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
|SOURCE KV Pharmaceutical Company|
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