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MDS Reports Third Quarter 2007 Results
Date:9/6/2007

backlog have been fully expensed.

Selling, general, and administration (SG&A) expenses for the quarter totalled $74 million and 23% of revenues compared to $61 million and 24% last year. The increase reflects the addition of MD, and SG&A in the other businesses was level with last year.

We spent $21 million on R&D activities in the third quarter this year and expensed $9 million, compared to spending of $13 million last year, of which we expensed $5 million. The majority of the increase in R&D spending comes from the additional spending in our new MD business.

Consolidated depreciation and amortization expense increased $12 million compared to the third quarter of last year. In the third quarter of 2007, we amortized $8 million of intangible assets acquired as part of the MD transaction. Capital expenditures for the quarter were $28 million and included $13 million for a property acquisition related to the expansion of our early-stage business in Phoenix, Arizona.

Income from continuing operations for the quarter was $8 million, reflecting these strong results from our businesses and was up 167% compared to $3 million reported for continuing operations last year. Excluding adjusting items, income from continuing operations was $17 million or $0.14 per share.

The loss from discontinued operations of $1 million for the third quarter this year reflects costs associated with the sale of our Canadian diagnostics businesses. Income from discontinued operations of $16 million for 2006 reflects the operating results of our Canadian diagnostics businesses for that period.

Earnings per share from continuing operations were $0.07 for the quarter, compared to $0.02 in 2006. Adjusted earnings per share from continuing operations for the quarter were $0.14 compared to $0.01 earned in the same period last year. Earnings per share from discontinued operations were a loss of $0.01 compared to income of $0.11 last year. Adjusted earnings per share
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SOURCE MDS Inc.
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