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NMHC Reports Fourth Quarter and Fiscal Year 2007 Financial Results
Date:9/10/2007

increase in operating

income. This $692,000 increase is comprised of a $1.5 million increase

in gross profit offset by an $831,000 increase in our selling, general

and administrative expenses (the "Claims Payable Error");

-- An error relating to the accounting treatment for various lease

transactions that resulted in a $584,000 increase in operating income

(the "Lease Error"); and

-- Other errors that resulted in a $14,000 decrease in operating income.

Revenue for the fiscal year ended June 30, 2007 was $679.1 million, as compared to $862.9 million for the same period last year. The 21.3 percent decrease in revenue is primarily the result of a 25.4 percent decrease in the amount of adjusted prescriptions; partially offset by a 5.4 percent increase in the gross revenue per adjusted prescription. Adjusted prescriptions for the fiscal year ended June 30, 2007 were 24.7 million as compared to 33.1 million for the same period last year. The decrease in the amount of adjusted prescriptions is primarily attributable to a 20.9 percent decrease in covered lives during the fiscal year ended June 30, 2007 as compared to the same period last year resulting from the loss of various customers. The increase in revenue per adjusted prescription is primarily the result of a change in customer mix.

For the fiscal year ended June 30, 2007, gross profit was $87.3 million, a 4.5 percent decrease from the $91.4 million for the same period last year. This decrease is primarily the result of a $5.9 million reduction in rebate revenue from our PBM segment (exclusive of the $1.5 million Rebate Error as defined and discussed above) due to the current trends in negotiations with our customers. This decrease in gross profit was partially offset by (i) $443,000 increase in gross profit from our PBM segment, exclusive of rebates, and (ii) $1.4 million increase in gross profit from our Specialty Pharmacy segment. Further, the $1
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SOURCE National Medical Health Card Systems, Inc.
Copyright©2007 PR Newswire.
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