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

ntinue to execute on key growth initiatives, as evidenced by the 20.2% increase in net sales. Importantly, our first quarter increase in net sales was achieved through organic growth, driven by our strong reputation and high quality of service. We continue to be excited about our opportunities in Florida and have recently received a commitment for 1,000 new beds beginning in the fourth quarter of 2008."

Steven C. Silva, President and Chief Operating Officer, stated, "In the first quarter of 2008, our gross margin dollars increased by $3.9 million, driven primarily by our growth in beds and improved efficiencies. Our SG&A expenses rose both in dollars and as a percentage of sales due to increased professional fees associated primarily with the cost of being a public company and higher delivery costs. In addition, we incurred greater administrative costs associated with the opening of our Deerfield Beach, Florida facility, which commenced operations on April 1st of this year."

Recent Corporate Developments

On April 1, 2008, the Company's pharmacy operations center in Deerfield Beach, Florida commenced operations.

On April 18, 2008, the Company changed its stock symbol to CHRX from PMQC.

On April 30, 2008, the Company engaged Grant Thornton LLP to serve as the Company's independent registered public accounting firm.

Conference Call

To participate in the conference call on June 3, 2008 at 8:30 am ET, please dial 1-877-407-0784 (USA) or 1-201-689-8560 (international). A web cast of the call will also be available from the Investor Relations section on the corporate web site at http://www.chemrx.net. In addition, a dial-up replay of the conference call will be available beginning June 3, 2008 at approximately 11:30 a.m. ET and will remain available until June 10, 2008. To access the replay, please dial 1-877-660-6853 (USA) or 1-201-612-7415 (international) and reference the
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SOURCE Chem Rx Corporation
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