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QLT announces first quarter results for 2008
Date:4/25/2008

Earnings Per Share (EPS)/Loss Per Share

QLT reported a loss per share of $0.14 in the first quarter compared to EPS of $0.06 in the prior-year quarter. The decrease was driven by the restructuring charge and lower Visudyne revenue.

In the first quarter, non-GAAP loss per share was $0.04, as the restructuring charge, stock compensation, and accrued cost of sales re: MEEI were backed out of GAAP EPS. The full reconciliation of GAAP to non-GAAP EPS for the first quarter is provided in Exhibit 1.

Cash and Short-Term Investments

The Company's consolidated cash balance at March 31, 2008 consisted of $120.0 million of cash and cash equivalents and $122.4 million of restricted cash. The restricted cash balance related to the bond posted to stay the execution of the July 17, 2007 judgment, pending appeal, in the MEEI litigation. The Company has $172.5 million of convertible notes that can be put back to the Company in September 2008. The Company expects to significantly add to its cash balance in 2008 by proceeding with its previously announced intention to sell Eligard, Aczone, Atrigel, and the headquarters facility and land in Vancouver.

2008 GUIDANCE

QLT is projecting that its reported R&D expense for the year will be $29 million to $32 million, and SG&A expense will be $19 million to $21 million. QLT is maintaining its previously issued guidance that Visudyne sales will range from $145 million to $160 million in 2008 and still expects that its share of profit from Visudyne sales will be approximately 20% for the year. Eligard sales for the full year are expected to exceed $200 million.

2008 Q1 NEWS HIGHLIGHTS

On January 16, QLT announced the implementation of a corporate restructuring plan to increase shareholder value. The initiatives of the plan included the sale of QLT USA, whose primary assets include Eligard, Aczone, and Atrigel, the sale of the land and building at corporate headquarters in Vancouver, a
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SOURCE QLT Inc.
Copyright©2008 PR Newswire.
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