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American Pharmaceutical Partners Inc.
reported fourth quarter net income of $21.9 million (30 cents per diluted share), compared with $16.5 million (23 cents) for the like period a year earlier. Net sales rose 37 percent to $122.6 million.
The company attributed the increase in sales and profits to the launch of its drug Carboplatin and continued strength in its Abraxane product, an injectable drug for the treatment of metastatic breast cancer.
Pro forma net income, which excludes Abraxane-related expenses, was $27.6 million (38 per fully diluted share), compared with $20.1 million (28 cents) in the comparable quarter of 2003.
For 2005, the company estimates net sales of Abraxane to be in the range of $125 million to $155 million.
The company is based in Schaumburg, Ill. but is controlled by Los Angeles-based Dr. Patrick Soon-Shiong through his privately held American BioScience Inc.
American Pharmaceutical Partners shares closed down 0.04 percent to $46.23.
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Guess Inc.
reported fourth-quarter net earnings of $14.9 million (33 cents per diluted share), compared with $11.8 million (27 cents) for the like period a year earlier. Revenues for the L.A.-based casual apparel maker rose 12.4 percent to $224 million.
The 2003 fourth quarter results include charges of $1.6 million (2 cents per diluted share), of which $1.2 million were related to the company’s decision to close 10 underperforming Guess Kids stores.
Guess had been expected to earn 31 cents per share, according to estimates from the Institutional Brokers’ Estimate System.
The company said fourth quarter results reflect better performance from wholesaling and licensing, while sales at retail stores slowed in the fourth quarter from earlier in the year. The company also said it had higher expenses in its clothing business tied to the releases of the new Marciano and Guess Accessories lines.
Licensing revenue for sunglasses, jewelry and watches rose 14 percent, to $12.4 million from $10.9 million in the year-earlier period. Product sales edged up 12 percent to $211.6 million from $188.4 million from a year ago.
The company’s retail store revenues increased 11.5 percent to $172 million and comparable store sales increased 4.4 percent from the year-ago period.
Guess shares closed down 2.3 percent to $14.60.
