American Pacific Reports Revenue Increase of 34% and Net Income of $2.9 Million for Fiscal 2008 Fir... (C grew at a slower rate than in the prio...)

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

Date:2/7/2008

C, 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 q
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American Pacific Reports Revenue Increase of 34% and Net Income of $2.9 Million for Fiscal 2008 Fir...(C grew at a slower rate than in the prio...),Health