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

08. Higher manufacturing costs, including raw materials and depreciation, were partially offset by higher selling prices. Raw material costs remained high compared to the prior year period despite lower market prices for relevant commodities, including petroleum. In Pharmaceutical Systems, significant quantities of those materials are purchased under contractual terms that defer the full impact of changes in underlying commodity prices by up to four months. In the Tech Group, however, purchasing agreements for petroleum-based plastic resins do not provide for a similar delay, but contract manufacturing agreements with customers generally provide for changes in resin costs to be passed directly through to customers.

Consolidated results were also lower by $2.6 million due to an increase in U.S. pension expense as a result of 2008 investment losses in the pension fund. Other increases in SG&A were substantially offset by the favorable effects of foreign currency translation on foreign subsidiaries' costs and by lower management incentive and stock-based compensation costs. Foreign currency translation and higher pension expense reduced earnings by a combined $0.10 per diluted share from the first quarter of 2008.

Executive Commentary

"As anticipated, our first quarter results reflect broader economic conditions and other uncertainties that are more particularly relevant to healthcare," said Donald E. Morel Jr., Ph.D., the Company's Chairman and Chief Executive Officer. "Over and above normal period to period variability, the results for this quarter and our expectations for the year continue to suggest slower near-term growth, with many of our customers looking for opportunities to streamline their supply chains."

"We continue to carefully monitor our backlog, defer capital expenditures where appropriate, and manage our production capacity and discretionary spending closely," said Dr. Mo
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SOURCE West Pharmaceutical Services, Inc.
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