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

administrative expenses for the first quarter ended March 31, 2008 were $19.1 million, compared to pro forma selling, general and administrative expenses of $15.0 million for the quarter ended March 31, 2007. This $4.1 million increase in selling, general and administrative expenses was attributable to higher expenditures to support the revenue growth in the Company's South Plainfield, New Jersey; Albany, New York; and Sciota, Pennsylvania facilities and start-up costs of the Company's recently opened Deerfield Beach, Florida location. In addition, the Company incurred $0.2 million of expenses associated with the business combination, $0.9 million of professional and consulting fees related primarily with the cost of being a public company and an increase in delivery expenses of $0.8 million due to increased sales and higher fuel costs.

Interest expense and other income were $3.5 million for the three months ended March 31, 2008 and pro forma for the three months ended March 31, 2007, respectively. The Company recorded a benefit for income taxes of $267,000 for the three months ended March 31, 2008, based on the Company's expected effective tax rate of 41% for the year ending December 31, 2008. The Company recorded an income tax provision of $1,000 for the three months ended March 31, 2007 based on the Company's expected effective tax rate of 0.3% for the year ended December 31, 2007. The increase in the effective income tax rate was primarily related to the October 27, 2007 business combination.

Net loss for the first quarter ended March 31, 2008 was $(386,000), or $(0.03) per basic and diluted share, compared to a pro forma net loss of $(293,000), or $(0.03) per pro forma basic and diluted share, for the quarter ended March 31, 2007.

Jerry Silva, Chairman and Chief Executive Officer, commented, "We are very pleased to report our first quarter 2008 results, which mark our continued progress as a public company with an operating business. We co
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SOURCE Chem Rx Corporation
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