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IDEXX Laboratories Announces Fourth Quarter and Full Year Results
Date:1/30/2009

y exchange rates, which reduced reported revenues by 5%, and lower revenues from the pharmaceutical business.

Our fourth quarter results were affected by two factors relating to our pharmaceutical business. First, revenues were negatively impacted by the discontinuation of a pharmaceutical product in the second quarter and the divestiture of certain pharmaceutical product lines through a series of transactions in the fourth quarter. Second, the fourth quarter transactions resulted in a net loss of $3.6 million, or $0.06 per share, consisting of a pre-tax loss and restructuring related charges of $1.5 million and a tax provision of $2.1 million, primarily related to the disposition of non-deductible goodwill allocated to the pharmaceutical product lines sold. We have retained certain intellectual property and licenses for developed products as well as certain less significant product lines, which have been reassigned to other business units. Notwithstanding the book loss associated with these transactions, we generated $9.7 million of positive cash flow from the transactions. Please refer to the table below titled "Cash Flow Impact of Pharmaceutical Transactions and Restructuring."

Water. Water segment revenues for the fourth quarter of 2008 were $17.2 million compared to $17.3 million for the fourth quarter of 2007. Water organic growth, as defined above, for the fourth quarter was 7%. The decrease in Water revenues was due to the unfavorable impact of changes in foreign currency exchange rates, which reduced reported revenue by 8%, and unfavorable average unit sales prices, partly offset by higher sales volume. Unfavorable average unit sales price was due primarily to the impact of higher relative sales volume in countries where products sell at lower average prices. Increased sales volume was due, in part, to higher sales volume of our Colilert(R) products, used to detect total coliforms and E. coli in water. '/>"/>

SOURCE IDEXX Laboratories, Inc.
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