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Akorn reports $2.4 million in third-quarter income

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LAKE FOREST, Ill. — Akorn posted $2.4 million in third-quarter net income, or $0.03 per fully diluted share, compared with a net loss of approximately $4.7 million, or $0.05 per fully diluted share, during the third quarter of 2007, the company announced in a press release.

Akorn reported $31.9 million in total third-quarter revenue, a 102% increase from $15.8 million reported during the same period last year.

Revenues in the company's ophthalmic business segment totaled $5.1 million, representing a 2% increase compared with revenues from last year's third quarter.

Gross profit for the quarter totaled $9.9 million, up 234% compared with $3 million reported during the third quarter of 2007. The profit spike was largely due to sustained growth in all business segment revenues.