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MDS Reports Second Quarter Fiscal 2010 Financial Results

^{Published on 2010-06-14 17:20:12 - Market Wire}
 

 - MDS reported revenues from continuing operations of $56 million for the second quarter of 2010, down $9 million from revenues of $65 million in the corresponding quarter in fiscal 2009. Excluding the impact of foreign exchange, revenues decreased by 23%, primarily driven by the isotope shortage. - Operating income for MDS Nordion was $9 million in the second quarter of fiscal 2010 compared with $20 million in the same quarter last year, primarily driven by the isotope shortage. - As of the end of the second quarter of fiscal 2010, MDS had a cash balance of $134 million. - On February 1, 2010, William D. Anderson became Chairman of the Board of Directors for MDS Inc. - On February 3, 2010, MDS repaid, in full, its remaining outstanding senior unsecured notes for $223 million. - On March 5, 2010, MDS completed the divestiture of MDS Pharma Services Early Stage for $45 million, which included a $25 million note, and a 15% minority interest in one of the acquiring entities. - On March 11, 2010, at MDS's Annual and Special Meeting of Shareholders, a special resolution changing the Company's name to Nordion Inc. was approved. - On March 29, 2010, MDS repurchased and cancelled 52,941,176 Common shares at a purchase price of $8.50 per Common share for a total cost of $450 million under the substantial issuer bid. - MDS completed its strategic repositioning. MDS, however, continues to provide transitional services to the businesses it has sold and will continue to see the effects of the strategic repositioning in its financial results into fiscal 2011. 

 Second Quarter ------------------------------------------------------------------------- (millions of U.S. dollars) Q2 2010 Q2 2009 ------------------------------------------------------------------------- Revenues $ 56 $ 65 ------------------------------------------------------------------------- Loss from continuing operations $ (52) $ (6) ------------------------------------------------------------------------- 

 Second Quarter ------------------------------------------------------------------------- (millions of U.S. dollars) Q2 2010 Q2 2009 ------------------------------------------------------------------------- Revenues $ 56 $ 65 ------------------------------------------------------------------------- Operating income $ 9 $ 20 ------------------------------------------------------------------------- 

 Second Quarter ------------------------------------------------------------------------- (millions of U.S. dollars) Q2 2010 Q2 2009 ------------------------------------------------------------------------- Operating loss $ (61) $ (12) ------------------------------------------------------------------------- 

 Second Quarter ------------------------------------------------------------------------- (millions of U.S. dollars) Q2 2010 Q2 2009 ------------------------------------------------------------------------- Loss from discontinued operations, net of income taxes $ (38) $ (11) -------------------------------------------------------------------------