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KV Pharmaceutical Company Reports Fiscal 2009 First Quarter Results
Date:8/11/2008

as impacted by:

-- The later-than-expected approval and launch of the 50 mg strength of generic metoprolol succinate extended-release tablets in May 2008; and

-- A net sales gain of 52.6% over the prior year period at the Company's ETHEX generic/non-branded marketing subsidiary, contributed to by sales of 25 mg, 50 mg, 100 mg, and 200 mg strengths of metoprolol succinate extended-release tablets.

At the close of the first quarter of fiscal 2009, due to higher-than-expected demand from our customers for certain of our generic products, the Company had an unusually large volume of unshipped open orders for generic products, representing approximately $10 million of net revenues. Net revenues were also affected by a $5.9 million reduction related to the execution of a price increase on our generic potassium chloride capsules and the impact of the previously disclosed discontinuation of cough/cold products which generated revenue of $0.5 million in the current quarter compared with $9.3 million in the first quarter of last year.

Operating Expenses

Operating expenses were $83.1 million, an increase of $17.0 million over the prior year period. The increases included $18.6 million of higher selling and administrative expenses, a $4.2 million increase in R&D spending and a $2.2 million increase in amortization expenses related primarily to the acquisition of Evamist(TM). These increases were partially offset by an $8.0 million reduction in purchased in-process R&D charges.

Selling and administrative expenses of $63.8 million were slightly higher than the $61.2 million spent in the fourth quarter of fiscal 2008. We expect a quarterly run rate of selling and administrative expenses of approximately $61 million during the rest of fiscal 2009, resulting in an approximate 18% increase on an annual basis over the prior fiscal year. The 41.1% increase in selling and administrative expenses for the first quarter compared to the year ago qua
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SOURCE KV Pharmaceutical Company
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