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MDS Reports First Quarter 2008 Results
Date:3/6/2008

arily as a result of a reduction in MDS's stock price, compared to a $1 million gain in 2007. Primarily due to the strengthening of the US dollar relative to the Canadian dollar from our fiscal year end to January 31, 2008, we recorded a $4 million gain from the impact of foreign exchange on certain monetary assets and liabilities up $1 million from the first quarter of 2007. However, in the first quarter of 2008 we also experienced a negative impact of approximately $3 million on adjusted EBITDA from the net impact of foreign exchange, on our operations, due to the decline of the US dollar, from the first quarter of 2007 to the first quarter of 2008.

Adjustments reported for the quarter in 2008 include a $4 million loss associated with the expected sale of MDS Nordion's beam therapy and self-contained irradiator product lines, a $2 million gain resulting from the settlement of a mortgage that in 2000 had been determined to be uncollectible at that time, $2 million of costs related to the acquisition and integration of MDS Analytical Technologies, $1 million of in-process research and development (in-process R&D) related to an acquisition within the quarter, and a $2 million gain resulting from the settlement of interest rate swaps. In 2007, adjustments reported for the quarter included restructuring costs totalling $13 million, of which $8 million related to ongoing profit improvement initiatives in MDS Pharma Services, and $5 million related to transition of our information technology infrastructure and support to a new provider. The other adjusting item in the first quarter of 2007 was a $2 million gain realized on the sale of our debt interest in Hemosol Corp.

Selling, general, and administration (SG&A) expenses for the quarter-totalled $64 million, and represents 22% of net revenues compared to $54 million and 22% respectively, in the same period last year. The increase in SG&A spending is a result of the addition of MD and foreign exchange which
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SOURCE MDS Inc.
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