KV Pharmaceutical Reports Record Revenues for Fiscal 2008 Third Quarter and Year-to-Date on a Prelimi... (mpacted by the launch of the 100 mg and ...)

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

Date:2/27/2008

mpacted by the launch of the 100 mg and 200 mg strengths of Metoprolol Succinate Extended Release Tablets, as well as growth in existing product categories, including cardiovascular and pain management.

The Company is expecting to receive approval during the fourth quarter of fiscal 2008 for its Abbreviated New Drug Applications (ANDAs) on the 25 mg and 50 mg strengths of Metoprolol Succinate Extended Release Tablets which will enable it to provide all four strengths to its customer base.

The Company remains optimistic about the potential FDA approval of significant new ANDAs from its robust internal pipeline as it moves through fiscal 2009, which are expected to beneficially impact the overall performance of its generic/non-branded marketing business.

Financial Condition

As of December 31, 2007, the Company held cash and marketable securities of $196.4 million. The Company is actively evaluating and pursuing acquisition and other commercial opportunities that are consistent with its strategic goals.

Discussion of Auction Rate Securities

As of February 24, 2008 the Company held auction-rate debt securities in the aggregate principal amount of $83.9 million. The auction-rate securities are triple-A rated, long-term debt obligations secured by student loans, which are guaranteed by the U.S. Government. Liquidity for these securities has been provided by an auction process that resets the applicable interest rate at pre-determined intervals, up to 35 days. In the past, the auction process has allowed investors to obtain immediate liquidity by selling the securities at their face amounts. Current disruptions in credit markets, however, have adversely affected the auction market for these types of securities. During the week of February 11, 2008, the auctions for auction rate debt securities with a face value of $16.4 million in our portfolio failed to produce sufficient bidders to allow for successful auctions. This is the first
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KV Pharmaceutical Reports Record Revenues for Fiscal 2008 Third Quarter and Year-to-Date on a Prelimi...(mpacted by the launch of the 100 mg and ...),Health