GAA AGM Results from 29/11/2006At the Genepharm AGM held on 29...

GAA AGM Results from 29/11/2006

At the Genepharm AGM held on 29 Nov 2006 -
Chairman O’Brien said that the company expected to report nett revenue for Q4 2006 of about $2.2mill.
MD Dennis Bastas reported -
New drug registrations -
Pravastatin - August 06
Zolpiderm (sleep disorder) - October 06
Paroxetine (anti-depressant) - expected December 06
Sales comparison July 05 to July 06 – sales up about 30%.
The figures -
1. GAA is now turning a profit - for the period 1 July to 30 Sept 06
Gross sales $21 mill.
Nett sales $12.4 mill.
Gross Profit $5.2 mill.
Cash at bank $10.2 mill.
Debt: NIL.
Forecast for the full 06/07 financial year was
Gross sales - $110 mill to $120 mill.
Nett sales - $60 mill to $65 mill.
One shareholder asked when the company expected to pay a dividend and CFO Harding said he looked forward to commencing dividends in 07/08 provided of course the company continues to show a profit.
The MD in closing the meeting was upbeat about the company’s prospects.