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

quarter. We are beginning to realize cost savings from our previously announced restructuring actions and we expect to see these savings increase as we complete more of these restructuring initiatives during the fourth quarter. The operating loss for 2006 included $6 million of costs related to the FDA review of our Montreal-area bioanalytical facilities, partially offset by a $2 million gain from the sale of an agricultural testing business and $3 million related to a Hurricane Katrina insurance settlement.

Adjusted EBITDA for the third quarter was $4 million, up substantially from the $10 million adjusted EBITDA loss reported for the third quarter of 2006. Adjustments for the 2007 quarter related to restructuring activities that we were not able to provide for previously. Adjustments in the third quarter last year comprised restructuring charges and the gain from the sale of the agricultural testing business.

During the third quarter of 2007, we continued to implement portions of our restructuring plan, initiating the resizing of our St. Laurent facility, and announcing the closure of our Sittingbourne, UK facility. To date, these restructuring activities have resulted in a headcount reduction of approximately 200 employees and we utilized $5 million of the restructuring reserve established in the second quarter of 2007 on these activities.

Capital expenditures in the pharmaceutical services segment were $21 million compared to $12 million last year. The increase in expenditures in fiscal 2007 related to the expansion of our Phoenix, Arizona early clinical research facility, and included the purchase of the property for the facility. Expenditures in 2006 related to an ongoing expansion in Lyon, France as well as an expansion of the Skeletech site in Bothell, Washington.

Regulatory Review of Montreal Bioanalytical Operations

We made significant progress during the quarter helping our generic customers to complete the study audits requi
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SOURCE MDS Inc.
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