milestone payments from Shire BioChem Inc. of approximately
$0.8 million and $0.5 million in insurance proceeds.
- For the first quarter of 2008, diluted EPS was negative 3 cents
(or negative 2 cents adjusted diluted EPS excluding transaction
costs - See Schedule of Supplemental Information, including
footnotes) compared to diluted EPS of 5 cents (or 4 cents adjusted
diluted EPS) in the first quarter of 2007.
- Cash outflows from operating activities in the first quarter of
2008 were $2.3 million, compared to cash inflows of $5.5 million
in the same period in 2007. The decrease was related to lower
cash earnings and the timing of specific payments, including
- Subsequent to the end of the first quarter of 2008, on April 4,
2008 DRAXIS and Jubilant Organosys Ltd. ("Jubilant") announced
that they had entered into an arrangement agreement whereby an
indirect wholly-owned subsidiary of Jubilant will acquire all the
outstanding common shares of DRAXIS at a price of US$6.00 per
share in cash by way of a plan of arrangement.
"The first quarter of 2008 continued to be impacted by lower revenues in contract manufacturing, particularly for sterile products," said Dan Brazier, President and CEO of DRAXIS. "Product sales in contract manufacturing were down 11% but were close to plan for the radiopharmaceuticals business. Margins were negatively impacted this quarter relative to previous quarters due to the low volume of sterile production, which is generally a higher margin contributor in the overall product mix. In addition, margins and expenses in both our business units were adversely impacted by a much stronger Canadian dollar in the first quarter of 2008 compared to the same quarter of 2007.
Mr. Brazier con
|SOURCE DRAXIS Health Inc.|
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