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Chem Rx Corporation Reports First Quarter 2008 Financial Results
Date:5/30/2008

- Conference Call Scheduled Tuesday, June 3, 2008 at 8:30 a.m. ET -

Recent Highlights: - First quarter 2008 net sales increased 20.2% year-over-year to $87.5

million - Net beds served increased 8.5% year-over-year to 65,700 at March 31, 2008

- First quarter 2008 gross profit rose 21.6% to $22.0 million

- Stock symbol changed to CHRX from PMQC

LONG BEACH, N.Y., May 30 /PRNewswire-FirstCall/ -- Chem Rx Corporation (OTC Bulletin Board: CHRX, CHRXU, CHRXW), a leading provider of institutional pharmacy services, today reported financial results for the first quarter ended March 31, 2008.

Net sales of Chem Rx Corporation for the first quarter ended March 31, 2008 were $87.5 million, a 20.2% increase compared to $72.8 million for the first quarter ended March 31, 2007. This growth was primarily attributed to increased beds serviced by the Company's New Jersey, Pennsylvania and New York facilities, principally as a result of continued focus on relationship management and high quality of service.

Adjusted earnings before interest, income taxes, depreciation and amortization ("Adjusted EBITDA") was $5.5 million for the first quarter ended March 31, 2008, compared to pro forma Adjusted EBITDA of $5.7 million for the first quarter ended March 31, 2007. Adjusted EBITDA is a non-GAAP financial measure.

Gross profit for the first quarter ended March 31, 2008 was $22.0 million, a 21.5% increase compared to pro forma gross profit of $18.1 million for the quarter ended March 31, 2007. Gross profit as a percentage of net sales was 25.1% and 24.8% for the three months ended March 31, 2008 and 2007, respectively. The increase in the gross profit dollars and percent was attributable to the growth in net sales, coupled with efficiencies resulting from greater utilization of the Company's facilities and other fixed-cost resources.

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SOURCE Chem Rx Corporation
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