Key Developments For Aceto Corporation
Aceto Corporation (ACET.O) (Nasdaq)
Aceto Corporation Announces Management Realignment
Aceto Corporation announced that Chairman and CEO Leonard S. Schwartz will be leaving the Company on November 20, 2009. The Company has separated the office of Chairman of the Board from that of Chief Executive Officer. President Vincent Miata will assume the responsibilities of Chief Executive Officer effective immediately. Also effective immediately Albert Eilender, currently a Board member and the Lead Independent Director, has been named by the Board of Directors as the Non-Executive Chairman of the Aceto Board. The remainder of the Company's management will remain intact.
Aceto Corporation Declares Semi-Annual Cash Dividend
Aceto Corporation announced that its Board of Directors have declared a regular semi-annual cash dividend of $0.10 per common share. The cash dividend will be distributed on January 13, 2009, to shareholders of record as of December 19, 2008.
Aceto Corporation Announces Sale Of Phorate Product Line; Reaffirms Q4 2008 EPS Guidance
Aceto Corporation announced that Aceto Agricultural Chemicals Corporation has completed the sale of its Phorate product line to AMVAC Chemical Corporation (AMVAC). This sale includes registrations, data, and certain inventories. The sale was made in connection with the settlement of pending litigation between Aceto Ag and AMVAC and details of the transaction were not disclosed. Aceto Corporation also announced that this transaction will have no negative impact on fourth quarter 2008 guidance of $0.21 per diluted share.
Aceto Corporation Declares Semi Annual Dividend
Aceto Corporation announced that its Board of Directors declared a regular, semi-annual dividend of $0.10 per common share which will be distributed on June 27, 2008, to shareholders of record as of June 16, 2008.
Aceto Corporation Issues Q3 2008 EPS Outlook Below Analysts' Estimates; To No Longer Provide Quarterly Guidance Beginning Q1 2009
Aceto Corporation announced that it expects to earn approximately $0.06 per diluted share in the third quarter of 2008. According to Reuters Estimates, analysts were expecting the Company to report $0.12 in third quarter of 2008. With respect to the issue of providing quarterly guidance, the Company has made a decision that beginning in the first quarter of 2009 it will no longer be providing earnings guidance. The reason behind decision is the fact that as a public Company, primary objective is to manage the Company with objective of continually increasing long-term shareholder value. The Company don’t want to become distracted into managing the Company to meet, or exceed, these short-term quarterly guidance targets, which could possibly lead to decisions that would benefit the Company in the short-term at the expense of the long-term enhancement of shareholder value.
