American Pacific Reports Revenue Increase of 34% and Net Income of $2.9 Million for Fiscal 2008 Fir... (Fine Chemicals segment revenues for the ...)

American Pacific Reports Revenue Increase of 34% and Net Income of $2.9 Million for Fiscal 2008 First Quarter

Date:2/7/2008

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
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American Pacific Reports Revenue Increase of 34% and Net Income of $2.9 Million for Fiscal 2008 Fir...(Fine Chemicals segment revenues for the ...),Health