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Akorn reports $10.7 million net loss, 52% rise in first-quarter revenue

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BUFFALO GROVE, Ill. — Akorn reported a first-quarter net loss of approximately $10.7 million compared with a net loss of $5.5 million during the first quarter 2008, the company announced in a press release.

First-quarter revenue totaled $22 million, representing a 52% increase compared with $14.5 million reported during the same period last year, the release said.

Gross profit for the quarter totaled $5.4 million, representing an increase of 43% over $3.7 million during the same period last year.

"We are currently in the process of reviewing our four business segments and related cost structures. The objective of this review is to formulate a plan to lower operating costs and achieve profitability. We finished the first quarter with $4.7 million in cash and our goal is to achieve a neutral cash flow operating position by the end of this year," Jeffrey Whitnell, Akorn's chief financial officer, said in the release.