Neuland Laboratories, a pharmaceutical manufacturer providing active pharmaceutical ingredients (APIs), complex intermediates, and contract research and manufacturing services to customers located in 85 countries, today announced financial results for the first quarter of fiscal year (FY) 2013, ended June 30, 2012.

"We are pleased that in the first quarter of the new fiscal year we reported the highest quarterly revenues in Neuland's history, increasing revenues by almost one-quarter compared to the comparable period last year," said D.R. Rao, Chairman and Managing Director of Neuland Labs. "We also made progress on our commitment to better manage our costs of production and overall expenses, enabling the company to more than double our after tax profits."

Revenues for the first quarter of FY 2013 were $23.3 million (1.28 billion INR) compared to revenues in the first quarter of FY 2012 of $18.9 million (1.04 billion INR), an increase of 23%. The increase in revenues primarily reflects gains in sales of the company's products and services from its API, contract research and manufacturing and peptides synthesis businesses.

Neuland reported EBITDA of $2.83 million (155.71 million INR) in the first quarter of FY 2013, compared to EBITDA of $2.23 million (122.47 million INR) in the comparable period in FY 2012, an increase of 27%. After-tax profits in the first quarter of FY 2013 were $0.56 million (30.80 million INR), compared to after-tax profits of $0.16 million (8.59 million INR) in the first quarter of FY 2012, an increase of 261%.

"In seven of the last eight quarters, we have generated revenues of greater than one billion INRs (more than $18 million), and in the last two quarters our cumulative net profits were greater than $1.6 million. This consistent growth reflects the success of our new product launches, the increased profitability of our mature products and a significant upsurge in revenues from our contract manufacturing business," noted Sucheth R. Davuluri, Chief Executive Officer of Neuland Labs.

Neuland also reported that it is in the process of re-organizing its businesses in order to infuse more capital in a manner that will increase the focus on new product development, reduce costs and further de-leverage the balance sheet, thereby setting the stage for creating additional value for shareholders going forward. The company intends to provide additional information on these developments in the coming months.