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Aceto Corporation (ACET)
Q1 2010 Earnings Call
November 6, 2009 10:00 am ET
Ted Ayvas – Director Investor Relations
Vincent Miata – President
Albert Eilender – Non Executive Chairman of the Board
Douglas Roth – Chief Executive Officer
Daniel Rizzo – Sidoti & Company
Kevin McCanine – Main Line Capital
[Lester Petrezzi – Private Investor]
[Alan Brotstchein – AB Analytical Services]
Roland Philini – Southpaw Investments]
Eugene Fox – Cardinal Capital Management
Previous Statements by ACET
» Aceto Corp., F2Q09 (Qtr End 12/31/08) Earnings Call Transcript
» Aceto Corporation F1Q09 (Qtr End 09/30/08) Earnings Call Transcript
» Aceto Corporation F4Q08 (Qtr End 06/30/08) Earnings Call Transcript
These forward-looking statements are based on current expectations, estimates and projections of management. Aceto intends for these forward-looking statements to be covered by the Safe Harbor Provisions for the forward-looking statements. Words such as anticipate, expect, intend, plans, beliefs, seeks, estimates or variations of such words are intended to identify such forward-looking statements.
The forward-looking statements contained in this conference call include but are not limited to statements regarding the improvement of the general economy, the future progress of our initiatives, viability of finished dosage from generic drugs as a long term business opportunity, our ability to capitalize on the generic protection market growth and our ability to use financial strength to take advantage of future business opportunities.
All forward-looking statements made on this conference call are made as the date of this call and Aceto assume no obligation to update these forward-looking statements whether as a result of new information, future events or otherwise other than as required by law.
The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. These uncertainties include but are not limited to the risk factors discussed in management’s discussion and analysis sections in our annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. Copies of these filings are available at www.sec.com.
(Operator Instructions) I will now turn the call over to Mr. Ted Avis.
Good morning and welcome to Aceto Corporation’s fiscal 2010 first quarter conference call and audio webcast. With me today are Albert Eilender, our Non-Executive Chairman of the Board, Vincent Miata, our President and Douglas Roth, our Chief Financial Officer.
During the call, Al will discuss the recently announced management realignment. Doug will give an overview of the company’s results for the fiscal first quarter ended September 30, 2009 and Vince will discuss the performance of our business segments and provide an update on our various business initiatives. Following that, we will open the call for questions.
Now I’d like to turn the call over to Vince Miata.
Good morning everyone. Before Doug discusses our fiscal first quarter results, I want to take this opportunity to introduce Al Eilender who on October 21, of this year was named Non Executive Chairman of the Board of Aceto. Al has been a Board member since 2000 and has served as the lead independent director of the company for the past four years.
With that as some background, I want to turn the call over to Al Eilender.
Good morning everyone. As Non Executive Chairman, my primary focus will be on Board and corporate governance issues, investor relations activities and the long term strategic development and growth of Aceto.
With the global management team, we anticipate improved growth and profitability of our core business as well as an invigorated effort for external expansion. Be assured that even though we are confident that in time the general economy will noticeably improve, we are re-evaluating how we allocate our efforts and financial resources as well as the steps we can take now to manage Aceto through this difficult period.
Before I turn the call back over to Vincent, I would be remiss if I didn’t take a minute to address what I am sure is on most of your minds; the management realignment announcement that we made about two weeks ago.
In that press release, we announced than Len Swartz would be leaving the company on November 20 of this year and that the company had decided to separate the office of Chairman of the Board from that of Chief Executive Officer.
The company believes that this new structure will allow for worldwide growth and profitability enhancement as the economy begins to emerge from the current recession. Vince Miata, President of Aceto, assumed the responsibilities of Chief Executive Officer effective October 21. Vince has been with the company for 30 years in a variety of executive positions, most recently filling the office of the Presidency in January of 2009.
The Board, on the recommendation of the independent directors has included Vince’s name on the slate of nominees for Director to be voted on by shareholders at the company’s annual meeting of shareholders in December. Vince will now be responsible for all of Aceto’s worldwide operations.
I know many of you want to know more about what seems to be the sudden departure of Len Swartz from the company. I have spoken to many investors in the past two weeks and one of the first questions I got was, “Was Len’s departure related to any type of financial impropriatary?”
I can assure you that there was no corporate financial improprietary that led Len to leave the company. The Board of Aceto believes that it sends a clear signal that succession planning was in place when Vince was promoted to the Presidency at the beginning of the year. Len is currently working at the details of the separation from the company and so we do not want to speak for him. Unfortunately, that is all we can say about his departure at this time.