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WuXi PharmaTech Announces Third-Quarter 2010 Results
Date:11/9/2010

the termination fee was recorded in other income, net.  This increase in third-quarter 2010 GAAP operating income was partially offset by $3.7 million in bonuses paid to all employees after the termination of the Charles River transaction ($3.1 million paid to scientist employees and recorded in cost of revenues and $0.6 million paid to other employees and recorded in general and administrative expenses).

Third-quarter 2010 GAAP net income from continuing operations increased 205% year over year to $44.3 million due to the 31% increase in operating income, a $30 million termination fee related to the proposed transaction with Charles River Laboratories recorded in other income, net, and net gains on foreign-exchange forward contracts of $1.1 million versus $0.3 million in the prior-year quarter, partially offset by higher income tax expense driven by higher statutory tax rates in China.

Third-quarter 2010 GAAP net income grew 209% year over year to $44.3 million due to the 205% increase in net income from continuing operations and no losses from discontinued operations in the current quarter.  Third-quarter 2009 GAAP net income included a loss from discontinued operations of $0.2 million related to write-off of certain obsolete assets of the biologics manufacturing business.  Third-quarter 2010 GAAP diluted earnings per ADS grew 205% year over year to 59 cents, compared to 19 cents in third-quarter 2009, due primarily to the 209% increase in net income.

Non-GAAP ResultsNon-GAAP financial results excluded the impact of share-based compensation expenses, amortization and the deferred tax impact of acquired intangible assets, the $30 million termination fee received from Charles River Laboratories related to previously proposed transaction, expenses incurred in connection with that transaction, bonuses paid to all employees after termination of the proposed transaction, and losses from discontinued operations.

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SOURCE WuXi PharmaTech (Cayman) Inc
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