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KV Pharmaceutical Company Reports Record Revenues for Fiscal 2008 Second Quarter and Six Months on a Preliminary Basis
Date:11/20/2007

come for the first six months of fiscal 2008 was $48.4 million, or $0.84 diluted earnings per Class A share.

Net income for the six-month period included a write-off of $6.5 million (net of tax) of in-process research and development costs related to the previously reported acquisition of Evamist(TM), a transdermal estradiol spray for the treatment of vasomotor symptoms associated with menopause. Excluding this write-off, earnings (non-GAAP) for the six-month period would have been $54.9 million, or $0.95 per diluted share. A reconciliation of GAAP (Generally Accepted Accounting Principles) earnings per share to adjusted non-GAAP earnings per share is presented in a table below. We believe this information is useful for understanding the changes in results between prior year and current year periods, because this write-off is a charge resulting from the Company's investment in acquiring a new product and does not directly relate to underlying operations on an ongoing basis. Earnings and earnings per diluted share for the six months ended September 30, 2007 shown in the accompanying reconciliation are presented on a non-GAAP basis. This reconciliation may not be comparable to other companies or more useful than the GAAP presentation.

Marc S. Hermelin, Chairman of the Board and Chief Executive Officer stated, "While the numbers reported today are preliminary, we are exceedingly pleased with the performance of the Company through the first six months of fiscal 2008. We anticipate that the continued performance of Metoprolol Succinate Extended Release Tablets at ETHEX Corporation, coupled with the exciting launch of Evamist(TM) planned for Ther-Rx after the first of the upcoming calendar year, will result in a time of extraordinary growth at KV for fiscal 2008 and beyond."

Stock Option Review Results

As the Company has previously reported, KV's Board of Directors has accepted a final report on the findings of an internal investigation of historic
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SOURCE KV Pharmaceutical Company
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