DRAXIS Health Reports Results for the First Quart...( MONTREAL May 9 / DRAXIS Health In...),Health
MONTREAL, May 9 /PRNewswire-FirstCall/ - DRAXIS Health Inc. (TSX: DAX)
(NASDAQ: DRAX) reported first quarter financial results for the three
months ended March 31, 2008. Revenues and earnings for the first quarter of
2008 were below those in the first quarter of 2007 as a result of lower
sales of sterile products, the negative impact of a significantly stronger
Canadian dollar relative to the first quarter of 2007, the inclusion in the
first quarter of 2007 of non-recurring items and the inclusion in the first
quarter of 2008 of the direct and indirect costs related to the potential
sale of the Company. All amounts are expressed in U.S. dollars.
Highlights
- Consolidated revenues for the first quarter of 2008 were
$19.2 million versus $21.0 million in the first quarter of 2007.
Product sales in the first quarter of 2008 were $18.7 million,
down 5% from $19.6 million in the first quarter of 2007. Contract
manufacturing sales were down 11%, primarily as a result of lower
revenues from sterile products during the first two months of the
quarter, and radiopharmaceutical sales were up 6%. Product gross
margins for the first quarter of 2008 were impacted by the
stronger Canadian dollar relative to the first quarter of 2007 and
by the change in product mix related to lower sterile product
volumes.
- Operating loss for the first quarter of 2008 was $2.4 million
compared to operating income of $2.5 million in the same period in
2007. Operating income in the first quarter of 2007 benefited from
the receipt of two non-recurring items, namely cont
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| SOURCE DRAXIS Health Inc. Copyright©2008 PR Newswire. All rights reserved |
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