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Medco Reports Strong First-Quarter Results; Record EPS, Mail-Order Volume, Generic Dispensing Rates
Date:4/29/2008

nd employee-related costs associated with enterprise-wide business growth, including client and product support activities.

Earnings Before Interest Income/Expense, Taxes, Depreciation and Amortization (EBITDA) for the quarter increased $45.1 million, or 8.0 percent, to $611.9 million compared to the same period last year. EBITDA per adjusted prescription decreased 1.0 percent to $2.96, compared to $2.99 in the first quarter of 2007, reflecting the Plavix benefit in first-quarter 2007 and the new client start-up costs. Sequentially, EBITDA per adjusted prescription increased 16.5 percent from $2.54 in the fourth quarter of 2007, which included $38 million in fourth-quarter start-up costs and expenses. (Please refer to Table 6 for a reconciliation of EBITDA to reported net income).

Interest and other (income) expense, net, of $54.3 million in first- quarter 2008 increased $39.4 million over the first quarter of 2007, largely attributable to higher debt levels from the 2007 refinancing and the senior notes issuance in March 2008. This expense also includes a $9.8 million non-recurring charge from a swap write-off associated with the issuance.

The effective tax rate for the first quarter of 2008 was 39.7 percent, in line with first-quarter 2007. Net income of $270.2 million declined 1.7 percent from the same quarter last year, primarily reflecting the Plavix benefit in first-quarter 2007, and the first-quarter 2008 new client start-up costs and swap write off.

Medco generated year-to-date cash flows from operations of $165.5 million, compared to $100.5 million for the same period in 2007, reflecting strong cash flows from core operations. The company closed the first quarter of 2008 with $540.6 million of cash on its balance sheet.

Senior Notes Issuance

On March 18, 2008, Medco completed an underwritten public offering of $300 million aggregate principal amount of 5-year senior notes and $1.2 billion aggregate principal amount
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SOURCE Medco Health Solutions, Inc.
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