HAWTHORNE, N.Y.--(BUSINESS WIRE)--Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro”) today announced that Glass Lewis, one of the world’s foremost independent proxy advisory services, is recommending that shareholders vote “FOR” its two incumbent external directors, Ilana Avidov-Mor and Dan Biran, at the upcoming Annual General Meeting (“AGM”) of Shareholders scheduled to be held on September 12, 2013.
Glass Lewis also recommended that Taro shareholders vote against the two external director candidates nominated by a shareholder BlueMountain Capital Management LLC.
Under the leadership of its current management and Board, Taro has realized impressive growth since September 2010:
- Stock Price: increased from $14.49 at the end of December 2010 to its September 3, 2013 closing price of $66.65, an increase of 360% – outperforming all major indices
- Net Sales grew to $671 million in fiscal year 2013, an increase of 71% from 2010
- Operating Income grew from $89 million for the calendar year 2010 to $329 million in the fiscal year ended March 30, 2013
- Net Income and the resulting E.P.S. grew from $64 million and $1.53 in 2010 to $266 million and $5.95 in 2013, respectively, and
- According to a leading industry source, in 2012, Taro became the #1 generic dermatology supplier in the U.S.
As members of Taro’s audit committee, both Dan Biran and Ilana Avidov-Mor played a lead role in bringing Taro’s financial statements into full compliance with its SEC reporting obligations (for the year’s prior to Sun’s acquisition in 2010) – prerequisites for listing on the NYSE in March 2012, which provided improved liquidity and value to minority shareholders. Mr. Biran and Ms. Avidov-Mor have also maintained at least a 96% attendance record for 99 board and committee meetings since their election in December 2010.
Taro Shareholders are urged to vote their shares today as recommended by the Board of Directors, FOR Proposals 1-7, and 9-10. Shareholders are also reminded that the September 10, 2013 deadline to vote at the AGM is rapidly approaching. Those shareholders needing assistance should contact MacKenzie Partners, Inc., Taro’s proxy solicitor toll-free at 1-800-322-2885 or 1-212-929-5500 (call collect).
Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com.
SAFE HARBOR STATEMENT
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that do not describe historical facts and statements that refer or relate to events or circumstances Taro “estimates,” “believes,” or “expects” to happen or similar language. The forward-looking statements in this press release are based on Taro’s current expectations and are made only as of the date of this press release and involve certain risks and uncertainties that could cause actual results to differ materially from future results that may be expressed or implied by such forward-looking statements. Unless required by law, Taro undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.