EXHIBIT 99.1
CARACO PHARMACEUTICAL LABORATORIES, LTD.
STATEMENTS OF INCOME
(corrected from May 29, 2008 Press Release as noted below)
| Year Ended March 31, |
| Quarter Ended March 31, | ||||
| 2008 |
| 2007 |
| 2008 |
| 2007 |
|
|
|
|
|
|
|
|
Net sales | $350,366,689 |
| $117,027,016 |
| $191,751,849 |
| $32,738,713 |
Cost of goods sold | 265,651,539 |
| 59,242,858 |
| 164,205,690 |
| 17,327,837 |
|
|
|
|
|
|
|
|
Gross profit | 84,715,150 |
| 57,784,158 |
| 27,546,159 |
| 15,410,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses | 14,322,140 |
| 9,880,674 |
| 4,162,271 |
| 2,774,778 |
Research and development costs - affiliate | 11,320,640 |
| 11,761,280 |
| - |
| - |
Research and development costs – other | 18,366,306 |
| 10,590,643 |
| 5,889,353 |
| 3,812,439 |
|
|
|
|
|
|
|
|
Operating income | 40,706,064 |
| 25,551,561 |
| 17,494,535 |
| 8,823,659 |
|
|
|
|
|
|
|
|
Other income |
|
|
|
|
|
|
|
Interest expense | - |
| (28,194) |
| - |
| - |
Interest income | 1,832,409 |
| 1,081,208 |
| 411,679 |
| 464,886 |
Loss on sale of equipment | (144,551) |
| (5,106) |
| (140,130) |
| (5,106) |
Other income | - |
| 258,652 |
| - |
| 218,756 |
Other income | 1,687,858 |
| 1,306,560 |
| 271,549 |
| 678,536 |
|
|
|
|
|
|
|
|
Income before income taxes | 42,393,922 |
| 26,858,121 |
| 17,766,084 |
| 9,502,195 |
Income taxes | 7,005,817 |
| - |
| 6,287,191 |
| - |
|
|
|
|
|
|
|
|
Net income | $35,388,105 |
| $26,858,121 |
| $11,478,893 |
| $9,502,195 |
|
|
|
|
|
|
|
|
Net income per common share |
|
|
|
|
|
|
|
Basic | 1.19 |
| 1.02 |
| 0.37 |
| 0.36 |
Diluted | 0.891 |
| 0.72 |
| 0.282 |
| 0.25 |
|
|
|
|
|
|
|
|
Weighted number of Shares |
|
|
|
|
|
|
|
Basic | 29,656,624 |
| 26,447,312 |
| 31,043,072 |
| 26,447,312 |
Diluted | 39,913,7543 |
| 37,254,780 |
| 40,523,4844 |
| 37,692,295 |
|
|
|
|
|
|
|
|
_______________
1. | In May 29, 2008 Press Release, it was $0.96. |
2. | In May 29, 2008 Press Release, it was $0.29. |
3. | In May 29, 2008 Press Release, it was 37,043,634. |
4. | In May 29, 2008 Press Release, it was 39,017,023. |