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Chem Rx Corporation Reports Full Year 2007 Financial Results
Date:4/3/2008

be a hallmark of our business and a key factor to our client retention and bed growth. We successfully executed our expansion strategy through acquisitions and by opening new facilities. At the end of October, we completed the business combination and are now a public operating entity with an expanding institutional pharmacy business."

Steven C. Silva, President and Chief Operating Officer, stated, "Our 2007 operating results for the combined entity on a pro forma basis were reflective of the challenges that we faced during this transition period. The South Plainfield, New Jersey location that opened in August 2006 generated positive operating results, but lower than anticipated operating margins. We continue to successfully add beds in New Jersey and are taking steps to enhance systems aimed at margin improvement. Our institutional pharmacy center in Pennsylvania, which we acquired in January 2007, posted a small operating loss as we transitioned operations to our platform in advance of bringing on new customers. In line with the industry, our business incurred higher delivery expenses, an increase in the reserve for doubtful accounts, and was exposed to increased competition from smaller local players."

Mr. Silva continued, "Since completing our business combination at the end of October 2007, we have increased total beds by 4.4% through the end of February with over 65,000 residents served. We continue to improve our IT infrastructure with investments in new systems and software, which enables us to operate more efficiently and provide better service to our customers. We commenced operations at our fifth institutional pharmacy facility located in Deerfield Beach, Florida on April 1, 2008 and look forward to adding beds in the South Florida market. We anticipate improvement throughout the year with better results in the second half of the year as we benefit from continued net bed growth and implement certain expense reduction initiatives."

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SOURCE Chem Rx Corporation
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