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SXC Health Solutions announces second quarter financial results
Date:8/7/2008

NMHC and the $1.8 million of severance expense.

Income Taxes

Q2 2008 income tax expense was $0.53 million representing an effective tax rate of 14% compared to a $1.2 million income tax expense representing an effective tax rate of 28% in Q2 2007. For the YTD period, income tax expense was $2.2 million representing an effective tax rate of 25% compared to a $2.9 million income tax expense representing an effective tax rate of 30% in the same period last year. The change in the effective tax rate is due primarily to the acquisition and the ability to utilize tax losses. For fiscal 2008, SXC expects to have an effective tax rate of approximately 25%.

Net Income

Q2 2008 net income was $3.3 million, or $0.14 per share (diluted), compared to $3.0 million, or $0.14 per share (diluted) in Q2 2007. Net income for the YTD period was $6.6 million, or $0.29 per share (diluted), compared to $6.7 million, or $0.31 per share (diluted) in the same period last year.

Q2 2008 non-GAAP adjusted earnings per share(1) was $0.21 per share (diluted). Non-GAAP adjusted earnings per share(1) for the YTD period was $0.37 per share (diluted).

SXC continues to generate strong cash from operations. In Q2 2008, the Company generated cash from operations of approximately $9.0 million, compared to cash used in operations of $4.7 million in Q2 2007. For the YTD period, SXC generated cash from operations of approximately $17.0 million, compared to $5.2 million in the same period last year. The Company's quarterly cash flows can be impacted by the timing of pharmacy deposit and rebate payments it receives for certain customers. Net of pharmacy deposits and rebates payments, Q2 2008 and YTD cash from operations were approximately $14.2 million and $21.0 million, respectively. This compares to cash from operations of $3.0 million and $8.7 million in the corresponding periods of the prior year.

At June 30, 2008 and December 31, 2007, the Company had cash
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SOURCE SXC Health Solutions Inc.
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