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SXC Health solutions announces record third quarter financial results
Date:11/5/2009

pense of $6.8 million in Q3 2009, compared to an income tax expense of $1.3 million in Q3 2008. Income tax expense for the YTD period was $14.9 million, representing an effective tax rate of 32.5%, compared to an income tax expense of $3.5 million in the prior year period, representing an effective tax rate of 25.3%. The effective income tax rate increased year-over-year primarily due to greater pre-tax income that has resulted from the growth in the business.

Net Income

The Company reported Q3 2009 net income of $11.2 million, or $0.43 per share (fully-diluted), which included $1.7 million of intangible amortization related to the purchase of NMHC, compared to $3.5 million, or $0.15 per share (fully-diluted), which included $3.1 million of NMHC intangible amortization, in Q3 2008. Net income for the YTD period was $30.9 million, or $1.22 per share (fully-diluted), which also included $5.9 million of NMHC intangible amortization, compared to net income in the prior year period of $10.2 million, or $0.44 per share (fully-diluted), which included $5.1 million of NMHC intangible amortization.

Cash from Operations

SXC continues to generate strong cash from operations. For Q3 2009, the Company generated $17.9 million of cash through its operations, compared to $3.3 million during Q3 2008. The Company's quarterly cash flows can be impacted by the timing of pharmacy deposits and rebate payments it receives for certain customers. For the YTD period, SXC generated cash from operations of $49.6 million, compared to $20.6 million in the prior year period.

At September 30, 2009 and December 31, 2008, SXC had cash and cash equivalents totalling $319.5 million and $67.7 million, respectively. On September 23, 2009, SXC completed a public offering of 5,175,000 of its common shares, including 675,000 shares sold pursuant to the exercise of the underwriters' over-allotment option, for net proceeds to the Company of approxima
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SOURCE SXC Health Solutions Corp.
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