Gross profit was $70.1 million, or 47% of net revenues for the first quarter of 2008, compared with $65.4 million, or 47% of net revenues, in the first quarter of 2007.
Income from operations before interest expense for the 2008 first quarter increased by 11% to $32.5 million compared with $29.2 million in the 2007 first quarter. As a result of increased net interest expense, net income for the quarter was $9.2 million, or $0.06 per diluted share, versus first quarter 2007 net income of $11.1 million, or $0.07 per diluted share, which includes a loss from discontinued operations of $2.5 million, or $0.02 per share.
Tom Silberg, APP Pharmaceuticals’s president and CEO, said: “We expect that our strong core business, combined with recently introduced and anticipated new product launches, should contribute to continued revenue and earnings growth throughout the balance of the year.”