2010 second quarter which ended September 30, 2009, with revenues totaling $3,407,590 from continuing operations and a net loss from continuing and discontinued operations of .23 cents per share versus .25 cents per share for the same period a year ago.
Commenting on the quarter GeoPharma CEO Mihir Taneja stated, "In the second quarter many positive developments for our business occurred. Among the most noteworthy of these events was the restructuring of our loan agreement with Whitebox Pharmaceutical Growth Fund, the finalization of the sale of certain key assets and the discontinuation of our "BOSS" distribution segment, as well as the favorable settlement of litigation regarding our Beta-Lactam Antibiotics facility in Baltimore, Maryland. Additionally, we have continued with our cost containment efforts, with significant headcount reductions and further savings in R&D expenses. We truly believe the adjustments we are making are taking hold in a positive manner. We look forward optimistically to sharing other key developments in the near future and to a favorable 2010 for GeoPharma and its shareholders."
A conference call is scheduled at 11 a.m. Eastern time today and 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 is set to begin to register. The dial in number for participants is 1-719-325-2123. The Conference Confirmation code is 3306847.
A replay of the call will be available from 2 PM ET on November 24, through Tuesday, December 8th. The Replay of the call may be heard by dialing 1-719-457-0820. The Replay Pass Code is 3306847. Participants may also choose to listen to the call via web cast through the link in the events and presentations section of the Investor Relations page of the GeoPharma website located at http://www.geopharmainc.com
ABOUT GEOPHARMA, INC.:
GeoPharma, Inc. is a rapidly growing Bio/Pharma company with a diversified business model participating in Pharmaceuticals, Contract Manufacturing, and Medical devices. The Pharma divisions specialize 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 division manufactures and packages generic drugs, nutraceuticals, cosmetics, and functional food products for companies worldwide.
For further information visit the GeoPharma website at www.geopharmainc.com .
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.