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Leiner Health Products

This article was originally published in The Tan Sheet

Executive Summary

Sales for the third quarter ended Dec. 31 totaled $182.7 mil., a 12.7% increase over the year-ago period, and net income reached $3 mil., a 5.1% decline, the Carson, Calif.-based supplement/OTC maker reports Feb. 15. For the first nine months, sales were up 3.3% to $448.1 mil., but Leiner reported a net loss of $3.9 mil. due, in part, to a shift of product mix and a departure from the drug repackaging business. The acquisition of Granutec and Stanley Pharmaceuticals from Novopharm, which was completed Dec. 17, contributed $6.1 mil. in net sales and $1.1 mil. in operating profit. During a Feb. 17 conference call, Leiner CEO Robert Kaminski said the company has delivered about $3 mil. in products to online firms and is thinking of selling directly on the Internet. For now, however, he stated Leiner is taking "a very much monogamous position with our retailer partners"
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