DRAXIS Previews Earnings for Fourth Quarter and Year End 2007
17 Enero 2008 - 7:00AM
PR Newswire (US)
MONTREAL, Jan. 17 /PRNewswire-FirstCall/ -- DRAXIS Health Inc.
(TSX: DAX) (NASDAQ:DRAX) currently estimates that net earnings for
the fourth quarter ended December 31, 2007 will be approximately a
loss of 1 cent per share. The Company further estimates that net
earnings per share for the 2007 fiscal year will be 4 cents. In
addition, net operating cash flows for the year ended December 31,
2007 are expected to be approximately $13 million. All amounts are
expressed in U.S. dollars. These amounts are unaudited and subject
to final adjustments, if necessary. Net earnings for the fourth
quarter of 2007 improved 4 cents over the third quarter of 2007,
excluding severance charges in both quarters. Results for the
fourth quarter of 2007 were impacted by the slowdown in the nuclear
medicine industry during December related to a shortage of medical
isotopes. Results were also impacted by changes made by DRAXIS
Pharma customers to their shipping schedules and the timing of
product demand. In addition, DRAXIS rescheduled certain revenue
producing service activities into 2008. Results for the fourth
quarter include one-time severance expenses related to decisions to
reduce corporate overheads, including closing the Company's offices
in Mississauga, Ontario early in 2008. Severance expenses in the
fourth quarter of 2007 resulted in a charge to net earnings of
approximately 3 cents per share as previously disclosed.
Accordingly, net earnings per share, excluding severances, amounted
to positive net earnings of 2 cents per share for the quarter.
DRAXIS is scheduled to report results for the fourth quarter and
year end before the opening of trading on Thursday, February 7,
2008. A conference call with management to discuss the fourth
quarter results and operating activities is scheduled for 10:00 AM
(ET) on that date. About DRAXIS Health Inc. DRAXIS Health, through
its wholly owned operating subsidiary, DRAXIS Specialty
Pharmaceuticals Inc., provides products in three categories:
sterile products, non-sterile products and radiopharmaceuticals.
Sterile products include liquid and freeze-dried (lyophilized)
injectables plus sterile ointments and creams. Non-sterile products
are produced as solid oral and semi-solid dosage forms.
Radiopharmaceuticals are used for both therapeutic and diagnostic
molecular imaging applications. Pharmaceutical contract
manufacturing services are provided through the DRAXIS Pharma
division and radiopharmaceuticals are developed, produced, and sold
through the DRAXIMAGE division. DRAXIS employs approximately 500
staff in its Montreal facility. For additional information please
visit http://www.draxis.com/ Caution Concerning Forward-Looking
Statements This news release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act") and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act") and as
contemplated under other applicable securities legislation. These
statements can be identified by the use of forward-looking
terminology such as "may," "will," "expect," "anticipate,"
"estimate," "continue," "plan," "intend," "believe" or other
similar words. These statements discuss future expectations
concerning results of operations or financial condition or provide
other forward-looking information. Our actual results, performance
or achievements could be significantly different from the results
expressed in, or implied by, those forward-looking statements. You
should not place undue reliance on any forward-looking statement,
which speaks only as of the date made. These statements are not
guarantees of future performance. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks,
uncertainties and other factors that may cause the actual results
or performance of the Company to be materially different from such
statements or from any future results or performance implied
thereby. Factors that could cause the Company's results or
performance to differ materially from a conclusion, forecast or
projection in the forward-looking statements include, but are not
limited to: - the achievement of desired clinical trial results
related to the Company's pipeline products; - timely regulatory
approval of the Company's products; - the ability to comply with
regulatory requirements applicable to the manufacture and marketing
of the Company's products; - the Company's ability to obtain and
enforce effective patents; - the non-infringement of third party
patents or proprietary rights by the Company and its products; -
factors beyond our control that could cause interruptions in our
operations in our single manufacturing facility (including, without
limitation, material equipment breakdowns); - reimbursement
policies related to health care; - the establishment and
maintenance of strategic collaborative and commercial
relationships; - the Company's dependence on a small number of key
customers; - the disclosure of confidential information by our
collaborators, employees or consultants; - the preservation of
healthy working relationships with the Company's union and
employees; - the Company's ability to grow the business; - the
fluctuation of our financial results and exchange and interest rate
fluctuations; - the adaptation to changing technologies; - the loss
of key personnel; - the avoidance of product liability claims; -
the loss incurred if current lawsuits against us succeed; - the
volatility of the price of our common shares; - market acceptance
of the Company's products; - factors described under "Outlook" in
the Company's MD&A for the most recent quarter; and - the risks
described in "Item 3. Key Information - Risk Factors" in the Annual
Report Form 20-F filed by the Company with the United States
Securities and Exchange Commission and which is also filed as the
Company's Annual Information Form with Canadian securities
regulators. For additional information with respect to certain of
these and other factors, and relating to the Company generally,
reference is made to the Company's most recent filings with the
United States Securities and Exchange Commission (available on
EDGAR at http://www.sec.gov/) and the filings made by the Company
with Canadian securities regulators (available on SEDAR at
http://www.sedar.com/). The forward-looking statements contained in
this document represent the Company's expectations as at January
16, 2008. Unless otherwise required by applicable securities laws,
the Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. DATASOURCE: DRAXIS Health
Inc. CONTACT: DRAXIS Health Inc., Jerry Ormiston, Executive
Director, Investor Relations, Tel: (877) 441-1984
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