-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WtLxZKcnhiv0hbCEMGdUuoGABK5syUrV87u8itRDCI0AlrNd2fqTBhfzzo6Qbc4C 7xRlMCKV+to/qKNZCCkWVg== 0000002034-00-000001.txt : 20000215 0000002034-00-000001.hdr.sgml : 20000215 ACCESSION NUMBER: 0000002034-00-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACETO CORP CENTRAL INDEX KEY: 0000002034 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160] IRS NUMBER: 111720520 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-04217 FILM NUMBER: 538436 BUSINESS ADDRESS: STREET 1: ONE HOLLOW LANE CITY: LAKE SUCCESS STATE: NY ZIP: 11042 BUSINESS PHONE: 5166276000 MAIL ADDRESS: STREET 1: ONE HOLLOW LANE CITY: LAKE SUCCESS STATE: NY ZIP: 11042 FORMER COMPANY: FORMER CONFORMED NAME: ACETO CHEMICAL CO INC DATE OF NAME CHANGE: 19851203 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended DECEMBER 31, 1999 Commission file number 0-4217 ACETO CORPORATION (Exact name of registrant as specified in its charter) NEW YORK 11-1720520 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification Number) ONE HOLLOW LANE, LAKE SUCCESS, NY 11042 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (516) 627-6000 Securities registered pursuant to Section 12(b) of the Act: NONE Securities registered pursuant to Section 12(g) of the Act: Common Stock, par value $.01 (Title of Class) Indicate by check mark whether the registrant(1) has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No____ Indicate the number of shares outstanding of each of the issuer's class of common stock, as of the close of the period covered by this report. Common Stock - 6,162,552 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ACETO CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) Dec. 31 June 30 1999 1999 ASSETS Current assets: Cash and cash equivalents $ 2,476 $ 3,991 Short-term investments 6,532 7,427 Receivables: Trade, less allowance for doubtful accounts: (Dec., $289; June, $219) 29,728 26,073 Other 2,753 942 32,481 27,015 Inventory 26,003 29,644 Prepaid expenses 206 240 Deferred income tax benefit, net 1,264 1,188 Property held for sale 456 456 Total current assets 69,418 69,961 Long-term investments 8,171 11,852 Long-term notes receivable 938 976 Property and equipment: Machinery and equipment 667 639 Leasehold improvements 209 191 Computers 1,191 1,085 Furniture and fixtures 734 733 Automobiles 140 135 2,941 2,783 Less accumulated depreciation 2,377 2,238 564 545 Goodwill, less accumulated amortization 3,578 2,514 (Dec., $153; June, $76) Other assets 284 311 Total assets $ 82,953 $ 86,159 See accompanying notes to consolidated financial statements. ACETO CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except par value) (Unaudited) Dec. 31 June 30 1999 1999 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Drafts and acceptances payable $ 935 $ 750 Current installments on long-term debt 517 125 Accounts payable 1,842 2,972 Accrued merchandise purchases 8,175 9,447 Accrued compensation 2,964 2,569 Accrued environmental remediation 1,314 1,323 Accrued income taxes 900 956 Other accrued expenses 2,524 2,360 Total current liabilities 19,171 20,502 Long-term liabilities, excluding current installments 1,033 925 Redeemable preferred stock $2.50 par value per share; Authorized 2,000 shares; issued and outstanding: - 750 Dec., 0; June, 300 shares Shareholders' equity: Common stock,$.01 par value per share; Authorized: Dec., 20,000 shares; June, 10,000 shares Issued: Dec., 9,001 shares; June, 90 90 9,001 shares; outstanding: Dec., 6,163 shares; June, 6,416 shares Capital in excess of par value 56,987 57,637 Retained earnings 33,739 31,224 90,816 88,951 Less: Cost of common stock held in treasury; Dec.,2,838 shares; June, 2,585 shares 28,067 24,969 Total shareholders' equity 62,749 63,982 Commitments and contingencies Total liabilities and shareholders' equity $ 82,953 $ 86,159 See accompanying notes to consolidated financial statements. ACETO CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) Six Months Ended DEC. 31 1999 1998 Net sales $ 86,072 $ 82,463 Cost of sales 74,692 72,039 Gross profit 11,380 10,424 Selling, general and administrative expenses 7,875 6,822 Operating profit 3,505 3,602 Other income (expense): Interest expense (10) (15) Interest and other income 721 1,263 711 1,248 Income before income taxes 4,216 4,850 Provision for income taxes 1,673 1,906 Net income $ 2,543 $ 2,944 Net income per common share: Basic $ 0.40 $ 0.44 Diluted 0.40 0.43 Weighted average shares outstanding: Basic 6,235 6,640 Diluted 6,422 6,905 See accompanying notes to consolidated financial statements. ACETO CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) Three Months Ended DEC. 31 1999 1998 Net sales $ 48,254 $ 46,098 Cost of sales 42,429 40,026 Gross profit 5,825 6,072 Selling, general and administrative expenses 4,041 3,541 Operating profit 1,784 2,531 Other income (expense): Interest expense - (8) Interest and other income 448 609 448 601 Income before income taxes 2,232 3,132 Provision for income taxes 903 1,206 Net income $ 1,329 $ 1,926 Net income per common share: Basic $ 0.21 $ 0.29 Diluted 0.21 0.28 Weighted average shares outstanding: Basic 6,163 6,590 Diluted 6,311 6,846 See accompanying notes to consolidated financial statements. ACETO CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended DEC. 31 1999 1998 Operating activities: Net income $ 2,543 $ 2,944 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 245 105 Gain on sale of assets (10) (163) Provision for doubtful accounts 67 15 Deferred tax benefit (76) - Changes in assets and liabilities, net of effects of the purchase of acquisitions: Investments - trading securities (12) (243) Trade accounts receivable (3,722) (2,123) Other receivables (1,811) 464 Inventory 3,695 2,334 Prepaid expenses 34 (37) Other assets 27 (58) Drafts and acceptances payable 185 (63) Accounts payable (1,130) (848) Accrued merchandise purchases (1,272) (2,489) Accrued compensation 395 (375) Accrued environmental remediation (9) (21) Accrued income taxes 6 86 Other accrued expenses 193 689 Net cash provided by (used in) operating activities (652) 278 Investing activities: Purchases of investments - held-to-maturity (2) (8,535) Proceeds from investments - held-to-maturity 4,589 5,105 Issuance of notes receivable - (159) Payments received on notes receivable 37 28 Purchases of property and equipment (232) (331) Proceeds from sale of property 10 183 Payments for purchase of acquisitions (650) (2,111) Net cash provided by (used in) investing activities 3,752 (5,820) Financing activities: Payments of long-term debt - (250) Proceeds from exercise of stock options 204 115 Payments for purchases of treasury stock (4,843) (2,384) Issuance of treasury stock to employees 53 273 Payments of cash dividends (29) (885) Net cash used in financing activities (4,615) (3,131) Net decrease in cash and cash equivalents (1,515) (8,673) Cash and cash equivalents at beginning of period 3,991 9,178 Cash and cash equivalents at end of period $ 2,476 $ 505 See accompanying notes to consolidated financial statements. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands except per share amounts) Unaudited Note 1: Basis of Presentation The consolidated financial statements of Aceto Corporation and subsidiaries included herein have been prepared by the Company and reflect all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented. Interim results are not necessarily indicative of results which may be achieved for the full year. These consolidated financial statements do not include all disclosures associated with consolidated financial statements prepared in accordance with generally accepted accounting principles. Accordingly, these statements should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Form 10-K for the year ended June 30, 1999. Note 2: Business Acquisition On October 19, 1999 the Company purchased certain assets of Magnum Research Corp. (Magnum) for a purchase price of $1,150. Of the purchase price $650 was paid at closing and the balance is scheduled to be paid in equal installments of $167 in October 2000, 2001 and 2002 (the October payments). The October payments are subject to downward adjustment in the event Magnum's net sales, as defined in the purchase agreement, are less than a specified amount. In the event the October payments are adjusted downward such adjustments will be recorded as reductions to goodwill. The acquisition was accounted for as a purchase and, accordingly, the cost of the acquisition was allocated to the assets acquired, based upon their estimated fair values. The excess of cost over the fair value of assets acquired amounted to $1,093 and is being treated as goodwill. The goodwill is being amortized on a straight line basis over a period of twenty years. The assets acquired consisted primarily of inventory and fixed assets. The results of operations of Magnum have been included in the accompanying consolidated statements of income from the date of acquisition. Proforma results of operations were not provided as their effect on the consolidated results of operations were not material. Note 3: Redeemable Preferred Stock On November 15, 1999 the Aceto Corporation Profit Sharing Plan (the holder of the redeemable preferred stock) converted all of the preferred stock to 139,341 shares of common stock. The Company purchased the common shares on November 15, 1999, at $11.1562 per share which was the market price of the common stock on such date. The total amount paid to the Aceto Corporation Profit Sharing Plan amounted to approximately $1,555. Note 4: Supplemental Cash Flow Information Cash paid for interest and income taxes during the six months ended December 31, 1999 and 1998 was as follows: 1999 1998 Interest $ 2 $ 15 Income taxes 1,941 1,780 NON-CASH TRANSACTIONS: In November 1999, the redeemable preferred stock was converted into shares of common stock. In connection with the acquisition of Magnum, the Company recorded $500 of amounts due the previous owner as a liability. In July 1998, the Company received a note in the amount of $170 in connection with the sale of a building and land. Note 5: Segment Information The Company has five reportable segments which are organized by products: (1) Agrochemicals, whose products include herbicides, fungicides and insecticides, as well as a sprout inhibitor for potatoes, (2) Industrial Chemicals, whose products include a variety of specialty chemicals used in adhesives, coatings, food, fragrance, cosmetics and many other areas, (3) Organic Intermediates and Colorants, whose products include dye and pigment intermediates used in the color-producing industries like textiles, inks, paper and coatings, as well as intermediates used in production of agrochemicals, (4) Pharmaceutical Biochemicals and Nutritionals products, which include the active ingredients for generic pharmaceuticals, vitamins and nutritional supplements, and (5) Pharmaceutical Intermediates and Custom Manufacturing products, used in preparation of pharmaceuticals, primarily by major ethical drug companies. The Company evaluates performance of the segments based on gross profit. The Company does not allocate assets by segments as they are not provided to the chief operating decision maker. Summarized financial information for each of the segments for the six and three months ended December 31, 1999 and 1998 follows: Six Months Ended December 31, 1999 and 1998 Organic Pharma- Pharma- Indus- Inter- ceutical ceutical Consoli- Agro- trial mediates Biochemicals Inter- dated chemicals Chemicals & Colorants & Nutri- mediates & Totals tionals Custom Mfg. Other 1999 Net sales $ 2,889 24,553 23,396 15,039 18,081 2,114 $ 86,072 Gross profit $ 893 4,275 3,451 2,812 1,316 537 $ 13,284 Unallo- cated cost of sales(1) 1,904 Net gross profit $ 11,380 1998 Net sales $ 4,214 21,504 18,925 13,298 23,974 548 $ 82,463 Gross profit $ 1,899 3,673 2,569 2,136 1,492 348 $ 12,117 Unallo- cated cost of sales(1) 1,693 Net gross profit $ 10,424 Three Months Ended December 31, 1999 and 1998 Pharma- Pharma- Indus- Organic ceutical ceutical Agro- trial Inter- Bio- Inter- Consol- chemicals Chemicals mediates & chemicals mediates & idated Colorants & Nutri- Custom Other Totals tionals Mfg. 1999 Net sales $ 1,477 12,167 11,714 6,586 15,293 1,017 $ 48,254 Gross profit $ 414 2,246 1,725 1,189 978 225 $ 6,777 Unallo- cated cost of sales(1) 952 Net gross profit $ 5,825 1998 Net sales $ 3,524 10,107 9,614 6,546 15,863 444 $ 46,098 Gross profit $ 1,653 1,790 1,244 1,030 866 325 $ 6,908 Unallocated cost of sales(1) 836 Net gross profit $ 6,072 (1) Represents freight and storage costs that are not allocated to a segment. Note 6: Interest and Other Income Interest and other income earned during the six and three months ended December 31, 1999 and 1998 was comprised of the following: Six Months Three Months Ended Ended December 31, December 31, 1999 1998 1999 1998 Dividends $ 28 $ 48 $ 11 $ 41 Interest 533 791 238 400 Net gain (loss) on investments (144) 21 (71) (26) Net gain on sale of assets 10 - - - Royalty income 258 298 245 148 Miscellaneous 36 105 25 46 $ 721 $1,263 $ 448 $ 609 Note 7: Net Income per Common Share A reconciliation between the numerators and denominators of the basic and diluted income per share computation for net income follows: Six Months Three Months Ended Ended December 31, December 31, 1999 1998 1999 1998 Net income $ 2,543 $ 2,944 $ 1,329 $ 1,926 Preferred stock dividend (29) (35) (29) (35) Net income available for common shareholders 2,514 2,909 1,300 1,891 Weighted average common shares 6,235 6,640 6,163 6,590 Effect of dilutive securities: Stock options 81 126 76 117 Convertible preferred stock 106 139 72 139 Weighted average common and potential common shares outstanding 6,422 6,905 6,311 6,846 Basic income per share $ 0.40 $ 0.44 $ 0.21 $ 0.29 Diluted income per share 0.40 0.43 0.21 0.28 For the three months ended December 31, 1999, December 31, 1998 and September 30, 1999, employee stock options of 240, 232 and 220 were not included in the net income per share calculation because their effect would have been anti- dilutive. For the three months ended September 30, 1998, all employee stock options were included. Note 8: Comprehensive Income The Company has no items of other comprehensive income, therefore there is no difference between the Company's comprehensive income and net income. Note 9: Reclassifications Certain reclassifications have been made to the prior consolidated financial statements to conform to the current presentation. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES: The Company's ability to generate cash from operations is usually adequate to cover both short-term and long-term liquidity. In addition, the Company had cash and both short and long term investments which totaled $17.2 million and $23.3 million at December 31 and June 30, 1999, respectively. All of these investments are highly liquid. The Company also has sufficient lines of credit available should any additional funds be required. Working capital increased slightly to $50.2 million at December 31, 1999 from $49.5 million at June 30, 1999. The decrease of $2.4 million in cash and cash equivalents and short term investments was the result of the following two initiatives: The Company continued its stock repurchase program and purchased 431,000 shares of common stock for $4.8 million. The Company acquired certain assets of Magnum Research Corp. which required an initial cash outlay of $650,000. The increase in trade accounts receivable of $3.7 million was due to the timing of sales and accounts receivable collections. Other receivables increased by $1.8 million due to the timing of payments from a joint venture. The decrease in inventory of $3.6 million was a result of an increase in direct shipments to customers. Drafts and acceptances, accounts payable and accrued purchases payable decreased a total of $2.2 million at December 31, 1999 compared to June 30, 1999. This decrease was due primarily to the timing of merchandise purchases and the aforementioned reduction in inventory. RESULTS OF OPERATIONS: Net sales increased 4% and 5% for the six month and three month periods ended December 31, 1999 compared with the same periods last year. The inclusion of two acquisitions, CDC Products Corp., acquired in November 1998 and Magnum Research Corp., acquired in October 1999, accounted for approximately half the increase. For our traditional lines of business, overall sales increased slightly while certain segments had significant differences. Sales of intermediates to the color producing industries continued their rebound from depressed levels and industrial chemicals sales increased by 14% and 20% for the six and three month periods ended December 31, 1999 compared to the same period last year. Sales to the generic pharmaceutical industry also increased significantly for the six months due to the introduction of several new products in the first quarter. Sales in the second quarter were basically flat. These increases were offset by reduced sales of several products in our pharmaceutical and custom manufacturing segment. In addition, there were lower sales of agrochemicals, which we expect to regain during the rest of this fiscal year. Volume increased 20% and 18% for the six and three months ended December 31, 1999 compared to the same periods in the prior year. The aforementioned shift in the mix of products sold during each period towards lower priced products caused the greater increase in volume than sales. Gross profit margins increased to 13.2% for the six months against 12.6% for the comparable period a year earlier. This was caused by a general strengthening of prices in the industrial and intermediates areas and a reduction in sales of pharmaceutical intermediates, which tend to be lower margin. For the three months, gross margins decreased to 12.1% from 13.2% for the same period in the prior year. The reduced sales of agrochemicals, which have very high margins, accounted for the reduction. Selling, general and administrative expenses for the six months ended December 31, 1999 increased by $1,053,000 or 15% compared to the same period last year. The inclusion of CDC Products Corp. as of November 1998 and Magnum Research Corp. as of October 1999 in the consolidated financial statements accounted for $740,000 of this increase. Higher compensation expense due to additional staff and routine annual raises accounted for most of the balance of the increase. Total selling expenses increased slightly, due to an increase in expenses in our China office which continues its successful growth. Offsetting some of these increases, was a decrease in fringe benefits due to lower payments of major medical claims and a significant decrease in consulting fees relating to expired contracts with retired senior executives. For the three months there was an increase of $500,000, or 14% in selling, general and administrative expenses, compared to the same period last year. The same factors as the six months caused the increase, with only slight differences in the impact on each period. Interest and other income decreased to $721,000 and $446,000 for the six and three months ended December 31, 1999 from $1,263,000 and $609,000 for the same periods last year. During both periods, interest on investments decreased significantly due to a decrease in funds available for investment. The decrease in cash available for investments was primarily due to the Company's ongoing stock repuchase program, recent acquisitions and working capital to support these new acquisitions. In addition, a loss on marketable securities of $144,000 and $71,000 was recorded during the six and three months ended December 31, 1999 compared to a gain of $21,000 and a loss of $26,000 during the same periods last year. The effective tax rate increased to 39.7% and 40.5% for the six months and three months ended December 31, 1999 from 39.3% and 38.5% for the same periods last year. IMPACT OF NEW ACCOUNTING PRONOUNCEMENTS In June 1999, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 137, "Accounting for Derivative Instruments and Hedging Activities-Deferral of the Effective Date of FASB Statement No. 133." SFAS 137 amends SFAS 133, "Accounting for Derivative Instruments and Hedging Activities," which was issued in June 1998. SFAS 137 defers the effective date of SFAS 133 to all fiscal quarters of fiscal years beginning after June 15, 2000. Earlier application is permitted. SFAS 133 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts and for hedging activities. It requires that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measures those instruments at fair value. While management has not determined the impact of the new standard, it is not expected to be material. YEAR 2000 We are not aware of any year 2000 issues that have affected our business. In preparation for the year 2000, we incurred internal staff costs as well as consulting and other expenses. Year 2000 expenses totaled approximately $100,000. It is possible that the computerized systems could be affected in the future by the year 2000 issue. We have computerized interfaces with third parties that are possibly vulnerable to failure if those third parties have not adequately addressed their year 2000 issues. System failures resulting from these issues could cause significant disruption to our operations. FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements relating to such matters as anticipated financial performance and business prospects. When used in this Quarterly Report, the words "anticipates," "expects," "may," "intend" and similar expressions are intended to be among the statements that identify forward-looking statements. From time to time, the Company may also publish forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors, including, but not limited to, foreign currency risks, political instability, changes in foreign laws, regulations and tariffs, new technologies, competition, customer and vendor relationships, seasonality, inventory obsolenscence and inventory availability, could cause the Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. Item 4: Submission of Matters to a Vote of Security Holders During the period covered by this report, at an annual meeting of stockholders held on December 2, 1999, the matter of the election of eight directors to hold office until the next annual meeting of stockholders or until their successors are elected and qualified, was submitted to a vote of security-holders, through the solicitation of proxies pursuant to Regulation 14 under the Securities Act of 1933, as amended. The nominees for directors were: Leonard Schwartz; Donald Horowitz; Samuel I. Hendler; Anthony Baldi; Thomas Brunner; Richard Amitrano; Stephen M. Goldstein; and Robert A. Wiesen. The election of said nominees was uncontested. The following tabulation shows with respect to each such nominee the number of votes cast for, against or withheld, the number of abstentions and broker non- votes: VOTES VOTES AGAINST OR BROKER NOMINEE FOR WITHHELD ABSTENTIONS NON-VOTES Leonard Schwartz 5,573,480 244,795 - - Donald Horowitz 5,614,225 205,050 - - Samuel I. Hendler 5,612,420 205,855 - - Anthony Baldi 5,612,896 205,379 - - Thomas Brunner 5,612,896 205,379 - - Richard Amitrano 5,574,925 243,350 - - Stephen M. Goldstein 5,569,648 248,627 - - Robert A. Wiesen 5,607,748 210,527 - - PART II. OTHER INFORMATION Item 6: Exhibits and Reports on Form 8-K. (a) Exhibits - Exhibit 27. Financial Data Schedule (a) Reports on Form 8-K. A report on Form 8-K was filed during the quarter for which this report is filed, reporting under Item 6. Resignation of Registrant's Directors, that registrant received a letter dated December 6, 1999 from Mr. Stephen M. Goldstein (Goldstein) wherein he resigned as a director of registrant, effective December 15, 1999. Goldstein's letter of resignation did not describe or refer to any matter relating to the registrant's operations, policies or practices. A copy of Goldstein's letter of resignation was filed under Item 7, Financial Statements, Pro Forma Financial Information and Exhibits as Exhibit 17(b). SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ACETO CORPORATION DATE: FEBRUARY 10, 2000 BY (SIGNED)/ BY DONALD HOROWITZ Donald Horowitz, Chief Financial Officer DATE: FEBRUARY 10, 2000 BY (SIGNED)/ BY LEONARD S. SCHWARTZ Leonard S. Schwartz, Chief Executive Officer EX-27 2
5 1000 6-MOS JUN-30-2000 DEC-31-1999 2476 6532 30014 287 26004 69418 2941 2377 82953 19171 0 90 0 0 62659 82953 86072 86072 74692 74692 0 0 10 4216 1673 2543 0 0 0 2543 40 40
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