American Pacific Reports Revenue Increase of 34% and Net Income of $2.9 Million for Fiscal 2008 Fir...( LAS VEGAS Feb. 7 /- American Paci...),Health

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 C
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