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

se increased by $2.6 million in the first quarter, to $4.1 million, as a result of the effects of substantial 2008 investment losses in the plan, which first impacted the measurement of pension expense in 2009. Similar quarterly increases are expected during the remainder of the year.

Stock-based compensation expense declined by $1.0 million compared to the prior year quarter due primarily to the effects of changes in the Company's share price, which declined during the current quarter and increased during the same period last year. Other unallocated corporate general and administrative costs were $1.0 million lower in the quarter due to lower performance-based compensation costs for 2009 and to lower spending on external consulting services.

Net interest expense of $3.6 million was $0.5 million higher than in the prior-year quarter, primarily as a result of lower cash and investment balances and lower market interest rates on cash investments. The Company's reported tax expense of $2.5 million included a $1.7 million benefit from the reduction in a tax contingency reserve for prior years and the $0.3 million tax effects of current period restructuring costs. Excluding those items, the quarterly effective tax rate on Adjusted Earnings(1) was 24.6%, compared to 27.4% rate on Adjusted Earnings(1) in the prior year period, due to the intervening renewal of the U.S. credit for research activities and a more tax-efficient distribution of expected 2009 earnings internationally.

Restructuring and Other Items

West announced an operational restructuring plan for the Tech Group segment during the fourth quarter of 2007. Pre-tax charges of $0.7 million were incurred in the current quarter, of an estimated $1.0 million of total 2009 plan-related costs. Reported 2008 first quarter results included $1.0 million of comparable costs. The Company anticipates concluding execution of the plan in the seco
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SOURCE West Pharmaceutical Services, Inc.
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