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MDS Reports Q4 Fiscal 2008 Results

MDS Inc. (MDS) has reported total revenues of $322 million for the fourth quarter of fiscal 2008. It has also reported net revenues of $295 million, or $0.02 adjusted earnings per share, for the fourth quarter of fiscal 2008, compared with the net revenues of $307 million, or $0.10 adjusted earnings per share, in the year-ago quarter.

The final value of the MDS Pharma Services goodwill write-down, previously estimated to be in the range of $270 million to $370 million, is $320 million. Including the goodwill write-down for MDS Pharma Services and the previously disclosed $246 million after-tax charge to write off the MAPLE asset, the company reported a net loss of $575 million and a loss per share from continuing operations of $4.77.

“In 2008, MDS confronted challenges in a difficult environment. While we made progress in several areas, we recognize the necessity of improved performance,” said Stephen P. DeFalco, president and chief executive officer, MDS “We are operating with a sense of urgency, and have an engaged Board and Management team focused on driving growth, improving performance and shaping the Company’s business portfolio. We continue to review our strategy against potential options, with a firm commitment to delivering shareholder value.”