Aceto Corp. (NASDAQ:ACET) Q3 2018 Earnings Conference Call - Preliminary Transcript

May 04, 2018 • 09:00 am ET


Aceto Corp. (NASDAQ:ACET) Q3 2018 Earnings Conference Call - Preliminary Transcript


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Good morning, and welcome to the ACETO Third Quarter Fiscal 2018 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference over to Jody Burfening. Please go ahead.

Jody Burfening

Thank you, Amy, and good morning, everyone, and welcome to ACETO Corporation's third quarter fiscal 2018 conference call. With me today and providing comments on this call are Bill Kennally, President and CEO; and Becky Roof, Interim Chief Financial Officer. Walt Kaczmarek, ACETO's Chief Operating Officer; Frances Scally, Senior Vice President and Chief Accounting Officer; and Steve Rogers, Chief Legal Officer, are also with us today to participate in the Q&A session.

The company issued its third quarter earnings press release yesterday after the market close. For those of you who have not yet seen the release, a copy is available in the Investor Relations section of the Company's website at

Before starting the call, I'd like to remind you that today's call will contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, that can be identified by words such as believes, expects, anticipates, plans, projects, seeks and similar expressions that involve numerous risks and uncertainties. The Company's actual results could differ materially from those anticipated or implied by these forward-looking statements as a result of certain factors that are set forth in the Company's filings with the Securities and Exchange Commission and the factors outlined in the fiscal 2018 third quarter earnings press release.

The company undertakes no obligation to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise. Also on today's call, management will be referring to certain non-GAAP financial measures. These measures, ACETO's adjusted net income and ACETO's adjusted earnings per share, are defined as net income excluding amortization and impairment of goodwill and other identifiable intangible assets, separation costs, amortization of debt discounts, debt issuance costs and deferred financing costs, transaction costs related to acquisitions and the impact of the Tax Cuts and Jobs Act and the impact of Accounting Standards Update 2016-09.

These non-GAAP measures allow investors and management to compare results of operations in the current period to prior period results based on the Company's fundamental performance and analyze operating trends of the business. Finally, before turning the call over to Bill, I'd like to remind everyone that the purpose of today's call is to review and discuss ACETO's financial and operating -- operational performance and results for the third quarter.

As you are likely aware, the board has initiated a strategic alternative review process with the assistance of its financial and legal advisers, PJT Partners and Lowenstein Sandler, respectively. The board has indicated that we'll not comment on the process unless and until it has approved the transaction or otherwise determined that further disclosure is appropriate or required by law. Therefore, it would be inappropriate for management to comment on or respond to questions about the process