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Akorn reports consolidated revenue of $81.9 million for third quarter

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Akorn reported consolidated revenue of $81.9 million for the third quarter, up 18% from the same quarter in 2012, according to a press release.

The increase in revenue was attributed to the sales of new products launched late in 2012, along with increases in sales volume for existing products.

Non-GAAP adjusted net income for the third quarter was $16.7 million, or $0.15 per diluted share, compared with $16 million, or $0.14 per diluted share, reported in the third quarter of last year, the release said.

Selling, general and administrative expenses were $13.6 million, compared with $12.3 million last year. This was due to higher legal expenses, including a $400,000 legal settlement.

During the quarter, Akorn started the syndication process for a $600 million term loan that will finance the acquisition of Hi-Tech Pharmacal, which is expected to close during the first quarter of 2014.