KV Pharmaceutical Reports Record Revenues for Fiscal 2008 Third Quarter and Year-to-Date on a Prelimi...($1.51 per diluted Class A share. Areconc...),Health

Date:2/27/2008

$1.51 per diluted Class A share. A reconciliation of GAAP (Generally Accepted Accounting Principles) earnings per diluted Class A share to adjusted non-GAAP earnings per diluted Class A share is presented in a table below. We believe this information is useful for understanding the changes in results between prior year and current year periods, because this write-off is a charge resulting from the Company's investment in acquiring a new product and does not directly relate to underlying operations on an ongoing basis. Earnings and earnings per diluted share for the nine months ended December 31, 2007 shown in the accompanying reconciliation are presented on a non-GAAP basis. This reconciliation may not be comparable to other companies or more useful than the GAAP presentation.

The nine-month results reflected continued strong performance by ETHEX Corporation, with net revenues up 65.2% or $111.0 million, and the $ 21.1 million increase in net revenues reported by Ther-Rx Corporation.

Gross profit for the recently completed nine-month period increased $106.7 million, or 50.2% over the corresponding prior year period, to $319.1 million. During the first nine months of fiscal 2008, consolidated gross margin was 70.2% compared to 65.7% for the prior year period. Gross margin for the branded business was 89.6% for the first nine months, compared to 88.3% for the prior year period. ETHEX Corporation reported that its gross margin for the first nine months of fiscal 2008 improved to 65.9%, compared to 57.5% for the corresponding period of fiscal 2007.

Operating Review

Selling, general and administrative expenses increased $10.2 million and $24.3 million for the three-month and nine-month periods, respectively. These increases were primarily due to planned promotional expenses for branded products, as well as personnel costs related to the Company's decision to add approximately 30 sales representatives to the Ther-Rx branded specialty sales for
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SOURCE KV Pharmaceutical Company Copyright©2008 PR Newswire. All rights reserved

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