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Kensey Nash Reports Strong Second Quarter and First Six Month Fiscal Year 2009 Results
Date:1/28/2009

ensation from fiscal 2008 equity grants and a mark-to-market adjustment on Stock Appreciation Rights.

During the six-month period, the Company generated cash from operations of $13.6 million and reported $71.3 million of cash and interest bearing investment balances and total debt of $33.5 million at December 31, 2008.

The following chart presents a summary reconciliation of the Company's earnings per share for the six months ended December 31, 2008, and the Company's adjusted earnings per share for the comparable period of the prior fiscal year. See attached schedules for a detailed reconciliation between the non-GAAP and reported GAAP results.

                                                  Six Months         Year
                                              Ended December 31,  over Year %
    ($millions, except per share data)        2008        2007      Change
    Data as Reported:
    Pre-tax Income, As Reported              $15.3        $3.4       345%
    Adjust for:
         Discontinuation of Embolic
          Protection                             -        $0.3        n/m
         Acceleration of Stock Awards            -        $3.0        n/m
    Pre-tax Income, As Adjusted              $15.3        $6.8       127%
    Earnings Per Share, As
     Reported/Adjusted                       $0.87       $0.36       142%
      Supplemental Information related to
       Equity Compensation Expense:
    Equity Compensation Expense (Six Months
     ended December 31, 2007 prior to
     acceleration)                            $0.3        $1.5      (78%)
    Equity Compensation Related to
     Acceleration of Stock Awards                -        $3.0        n/m
    Total Equity Compensation Expense         $0.3        $4.4      (93%)
    Equity Compensation Expense Per Share
     (net of tax)                            $0.02       $0.23      (91%)

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SOURCE Kensey Nash Corporation
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