Net income, excluding adjusted items, was $15.1 million compared to $32.8 million in the prior year period. Earnings before interest, taxes, depreciation and amortization (EBITDA), excluding adjusted items, was $25.6 million compared to $54.8 million in the prior year period. Net income was $12.6 million, or $0.19 per diluted share, compared to $31.3 million, or $0.48 per diluted share in the prior year period.
"Our second quarter 2011 revenues and earnings were lower than the prior year period primarily due to higher second quarter 2010 sales from the remaining exclusive period of generic Flomax(R) . However, our second quarter 2011 revenues improved sequentially over the first quarter 2011 revenues and exceeded our expectations," said Larry Hsu, Ph.D., president and CEO, Impax Laboratories, Inc. "The sequential improvement was primarily due to the late April receipt of our supplier's initial product shipment from 2011 quota of generic Adderall XR(R) which resulted in second quarter generic Adderall XR(R) product sales of $58.2 million, as compared to $36.1 million in the first quarter of 2011."
Larry Hsu, Ph.D. has been chief executive officer of Impax Laboratories Inc. since Oct. 1, 2006 and also its president since December 1999. Dr. Hsu served as chief operating officer of Impax Laboratories Inc. from December 1999 to January 2003. He was also the co-founder of Impax Pharmaceuticals Inc. and served as its President and chief operating officer since the company's inception. He also worked at Abbott Laboratories from 1980 to 1995. Dr. Hsu holds a Ph.D. in pharmaceutics from University of Michigan.
Joel Greenblatt owns 306,452 shares as of 06/30/2011, an increase of 446.09% from the previous quarter. This position accounts for 0.9335% of the $715 million portfolio of Gotham Capital. John Hussman owns 341,000 shares as of 06/30/2011, which accounts for 0.1198% of the $6.2 billion portfolio of Hussman Economtrics Advisors. George Soros sold out his holdings in the quarter that ended on 06/30/2011.
Director Leslie Z. Benet bought 500 shares of IPXL stock on 08/08/2011 at the average price of $15.71. Leslie Z. Benet owns at least 5,100 shares after this. The price of the stock has increased by 21.64% since. Director Robert L. Burr sold 15,000 shares of IPXL stock on 06/10/2011 at the average price of 20.8. Robert L. Burr owns at least 59,682 shares after this. The price of the stock has decreased by 8.13% since.