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KV Pharmaceutical Reports Record Revenues for Fiscal 2008 Third Quarter and Year-to-Date on a Preliminary Basis
Date:2/27/2008

Third Quarter Revenues Up 38.8%, Nine-Month Revenues Up 40.6% ETHEX Revenue Up 57.8% for Third Quarter, Up 65.2% for Nine Months Ther-Rx

Revenue Up 16.6% for Third Quarter, Up 15.2% for Nine Months

ST. LOUIS, Feb. 27 /PRNewswire-FirstCall/ -- KV Pharmaceutical Company (NYSE: KVa/KVb) today reported preliminary financial results for the third quarter and first nine months of fiscal 2008 ended December 31, 2007. The results reflected continued acceleration of revenue and profits at both the Company's branded drug subsidiary Ther-Rx Corporation, and generic/non-branded drug subsidiary ETHEX Corporation.

Net revenue, net income and diluted earnings per share amounts for both the third quarter and interim year-to-date periods are preliminary and subject to possible adjustments based upon completion of our financial statements which are being restated to reflect the outcome of a previously disclosed investigation into the Company's stock option grant practices. As previously reported, the New York Stock Exchange has granted an extension for trading of the Company's shares through March 31, 2008 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 by this date to have resolved all outstanding issues needed to make this filing and to complete its fiscal 2007 filings and restatements of previously reported results for the fiscal years 1996-2006.

THIRD QUARTER RESULTS

Net revenues for the third quarter increased 38.8% to $163.7 million, compared to $117.9 million for the third quarter of fiscal 2007. Ther-Rx net revenue grew 16.6% to $56.3 million, while ETHEX net revenues rose 57.8% to $102.2 million. ETHEX net revenue growth was positively affected by important ANDA products including the 100 mg and 200 mg strengths of Metoprolol Succinate Extended Release Tablets (generic alternative to Toprol(R)
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SOURCE KV Pharmaceutical Company
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