On Thursday, GeoPharma announced second quarter financial results of the period ended September 30, 2008, posting some impressive figures for fiscal year 2009.
Highlights for the quarter included an amazing display of growth in the company’s distribution revenues, which increased by more than 700 percent over the second quarter of fiscal 2008. Overall revenues reached $16,039,751, reflecting an increase of 166 percent over the same period a year prior. Despite operating in a relatively tumultuous financial environment, the company managed to more-than double its gross profits, from $1,457,936 in the second quarter of fiscal 2008, to its present level of $2,689,405. Earnings from GeoPharma’s pharmaceutical segment sprung to life as well; jumping from zero to $534,006 in just a year’s time.
“The economic climate throughout the nation has presented many challenges for our businesses. However this year’s second quarter results reveal top line increases in our Distribution and Pharmaceutical Businesses.” CEO Mihir Taneja stated, “We also anticipate that the decline in the price of oil in recent months will improve future costs in our transportation expenses, as well as the cost of overall purchases. Additionally the effect of other strategic cuts will begin to yield a better cost profile for the company in the months to come.”
The company has made public its belief that the current price of its stock is not consistent with its true value, and plans to take steps toward achieving a more appropriate valuation.
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