Impax sales and profit slide in fourth quarter
Hayward-based Impax Laboratories said its profit shrank and revenues slumped, primarily because of increased competition for its medicine to combat attention deficit disorder.
Impax earned $4.8 million on revenue of $141.1 million for the fourth quarter that ended in December. Adjusted profit, which excludes certain one-time items, totaled $21.9 million.
Compared with the year-ago quarter, profit fell 78.1 percent, adjusted profit slipped 6.4 percent and revenue fell 11 percent.
For all of 2012, Impax earned $55.9 million on revenue of $512.9 million.
Chevron jumps into Australia shale market
San Ramon-based Chevron has struck a deal to acquire shale natural gas assets in Australia, the first shale investment by Chevron in the nation.
Chevron reached a deal with Beach Energy, an oil and gas producer in southern Australia.
Under the deal, Chevron will pay up to $349 million for the stake in the shale assets.
Initially, Chevron will own a 30 percent interest in a shale block in South Australia and an 18 percent interest in a block in Queensland. The two blocks cover 810,000 acres in what is known as the Cooper basin.