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American Pacific Reports Revenue Increase of 34% and Net Income of $2.9 Million for Fiscal 2008 First Quarter
Date:2/7/2008

LAS VEGAS, Feb. 7 /PRNewswire-FirstCall/ -- American Pacific Corporation (Nasdaq: APFC) today reported financial results for its first fiscal quarter ended December 31, 2007.

We provide non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data.

FINANCIAL HIGHLIGHTS

Quarter Ended December 31, 2007 Compared to Quarter Ended December 31, 2006

-- Revenues increased 34% to $46.9 million from $34.9 million.

-- Operating income increased 64% to $7.2 million compared to $4.4

million.

-- Adjusted EBITDA improved to $12.4 million compared to $9.7 million.

-- Net income increased to $2.9 million from $0.6 million.

-- Diluted earnings per share was $0.38 compared to $0.09.

CONSOLIDATED RESULTS OF OPERATIONS

Revenues -- Revenues for our fiscal 2008 first quarter increased 34% to $46.9 million reflecting revenue growth from our Specialty Chemicals and Fine Chemicals segments.

See further discussion under our Segment Highlights.

Cost of Revenues and Gross Margins -- For our fiscal 2008 first quarter, cost of revenues was $29.5 million compared to $22.0 million for the prior year first quarter. The consolidated gross margin percentage was 37% for both periods.

One of the significant factors that affects, and should continue to affect, the comparison of our consolidated gross margins from period to period is the change in product mix between our two largest segments. Our Specialty Chemicals segment typically has higher gross margins than our Fine Chemicals segment. Measured in terms of revenues, Specialty Cur business depends on contracts with the

government or its prime contractors and these contracts are impacted by

governmental priorities and are subject to potential fluctuations in

funding or early termination, including for convenience, any of which

could material adversely effect our operating results, financial

condition or cash flows.

-- We may be subject to potentially material costs and liabilities in

connection with environmental liabilities.

-- For each of our Specialty Chemicals, Fine Chemicals and Aerospace

Equipment segments, most production is conducted in a single facility

and any significant disruption or delay at a particular facility could

have a material adverse effect on our business, financial position and

results of operations.

-- The release or explosion of dangerous materials used in our business

could disrupt our operations and cause us to incur additional costs and

liability.

-- Disruptions in the supply of key raw materials and difficulties in the

supplier qualification process, as well as increases in prices of raw

materials, could adversely impact our operations.

-- Each of our Specialty Chemicals, Fine Chemicals and Aerospace Equipment

segments may be unable to comply with customer specifications and

manufacturing instructions or may experience delays or other problems

with existing or new products, which could result in increased costs,

losses of sales and potential breach of customer contracts.

-- Successful commercialization of pharmaceutical products and product

line extensions is very difficult and subject to many uncertainties.

If a customer is not able to successfully commercialize its products

for which AFC produces compounds or if the product is subsequently

recalled, then the operating results of AFC may be negatively impacted.

-- A strike or other work stoppage, or the inability to renew collective

bargaining agreements on favorable terms, could have a material adverse

effect on the cost structure and operational capabilities of AFC.

-- The pharmaceutical fine chemicals industry is a capital-intensive

industry and if AFC does not have sufficient financial resources to

finance the necessary capital expenditures, its business and results of

operations may be harmed.

-- We may be subject to potential product liability claims that could

affect our earnings and financial condition and harm our reputation.

-- Technology innovations in the markets that we serve may create

alternatives to our products and result in reduced sales.

-- We are subject to competition in certain industries where we

participate and therefore may not be able to compete successfully.

-- Due to the nature of our business, our sales levels may fluctuate

causing our quarterly operating results to fluctuate.

-- The volatility of the chemical industry affects our capacity

utilization and causes fluctuations in our results of operations.

-- A loss of key personnel or highly skilled employees could disrupt our

operations.

-- We may continue to expand our operations through acquisitions, which

could divert management's attention and expose us to unanticipated

liabilities and costs. We may experience difficulties integrating the

acquired operations, and we may incur costs relating to acquisitions

that are never consummated.

-- We have a substantial amount of debt, and the cost of servicing that

debt could adversely affect our ability to take actions, our liquidity

or our financial condition.

-- If we are unable to generate sufficient cash flow to service our debt

and fund our operating costs, our liquidity may be adversely affected.

-- Our shareholder rights plan, Restated Certificate of Incorporation, as

amended, and Amended and Restated By-laws discourage unsolicited

takeover proposals and could prevent stockholders from realizing a

premium on their common stock.

-- Our proprietary rights may be violated or compromised, which could

damage our operations.

Readers of this earnings release are referred to our Annual Report on Form 10-K for the year ended September 30, 2007 and our other filings with the Securities and Exchange Commission for further discussion of these and other factors that could affect our future results. The forward-looking statements contained in this earnings release are made as of the date hereof and we assume no obligation to update for actual results or to update the reasons why actual results could differ materially from those projected in the forward-looking statements, except as required by law. In addition, the operating results and cash flows for the three-months ended December 31, 2007 are not necessarily indicative of the results that will be achieved for future periods.

ABOUT AMERICAN PACIFIC CORPORATION

American Pacific is a leading manufacturer of specialty and fine chemicals within its focused markets, as well as propulsion products sold to defense, aerospace and pharmaceutical end markets. Our products provide access to, and movement in, space via solid fuel and propulsion thrusters and represent the registered or active pharmaceutical ingredient in drug applications such as HIV, epilepsy and cancer. We also produce specialty chemicals utilized in various applications such as fire extinguishing systems, as well as manufacture water treatment equipment. Our products are designed to meet customer specifications and often must meet certain governmental and regulatory approvals. Additional information about American Pacific can be obtained by visiting the Company's web site at http://www.apfc.com.

AMERICAN PACIFIC CORPORATION

Consolidated Statements of Operations

(Unaudited, Dollars in Thousands, Except per Share Amounts)

Three Months Ended

December 31,

2007 2006

Revenues $46,890 $34,888

Cost of Revenues 29,461 21,980

Gross Profit 17,429 12,908

Operating Expenses 10,205 8,513

Operating Income 7,224 4,395

Interest and Other Income, Net 378 94

Interest Expense 2,704 3,303

Income before Income Tax 4,898 1,186

Income Tax Expense 2,035 547

Net Income $2,863 $639

Earnings per Share:

Basic $0.39 $0.09

Diluted $0.38 $0.09

Weighted Average Shares Outstanding:

Basic 7,434,000 7,324,000

Diluted 7,584,000 7,367,000

AMERICAN PACIFIC CORPORATION

Consolidated Balance Sheets

(Unaudited, Dollars in Thousands, Except per Share Amounts)

December 31, September 30,

2007 2007

ASSETS

Current Assets:

Cash and Cash Equivalents $38,160 $21,426

Accounts Receivable, Net 13,949 25,236

Inventories, Net 50,094 47,023

Prepaid Expenses and Other Assets 2,300 2,258

Deferred Income Taxes 5,504 2,101

Total Current Assets 110,007 98,044

Property, Plant and Equipment, Net 116,099 116,965

Intangible Assets, Net 4,482 5,767

Deferred Income Taxes 18,580 19,385

Other Assets 9,540 9,246

TOTAL ASSETS $258,708 $249,407

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:

Accounts Payable $13,635 $10,867

Accrued Liabilities 7,698 7,829

Accrued Interest 4,125 1,686

Employee Related Liabilities 5,143 7,222

Deferred Revenues and Customer

Deposits 8,782 7,755

Current Portion of Environmental

Remediation Reserves 686 726

Current Portion of Long-Term Debt 254 252

Total Current Liabilities 40,323 36,337

Long-Term Debt 110,309 110,373

Environmental Remediation Reserves 14,444 14,697

Pension Obligations and Other Long-

Term Liabilities 17,422 12,311

Total Liabilities 182,498 173,718

Commitments and Contingencies

Shareholders' Equity

Preferred Stock - No par value;

3,000,000 authorized; none

outstanding - -

Common Stock - $0.10 par value;

20,000,000 shares authorized,

9,470,041 and 9,463,541 issued 947 946

Capital in Excess of Par Value 87,618 87,513

Retained Earnings 9,868 7,296

Treasury Stock - 2,034,870 shares (16,982) (16,982)

Accumulated Other Comprehensive

Loss (5,241) (3,084)

Total Shareholders' Equity 76,210 75,689

TOTAL LIABILITIES AND

SHAREHOLDERS' EQUITY $258,708 $249,407

AMERICAN PACIFIC CORPORATION

Consolidated Statements of Cash Flow

(Unaudited, Dollars in Thousands)

Three Months Ended

December 31,

2007 2006

Cash Flows from Operating

Activities:

Net Income $2,863 $639

Adjustments to Reconcile Net

Income to Net Cash Provided (Used) by

Operating Activities:

Depreciation and amortization 4,815 5,144

Non-cash interest expense 164 1,075

Share-based compensation 29 49

Excess tax benefit from stock

option exercises (28) -

Deferred income taxes (13) -

Changes in operating assets

and liabilities:

Accounts receivable, net 11,238 1,956

Inventories, net (3,071) (13,919)

Prepaid expenses (283) (576)

Accounts payable 1,875 5,961

Accrued expenses (131) 599

Accrued interest 2,439 19

Employee related liabilities (2,079) (1,758)

Deferred revenues and customer

deposits 1,027 (2,250)

Environmental remediation

reserves (293) (1,013)

Pension obligations, net 227 257

Other (560) (164)

Net Cash Provided (Used) by

Operating Activities 18,219 (3,981)

Cash Flows from Investing

Activities:

Capital expenditures (1,500) (1,430)

Discontinued operations -

collection of note receivable - 7,510

Net Cash Provided (Used) by

Investing Activities (1,500) 6,080

Cash Flows from Financing

Activities:

Payments of long-term debt (62) (7,287)

Issuances of common stock 49 -

Excess tax benefit from stock

option exercises 28 -

Net Cash Used by Financing

Activities 15 (7,287)

Net Change in Cash and Cash

Equivalents 16,734 (5,188)

Cash and Cash Equivalents, Beginning

of Period 21,426 6,872

Cash and Cash Equivalents, End of

Period $38,160 $1,684

AMERICAN PACIFIC CORPORATION

Supplemental Data

(Unaudited, Dollars in Thousands)

Three Months Ended

December 31,

2007 2006

Operating Segment Data:

Revenues:

Specialty Chemicals $15,549 $11,790

Fine Chemicals 26,762 17,591

Aerospace Equipment 3,735 3,976

Other Businesses 844 1,531

Total Revenues $46,890 $34,888

Segment Operating Income (Loss):

Specialty Chemicals $5,879 $3,493

Fine Chemicals 4,661 2,919

Aerospace Equipment 173 186

Other Businesses (18) 593

Total Segment Operating Income 10,695 7,191

Corporate Expenses (3,471) (2,796)

Operating Income $7,224 $4,395

Depreciation and Amortization:

Specialty Chemicals $1,258 1,282

Fine Chemicals 3,372 3,697

Aerospace Equipment 57 32

Other Businesses 3 3

Corporate 125 130

Total Depreciation and

Amortization $4,815 $5,144

Segment EBITDA (a):

Specialty Chemicals $7,137 $4,775

Fine Chemicals 8,033 6,616

Aerospace Equipment 230 218

Other Businesses (15) 596

Total Segment EBITDA 15,385 12,205

Less: Corporate Expenses, Excluding

Depreciation (3,346) (2,666)

Plus: Share-based Compensation 29 49

Plus: Interest Income 378 94

Adjusted EBITDA (b) $12,446 $9,682

Reconciliation of Net Income to

Adjusted EBITDA (b):

Net Income $2,863 $639

Add Back:

Income Tax Expense 2,035 547

Interest Expense 2,704 3,303

Depreciation and Amortization 4,815 5,144

Share-based Compensation 29 49

Adjusted EBITDA $12,446 $9,682

(a) Segment EBITDA is defined as segment operating income (loss) plus

depreciation and amortization.

(b) Adjusted EBITDA is defined as net income before income tax expense,

interest expense, depreciation and amortization, and share-based

compensation.

Segment EBITDA and Adjusted EBITDA are not financial measures calculated

in accordance with GAAP and should not be considered as an alternative to

income from operations as performance measures. Each EBITDA measure is

presented solely as a supplemental disclosure because management believes

that each is a useful performance measure that is widely used within the

industry. In addition, EBITDA measures are significant measurements for

covenant compliance under our credit facility. Each EBITDA measure is not

calculated in the same manner by all companies and, accordingly, may not

be an appropriate measure for comparison.

hemicals accounted for 33% and 34% of our operations during the fiscal 2008 and 2007 first quarters, respectively. Fine Chemicals has grown as a percentage of total revenues, comprising 57% and 51% of consolidated revenues in the fiscal 2008 and 2007 first quarters, respectively.

In addition, our fiscal 2008 first quarter consolidated gross margin reflects:

-- Improvements in Specialty Chemicals segment gross margin percentage

driven by higher product volume.

-- A decrease in Fine Chemicals segment gross margin percentage relating

to a change in product mix.

-- An increase in Aerospace Equipment segment gross margin percentage.

See further discussion under our Segment Highlights.

Operating Expenses -- For our fiscal 2008 first quarter, operating expenses increased $1.7 million to $10.2 million from $8.5 million in the first quarter of fiscal year 2007, primarily due to:

-- An increase in Specialty Chemicals segment operating expenses of

$0.4 million primarily due to environmental related costs and employee

compensation.

-- An increase in Fine Chemicals segment operating expenses of

$0.5 million due to additional personnel costs, primarily recruiting

and relocation expenses.

-- An increase in corporate operating expenses of $0.7 million due to a

$0.6 million increase in employee compensation and retirement benefit

expenses and a $0.3 million increase in Sarbanes-Oxley compliance

costs, offset somewhat by numerous other minor decreases in corporate

operating expenses.

SEGMENT HIGHLIGHTS

Specialty Chemicals Segment Our Specialty Chemicals segment revenues include the operating results from our perchlorate, sodium azide and Halotron product lines, with perchlorates comprising 95% and 85% of Specialty Chemicals revenues in the fiscal 2008 and 2007 first quarters, respectively.

Quarter Ended December 31, 2007 Compared to Quarter Ended December 31, 2006

-- Revenues increased 32% to $15.5 million from $11.8 million.

-- Operating income was $5.9 million, or 38% of revenues compared to

$3.5 million, or 30% of revenues.

-- Segment EBITDA was $7.1 million, or 46% of revenues, compared to

$4.8 million, or 41% of revenues.

The first quarter variances in Specialty Chemicals revenues reflect the following factors:

-- A 66% increase in Grade I AP volume in the fiscal 2008 first quarter,

offset partially by a 15% decrease in the related average price per

pound.

-- Sodium azide revenues decreased 93% in the fiscal 2008 first quarter

compared to the prior year quarter.

-- Halotron revenues decreased 11% in the fiscal 2008 first quarter

compared to the prior year quarter.

The increase in Grade I AP volume for the fiscal 2008 first quarter compared to the prior fiscal year first quarter reflects the timing of customer orders. The fiscal 2008 first quarter included a greater percentage of our expected annual volume for fiscal 2008. On an annual basis, we expect fiscal 2008 volume to be comparable to fiscal 2007. There are numerous variations of Grade I AP that we produce for our customers. The decrease in the average price per pound of Grade I AP sold in the fiscal 2008 first quarter reflects a product mix that included more of the standard blend of Grade I AP than specialized blends.

Over the longer term, we expect demand for Grade I AP to be within the ranges of fiscal years 2006 and 2007. In addition, Grade I AP revenues are typically derived from a relatively few large orders. As a result, quarterly revenue amounts can vary significantly depending on the timing of individual orders throughout the year. Average price per pound may continue to fluctuate somewhat in future periods, depending upon product mix and volume.

The decrease in sodium azide revenues in the fiscal 2008 first quarter is due to a reduction in volume for sodium azide used in a pharmaceutical application. We do not anticipate an increase in demand for sodium azide in the near future.

The decrease in Halotron revenues is driven by timing of customer orders. Halotron volumes are expected to be relatively consistent in fiscal 2008 as compared to fiscal 2007.

Specialty Chemicals operating income for the fiscal 2008 first quarter was 38% of Specialty Chemicals revenue compared to 30% for the prior year quarter, reflecting the following:

-- Specialty Chemicals segment depreciation and amortization expense,

which is included in cost of sales, was $1.3 million, or 8% of

Specialty Chemicals revenue for the fiscal 2008 first quarter, compared

to $1.3 million, or 11% of Specialty Chemicals revenue for the fiscal

2007 first quarter. As a result of the improved coverage of

depreciation and amortization expense by the higher revenue level in

the current quarter, and raw material cost reductions for Halotron

products, the Specialty Chemicals segment gross margin percentage

improved by approximately eight points.

-- An increase in operating expenses of $0.4 million primarily due to

environmental related costs and employee compensation.

Fine Chemicals Segment

Our Fine Chemicals segment reflects the operating results of our wholly-owned subsidiary Ampac Fine Chemicals LLC ("AFC").

Quarter Ended December 31, 2007 Compared to Quarter Ended December 31, 2006

-- Revenues were $26.8 million compared to revenues of $17.6 million.

-- Operating income was $4.7 million, or 17% of revenue, compared to

$2.9 million, also 17% of revenue.

-- Segment EBITDA was $8.0 million, or 30% of revenue, compared to Segment

EBITDA of $6.6 million, or 38% of revenue.

The increase in Fine Chemicals segment revenues for the fiscal 2008 first quarter reflects continued strength in volumes for our anti-viral products. As is typical with the segment, the overall net growth reflects increases during the current year period for several products and decreases for other products. This occurs as a function of our customers' ordering cycles and our timing of the production cycle. Production cycles are determined based on customer delivery requirements and the most effective use of AFC's facilities.

Operating income was consistent at 17% of revenue for each quarter. However, because depreciation expense was a smaller percentage of the total segment expenses in the current quarter, segment EBITDA as a percentage of revenues decreased to 30%. Segment operating income for the fiscal 2008 first quarter reflects:

-- A decrease in the gross margin percentage of approximately four points

compared to the prior fiscal year period primarily due to a change in

product mix. To a lesser extent, the gross margin percentage was

negatively affected by lower factory utilization during the last

quarter of fiscal 2007, which in turn increased the cost of inventories

which were sold in the first quarter of fiscal 2008.

-- A decrease in depreciation of $0.3 million.

-- An increase in operating expenses of $0.5 million due to additional

personnel costs, primarily recruiting and relocation expenses.

Aerospace Equipment Segment

Our Aerospace Equipment segment reflects the operating results of our wholly-owned subsidiary Ampac ISP Corp. ("ISP").

Quarter Ended December 31, 2007 Compared to Quarter Ended December 31, 2006

-- Revenues decreased 6% to $3.7 million from $4.0 million.

-- Operating income was $0.2 million for each period.

The decrease in Aerospace Equipment revenues of $0.3 million is due primarily to timing. Order bookings in from the latter part of fiscal 2007 and the fiscal 2008 first quarter should result in quarterly revenue growth for the remainder of fiscal 2008.

Operating income was consistent between each of the fiscal 2008 and 2007 first quarters, reflecting:

-- An increase of approximately two points in Aerospace Equipment segment

gross margin percentage due to favorable performance on the segment's

primary production contracts.

-- An increase in operating expenses of $0.1 million.

CAPITAL AND LIQUIDITY HIGHLIGHTS

Liquidity -- As of December 31, 2007, we had cash balances of $38.2 million and no cash borrowings against our $20.0 million revolving credit line. In addition, we were in compliance with the various covenants contained in our credit agreements.

Operating Cash Flows -- Cash flows from operating activities during the fiscal 2008 first quarter improved by $22.2 million compared to the prior fiscal year first quarter. Operating activities provided cash of $18.2 million for the fiscal 2008 first quarter compared to a use of cash of $4.0 million for the prior fiscal year first quarter.

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

-- An increase in cash provided by Adjusted EBITDA of $2.8 million.

-- An improvement in cash flow from working capital accounts of

$16.9 million, excluding the effects of interest and income taxes.

-- A reduction in cash taxes paid of $0.2 million.

-- A reduction in cash used for interest payments of $2.1 million.

-- A reduction in cash used for environmental remediation of $0.7 million.

-- Other increases in cash used for operating activities of $0.5 million.

Cash provided by working capital accounts improved during the fiscal 2008 first quarter primarily due to the timing of accounts receivable and inventory balances. During the fiscal 2008 first quarter, inventories, primarily at AFC, grew at a slower rate than in the prior fiscal year first quarter, resulting in a $10.8 million reduction in cash used to fund inventory increases. For the fiscal 2008 first quarter, substantially all of the Specialty Chemicals segment sales occurred in the first two months of the quarter and substantially all of the cash was collected prior to December 31, 2007. As a result, cash provided from accounts receivable balances during the fiscal 2008 first quarter improved by $9.3 million compared to the prior year quarter. 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 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 used for interest decreased primarily due to the timing of the interest payments. Our current debt instruments require semi-annual interest payments in February and August compared to the debt instruments in place during the prior fiscal year first quarter 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, NV remediation project compared to the lower cash requirements of the operating and maintenance phase which began in the fiscal 2007 second quarter.

Capital Expenditures -- Cash used for capital expenditures was consistent between the fiscal 2008 and fiscal 2007 first quarters. We expect that the amount of quarterly capital expenditures will increase as we proceed through fiscal 2008 primarily in support of additional equipment at AFC and capital expenses associated with the relocation of our corporate offices.

OUTLOOK

Our fiscal 2008 first quarter results were consistent with our expectation for the quarter. Accordingly, we are maintaining our guidance for fiscal 2008. For fiscal 2008, we are anticipating consolidated revenues of at least $195.0 million, Adjusted EBITDA of at least $40.0 million and net income of at least $6.0 million. Our fiscal 2008 guidance for Adjusted EBITDA is computed by adding estimated amounts for depreciation and amortization of $18.5 million, interest expenses of $11.0 million and income taxes of $4.5 million to estimated net income of $6.0 million. We are anticipating our capital expenditures for fiscal year 2008 to be approximately $17.0 million.

INVESTOR TELECONFERENCE

We invite you to participate in a teleconference with our executive management covering our fiscal 2008 first quarter financial results. The investor teleconference will be held Thursday February 7, 2008 at 1:30 p.m., Pacific Standard Time. The teleconference will include a presentation by management followed by a question and answer session. The teleconference can be accessed by dialing (973) 582-2852 between 1:15 and 1:30 p.m., Pacific Standard Time. Please reference conference ID# 33767144. As is our customary practice, a live webcast of the teleconference is being provided by Thomson Financial's First Call Events. A link to the webcast and the earnings release is available at our website at http://www.apfc.com, and will be available for replay until our next quarterly investor teleconference.

RISK FACTORS/FORWARD-LOOKING STATEMENTS

The financial results included in this earnings release are preliminary. Statements contained in this earnings release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation statements concerning or relating to our future financial results and guidance, statements regarding expectations and anticipated changes in product mix between business segments, statements regarding factors that will affect our cost of revenues and gross margins, statements regarding our beliefs about future demand, volumes and average prices for Grade I AP, our Fine Chemicals segment's order and operations levels, statements regarding our expectations for demand for sodium azide, statements regarding our expectations for Holotron volumes, statements relating to our expectations for revenue growth in our Aerospace Equipment segment, statements regarding our working capital changes and future variations, and all statements in the "Outlook" section of this earnings release. Words such as "anticipate", ""expect", "should", "may", "can", "will" and similar expressions are intended to identify forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by the Company that any of its expectations will be achieved. Actual results may differ materially from those set forth in the release due to risks and uncertainties inherent in the Company's business. Factors that might cause such differences include, but are not limited to, the following:

-- We depend on a limited number of customers for most of our sales in our

Specialty Chemicals, Aerospace Equipment and Fine Chemicals segments

and the loss of one or more of these customers could have a material

adverse affect on our revenues.

-- The inherent limitations of our fixed-price or similar contracts may

impact our profitability.

-- The numerous and often complex laws and regulations and regulatory

oversight to which our operations and properties are subject, the cost

of compliance, and the effect of any failure to comply could reduce our

profitability and liquidity.

-- A significant portion of o
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SOURCE American Pacific Corporation
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