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,
-- 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
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|SOURCE American Pacific Corporation|
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