This article was originally published in The Tan Sheet
Executive SummaryExpected investment banking, legal and administrative expenses in the $3.5 mil. to $4 mil. range connected with firm's proposed merger with aaiPharma cause CIMA Labs to lower third quarter earnings per share guidance to between 3¢ and 6¢, the company announced Oct. 9. The firm, which licenses orally-disintegrating drug technologies, previously expected EPS to fall around 24¢ to 27¢ for the quarter. Revenues are expected to remain in previously announced range of $19 mil. to $20.5 mil.; the company has narrowed its full-year sales guidance to $72 mil. to $75 mil. from an earlier range of $70 mil. to $75 mil. CIMA expects additional fourth quarter merger-related expenses "that the company is unable to quantify at the present time," and thus, is withdrawing full year 2003 earnings guidance...
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