Pharmerica (NYSE:PMC)

In commenting on the Company’s results for the first quarter, Gregory S. Weishar, PharMerica Corporation’s Chief Executive Officer, said, “We are pleased with first quarter 2009 results. We are realizing the benefits from our key initiatives over the past year. In addition, we are seeing favorable margin expansion from increased generic use. By the end of this year, we estimate savings for our customers of over $250 million on an annual basis. However, generic dispensing continues to pressure top line revenue growth. We are also pleased to report continued improvement in cash flow as we improve billing and collection processes.”

The company lowered its previously reported 2009 revenue guidance which is primarily the result of a higher generic dispensing rate, which reduced revenues and at the same time improved margins.

^a The above forecasts reflect the Company's current and preliminary views and are therefore subject to change. Please refer to the Company's Safe Harbor Statement (usually in press releases) for the factors that could cause actual results to differ materially from those contained in any forward-looking statement.

Guidance Report:

Full Year Fiscal 2009 Guidance Ending December

“2008 marks our first full calendar year of operations. We are extremely pleased with the progress. We have virtually completed all pharmacy consolidations and have reduced bad debt and operating costs. These achievements have resulted in PharMerica capturing planned synergies and posting solid financial performance. We are seeing very strong cash flow due to improved billing and collection efforts. What I am most proud of is our ability to hold client retention and customer satisfaction ratings steady during the pharmacy consolidation phase."

*Non-GAAP EPS Figures exclude non-operating gains and losses. 

Source: Business Wire (February 5, 2009)