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West Announces Third Quarter 2009 Results
Date:11/3/2009

urrency translation.

Adjusted Operating Profit grew by 11.7% compared to the prior year period. The effect of the consolidated gross margin improvement was muted by $2.8 million in higher U.S. pension expense and $0.7 million of unfavorable foreign currency translation, net of $0.6 million in lower stock-based compensation expense.

The Company announced plans to restructure certain business operations, which will result in the elimination of approximately 100 jobs, and to re-evaluate certain business initiatives and assets. These will result in total charges in the range of $8.0 million to $10.0 million. Approximately $7.0 million of charges are expected to be included in the Company's reported results for the fourth quarter of 2009. The restructuring is expected to result in annual savings of approximately $6.0 million in 2010 and approximately $8.0 million annually thereafter.

Executive Commentary

"The growth that we are seeing in sales of packaging components and systems, excluding currency translation, is the best indicator we have that inventories in the supply chain are at or near the low point for this cycle," said Donald E. Morel Jr., Ph.D., the Company's Chairman and Chief Executive Officer. "Demand for flu vaccine added to that growth and should continue to contribute through the next two quarters, during which we expect overall demand to firm. In the Tech Group, sales under existing manufacturing contracts remain sluggish. The restructuring plan we announced today will improve operating efficiencies in both business segments, enhancing our strategic focus on maintaining and building our proprietary injectable drug delivery product portfolio. The Tech Group will continue to provide critical engineering and manufacturing support to those development efforts, which we believe will accelerate West's growth in the longer term."

"In revenue terms, this third quarter was relatively strong compare
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SOURCE West Pharmaceutical Services, Inc.
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