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

rter reflected the following:

-- $4.6 million related to one-time launch related marketing expenses for the initial launch and supply of the 25 mg and 50 mg strength of metoprolol succinate extended-release tablets;

-- $1.5 million increase in expense associated with foreign currency transaction losses on investments denominated in the Indian Rupee;

-- $3.8 million of launch-related marketing and promotion expenses related to Evamist(TM);

-- $2.6 million increase in personnel costs due to increases in management, sales and other personnel, of which $1.4 million was related to the expansion for our branded sales force initiated in the third quarter of fiscal 2008;

-- $1.8 million increase in branded marketing and promotions expense on our existing brands;

-- $1.5 million increase in costs associated with redistribution fees paid to certain major wholesalers and chains for single point shipping services; and

-- $1.2 million increase in expenses for consulting and other professional services.

Net Income

Net income for the quarter increased $6.3 million, or 102.2%, to $12.5 million, or $0.23 per diluted Class A common share, compared to $6.2 million or $0.12 per diluted Class A common share for the first quarter of fiscal 2008.

Financial Condition

The Company's liquidity remains strong with cash and marketable securities of $135.1 million at the end of the quarter and $15.7 million of cash flow generated from operations in the first quarter. The Company also holds $79.9 million in auction-rate securities, which are currently illiquid and classified as long-term investments. The Company is encouraged by proposed and announced settlements reached with regulatory authorities by several banks that show signs that the liquidity problem with these types of securities is finally being addressed. Capital expenditures increased to $5.3 million in the first quarter of fiscal 2009 compared with $2.1 milli
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SOURCE KV Pharmaceutical Company
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