March 18--Generic pharmaceutical maker Akorn said it has restated financial reports for its second and third quarters of last year after discovering it had incorrectly assigned value to its recent acquisition of Hi-Tech Pharmacal.
The mistake, discovered March 11, led Akorn to overstate its revenue by $8.9 million and profit by $5.6 million, or 5 cents per share. The Lake Forest-based company said the error was made when an employee queried an electronic database, which gave an erroneous, overstated number for the amount of inventory one customer had. This in turn caused the revenue to be inflated.
Akorn's guidance for 2015 will not be affected, the company said. Akorn said it expects revenue of $960 million to $980 million and adjusted earnings per share of $1.88 to $1.98.
ehirst@tribpub.com
