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

astef Investissements SA in July 2009, which contributed $4.0 million in sales of proprietary safety needle products. 2009 results do not include revenues from the Tech Group's former Mexico facility, which was sold in the fourth quarter of 2008. That facility generated $2.7 million of primarily industrial contract manufacturing revenue in the third quarter of 2008 that was not transferred to other West locations following the sale of the facility.

Gross profit was $8.3 million in the quarter, $1.5 million lower than the $9.8 million reported in third quarter of 2008, and gross profit margin was 13.2% compared to 14.4% in the prior year period. Acquisitions and dispositions had no material effect on gross profit. The decline was primarily the result of the negative marginal effect of reduced sales revenue and production throughput, which outpaced the net positive effects of lower raw material and energy costs. SG&A costs increased $0.7 million on higher information technology and compensation costs. Operating profit for the third quarter of 2009 was $2.6 million, compared to $5.1 million in the prior year quarter, reflecting the inefficiencies associated with the lower revenue and utilization.

Corporate and Other

U.S. pension expense was $4.3 million in the current quarter, a $2.8 million increase over the third quarter of 2008, primarily as a result of substantial investment losses incurred by the U.S. pension plan assets during 2008. Similar effects are being reported in each 2009 quarter.

Stock-based compensation expense decreased by $0.6 million compared to the prior year quarter, due primarily to a change in the estimated cost of the Company's long-term incentive plan. Other corporate general and administrative costs were substantially unchanged compared to the prior year quarter as increases in depreciation and short-term incentive plan costs were offset by reduced utilization of external service pro
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SOURCE West Pharmaceutical Services, Inc.
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