Patheon Q4 loss soars to $23 million as pharma manufacturer takes tax provision
The Canadian Press
TORONTO - Patheon Inc. (TSX:PTI) is reporting substantially increased net losses for both its fourth quarter and full year, with the contract drug manufacturer citing a big income tax charge as well as the cost of closing its Swindon, U.K., facility.
The Toronto-based Patheon said Monday that its net loss in the three months ended Oct. 31 was $23.1 million or just under 18 cents per diluted share for a period in which it booked $39.8 million for income taxes.
That compared with a net loss of $9.9 million or just under eight cents per share in the same fiscal 2011 period when it booked $1 million for income taxes.
Revenue rose to $210 million from $181.6 million.
For the full 2012 fiscal year, Patheon reported a net loss of $106.7 million or 82 cents per share on revenue of $749.1 million, compared with a loss of $16.4 million or 13 cents per share on revenues of $700 million in the prior year.
The current year included an impairment charge of $57.9 million related to the Swindon wind down, versus nothing the previous year, as well as $43.4 million for income taxes, up from $1.1 million.
Gross profit for the quarter was $55.4 million compared with $33.5 million in the same period last year, while gross profit for the full year was $159.3 million, up 20.9 per cent from $131.8 million in 2011.
Excluding a $50.3-million benefit from a contract cancellation recorded last year, gross profit would have increased by 95.5 per cent, the company said.
