Intellipharmaceutics posts $1.1m net income for third quarter

The net income denotes $0.05 per diluted common share, compared with a loss of $2.1m or $0.19 per common share for the quarter.

The company posted loss from operations for the third quarter of 2011 stood at $1.4m compared with loss from operations of $2.1m for the three months ended 31 August 2010.

The loss for the nine months ended 31 August was $3.6m or $0.24 per common share, compared with a loss of $3.9m or $0.35 per common share for corresponding period of 2010.

Intellipharmaceutics develops and manufactures generic controlled-release and targeted-release oral solid dosage drugs.