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Talecris Biotherapeutics Announces First Quarter 2011 Results
Date:4/27/2011

 Operating margin was 23.1% in the 2011 first quarter compared to 20.9% in the 2010 first quarter, an increase of 220 basis points.

Net interest expense was $10.8 million in the 2011 first quarter compared to $11.3 million in the prior year period, a decrease of $0.5 million.  The first quarter of 2011 reflected an income tax provision of $27.7 million resulting in a 33.3% effective tax rate compared to $23.3 million for the first quarter of 2010 or a 33.9% effective tax rate.  

Net income was $55.5 million for the 2011 first quarter including an after-tax charge of $3.0 million primarily related to Grifols merger-related expenses.  This compares to $45.3 million in the first quarter of 2010.

Diluted earnings per share for the 2011 first quarter were $0.43 compared to $0.35 for the 2010 first quarter.  The 2011 period included an after-tax charge of $0.02 per share primarily related to costs associated with the Grifols acquisition. Total diluted shares outstanding were 129,882,182 for the 2011 first quarter and 128,183,189 for the 2010 first quarter.

The 2011 first quarter EBITDA was $104.0 million compared to $87.9 million in the 2010 first quarter.  Adjusted EBITDA was $110.1 million in the 2011 first quarter compared to adjusted EBITDA of $96.7 million in the 2010 first quarter.  Additional information regarding the computation of non-GAAP financial measures is included in Exhibit B.

Recent EventsTalecris achieved a number of financial and commercial milestones in the first quarter of 2011.  These include:

  • On March 4, 2011, Talecris and Grifols announced that the "outside date" under the definitive merger agreement for closing of their pending transaction was extended to June 30, 2011 (from March 6, 2011).  Grifols extended the financing and financing commitments from its lenders to June 30, 2011 as well;

  • On March 3, 2011, Talecris was granted orphan drug desig
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  • SOURCE Talecris Biotherapeutics Holdings Corp.
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