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The Female Health Company Reports 37% Revenue Growth and Record Profits for First Quarter of FY2008

First Quarter Highlights:

- 37% Revenue Increase

- 85% Gross Profit Increase

- $1,040,892 "Bottom line" improvement over Prior Year

CHICAGO, Feb. 13 /PRNewswire-FirstCall/ -- The Female Health Company (Amex: FHC), which manufactures and markets the FC and FC2 Female Condoms(R), today reported its operating results for the first quarter of FY2008.

For the three months ended December 31, 2007, the Company's net revenues increased 37% to approximately $5.7 million, compared with approximately $4.2 million in the three months ended December 31, 2006. The Company's net income attributable to common shareholders increased to a record $813,968, or $0.03 per diluted share, during the first quarter of FY2008, compared with a net loss of ($226,924), or ($0.01) per share, in the corresponding period of the previous fiscal year.

Gross profit increased 85% to $2.4 million (41.3% of revenue) in the most recent quarter, compared with $1.3 million (30.4% of revenue) in the first quarter of FY2007. Operating income improved to $729,645 in the three months ended December 31, 2007, compared with an operating loss of ($218,406) in the quarter ended December 31, 2006.

The Company expects significant quarter-to-quarter variations in its operating results, due to the timing of large order receipts, production scheduling, and shipping of products.

"We are very pleased to report strong revenue growth, a record number of female condoms sold and the highest quarterly profit in the Company's history for the three months ended December 31, 2007," noted O.B. Parrish, Chief Executive Officer of The Female Health Company. "The 37% revenue increase reflects the growing role that our female condoms are playing in the global battle against HIV/AIDS. Acceptance of our second-generation FC2 Female Condom(R) has been excellent."

"In December, 2007, we completed the expansion of FC2 production capacity in Malaysia to four lines with an annual capacity of 30 million units in addition to FC production facility in London. A fifth end-stage FC2 production line, located in Cochin, India, with an annual capacity of 7.5 million units, began producing condoms in December 2007, under the auspices of our business partnership with Hindustan Latex Limited."

"We ended the first quarter with the strongest balance sheet in our history, with no debt outstanding, approximately $1.8 million of cash in the bank, and a current ratio of 3.5-to-1.0. Based upon information currently available to the Company, we believe Fiscal 2008 will be another record year in terms of revenues and earnings."

As previously announced, the Female Health Company will host an investor conference call at 11:00 a.m. EST today, February 13, 2008. Shareholders and other interested parties may participate in the conference call by dialing 888-603-6873 (international participants dial 973-582-2706 and referencing the conference code 32404579, a few minutes before 11:00 a.m. EST on February 13, 2008. A replay of the call will be available through February 27, 2008 by dialing 800-642-1687 (international callers dial 706-645-9291) and referencing the conference code 32404579.

About The Female Health Company

The Female Health Company, based in Chicago, Illinois, manufactures and markets the FC Female Condom(R), which is primarily distributed by public health organizations and donor groups in over 90 developing countries around the world. World-wide, the Female Condom is available in various programs in 116 countries. The Company owns certain worldwide rights to the FC Female Condom(R), including patents that have been issued in the United States, United Kingdom, Japan, France, Italy, Germany, Spain, the European Patent Convention, the People's Republic of China, Canada, South Korea and Australia. FC Female Condom(R) is the only available FDA-approved product controlled by a woman that offers dual protection against sexually transmitted diseases, including HIV/AIDS, and unintended pregnancy.

"Safe Harbor" statement under the Private Securities Litigation Reform Action of 1995: The statements in this release which are not historical fact are forward-looking statements based upon the Company's current plans and strategies, and reflect the Company's current assessment of the risks and uncertainties related to its business, including such things as product demand and market acceptance; the economic and business environment and the impact of government pressures; currency risks; capacity; efficiency and supply constraints; and other risks detailed in the Company's press releases, shareholder communications and Securities and Exchange Commission filings. Actual events affecting the Company and the impact of such events on the Company's operations may vary from those currently anticipated.

For more information about the Female Health Company visit the Company's web site at http://www.femalehealth.comand

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The Female Health Company

Unaudited Condensed Consolidated Balance Sheet

December 31, December 31,

2007 2006

Cash $1,604,306 $1,197,639

Restricted cash 236,138 236,782

Accounts receivable, net 6,007,114 3,694,012

Inventory 1,785,430 1,361,487

Prepaid and other current assets 328,516 376,465

Deferred income taxes 825,000 -

Total current assets 10,786,504 6,866,385

Other non-current assets 246,853 191,482

Net property, plant & equipment 1,477,667 978,174

Total assets $12,511,024 $8,036,041

Accounts payable $1,129,725 $889,779

Accrued expenses 1,877,679 983,812

Preferred dividends payable 48,643 6,834

Total current liabilities 3,056,047 1,880,425

Deferred gain on sale of facilities 1,017,317 1,115,687

Deferred grant income 247,567 -

Total liabilities 4,320,931 2,996,112

Total stockholders' equity 8,190,093 5,039,929

Total liabilities and stockholders' equity $12,511,024 $8,036,041

The Female Health Company

Unaudited Condensed Consolidated Income Statements

Three Months Ended

December 31,

2007 2006

Net revenues $5,734,751 $4,198,879

Gross profit 2,366,116 1,278,398

Advertising and promotion 41,518 59,038

Selling, general and administrative 1,493,824 1,373,062

Research and development 101,129 64,704

Total operating expenses 1,636,471 1,496,804

Operating income (loss) 729,645 (218,406)

Interest, net and other income (9,608) (13,553)

Foreign currency transaction gain (115,358) (18,572)

Income (loss) before income taxes 854,611 (186,281)

Income tax benefit - -

Net income (loss) 854,611 (186,281)

Preferred dividends 40,643 40,643

Net income (loss) attributable to common

stockholders $813,968 $(226,924)

Net income (loss) per basic common share

outstanding $0.03 $(0.01)

Basic weighted average common shares

outstanding 26,121,460 23,952,040

Net income (loss) per diluted common share

outstanding $0.03 $(0.01)

Diluted weighted average common shares

outstanding 28,688,345 26,444,924

SOURCE The Female Health Company
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