Perrigo Reports Record Sales and Earnings for Third Quarter F... (from $17.0million in the year-ago period...)

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Perrigo Reports Record Sales and Earnings for Third Quarter Fiscal 2008

Date:5/6/2008

from $17.0 million in the year-ago period.

API

API segment third quarter net sales were $37.8 million, compared with $30.1 million last year, an increase of 26 percent. Operating income was $6.0 million, compared with $4.2 million last year. API performance in the quarter benefited from a one-time $4.9 million accrual reversal related to a long standing customer contract negotiation. For the first nine months of fiscal 2008, net sales were $111.2 million, up $22.7 million, or 26 percent from $88.5 million last year. Operating income was $16.7 million, compared with $14.9 million a year ago.

Other

The Other category, consisting of Israel Consumer Products and Israel Pharmaceutical and Diagnostic Products segments, reported third quarter net sales of $43.6 million, compared with $35.9 million a year ago, an increase of 22 percent. Operating income was $0.9 million, compared with $1.6 million last year. For the first nine months of fiscal 2008, net sales were $126.3 million, up $15.4 million, or 14 percent, compared with $110.9 million last year. Operating income was $6.9 million, compared with $7.0 million last year.

Unallocated Expenses

In the third quarter of fiscal 2008, unallocated expenses were $10.2 million, compared with $10.6 million a year ago. Both periods included an acquisition-related write-off of IPR&D. These pre-tax expenses were $2.8 million and $8.3 million, respectively. For the nine months in fiscal 2008, unallocated expenses were $15.7 million, compared with $18.7 million last year. Both periods included acquisition-related write-offs of IPR&D, which were $2.8 million and $8.3 million, respectively.

Outlook

The Company has refined its expected range of adjusted EPS for the full fiscal year to $1.55 to $1.60 per share, excluding acquisition and restructuring related charges. It has increased its full-year tax rate expectations to a range of 23 to 27 percent. The Company still expects to generat
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SOURCE Perrigo Company
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