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MDS Reports Second Quarter 2009 Financial Results
Date:6/11/2009
eing sought for Central Labs.
To further improve operating performance in a challenging economic environment, to sharpen the Company's focus on Early Stage, and to reduce overhead associated with the exit from Late Stage, MDS Pharma Services has initiated restructuring actions in the third quarter of 2009. MDS estimates the cost of this restructuring to be approximately $4 million, impacting some 180 people and generating roughly $9 million in annual savings. As the Company plans to sell these operations, Late Stage will no longer be classified as part of continuing operations for financial reporting beginning in the third quarter of 2009.
To further build core competencies in Early Stage, MDS Pharma Services initiated a project in the second quarter to renovate and expand its preclinical operations in Taiwan. The expanded facility will double the previous capacity to better serve emerging demand for services in the Asia-Pacific region.
MDS Nordion
% Change
(millions of U.S. dollars) Q2 2009 Q2 2008 Reported
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Net revenue $ 65 $ 80 (19%)
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Adjusted EBITDA $ 23 $ 24 (4%)
35% 30%
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MDS Nordion reported adjusted EBITDA of $23 million in the second quarter, down 4% compared with last year, and included an embedded derivative gain of $3 million, versus a gain of $2 million last ye
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| SOURCE MDS Inc. Copyright©2009 PR Newswire. All rights reserved |
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