MDS Reports Second Quarter 2009 Financi...( TORONTO June 11 / MDS Inc. (TSX: MDS;...),Health

TORONTO, June 11 /PRNewswire-FirstCall/ - MDS Inc. (TSX: MDS; NYSE: MDZ), a leading provider of products and services to the global life sciences markets, today reported financial results for the three-month period ended April 30, 2009. On a GAAP basis, MDS reported total revenue of $282 million, a net loss of $17 million and a loss per share of $0.15 for the second quarter of 2009. These results include a non-cash asset write-down of $16 million. Net revenue was $257 million and adjusted EBITDA was $31 million, compared with $326 million and $34 million in the prior year, respectively. For the quarter, the Company announced adjusted earnings per share of $0.03, compared with $0.08 in the corresponding period a year ago.

    Quarterly Highlights

    -   Net revenue of $257 million, down 21% from $326 million in the prior
        year. Excluding the impact of foreign exchange, acquisitions and
        divestitures, net revenue decreased 10%.
    -   Adjusted EBITDA of $31 million with 12% margin, versus $34 million
        with 10% margin in the prior year, as $15 million in restructuring
        and productivity savings largely offset market declines.
    -   Adjusted earnings per share of $0.03, compared with $0.08 in the
        prior year, primarily driven by lower adjusted EBITDA and higher
        interest expense.
    -   Period-end cash position increased $94 million to $243 million.
    -   New product introductions to provide customers with advanced
        technology and improved performance, including the AB SCIEX TOF/TOF
        (TM) 5800 system, a new administration system for TheraSphere(R), a
        suite of iMethods tests, and MetaXpress(TM) analysis software.

"With a vigilant focus on productivity, we offset declines in a soft market, and delivered solid margins and strong cash flow within t
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