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American Pacific Reports Fiscal 2008 Results; Net Income Increases 80%
Date:12/11/2008

p> Significant components of the change in cash flow from operating activities include:

    -- A decrease in cash provided by Adjusted EBITDA of $1.2 million.
    -- An improvement in cash used to fund working capital accounts of
       $1.7 million, excluding the effects of interest and income taxes.
    -- An increase in cash taxes paid of $4.1 million.
    -- An increase in cash used for interest payments of $1.4 million.
    -- A reduction in cash used for environmental remediation of $0.9 million.
    -- Other decreases in cash used for operating activities of $0.3 million.

Cash used by working capital accounts improved during fiscal 2008 primarily due to reductions in inventory levels, primarily at AFC. The benefit to cash from reductions in inventory levels was partially offset by reductions in accrued liabilities and deferred revenues.

We consider these working capital changes to be routine and within the normal production cycle of our products. The production of certain fine chemical products requires a length of time that exceeds one quarter. Therefore, in any given quarter, work-in-progress inventory or deferred revenues can increase or decrease significantly. We expect that our working capital may vary normally by as much as $10.0 million from quarter to quarter.

Cash tax payments have increased due to the improvement in our pre-tax income and the negative effects of tax-basis inventory adjustments.

Cash used for interest increased primarily due to the timing of our interest payments. Our current debt instruments require semi-annual interest payments in February and August compared to the debt instruments in place through February 2007 which required interest payments at the end of each quarter.

Cash used for environmental remediation decreased because during the fiscal 2007 first quarter we were in the construction phase of our Henderson
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SOURCE American Pacific Corporation
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