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

the payment of taxes is a necessary

and ongoing part of the Company's operations, any measure that excludes

taxes has material limitations;

-- It does include the additional adjustments described in the table at

the end of this press release primarily related to transaction costs

incurred and paid during the period, employee bonus payments related to

the business combination and certain non-cash costs and other non-

recurring expenses; and

-- It does include adjustments to estimate the pro forma effects of the

business combination including the business combination financing

transactions.

Management compensates for these limitations by considering the economic effect of the adjusted items independently as well as in connection with its analysis of net earnings.

Amendment to the Credit Facility

Effective March 31, 2008, the Company amended its credit agreements with its bank group relating to the First and Second Lien Debt, due to financial covenant violations pertaining to its required maintenance of certain fixed charge coverage ratios and total leverage ratios, (collectively the "Ratios"). In the original definition of "Consolidated Adjusted EBITDA", a measure utilized to calculate the Ratios, an amount of certain employee bonuses equal to $5,350,000, which were paid in conjunction with the October 26, 2007 business combination, was to be excluded from the calculation of "Consolidated Adjusted EBITDA." Because the Company believed the full amount of employee bonuses paid in conjunction with the October 26, 2007 business combination, a total of $11,000,000, was intended to be excluded from such calculation, the Company requested that its lenders correct the definition of "Consolidated Adjusted EBITDA" to provide that the entire $11,000,000 of employee bonuses would be excluded from this calculation. Accordingly, after the amendment, the definition of "Consoli
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SOURCE Chem Rx Corporation
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