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WuXi PharmaTech Announces Second-Quarter 2010 Results
Date:8/1/2010

Second-quarter 2010 GAAP net income declined 6% year over year to $13.8 million due to an unfavorable change in other income (expenses) net and higher taxes, offset by the 18% increase in operating income, which was impacted by $2.9 million of non-recurring deal costs relating to the previously proposed combination with Charles River Laboratories. In second-quarter 2009, other income (expenses) net included gains from settlement of escrow shares of $1.7 million associated with the AppTec acquisition. The year-over-year increase in tax expense was mainly driven by higher 2010 China statutory tax rates compared to 2009 as a result of the income tax transitional phase-out rules in China.

Second-quarter 2010 GAAP diluted earnings per ADS decreased 8% to 18 cents, mainly due to the 6% decrease in net income. Non-recurring deal costs associated with the terminated WuXi - Charles River merger had an impact of 4 cents per share.

Non-GAAP Results

Non-GAAP financial results excluded the impact of share-based compensation expenses, amortization of acquired intangible assets and the associated deferred tax impact, and non-recurring deal costs relating to the previously proposed combination with Charles River Laboratories.

Second-quarter 2010 non-GAAP gross profit increased 23% year over year to $35.0 million, due to strong contributions from both Laboratory Services and Manufacturing Services, driven by revenue growth and gross-margin improvement in both segments. Second-quarter 2010 non-GAAP gross margin improved year over year due to improved project mix in both Laboratory Services and Ma
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SOURCE WuXi PharmaTech (Cayman) Inc.
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