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Atrium generates strong growth during the second quarter
Date:8/7/2008

six-month period ended June 30, 2008, revenues from continuing operations were $140.3 million, up 119% from $64.1 million for the corresponding period in 2007. EBITDA from continuing operations for the first half of 2008 was $36.6 million, an increase of 108% compared to $17.6 million for the same period last year. For the first half of 2008, total net earnings increased by 284% to $58.6 million generating fully diluted earnings per share of $1.77, compared to $15.2 million and $0.47 per share for the first six months of 2007.

"We are extremely satisfied with our results for the second quarter, confirming the soundness of our strategic development plan. Strong organic growth exceeding our target, combined with the benefits of our recent acquisitions, allows us to be optimistic for the remainder of 2008. Moreover, completing the sale of our Active Ingredients and Specialty Chemicals Division is providing us all the financial flexibility required to pursue our growth strategy through acquisitions in the promising sector of specialties health and nutrition products," said Mr. Pierre Fitzgibbon, Atrium's President and Chief Executive Officer.

For the second quarter of 2008, cash flows from continuing operating activities, before changes in non-cash working capital items, were $12.2 million, an increase of 149% compared to $4.9 million for the same period of the preceding year. For the six-month period ended June 30, 2008, cash flows from continuing operating activities, before changes in non-cash working capital items, were $23.9 million, an increase of 115% compared to $11.1 million for the same period in 2007. As at June 30, 2008, the Company had a total debt amounting to $144 million as the Company has a revolving credit facility that provides $300 million of borrowing capacity. In addition, through an unsecured loan, the Company has additional capacity of $35.9 million that can be used in whole or in part by December 31, 2008 according to the amendment
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SOURCE Atrium Innovations Inc.
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