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Friday, 13 June 2003
June 13, 2003 Lannett Company, Inc. (LCI)
Lannett is a company that I am familiar with and have purchased shares in the past. Unfortunately I was stopped out by my 8% rule....and no longer own any shares. However, it is the best stock on the lists today and deserves a once-over.

It really did feel like Friday the 13th if you are a long-term investor and not selling short. The market had a rather small correction today, perhaps again suggesting the underlying bullish sentiment that appears to continue to drive the indices higher.

LCI had a great day today. It closed at $21.53 up $.92 or 4.46% on the day.

Lannett is another generic drug manufacturer...a little like ELAB and AAII that we already own...they "manufacture and distribute, throughout the United States, pharmaceutical products sold under generic names and its own trade or brand names, and also manufacture and develop products for other companies."

On April 24, 2003, Lannett reported results for their fiscal 2003 3rd quarter: compared to 2002, net sales jumped 28%, and net income was up 7%. Results that are nice but not overall earth-shattering.

Morningstar shows a steady growth in revenue going back to 1998 when it was $9.5 million, increasing to $10.6 million in 1999, $11.6 million in 2000, $12.1 million in 2001, up to $25.1 million in 2002 and $35.0 million in the trailing twelve months.

The company turned cash flow positive in 2002 with $5 million free cash flow positive but only $4 million free cash flow positive in the trailing twelve months.

There is only $0.5 million in cash on hand per Morningstar.com, but $13.0 million in total current assets compared to $5.0 million in current and long-term liabilities combined.

The numbers are nice if not fabulous, stock is not what I would call cheap with a trailing p/e of 41.06 per Morningstar.com. However, it is a stock to know about and watch and is what appears to be the best stock on the lists of advancers.

Bob


Posted by bobsadviceforstocks at 3:30 PM CDT | Post Comment | Permalink

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