LANNETT COMPANY REPORTS FISCAL 2006 THIRD QUARTER FINANCIAL RESULTS

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For the third quarter of fiscal 2006, net sales were $15.7 million, compared with $7.6 million for fiscal 2005 third quarter. Net income was $1.3 million, or $0.05 per basic and diluted share, which included equity-based compensation expense of $0.2 million, net of tax benefit, or $0.01 per basic and diluted share. This compares with net loss of $29.2 million, or $1.21 per basic and diluted share, for the same period in the prior year, which included a non-cash impairment loss of $46.1 million and no equity-based compensation expense.

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