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

e SG&A expenses were $1 million higher this year compared to 2007 due to the impact of foreign exchange on our Canadian dollar spending and increased costs within our finance function including our costs to convert to US GAAP, which was partially offset by $2 million of lower stock based compensation expense.

The 2007 adjustments include restructuring charges related to the transition of IT support and infrastructure to a new provider and a gain of $2 million as a result of selling a debt interest in Hemosol Corporation. There were no adjusting items in 2008.

Net interest expense was nil in the first quarter of 2008, compared to $2 million in the first quarter of 2007 due to higher interest income in 2008. In addition, in the first quarter of 2008, we recorded a $2 million gain on the settlement of interest rate swaps. Net interest expense and the swap gain are not included in our operating income or adjusted EBITDA.

Income Taxes

In the quarter we recorded a net $11 million reduction in our deferred tax liabilities due to the enactment of income tax rate reductions in Canada. In addition, the favourable impact of tax credits relating to eligible research and development reduced the taxes we reported in the quarter by approximately $1 million. Our expected taxes for the quarter were $4 million based on the $10 million of income before income taxes we reported from continuing operations. However, due largely to the above adjustments we reported a tax recovery of $7 million for the quarter.

Discontinued Operations

Income from discontinued operations for fiscal 2007 reflects only the results of our remaining diagnostics businesses. We sold the diagnostics business in the second quarter of 2007 and there is no income from discontinued operations in 2008.

Three months ended January 31

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SOURCE MDS Inc.
Copyright©2008 PR Newswire.
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