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West Announces First Quarter 2009 Results
Date:4/30/2009

adjusted operating profit and adjusted diluted EPS are:

Restructuring Charges: During the first quarter of 2009 and 2008, we incurred pre-tax restructuring charges of $0.7 million ($0.4 million after tax) and $1.0 million ($0.6 million after tax), respectively, as part of our plan to align the plant capacity and workforce of our Tech Group with its revised business outlook and as part of a longer-term strategy of focusing the business on proprietary products.

2008 Contract Settlement Costs (Income): Under a February 2008 agreement reached with our former customer, Nektar Therapeutics, we received full reimbursement for, among other things, severance related employee costs, inventory on hand, leases and other facility costs associated with the shutdown of operations at the former Exubera(R) device manufacturing facility. During the first quarter of 2008 we received $8.4 million in payments from Nektar, which more than offset related raw material, severance and facility costs totaling $7.1 million, resulting in a net pre-tax gain of $1.3 million ($0.8 million after tax).

Tax Benefits: During the first quarter of both 2008 and 2009 we recognized discrete tax provision benefits as follows:

  • In 2009, we recognized a $1.7 million provision benefit principally resulting from the completion of a tax audit and the expiration of open tax periods in certain foreign tax jurisdictions.
  • In 2008, an agreement reached with the Republic of Singapore reduced our income tax rate in that country for a period of 10 years, on a retroactive basis back to July 2007, resulting in a $1.0 million tax benefit. In addition, we recognized a $0.1 million net tax provision benefit resulting from the expiration of open tax audit years in certain foreign tax jurisdictions.

(2) Reconciliation of 2009 Adjusted Guidance to 2009 Reporte
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SOURCE West Pharmaceutical Services, Inc.
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