KV Pharmaceutical Company Completes Unaudited Fiscal 2007 Results; Receives Trading Extension...( Fiscal 2007 Marked Record Profitabili...),Health

Fiscal 2007 Marked Record Profitability and 12th Consecutive Year of Record

Revenues KV Also Reports Preliminary Fiscal 2008 Third Quarter Revenues of $164

Million, Up 39% from Prior Year

ST. LOUIS, Feb. 15 /PRNewswire-FirstCall/ -- KV Pharmaceutical Company (NYSE: KVa/KVb), a fully integrated specialty pharmaceutical company that develops, manufactures, acquires and markets technology-differentiated branded and generic/non-branded prescription pharmaceutical products, reported today its consolidated results of operations for the 2007 fiscal year ended March 31, 2007. The results have been delayed primarily due to the previously reported investigation by a Special Committee of independent members of the Board of Directors into the Company's former stock option grant practices.

KV is nearing completion of work to restate financial results for the periods affected. In addition to the fiscal 2007 results, KV has also included the following items with today's release:
-- restated consolidated results for fiscal years 2005 and 2006;

-- balance sheets as of March 31, 2007 and March 31, 2006 (as restated);

-- a reconciliation of the income statements as restated for fiscal years

2005 and 2006 and the income statements as originally reported; and

-- a reconciliation of the year-end 2006 balance sheet as restated

compared to the year-end 2006 balance sheet as originally reported.

The Company also announced that NYSE Regulation, Inc. today granted the Company's request for a trading extension through March 31, 2008, subject to ongoing reassessment. The extension was required under the Exchange's rules due to the Company's delayed filing of its fiscal 2007 Annual Report on Form 10-K with the Securities and Exchange Commission. The Company expects to have resolved all outstanding issues needed to make this filing and to complete its fiscal 2007 f
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