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West Announces Second Quarter 2008 Results
Date:8/5/2008

and increased staffing in information systems and sales positions, and $0.5 million for information technology project costs.

Tech Group Segment

The Tech Group segment generated sales of $69.6 million in the second quarter, $8.1 million below the prior-year period. Lower sales were due to the absence of Exubera inhalable insulin device sales and of packaging for a customer's over-the-counter diet product, which accounted for $10.2 million and $4.2 million of sales, respectively, in the second quarter of 2007. Positive contributions came from $1.9 million of favorable currency translation, and $3.8 million of growth in contract manufacturing revenue for intravenous and blood filter products, primarily at the Tech Group's Michigan and Puerto Rico facilities, as well as higher sales of juice and dairy carton closures, insulin pens and components and an intra-nasal delivery device.

Gross profit of $10.4 million in the second quarter compared favorably to the $9.7 million realized by the Tech Group in the prior year quarter, and gross margin improved to 14.9% from 12.5%. Lower overhead costs and production efficiencies resulting from the restructuring plan and from improved utilization of the new Michigan facility accounted for the gross margin improvement. Substantially all higher raw material costs were recovered through pricing. SG&A spending was $1.0 million lower than in the second quarter of 2007 due to the benefits of restructuring and to lower intangible asset amortization. The improved gross margins and lower SG&A costs contributed to an operating profit of $4.7 million in the quarter, compared to $3.5 million in the prior-year period, excluding the effects of restructuring and other items.

Restructuring and Other Items

West announced a restructuring plan for the operations in the Tech Group segment during the fourth quarter of 2007. Pre-tax charges of $1.4 million were incurred pursuant to that plan in the second quarter of 2
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SOURCE West Pharmaceutical Services, Inc.
Copyright©2008 PR Newswire.
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