Alon USA Announces Third Quarter 2009 Earnings Release and Conference Call Schedule

DALLAS, Oct. 5 /PRNewswire-FirstCall/ -- Alon USA Energy, Inc. ("Alon") today announced plans to release its third quarter 2009 results on Wednesday, November 4, 2009 after the market closes. In conjunction with the release, Alon has scheduled a conference call, which will be broadcast live over the Internet on Thursday, November 5, 2009 at 10:00 a.m. eastern time (9:00 a.m. central).

What: Alon USA Energy, Inc. Third Quarter 2009 Earnings Conference Call When: Thursday, November 5, 2009 - 10:00 a.m. eastern time Where: Live via phone by dialing 1-800-762-8779 or 480-629-9770, for international callers, and asking for the Alon USA Energy call at least 10 minutes prior to the start time. Investors may also listen to the conference live on the Alon corporate website, http://www.alonusa.com/ by logging on that site and clicking "Investors."

A telephonic replay of the conference call will be available through November 19, 2009 and may be accessed by calling 1-800-406-7325 or 303-590-3030, for international callers, and using the passcode 4167895#. A web cast archive will also be available at http://www.alonusa.com/ shortly after the call and will be accessible for approximately 90 days. For more information, please contact Donna Washburn at DRG&E at 713-529-6600 or email dmw@drg-e.com.

Alon USA Energy, Inc., headquartered in Dallas, Texas, is an independent refiner and marketer of petroleum products, operating primarily in the South Central, Southwestern and Western regions of the United States. The Company owns four crude oil refineries in Texas, California, Louisiana and Oregon, with an aggregate crude oil throughput capacity of approximately 250,000 barrels per day. Alon markets gasoline and diesel products under the FINA brand name and is a leading producer of asphalt. Alon also operates more than 300 convenience stores primarily in West Texas and New Mexico substantially under the 7-Eleven and FINA brand names and supplies motor fuels to these stores primarily from its Big Spring refinery. In addition, Alon markets under the FINA branded name to approximately 700 additional locations.

Contacts: Claire A. Hart, Senior Vice President Alon USA Energy, Inc. 972-367-3649 Investors: Jack Lascar/Sheila Stuewe DRG&E / 713-529-6600 Media: Blake Lewis Lewis Public Relations 214-635-3020 Ruth Sheetrit SMG Public Relations 011-972-547-555551

Alon USA Energy, Inc.

CONTACT: Claire A. Hart, Senior Vice President of Alon USA Energy, Inc.,
+1-972-367-3649; or Investors, Jack Lascar or Sheila Stuewe, both of DRG&E,
+1-713-529-6600; or Media, Blake Lewis of Lewis Public Relations,
+1-214-635-3020; or Ruth Sheetrit of SMG Public Relations, 011-972-547-555551,
all for Alon USA Energy, Inc.

Web Site: http://www.alonusa.com/
http://www.alonusa.com/

FDA Grants Orphan Drug Designation for TNFerade(TM)

GAITHERSBURG, Md., Nov. 4 /PRNewswire-FirstCall/ -- GenVec, Inc. announced today that the U.S. Food and Drug Administration (FDA) has granted orphan drug designation to TNFerade(TM) for the treatment of pancreatic cancer.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081205/DC50112LOGO )

The FDA grants orphan drug designation to drugs that may provide a significant therapeutic advantage over existing treatments and target conditions affecting 200,000 or fewer U.S. patients per year. Orphan drug designation provides potential financial and regulatory incentives including study design assistance, waiver of FDA user fees, tax credits, and up to seven years of market exclusivity upon marketing approval.

"Orphan drug designation is a critical step for the development of TNFerade and will strengthen the TNFerade program at GenVec by offering potential clinical development and commercialization benefits," stated Dr. Paul Fischer, GenVec's President and CEO.

About TNFerade(TM)

TNFerade, which has not yet been approved for use, is an adenovector, or DNA carrier, which contains the gene for tumor necrosis factor-alpha (TNF-alpha), an immune system protein with potent and well-documented anti-cancer effects, for direct injection into tumors. After administration, TNFerade stimulates the production of TNF-alpha in the tumor. TNFerade has been granted Fast Track product designation by the U.S. Food and Drug Administration (FDA) for its proposed use in the treatment of locally advanced pancreatic cancer.

About GenVec

GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec's lead product, TNFerade(TM), is currently in a pivotal clinical study (PACT) in locally advanced pancreatic cancer. TNFerade has also been and is currently being evaluated for its potential use in the treatment of several other cancers, including esophageal cancer, rectal cancer, and head and neck cancer. GenVec also uses its proprietary adenovector technology to develop vaccines for infectious diseases including HIV, malaria, foot-and-mouth disease, respiratory syncytial virus (RSV), and HSV-2. Additional information about GenVec is available at http://www.genvec.com/ and in the company's various filings with the Securities and Exchange Commission.

Statements herein relating to future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding future revenues and operating expenses, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. GenVec cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including the failure by GenVec to secure and maintain relationships with collaborators; risks relating to the early stage of GenVec's product candidates under development; uncertainties relating to clinical trials; risks relating to the commercialization, if any, of GenVec's proposed product candidates; dependence on the efforts of third parties; dependence on intellectual property; and risks that we may lack the financial resources and access to capital to fund our operations. Further information on the factors and risks that could affect GenVec's business, financial conditions and results of operations, are contained in GenVec's filings with the U.S. Securities and Exchange Commission (SEC), which are available at http://www.sec.gov/. These forward-looking statements speak only as of the date of this press release, and GenVec assumes no duty to update forward-looking statements.

Investor Contact: Media Contact: GenVec, Inc. Tiberend Strategic Advisors, Inc. Danielle M. DiPirro Andrew Mielach (301) 944-1877 (212) 827-0020 ddipirro@genvec.com amielach@tiberendstrategicadvisors.com

Photo: http://www.newscom.com/cgi-bin/prnh/20081205/DC50112LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk photodesk@prnewswire.com GenVec, Inc.

CONTACT: Investors, Danielle M. DiPirro of GenVec, Inc.,
+1-301-944-1877, ddipirro@genvec.com, or Media, Andrew Mielach of Tiberend
Strategic Advisors, Inc., +1-212-827-0020,
amielach@tiberendstrategicadvisors.com

Web Site: http://www.genvec.com/

Qiao Xing Universal Telephone, Inc. Restructured Its 2006 Unsecured Convertible Notes

HUIZHOU, China, Nov. 4 /PRNewswire-Asia-FirstCall/ -- Qiao Xing Universal Telephone, Inc. (the "Company") announced today that the Company has completed the restructuring of its unsecured convertible notes in the aggregate principal amount of USD26 million issued on October 31, 2006 ("the 2006 Notes").

The Company and the two holders of the 2006 Notes started negotiations with respect to the restructuring prior to the Maturity Date and agreed to the basic terms and conditions for the restructuring in June 2009 ("June Terms").

Pursuant to the Amendment and Exchange Agreement, dated as of November 3, 2009, the Company has issued to the 2006 Noteholders new non-interest bearing notes in the aggregate principal amount of USD24 million (the "Amended and Restated Notes"), which Amended and Restated Notes are convertible into the Company's common stock. The Company is obligated to repay the principal of the Amended and Restated Notes in eight installments prior to the July 3, 2010 maturity date in the form of, at the company's option, cash or common stock. In addition, in connection with the restructuring, XING has issued 2.4 million shares of its common stock to the 2006 Noteholders. As well, the 2006 Noteholders have also waived the interest accrued on the 2006 Notes over the first ten months of 2009 as part of the restructuring.

Mr. Wu Rui Lin, Chairman and CEO of XING, said, "We think the restructuring will ultimately benefit both the Company and our shareholders. The Amended and Restated Notes gave us more flexibility, and we may keep more cash to catch additional opportunities in the resource industry."

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Qiao Xing Universal Telephone, Inc.

Qiao Xing Universal Telephone, Inc. is an emerging Chinese resources company headquartered in Huizhou, Guangdong Province. The Company was previously one of the leading players of telecommunication terminal products in China, but made the strategic decision to diversify into the resources industry in 2007. In April 2009, the Company acquired 100% equity interest in China Luxuriance Jade Company, Ltd (CLJC). CLJC, through its wholly owned Chinese subsidiaries, owns the rights to receive [0]the expected residual returns from Chifeng Haozhou Mining Co., Ltd. ("Haozhou Mining"), a large copper-molybdenum poly-metallic mining company in Inner Mongolia, China. Since then, the Company has further refined its strategy to become a pure resources company and is actively seeking additional acquisition targets in the resources industry while negotiating with potential buyers to divest its indoor phone and lower-end mobile phone business.

Safe Harbor Statement

This announcement contains forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words or phrases such as "aim," "anticipate," "believe," "continue," "estimate," "expect," "intend," "is /are likely to," "may," "plan," "potential," "will" or other similar expressions. Statements that are not historical facts, including statements about Qiao Xing Universal's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward- looking statement. Information regarding these factors is included in our filings with the Securities and Exchange Commission. Qiao Xing Universal does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release is as of November 4, 2009, and Qiao Xing Universal undertakes no duty to update such information, except as required under applicable law.

For more information, please contact: Rick Xiao Qiao Xing Universal Telephone, Inc. Tel: +86-752-282-0268 Email: rickxiao@qiaoxing.com

Qiao Xing Universal Telephone, Inc.

CONTACT: Rick Xiao of Qiao Xing Universal Telephone, Inc.,
+86-752-282-0268, rickxiao@qiaoxing.com

Web site: http://www.cosun-xing.com/

Global Telecom Companies Announce a Standards Based Solution for Voice and SMS Services Over LTE

DALLAS, Nov. 4 /PRNewswire/ -- AT&T*, Orange, Telefonica, TeliaSonera, Verizon, Vodafone, Alcatel-Lucent, Ericsson, Nokia Siemens Networks, Nokia, Samsung Electronics Co. Ltd., and Sony Ericsson have defined the preferred way to ensure the smooth introduction and delivery of voice and SMS services on Long Term Evolution (LTE) networks worldwide.

The above telecommunications industry leaders have jointly developed a technical profile for LTE voice and SMS services, also known as the One Voice initiative. The profile defines an optimal set of existing 3GPP-specified functionalities that all industry stakeholders, including network vendors, service providers and handset manufacturers, can use to offer compatible LTE voice solutions.

Open collaborative discussions have concluded that the IP Multimedia Subsystem (IMS) based solution, as defined by 3GPP, is the most applicable approach to meeting the consumers' expectations for service quality, reliability and availability when moving from existing circuit switched telephony services to IP-based LTE services. This approach will also open the path to service convergence, as IMS is able to simultaneously serve broadband wireline and LTE wireless networks.

By following the jointly defined technical profile, the industry can help guarantee international roaming and interoperability for LTE voice and SMS services, ensuring subscribers continuity of these vital services - all while offering service providers a smooth and well-defined path to LTE.

The objective of the initiative is to ensure the widest possible ecosystem for LTE and to avoid fragmentation of technical solutions. LTE will, with this initiative, not only serve as a broadband access for increasing data traffic, but also for continuing voice and SMS services. Network operators will be able to more quickly develop their customized LTE ecosystem in collaboration with both network equipment vendors and device manufacturers. In addition, the reassurance of global interoperability in an LTE voice landscape and the ability to offer both broadband access and telephony services over LTE will create strong foundations for future business.

The profile for the initial solution has been finalized and is available through the companies associated with this press release. The objective is to hand over the profile and continuing work to existing industry forums.

To view the technical profile, please visit http://news.vzw.com/OneVoiceProfile.pdf.

*AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.

Verizon Wireless

CONTACT: AT&T, Jenny Bridges, +1-214-665-1317, jbridges@attnews.us;
Orange, Press office, +33-1-44-44-93-93, service.presse@orange-ftgroup.com;
Telefonica, Press Office, +34-91-482-3800, prensa@telefonica.es; TeliaSonera,
Carina Axelsson, +46-70-676-84-84, carina.axelsson@teliasonera.com; Verizon,
Jeffrey Nelson, +1-917-968-9175, Jeffrey.Nelson@verizonwireless.com; Vodafone,
Mark Street, +44 (0)1635-664444, mark.street@vodafone.com, Alcatel-Lucent, Wim
Van Daele, +32-3-240-46-01, wim.van_daele@alcatel-lucent.com; Ericsson, Minako
Nakatsuma Olofzon, +46-10-714-3864, press.relations@ericsson.com; Nokia
Siemens Networks, Kent Tankersley, +358-40-5483763, kent.tankersley@nsn.com;
Nokia, Nokia Press Services, +358-7180-34900, press.services@nokia.com;
Samsung Electronics Co. Ltd., Yeonhee Park, +82-31-277-1099,
yeony.park@samsung.com; Sony Ericsson, Mattias Holm, +44-796-1974-048,
mattias.holm@sonyericsson.com

Web Site: http://www.verizonwireless.com/

Company News On-Call: http://www.prnewswire.com/comp/094251.html

Liz Claiborne Inc. Reports 3rd Quarter and First Nine Months Results- Reports Q3 GAAP Loss per Share from Continuing Operations of ($0.93) and Adjusted Loss Per Share of ($0.43) - Amends Bank Credit Facility to Extend the Springing Fixed Charge Coverage Covenant Based Upon Availability through Maturity in May 2011 - Reports Total Debt of $829 Million, a $145 Million Decrease Compared to Q3 2008 - Realizes Cash Flow from Continuing Operating Activities for the Last Twelve Months of $336 Million

NEW YORK, Nov. 4 /PRNewswire-FirstCall/ -- Liz Claiborne Inc. today announced earnings for the third quarter and first nine months of 2009. Unless otherwise noted, references to loss from continuing operations, net loss and adjusted loss or income from continuing operations and associated per share amounts refer to such amounts attributable to Liz Claiborne Inc. For the third quarter of 2009 and on a GAAP basis, the loss per share from continuing operations was ($0.93) compared to a loss per share from continuing operations of ($0.10) for the third quarter of 2008. Adjusted loss per share from continuing operations for the third quarter was ($0.43) (inclusive of a ($0.06) per share non-cash charge resulting from the impact of changes in foreign currency exchange rates on our eurobond) compared to adjusted diluted earnings per share ("EPS") from continuing operations of $0.39 for the third quarter of 2008. Net sales from continuing operations for the third quarter were $770 million, a decrease of $245 million, or 24.2%, from the comparable 2008 period.

For the first nine months of 2009, we recorded an operating loss of ($199) million compared to an operating loss of ($18) million in 2008. Adjusted operating loss in the first nine months of 2009 was ($121) million compared to adjusted operating income of $137 million in 2008. The Company recorded a loss from continuing operations in the first nine months of 2009 of ($251) million, or ($2.67) per share, compared to a loss from continuing operations in 2008 of ($31) million, or ($0.33) per share. Adjusted loss per share from continuing operations in the first nine months of 2009 was ($1.28) compared to adjusted diluted EPS from continuing operations of $0.83 in 2008. Net sales from continuing operations for the first nine months of 2009 were approximately $2.233 billion, a decrease of $841 million, or 27.4%, from the comparable 2008 period.

The adjusted results for the third quarter and first nine months of 2009 and 2008 exclude the impact of expenses incurred in connection with the Company's streamlining and brand-exiting activities and non-cash goodwill and trademark impairment charges. The Company believes that the adjusted results for the third quarter and first nine months of 2009 and 2008 represent a more meaningful presentation of its historical operations and financial performance since these results provide period to period comparisons that are consistent and more easily understood. The attached tables, captioned "Reconciliation of Non-GAAP Financial Information", provide a full reconciliation of actual results to the adjusted results.

William L. McComb, Chief Executive Officer of Liz Claiborne Inc., said: "Our financial results in the third quarter reflect some early signs of turning around underperforming businesses. We reduced our adjusted operating loss by $12 million compared to the second quarter as comparable store sales in our key retail formats were better overall compared with the outlook we provided on our August call, resulting in decreases of 13% at Juicy Couture, 16% at Lucky Brand, 3% at Kate Spade, 13% at Mexx and 13% in the US Liz Claiborne outlets."

Mr. McComb continued, "During the quarter, we continued to strengthen our balance sheet which reflects total debt of $829 million, a $145 million decrease compared to the third quarter of 2008, inclusive of a $27 million increase due to changes in foreign currency exchange rates. Our inventories are in good shape as we achieved a 25% reduction in the quarter compared to last year. We also continue to make great progress in our cost reduction initiatives, as we recorded adjusted SG&A expense of $382 million, a $63 million decrease compared to last year. As a result of these improved cost trends, we have revised our full year adjusted SG&A targets to approximately $1.550 billion for 2009 and $1.450 billion for 2010. Cash flow from continuing operating activities was strong once again at $336 million for the last twelve months, including the receipt of $137 million in net income tax refunds and $75 million associated with our sourcing agreement with Li & Fung, resulting in availability of $203 million in our bank credit facility at the end of the quarter."

Mr. McComb concluded, "Fourth quarter to date, we are posting significantly improved comparable store sales results compared to the year to date trend as we have seen solid execution overall on the merchandising initiatives we outlined on our August call. Although we expect the retail environment to demonstrate sustained volatility throughout the fourth quarter, we expect comparable store sales to be roughly flat overall in our Juicy Couture, Lucky Brand and Kate Spade brands and down approximately 10% in our Mexx brand. In our Partnered Brands segment, we expect that after factoring in the impact of transition costs in the fourth quarter, our recently announced licensing agreements with JC Penney and QVC will result in a dramatic shift in profitability for the Liz Claiborne brand wholesale business from a meaningful loss in 2009 to a profit in 2010. At Mexx, we are very excited that Thomas Grote has taken over as the new CEO as of October 1st. Although operating results at Mexx remain challenging, we are optimistic that Thomas and his new management team will successfully execute Mexx's turnaround. We look forward to giving Thomas the opportunity to publicly communicate this strategy on our year end 2009 earnings call in February 2010."

Amendment to Revolving Credit Agreement

On November 2, 2009, we completed an amendment to our revolving credit facility, which among other things, (i) provides that, through the maturity of the agreement in May 2011, the fixed charge coverage covenant will be in effect only when availability under the credit agreement fails to exceed certain agreed upon levels; and (ii) provides the necessary consents related to the recently announced licensing agreement with JC Penney. Based upon our current forecast, we anticipate having sufficient availability to avoid springing the fixed charge coverage covenant.

The Company will sponsor a conference call at 10:00 am EST today to discuss its results for the third quarter of 2009. The dial-in number is 1-888-694-4676 with pass code 37210209. The web cast and slides accompanying the prepared remarks can be accessed via the Investor Relations section of the Liz Claiborne website at http://www.lizclaiborneinc.com/. An archive of the webcast will be available on the website. Additional information on the results of the Company's operations is available in the Company's Form 10-Q for the third quarter of 2009, filed with the Securities and Exchange Commission.

THIRD QUARTER RESULTS Overall Results

Net sales from continuing operations for the third quarter of 2009 were $770 million, a decrease of $245 million, or 24.2% from the third quarter of 2008, primarily due to decreases in our International-Based Direct Brands and Partnered Brands segments. The impact of changes in foreign currency exchange rates in our international businesses decreased net sales by $12 million, or 1.2%.

Gross profit as a percentage of net sales was 45.3% in the third quarter of 2009 compared to 49.3% in the comparable 2008 period, principally reflecting decreased gross profit rates in our International-Based Direct Brands and Partnered Brands segments, partially offset by an increased proportion of sales from our Domestic-Based Direct Brands segment, which runs at a higher gross profit rate than the company average.

Selling, general & administrative expenses ("SG&A") were $409 million, or 53.1% of net sales in the third quarter of 2009, compared to $474 million, or 46.7% of net sales in the third quarter of 2008, primarily reflecting the following:

-- a $33 million decrease associated with our Partnered Brands segment and corporate SG&A; -- a $26 million decrease associated with our International-Based Direct Brands segment; -- an $11 million decrease in our Domestic-Based Direct Brands segment, partially due to the licensing of our cosmetics brands; -- an $8 million decrease due to the impact of changes in foreign currency exchange rates in our international businesses; -- a $2 million decrease in expenses associated with our streamlining and brand-exiting activities; and -- a $15 million increase primarily associated with retail expansion in our Domestic-Based Direct Brands segment.

Operating loss was ($60) million ((7.8)% of net sales) in the third quarter of 2009 compared to an operating income of $16 million (1.6% of net sales) in the third quarter of 2008, including $27 million of expenses associated with our streamlining and brand-exiting activities in the third quarter of 2009, compared to $36 million in the third quarter of 2008. Adjusted operating loss in the third quarter was ($33) million ((4.3)% of net sales) compared to adjusted operating income of $62 million (6.1% of net sales) in 2008. The impact of changes in foreign currency exchange rates in our international businesses reduced operating loss by $2 million during the quarter.

Other income (expense), net was ($10) million in the third quarter of 2009 compared to $1 million in the third quarter of 2008, primarily reflecting the impact of the partial de-designation of the hedge of our investment in euro functional currency subsidiaries, which resulted in the recognition of a foreign currency translation loss of ($9) million on our euro-denominated notes within earnings in 2009.

Provision for income taxes was $1 million in the third quarter of 2009 compared to $14 million in the third quarter of 2008. Income tax benefits were not recorded for the losses incurred during the third quarter of 2009 as it is likely that such benefits will not be utilized due to the combination of (i) our recent history of pretax losses, including goodwill impairment charges recorded in 2008 and 2007; (ii) our ability to carry forward or carry back tax losses or credits and (iii) current general economic conditions.

Loss from continuing operations in the third quarter of 2009 was ($88) million, or ($0.93) per share, compared to a loss from continuing operations in the third quarter of 2008 of ($9) million, or ($0.10) per share. Adjusted loss per share from continuing operations in the third quarter of 2009 was ($0.43) compared to adjusted diluted EPS from continuing operations of $0.39 in the third quarter of 2008.

Net loss in the third quarter of 2009 was ($91) million, inclusive of losses related to discontinued operations of ($3) million, compared to a net loss of ($69) million, inclusive of losses related to discontinued operations of ($59) million, in the third quarter of 2008. Loss per share was ($0.96) in the third quarter of 2009 compared to a loss per share of ($0.73) in the third quarter of 2008.

Balance Sheet and Cash Flow

Inventories decreased 25% to $410 million compared to the third quarter of 2008, primarily due to conservative inventory management and reduced sales across all segments. The impact of changes in foreign currency exchange rates increased inventories by approximately $6 million, or 1.1% in the third quarter of 2009, compared to the third quarter of 2008.

Accounts receivable decreased 24% to $370 million in the third quarter of 2009 compared to the third quarter of 2008, primarily due to sales decreases in our International-Based Direct Brands and Partnered Brands segments. The impact of changes in foreign currency exchange rates increased accounts receivable by approximately $6 million, or 1.3%, in the third quarter of 2009 compared to the third quarter of 2008.

Cash flow from continuing operating activities for the last twelve months was $336 million, including the receipt of $137 million in net income tax refunds and $75 million associated with our sourcing agreement with Li & Fung.

Debt outstanding decreased $145 million to $829 million compared to $974 million at the end of the third quarter of 2008, inclusive of a $27 million increase due to changes in foreign currency exchange rates. We ended the quarter with $25 million in cash compared to $50 million in cash at the end of the third quarter of 2008.

Segment Highlights

Domestic-Based Direct Brands segment - consists of the specialty retail, outlet, wholesale apparel, wholesale non-apparel (including accessories, jewelry, and handbags), e-commerce and licensing operations of our three domestic retail-based operating segments: Juicy Couture, Kate Spade and Lucky Brand.

Net sales in our Domestic-Based Direct Brands segment in the third quarter were $270 million, decreasing $14 million, or 4.8%.

Net sales for Juicy Couture were $133 million, a 7.8% decrease compared to 2008, primarily driven by decreases in wholesale apparel and non-apparel, partially offset by increases in specialty retail and outlet, reflecting an increased number of stores in 2009 compared to 2008.

-- We ended the quarter with 65 specialty stores and 33 outlet stores, reflecting the net addition over the last 12 months of 9 specialty stores and 4 outlet stores; -- Average retail square footage in the third quarter was approximately 325 thousand square feet, a 14% increase compared to 2008; -- Sales per square foot for comparable stores for the latest twelve months were $786; and -- Comparable store sales decreased 13% in the third quarter.

Net sales for Lucky Brand were $103 million, a 6.9% decrease compared to 2008, primarily driven by decreases in specialty retail and wholesale apparel, partially offset by increases in outlet.

-- We ended the quarter with 193 specialty stores and 46 outlet stores, reflecting the net addition over the last 12 months of 6 specialty stores and 11 outlet stores; -- Average retail square footage in the third quarter was approximately 589 thousand square feet, an 11% increase compared to 2008; -- Sales per square foot for comparable stores for the latest twelve months were $455; and -- Comparable store sales decreased 16% in the third quarter.

Net sales for Kate Spade were $34 million, an 18.0% increase compared to 2008, primarily driven by increases in wholesale apparel and outlet.

-- We ended the quarter with 47 specialty stores and 29 outlet stores, reflecting the net addition over the last 12 months of 6 specialty stores and 4 outlet stores; -- Average retail square footage in the third quarter was approximately 155 thousand square feet, a 25% increase compared to 2008; -- Sales per square foot for comparable stores for the latest twelve months were $565; and -- Comparable store sales decreased 3% in the third quarter.

Domestic-Based Direct Brands segment operating loss in the third quarter was ($7) million ((2.7)% of net sales), compared to operating income of $13 million (4.5% of net sales) in 2008. Domestic-Based Direct Brands segment adjusted operating income in the third quarter was $4 million (1.6% of net sales), compared to adjusted operating income of $14 million (5.0% of net sales) in 2008.

International-Based Direct Brands segment - consists of the specialty retail, outlet, concession, wholesale apparel, wholesale non-apparel (including accessories, jewelry and handbags), e-commerce and licensing operations of Mexx, our international retail-based operating segment.

Net sales in our International-Based Direct Brands segment were $224 million, a 32.6% decrease compared to 2008. Excluding the impact of changes in foreign currency exchange rates, net sales for Mexx decreased 29.5% compared to last year.

-- We ended the quarter with 157 specialty stores, 100 outlets and 202 concessions, reflecting the net addition over the last 12 months of 24 specialty stores and 1 outlet store and the net closure of 32 concessions (inclusive of the conversion of 26 concessions to specialty retail formats); -- Average retail square footage in the third quarter was approximately 1.515 million square feet, a 5% increase compared to 2008; -- Sales per square foot for comparable stores for the latest twelve months were $323; and -- Comparable store sales decreased 13% in the third quarter, reflecting decreases in our Mexx Europe and Mexx Canada businesses.

International-Based Direct Brands segment operating loss in the third quarter was ($19) million ((8.5)% of net sales), compared to an operating income of $22 million (6.7% of net sales) in 2008. International-Based Direct Brands segment adjusted operating loss in the third quarter was ($15) million ((6.8)% of net sales), compared to adjusted operating income of $38 million (11.5% of net sales) in 2008.

Partnered Brands segment - consists of one operating segment including the wholesale apparel, wholesale non-apparel, specialty retail, outlet, e-commerce and licensing operations of our wholesale-based brands.

Net sales in our Partnered Brands segment decreased $123 million, or 30.9%, in the third quarter to $275 million. The $123 million decrease in net sales in our Partnered Brands segment primarily reflected decreases in our Liz Claiborne, Claiborne, Axcess and Monet brands.

-- We ended the quarter with 93 US outlet stores, reflecting the net closure over the last 12 months of 5 outlet stores; -- Average retail square footage of US outlet stores in the third quarter was approximately 840 thousand square feet, a 2% increase compared to 2008; -- Sales per square foot for comparable US outlet stores for the latest twelve months were $165; and -- Comparable US outlet store sales decreased 13% in the third quarter.

Partnered Brands segment operating loss in the third quarter was ($33) million ((12.1)% of net sales), compared to an operating loss of ($19) million ((4.7)% of net sales) in 2008. Partnered Brands segment adjusted operating loss in the third quarter was ($22) million ((7.9)% of net sales), compared to adjusted operating income of $9 million (2.3% of net sales) in 2008.

About Liz Claiborne Inc.

Liz Claiborne Inc. designs and markets a global portfolio of retail-based premium brands including Kate Spade, Juicy Couture, Lucky Brand and Mexx. The Company also has a refined group of department store-based brands with strong consumer franchises including the Monet family of brands, Kensie, Kensiegirl, Mac & Jac, and the licensed DKNY® Jeans Group. The Dana Buchman and Axcess brands are sold exclusively at Kohl's, and beginning in Fall 2010, the Liz Claiborne and Claiborne brands will be sold exclusively at JCPenney and the Liz Claiborne New York brand designed by Isaac Mizrahi will be available at QVC and at company-owned Liz Claiborne New York outlet stores.

Liz Claiborne Inc. Forward-Looking Statement

Statements contained herein that relate to the Company's future performance, financial condition, liquidity or business or any future event or action are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements are indicated by words or phrases such as "intend," "anticipate," "plan," "estimate," "forecast," "project," "expect," "believe," "we are optimistic that we can," "current visibility indicates that we forecast" or "currently envisions" and similar phrases. Such statements are based on current expectations only, are not guarantees of future performance, and are subject to certain risks, uncertainties and assumptions. The Company may change its intentions, belief or expectations at any time and without notice, based upon any change in the Company's assumptions or otherwise. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. In addition, some risks and uncertainties involve factors beyond the Company's control. Among the risks and uncertainties are the following: our ability to continue to have the liquidity necessary, through cash flows from operations and availability under our amended and extended credit facility, which may be adversely impacted by a number of factors, including the level of our operating cash flows, our ability to maintain established levels of availability under, and to comply with the financial and other covenants included in, our amended and extended credit facility, the borrowing base requirement in our amended and extended credit facility that limits the amount of borrowings we may make based on a formula of, among other things, eligible accounts receivable and inventory, the minimum availability covenant in our amended credit facility that requires us to maintain availability in excess of an agreed upon level and whether holders of our Convertible Notes issued in June 2009 will, if and when such notes become convertible, elect to convert a substantial portion of such notes, the par value of which we must currently settle in cash; general economic conditions in the United States, Europe and other parts of the world; lower levels of consumer confidence, consumer spending and purchases of discretionary items, including fashion apparel and related products, such as ours; continued restrictions in the credit and capital markets, which would impair our ability to access additional sources of liquidity, if needed; changes in the cost of raw materials, labor, advertising and transportation; our dependence on a limited number of large US department store customers, and the risk of consolidations, restructurings, bankruptcies, changes in our brand relationships and other ownership changes in the retail industry and financial difficulties at our larger department store customers; our ability to successfully implement our long-term strategic plans; our ability to effect a turnaround of our MEXX Europe business; our ability to respond to constantly changing consumer demands and tastes and fashion trends, across multiple product lines, shopping channels and geographies; our ability to attract and retain talented, highly qualified executives, and maintain satisfactory relationships with our employees, both union and non-union; our ability to adequately establish, defend and protect our trademarks and other proprietary rights; our ability to successfully develop or acquire new product lines or enter new markets or product categories, and risks related to such new lines, markets or categories; risks associated with the implementation of the licensing arrangements with J.C. Penney Corporation, Inc. and QVC, Inc. including, without limitation, our ability to efficiently change our operational model and infrastructure as a result of such licensing arrangements, our ability to continue a good working relationship with those licensees and possible changes in our other brand relationships or relationships with other retailers as a result; the impact of the highly competitive nature of the markets within which we operate, both within the United States and abroad; our reliance on independent foreign manufacturers, including the risk of their failure to comply with safety standards or our policies regarding labor practices; risks associated with our agreement with Li & Fung Limited, which results in a single foreign buying agent for substantially all of our products, including either the possible payment by the Company of additional amounts to compensate Li & Fung for any annual shortfall in minimum product volumes or the possible repayment of amounts received from Li & Fung Limited as a result of reduced sourcing volume resulting from the licensing arrangements with J.C. Penney Corporation, Inc. and QVC, Inc; our international operations are subject to a variety of legal, regulatory, political and economic risks, including risks relating to the importation and exportation of product; our ability to adapt to and compete effectively in the current quota environment in which general quota has expired on apparel products but political activity seeking to re-impose quota has been initiated or threatened; our exposure to domestic and foreign currency fluctuations, services and prices; and our ability to utilize our deferred tax assets may be limited significantly if we experience an "ownership change" and such other factors as are set forth in the Company's 2008 Annual Report on Form 10-K, in the section entitled "Risk Factors," as updated in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended October 3, 2009 filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

LIZ CLAIBORNE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except per common share data) (Unaudited) Three Months Three Months Ended Ended October 3, October 4, 2009 % of 2008 % of (13 Weeks) Sales (13 Weeks) Sales ---------- ----- ---------- ----- Net Sales $769,619 100.0% $1,014,969 100.0% Cost of goods sold 420,776 54.7% 514,615 50.7% ------- ------- Gross Profit 348,843 45.3% 500,354 49.3% Selling, general & administrative expenses 408,509 53.1% 474,115 46.7% Trademark impairment - - 10,046 1.0% -- ------ Operating (Loss) Income (59,666) (7.8)% 16,193 1.6% Other (expense) income, net (10,097) (1.3)% 819 0.1% Interest expense, net (17,410) (2.3)% (12,050) (1.2)% ------- ------- (Loss) Income Before Provision for Income Taxes (87,173) (11.3)% 4,962 0.5% Provision for income taxes 621 0.1% 14,360 1.4% Loss from Continuing Operations (87,794) (11.4)% (9,398) (0.9)% Discontinued operations, net of income taxes (2,918) (59,306) ------ ------- Net Loss (90,712) (68,704) Net (loss) income attributable to the noncontrolling interest (171) 21 Net Loss Attributable to Liz Claiborne, Inc. $(90,541) $(68,725) ======== ======== Earnings per Share: Basic and Diluted Loss from Continuing Operations Attributable to Liz Claiborne, Inc. $(0.93) $(0.10) ====== ====== Net Loss Attributable to Liz Claiborne, Inc. $(0.96) $(0.73) ====== ====== Weighted Average Shares, Basic and Diluted (1) 93,908 93,641 (1) Because the Company incurred a loss from continuing operations for the three months ended October 3, 2009 and October 4, 2008, all potentially dilutive shares are antidilutive. Accordingly, basic and diluted weighted average shares outstanding are equal for such periods. LIZ CLAIBORNE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except per common share data) (Unaudited) Nine Months Nine Months Ended Ended October 3, October 4, 2009 % of 2008 % of (39 Weeks) Sales (40 Weeks) Sales ---------- ----- ---------- ----- Net Sales $2,233,054 100.0% $3,073,773 100.0% Cost of goods sold 1,208,999 54.1% 1,586,358 51.6% --------- --------- Gross Profit 1,024,055 45.9% 1,487,415 48.4% Selling, general & administrative expenses 1,220,639 54.7% 1,495,280 48.6% Trademark impairment - - 10,046 0.3% Goodwill impairment 2,785 0.1% - - ----- - Operating Loss (199,369) (8.9)% (17,911) (0.6)% Other expense, net (11,471) (0.5)% (2,741) (0.1)% Interest expense, net (46,862) (2.1)% (33,922) (1.1)% ------- ------- Loss Before Benefit for Income Taxes (257,702) (11.5)% (54,574) (1.8)% Benefit for income taxes (5,830) (0.3)% (23,692) (0.8)% Loss from Continuing Operations (251,872) (11.3)% (30,882) (1.0)% Discontinued operations, net of income taxes (12,708) (91,893) Net Loss (264,580) (122,775) Net (loss) income attributable to the noncontrolling interest (554) 134 ---- --- Net Loss Attributable to Liz Claiborne, Inc. $(264,026) $(122,909) ========= ========= Earnings per Share: Basic and Diluted Loss from Continuing Operations Attributable to Liz Claiborne, Inc. $(2.67) $(0.33) ====== ====== Net Loss Attributable to Liz Claiborne, Inc. $(2.81) $(1.31) ====== ====== Weighted Average Shares, Basic and Diluted (1) 93,855 93,608 (1) Because the Company incurred a loss from continuing operations for the nine months ended October 3, 2009 and October 4, 2008, all potentially dilutive shares are antidilutive. Accordingly, basic and diluted weighted average shares outstanding are equal for such periods. LIZ CLAIBORNE INC. CONSOLIDATED BALANCE SHEETS (All amounts in thousands) (Unaudited) October 3, 2009 October 4, 2008 --------------- --------------- Assets Current Assets: Cash and cash equivalents $25,173 $50,342 Accounts receivable - trade, net 369,724 483,327 Inventories, net 409,964 549,270 Deferred income taxes 8,179 73,128 Other current assets 120,375 274,745 Assets held for sale 16,649 10,267 Total current assets 950,064 1,441,079 ------- --------- Property and Equipment, Net 494,725 590,070 Goodwill and Intangibles, Net 247,285 931,175 Deferred Income Taxes 2,474 31,297 Other Assets 31,066 20,773 Total Assets $1,725,614 $3,014,394 ========== ========== Liabilities and Stockholders' Equity Current Liabilities: Short-term borrowings $229,066 $61,807 Other current liabilities 444,827 551,248 ------- ------- Total current liabilities 673,893 613,055 Long-Term Debt 599,520 912,046 Other Non-Current Liabilities 159,779 107,649 Deferred Income Taxes 39,765 363 Stockholders' Equity 252,657 1,381,281 ------- --------- Total Liabilities and Stockholders' Equity $1,725,614 $3,014,394 ========== ========== LIZ CLAIBORNE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (All amounts in thousands) (Unaudited) Nine Months Ended ------------------------ October 3, October 4, 2009 2008 (39 Weeks) (40 Weeks) ------------------------ Cash Flows from Operating Activities: Net Loss $(264,580) $(122,775) Adjustments to arrive at loss from continuing operations 12,708 91,893 ------ ------ Loss from continuing operations (251,872) (30,882) Adjustments to reconcile loss from continuing operations to net cash provided by (used in) operating activities: Depreciation and amortization 120,632 117,745 Impairment of goodwill and trademark 2,785 10,046 Loss on asset disposals and impairments, including streamlining initiatives 24,956 17,796 Share-based compensation 6,689 11,738 Other, net 101 (85) Changes in assets and liabilities, exclusive of acquisitions: Increase in accounts receivable - trade, net (19,363) (60,460) Decrease (increase) in inventories, net 56,003 (37,338) Decrease (increase) in other current and non-current assets 26,439 (11,195) (Decrease) increase in accounts payable (20,885) 19,912 Increase (decrease) in accrued expenses and other non-current liabilities 843 (67,254) Net change in income tax assets and liabilities 94,615 (61,053) Net cash used in operating activities of discontinued operations (13,962) (26,763) ------- ------- Net cash provided by (used in) operating activities 26,981 (117,793) Cash Flows from Investing Activities: Proceeds from disposition - 21,252 Purchases of property and equipment (55,015) (141,681) Payments for purchases of businesses (8,755) (84,420) Payments for in-store merchandise shops (5,794) (5,793) Other, net (270) (211) Net cash provided by investing activities of discontinued operations - 64,769 -- ------ Net cash used in investing activities (69,834) (146,084) Cash Flows from Financing Activities: Short-term borrowings, net (9,541) 122,408 Proceeds from issuance of convertible senior notes 90,000 - Principal payments under capital lease obligations (3,246) (3,128) Dividends paid - (15,793) Payment of deferred financing fees (39,130) (2,304) Other - 70 -- -- Net cash provided by financing activities 38,083 101,253 ------ ------- Effect of Exchange Rate Changes on Cash and Cash Equivalents 4,512 7,565 Net Change in Cash and Cash Equivalents (258) (155,059) Cash and Cash Equivalents at Beginning of Period 25,431 205,401 Cash and Cash Equivalents at End of Period $25,173 $50,342 ======= ======= LIZ CLAIBORNE INC. SEGMENT REPORTING (All amounts in thousands) (Unaudited) Three Months Three Months Ended Ended October 3, October 4, 2009 % to 2008 % to (13 Weeks) Total (13 Weeks) Total ---------- ----- ---------- ----- NET SALES: Domestic-Based Direct Brands $270,496 35.1% $284,204 28.0% International-Based Direct Brands 224,353 29.2% 333,001 32.8% Partnered Brands 274,770 35.7% 397,764 39.2% ------- ------- Total Net Sales $769,619 100.0% $1,014,969 100.0% ======== ========== Three Months Three Months Ended Ended October 3, October 4, 2009 % of 2008 % of (13 Weeks) Sales (13 Weeks) Sales ---------- ----- ---------- ----- OPERATING (LOSS) INCOME (a): Domestic-Based Direct Brands $(7,365) (2.7)% $12,692 4.5% International-Based Direct Brands (19,167) (8.5)% 22,268 6.7% Partnered Brands (33,134) (12.1)% (18,767) (4.7)% ------- ------- Total Operating (Loss) Income $(59,666) (7.8)% $16,193 1.6% ======== ======= Three Months Three Months Ended Ended October 3, October 4, 2009 % to 2008 % to (13 Weeks) Total (13 Weeks) Total ---------- ----- ---------- ----- NET SALES: Domestic $507,933 66.0% $625,989 61.7% International 261,686 34.0% 388,980 38.3% ------- ------- Total Net Sales $769,619 100.0% $1,014,969 100.0% ======== ========== Three Months Three Months Ended Ended October 3, October 4, 2009 % of 2008 % of (13 Weeks) Sales (13 Weeks) Sales ---------- ----- ---------- ----- OPERATING (LOSS) INCOME: Domestic $(29,186) (5.7)% $(5,976) (1.0)% International (30,480) (11.6)% 22,169 5.7% ------- ------ Total Operating (Loss) Income $(59,666) (7.8)% $16,193 1.6% ======== ======= (a) Operating (loss) income includes charges related to streamlining initiatives and brand-exiting activities and trademark impairment. Refer to the table entitled "Reconciliation of Non-GAAP Financial Information - Segment Reporting" for further information. LIZ CLAIBORNE INC. SEGMENT REPORTING (All amounts in thousands) (Unaudited) Nine Months Nine Months Ended Ended October 3, October 4, 2009 % to 2008 % to (39 Weeks) Total (40 Weeks) Total ---------- ----- ---------- ----- NET SALES: Domestic-Based Direct Brands $780,895 35.0% $857,078 27.9% International-Based Direct Brands 621,449 27.8% 964,457 31.4% Partnered Brands 830,710 37.2% 1,252,238 40.7% ------- --------- Total Net Sales $2,233,054 100.0% $3,073,773 100.0% ========== ========== Nine Months Nine Months Ended Ended October 3, October 4, 2009 % of 2008 % of (39 Weeks) Sales (40 Weeks) Sales ---------- ----- ---------- ----- OPERATING (LOSS) INCOME (a): Domestic-Based Direct Brands $(37,659) (4.8)% $35,942 4.2% International-Based Direct Brands (69,471) (11.2)% 39,042 4.0% Partnered Brands (92,239) (11.1)% (92,895) (7.4)% ------- ------- Total Operating Loss $(199,369) (8.9)% $(17,911) (0.6)% ========= ======== Nine Months Nine Months Ended Ended October 3, October 4, 2009 % to 2008 % to (39 Weeks) Total (40 Weeks) Total ---------- ----- ---------- ----- NET SALES: Domestic $1,493,520 66.9% $1,940,050 63.1% International 739,534 33.1% 1,133,723 36.9% ------- --------- Total Net Sales $2,233,054 100.0% $3,073,773 100.0% ========== ========== Nine Months Nine Months Ended Ended October 3, October 4, 2009 % of 2008 % of (39 Weeks) Sales (40 Weeks) Sales ---------- ----- ---------- ----- OPERATING (LOSS) INCOME: Domestic $(100,693) (6.7)% $(54,821) (2.8)% International (98,676) (13.3)% 36,910 3.3% ------- ------ Total Operating Loss $(199,369) (8.9)% $(17,911) (0.6)% ========= ======== (a) Operating (loss) income includes charges related to streamlining initiatives and brand-exiting activities and impairment of goodwill and trademark. Refer to the table entitled "Reconciliation of Non-GAAP Financial Information - Segment Reporting" for further information. LIZ CLAIBORNE INC. RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (All amounts in thousands, except per common share data) (Unaudited) The following tables provide reconciliations of (i) Loss from Continuing Operations Attributable to Liz Claiborne, Inc. to (Loss) Income from Continuing Operations Attributable to Liz Claiborne, Inc. Excluding Streamlining Initiatives and Brand-Exiting Activities and Impairment of Goodwill and Trademark and (ii) Operating (Loss) Income to (Loss) Income from Continuing Operations Attributable to Liz Claiborne, Inc. Excluding Streamlining Initiatives and Brand-Exiting Activities and Impairment of Goodwill and Trademark. Three Months Ended Nine Months Ended --------------------- --------------------- October 3, October 4, October 3, October 4, 2009 2008 2009 2008 (13 Weeks) (13 Weeks) (39 Weeks) (40 Weeks) --------------------- --------------------- Loss from Continuing Operations Attributable to Liz Claiborne, Inc. $(87,623) $(9,419) $(251,318) $(31,016) Streamlining initiatives and brand-exiting activities (a) 26,838 35,533 75,224 144,470 Impairment of Goodwill and Trademark - 10,046 2,785 10,046 Benefit (provision) for income taxes 20,491 182 53,106 (45,570) (Loss) Income from Continuing Operations Attributable to Liz Claiborne, Inc. Excluding Streamlining Initiatives and Brand-Exiting Activities and Impairment of Goodwill and Trademark $(40,294) $36,342 $(120,203) $77,930 ======== ======= ========= ======= Operating (Loss) Income $(59,666) $16,193 $(199,369) $(17,911) Streamlining initiatives and brand-exiting activities (a) 26,838 35,533 75,224 144,470 Impairment of Goodwill and Trademark - 10,046 2,785 10,046 Operating (Loss) Income Excluding Streamlining Initiatives and Brand-Exiting Activities and Impairment of Goodwill and Trademark (32,828) 61,772 (121,360) 136,605 Interest expense, net (17,410) (12,050) (46,862) (33,922) Other (expense) income, net (10,097) 819 (11,471) (2,741) Net (loss) income attributable to the noncontrolling interest (171) 21 (554) 134 (Benefit) provision for income taxes (19,870) 14,178 (58,936) 21,878 ------- ------ ------- ------ (Loss) Income from Continuing Operations Attributable to Liz Claiborne, Inc. Excluding Streamlining Initiatives and Brand-Exiting Activities and Impairment of Goodwill and Trademark $(40,294) $36,342 $(120,203) $77,930 ======== ======= ========= ======= Basic Earnings per Common Share from Continuing Operations Attributable to Liz Claiborne, Inc. Excluding Streamlining Initiatives and Brand-Exiting Activities and Impairment of Goodwill and Trademark (b) $(0.43) $0.39 $(1.28) $0.83 ====== ===== ====== ===== Diluted Earnings per Common Share from Continuing Operations Attributable to Liz Claiborne, Inc. Excluding Streamlining Initiatives and Brand-Exiting Activities and Impairment of Goodwill and Trademark (b) $(0.43) $0.39 $(1.28) $0.83 ====== ===== ====== ===== (a) During the three and nine months ended October 3, 2009 and October 4, 2008, the Company recorded expenses related to its streamlining initiatives and brand-exiting activities as follows: Three Months Ended Nine Months Ended --------------------- --------------------- October 3, October 4, October 3, October 4, 2009 2008 2009 2008 (13 Weeks)(13 Weeks)(39 Weeks)(40 Weeks) --------------------- --------------------- Payroll, lease terminations and asset write-downs $26,505 $23,622 $75,292 $82,612 Store closure and other costs 333 11,911 (68) 61,858 --- ------ --- ------ $26,838 $35,533 $75,224 $144,470 ======= ======= ======= ======== (b) As the Company incurred a loss from continuing operations excluding streamlining initiatives and brand-exiting activities and impairment of goodwill and trademark for the three and nine months ended October 3, 2009, all potentially dilutive shares are antidilutive. As such, basic and diluted weighted average shares outstanding are equal for such periods. Adjusted diluted earnings per share for the three and nine months ended October 4, 2008 is based on 93,975 and 93,826 weighted average shares outstanding, respectively. LIZ CLAIBORNE INC. RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION SEGMENT REPORTING (All amounts in thousands) (Unaudited) The following tables provide a reconciliation of Operating (Loss) Income to Adjusted Operating Income (Loss), which excludes Streamlining Initiatives and Brand-Exiting Activities and Trademark Impairment. Three Months Ended October 3, 2009 (13 Weeks) -------------------------------------------- Domestic- International- Based Based Direct Direct Partnered Brands Brands Brands Total ------ ------ ------ ----- Net Sales: As Reported $270,496 $224,353 $274,770 $769,619 ======== ======== ======== ======== Operating Loss: As Reported $(7,365) $(19,167) $(33,134) $(59,666) Streamlining Initiatives and Brand-Exiting Activities 11,561 3,892 11,385 26,838 ------ ----- ------- ------ Adjusted Operating Income (Loss) $4,196 $(15,275) $(21,749) $(32,828) ====== ======== ======== ======== % of Net Sales 1.6% (6.8)% (7.9)% (4.3)% Three Months Ended October 4, 2008 (13 Weeks) -------------------------------------------- Domestic- International- Based Based Direct Direct Partnered Brands Brands Brands Total ------ ------ ------ ----- Net Sales: As Reported $284,204 $333,001 $397,764 $1,014,969 ======== ======== ======== ========== Operating Income (Loss): As Reported $12,692 $22,268 $(18,767) $16,193 Streamlining Initiatives and Brand-Exiting Activities 1,596 15,999 17,938 35,533 Trademark Impairment - - 10,046 10,046 -- -- ------ ------ Adjusted Operating Income $14,288 $38,267 $9,217 $61,772 ======= ======= ====== ======= % of Net Sales 5.0% 11.5% 2.3% 6.1% LIZ CLAIBORNE INC. RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION SEGMENT REPORTING (All amounts in thousands) (Unaudited) The following tables provide a reconciliation of Operating (Loss) Income to Adjusted Operating (Loss) Income, which excludes Streamlining Initiatives and Brand-Exiting Activities and Impairment of Goodwill and Trademark. Nine Months Ended October 3, 2009 (39 Weeks) -------------------------------------------- Domestic- International- Based Based Direct Direct Partnered Brands Brands Brands Total ------ ------ ------ ----- Net Sales: As Reported $780,895 $621,449 $830,710 $2,233,054 ======== ======== ======== ========== Operating Loss: As Reported $(37,659) $(69,471) $(92,239) $(199,369) Streamlining Initiatives and Brand-Exiting Activities 23,698 18,315 33,211 75,224 Goodwill Impairment - - 2,785 2,785 - - ----- ----- Adjusted Operating Loss $(13,961) $(51,156) $(56,243) $(121,360) ======== ======== ======== ========= % of Net Sales (1.8)% (8.2)% (6.8)% (5.4)% Nine Months Ended October 4, 2008 (40 Weeks) -------------------------------------------- Domestic- International- Based Based Direct Direct Partnered Brands Brands Brands Total ------ ------ ------ ----- Net Sales: As Reported $857,078 $964,457 $1,252,238 $3,073,773 ======== ======== ========== ========== Operating Income (Loss): As Reported $35,942 $39,042 $(92,895) $(17,911) Streamlining Initiatives and Brand-Exiting Activities 15,187 28,681 100,602 144,470 Trademark Impairment - - 10,046 10,046 - - ------ ------ Adjusted Operating Income $51,129 $67,723 $17,753 $136,605 ======= ======= ======= ======== % of Net Sales 6.0% 7.0% 1.4% 4.4% LIZ CLAIBORNE INC. AVAILABILITY UNDER REVOLVING CREDIT FACILITY (In thousands) (Unaudited) October 3, 2009 ---------- Total Revolving Credit Facility Size (a) $600,000 ======== Borrowing Base (a) $466,863 Outstanding Borrowings 228,109 Letters of Credit Issued 35,634 ------ Available Capacity at October 3, 2009 $203,120 ======== (a) Availability under the revolving credit facility is the lesser of $600 million or a borrowing base comprised primarily of eligible accounts receivable and inventory.

Liz Claiborne Inc.

CONTACT: Investor Relations: Robert J. Vill, Vice President - Finance
and Treasurer, +1-201-295-7515; or Media: Jane Randel, Vice President,
Corporate Communications, +1-212-626-3408, both of Liz Claiborne Inc.

Web Site: http://www.lizclaiborneinc.com/

Study Finds Life-Threatening Risks from Medication Errors in Hospitals Treating Pulmonary Hypertension PatientsStudy reveals wrong dose and other drug administration errors can be life-threatening; Researchers present recommendations at CHEST 2009 medical conference to address complex medication regimen

SAN DIEGO, Nov. 4 /PRNewswire-FirstCall/ -- Pulmonary arterial hypertension (PAH) patients using infused drugs have suffered serious injury or in some cases died from medication errors in hospitals and other inpatient settings, according to a peer-reviewed study by Accredo Health Group and several university hospitals that surveyed doctors, nurses and pharmacists. The study, which was presented at the American College of Chest Physicians' annual meeting and will be published in the medical journal CHEST, examined medication errors for patients infused with epoprostenol (Flolan®) and treprostinil (Remodulin®) and provided guidelines to help reduce these risks.

Pulmonary arterial hypertension is a debilitating, life-threatening condition without a cure that can lead to heart failure and lung transplants. Epoprostenol and treprostinil inhibit the blood from clotting and also widen blood vessels to ease blood pressure in the lungs and reduce strain on the heart. The medications belong to a group called prostacyclins, which need to be continuously infused into the body for pulmonary hypertension patients to survive. The drugs are dosed in extremely small quantities and giving a patient too much or too little can lead to patient injury or death.

"Prostacyclins are the most potent drugs used to treat PAH and have a very narrow therapeutic window, making the proper use of medications paramount to keep patients safe," said Mark A. Tankersley, Ph.D., director of health outcomes solutions at Accredo Health Group, Inc. and one of the authors of the study. "These patients are in an extremely vulnerable condition - normally in the advanced stages of this debilitating condition. Our survey exposes the severity of the problem but also presents some possible solutions to address it."

An electronic survey of 97 clinicians at treating facilities found that 68 percent reported errors associated with administering prostacyclins and 28 respondents reported serious errors including nine that resulted in death. A separate telephone survey found that 17 of 18 nurses at pulmonary arterial hypertension centers reported serious medication errors, including three deaths. The results showed that medication errors included providing the wrong drug to the patient, improper dosing, incorrectly flushing the patient's catheter line and accidental stoppage of the infusion pump.

Researchers made the following recommendations: clearer record-keeping, clinician training, double-checking dosage factors (concentration, patient weight, pump rate and time), color coding cassettes for different drugs, marking line connections for drugs, proper medication storage, ensuring that the infusion pumps are working correctly, and requiring two nurses to sign-off on administering the medication.

PAH affects about 20,000 Americans and presently does not have a cure. One form of pulmonary arterial hypertension has no known cause. For other patients, it results from congenital heart disease, HIV infection, thyroid disease, and the use of certain diet medications or street drugs. The condition is often misdiagnosed in its early stages, but as the condition worsens it can lead to fainting, lightheadedness during physical activity, swelling in the legs and ankles, and bluish toned lips and skin (cyanotic).

CHEST, the official publication for the American College of Chest Physicians, will publish the article in an upcoming issue. Researchers at Accredo Health Group, The University of Texas Southwestern Medical Center at Dallas, University of California at San Diego, and University of California at San Francisco authored the study and suggested guidelines for protocols.

For more information about this study, please visit http://www.medcoresearch.com/. About Accredo Health

Accredo Health Group, Inc., a wholly-owned subsidiary of Medco Health Solutions, Inc., is one of the nation's largest specialty pharmacies dedicated to providing an enhanced level of personalized service to patients with chronic and complex disease. Drugs dispensed by Accredo, which are often biotechnology drugs, frequently require special handling and clinical services to ensure the drugs are properly administered to promote patient safety and health.

About Medco

Medco Health Solutions, Inc. is pioneering the world's most advanced pharmacy® and its clinical research and innovations are part of Medco making medicine smarter(TM) for more than 60 million members.

With more than 20,000 employees dedicated to improving patient health and reducing costs for a wide range of public and private sector clients, and 2008 revenue exceeding $51 billion, Medco ranks 45th on the Fortune 500 list and is named among the world's most innovative, most admired and most trustworthy companies.

For more information, go to http://www.medcohealth.com/.

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the risks and uncertainties that affect our business, particularly those mentioned in the Risk Factors section of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.

Editor's note: All rights in the product names of all third-party products listed in this release, whether or not appearing with the trademark symbol, belong exclusively to their respective owners.

Medco Health Solutions, Inc.

CONTACT: Ann Smith, Medco, +1-201-269-5984, Ann_Smith@medco.com; or Bill
Borden, Coyne Public Relations, +1-973-316-1665, bborden@coynepr.com

Web Site: http://www.medcohealth.com/

Unparalleled HSPA smartphone lineup underscores Rogers' network superiorityCustomers surf seamlessly from start to finish with more than 30 HSPA devices on Canada's most reliable network

TORONTO, Nov. 4 /PRNewswire-FirstCall/ -- Rogers customers can select from an even greater lineup of the latest wireless devices - the widest selection by far in Canada - with the introduction of new smartphones designed to keep Canadians connected on Canada's most reliable network. Coming soon to Rogers in time for the holidays is the sleek and stylish Nokia N86 smartphone featuring an impressive 8 megapixel camera and 8GB of onboard memory to store music, movies and photos. The N86 will join the just-launched Rogers-exclusive LG Eve as well as the Rogers-exclusive Sony Ericsson Xperia X1 as part of the season's ultimate Webphones - five high-end smartphones now available all for under $100.

Rogers has been perfecting the GSM family of technologies for nearly ten years. Today, with a selection of more than 30 HSPA devices, Rogers offers the broadest portfolio of the wireless products Canadians want including the widest range of HSPA smartphones, Google Android and BlackBerry devices, and the best variety of Quick Messaging phones.

"Rogers customers can choose from a device lineup that is the envy of wireless companies around the world," said John Boynton, Executive Vice President, Marketing, Rogers Communications. "We are proud to offer 30 HSPA-ready devices - more than ever before - more than our competitors combined. Only Rogers offers the right handset at any price point, including five incredible Webphones priced at under $100."

The new Nokia N86 will hit Rogers shelves in the coming weeks. The ultimate Webphone lineup features the BlackBerry Bold 9000 in white, the HTC Magic, the Sony Ericsson Xperia X1 and the new LG Eve, which made its global debut exclusively at Rogers this week. Each device features a variety of multimedia capabilities that get the star-treatment on Rogers' seamless, reliable network.

"Customers looking for a proven HSPA network will continue to choose Rogers," said Bob Berner, Executive Vice President, Network and Chief Technology Officer at Rogers Communications Inc. "We introduced our HSPA network back in 2006 and we continue to invest significantly in our network technologies. Our proven network lets us offer seamless communications on the widest selection of high-performing HSPA devices to our customers."

Rogers portfolio of HSPA devices is available for purchase across Canada through Rogers Wireless dealers, retail points of sale or online at http://www.rogers.com/. The Nokia N86 will be priced at $99.99 on a three-year voice and data plan. The Rogers-exclusive LG Eve is priced at $49.99 on a three-year voice and data plan. The Rogers-exclusive Sony Ericsson Xperia X1 is available for $99.99 on a three-year voice and data plan. The new BlackBerry Bold 9000 in white is available for $99.99 on a three-year voice and data plan with minimum combined monthly service fee of $45 and the HTC Magic is available $79.00 with a three-year voice and data plan. For more information visit http://www.rogers.com/.

About Rogers Wireless

Rogers Wireless provides wireless voice and data communications services across Canada to more than 8.3 million customers under both the Rogers Wireless and Fido brands. Proven to operate Canada's fastest most reliable voice and data HSPA network, Rogers Wireless was first in the country to launch GSM, HSPA and HSPA+ services. In addition to providing seamless roaming in more than 200 countries/areas with its GSM and HSPA based services, Rogers Wireless also provides wireless broadband services across Canada utilizing its 2.5GHz fixed wireless spectrum. Rogers Wireless is a subsidiary of Rogers Communications Inc. (TSX: RCI; NYSE: RCI), a diversified Canadian communications and media company. For further information, please visit http://www.rogers.com/.

Rogers Wireless

CONTACT: Odette Coleman, Rogers Communications, (416) 935-6441,
Odette.Coleman@rci.rogers.com; Carly Suppa, Rogers Communications, (416)
935-6550, Carly.suppa@rci.rogers.com

Sinclair Reports Third Quarter 2009 Results

BALTIMORE, Nov. 4 /PRNewswire-FirstCall/ -- Sinclair Broadcast Group, Inc. , the "Company" or "Sinclair," today reported financial results for the three months and nine months ended September 30, 2009.

"We are pleased to report that we have successfully restructured our balance sheet and addressed our cash flow needs," commented David Smith, President and CEO of Sinclair. "With the proceeds of our new $500 million senior secured second lien notes offering due 2017, we will be able to fund the tender offers of our 3% and 4.875% senior convertible bonds and repay a portion of our bank debt. The bank credit facility was also amended and restated to allow for $75.4 million of the $135.9 million revolving commitments to be extended until 2013 and to raise $330 million of a new term loan B tranche due 2015 which was used to repay the term loan A tranches. The potential cross-default with our LMA partner, Cunningham Broadcasting, was also resolved as they were successful in renegotiating their bank credit facility to obtain a three-year amortizing extension which will be funded through purchase option deposits made by Sinclair over the next three years. This was a necessary step to provide the liquidity we need to continue to compete and to be in position to capitalize on the opportunities that may come before us under the new digital regime of the television broadcasting industry."

Financial Results:

Net broadcast revenues from continuing operations were $136.4 million for the three months ended September 30, 2009, a decrease of 9.1% versus the prior year period result of $150.1 million. The Company had operating income of $35.7 million in the three-month period, as compared to operating income of $37.4 million in the prior year period. The Company had net income attributable to the parent company of $14.9 million in the three-month period versus net income attributable to the parent company of $10.2 million in the prior year period. The Company reported diluted earnings per common share of $0.19 for the three-month period versus diluted earnings per common share of $0.12 in the prior year period.

Net broadcast revenues from continuing operations were $400.7 million for the nine months ended September 30, 2009, a decrease of 15.6% versus the prior year period result of $474.8 million. The Company had an operating loss of $45.2 million in the nine-month period versus the prior year period operating income of $126.9 million. The Company had a net loss attributable to the parent company of $67.9 million in the nine-month period versus net income attributable to the parent company of $37.0 million in the prior year period. The Company had a diluted loss per common share of $0.85 in the nine-month period versus diluted earnings per common share of $0.42 in the prior year period.

Operating Statistics and Income Statement Highlights: -- Political revenues were $1.9 million in the third quarter versus $8.7 million in third quarter 2008. Revenues from retransmission consent agreements were $28.0 million in the third quarter 2009 as compared to $17.9 million in the third quarter 2008. -- Local advertising revenues were down 13.9% in the third quarter 2009 while national advertising revenues were down 26.7% versus the third quarter 2008. Excluding political revenues, local advertising revenues were down 13.2% and national advertising revenues were down 16.2% in the third quarter. Advertising spending categories that were down the most were automotive, services, paid programming, movies and telecommunications. Services, our largest category representing 15.6% of time sales, was down 10.9% while automotive, our second largest category representing 15.3% of time sales, was down 31.4% in the quarter. Local advertising revenues, excluding political revenues, represented approximately 69% of advertising revenues in the third quarter. -- Time sales on our FOX, ABC, MyNetworkTV, CW, CBS and NBC stations were down 17.4%, 21.2%, 13.0%, 22.6%, 24.5% and 30.9% in the third quarter 2009, respectively. -- During the quarter, the Company received digital equipment at four stations in exchange for comparable analog equipment as a result of vacating certain analog spectrum to be used for public safety. As a result, the Company recorded a $0.5 million non-cash gain on the equipment exchange. -- During the third quarter 2009, the Company invested $4.3 million, net of cash distributions, in various ventures. -- KVMY-TV, the Company's station in Las Vegas, NV, entered into a network affiliation with Lieberman Television, LLC to provide Spanish-language television programming known as Estrella TV. -- In the fourth quarter, options were exercised to extend the affiliation agreements of the stations owned, programmed and/or to which Sinclair provides services that are affiliated with the CW Network, extending the terms of the agreements for an additional year to expire August 31, 2011. -- The Company's outsourcing agreements on WYZZ-TV in Peoria, IL and WUHF-TV in Rochester, NY with Nexstar Broadcasting are scheduled to terminate April 1, 2010. Balance Sheet and Cash Flow Highlights: -- Debt on the balance sheet, net of $10.2 million in cash, was $1,288.9 million at September 30, 2009 versus net debt of $1,304.7 million at June 30, 2009. -- As of September 30, 2009, 47.3 million Class A common shares and 32.5 million Class B common shares were outstanding, for a total of 79.8 million common shares outstanding. -- Capital expenditures in the third quarter were $2.1 million. -- Program contract payments for continuing operations were $18.1 million in the third quarter. Notes:

"Discontinued Operations" accounting has been adopted in the financial statements for all periods presented in this press release. As such, the results from operations, net of related income taxes, have been reclassified from income from continuing operations and reflected as net income from discontinued operations.

Amendment of ARB No. 51 (FAS) 160, Noncontrolling Interests in Consolidated Financial Statements, has been adopted for all periods presented in this press release. As such, minority interests are now recognized in equity separate from the parent's equity and the net income attributable to the noncontrolling interest is included in the income statement.

(FSP) APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion has been adopted for all periods presented in this press release. As such, our 3% convertible notes are accounted for in its liability and equity components, thereby recording a debt discount.

Prior year amounts have been reclassified to conform to current year GAAP presentation.

Forward-Looking Statements:

The matters discussed in this press release, particularly those in the section labeled "Outlook," include forward-looking statements regarding, among other things, future operating results. When used in this press release, the words "outlook," "intends to," "believes," "anticipates," "expects," "achieves," and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including and in addition to the assumptions identified in this release, but not limited to, the impact of changes in national and regional economies, the volatility in the U.S. and global economies and financial credit markets which impact our ability to forecast, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming, the CW Television Network and MyNetworkTV programming, our news share strategy, our local sales initiatives, the execution of retransmission consent agreements, our ability to identify and consummate investments in attractive non-television assets and to achieve anticipated returns on those investments once consummated, and the other risk factors set forth in the Company's most recent reports on Form 10-Q, Form 10-K and Form 8-K, as filed with the Securities and Exchange Commission. There can be no assurances that the assumptions and other factors referred to in this release will occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.

Outlook:

In accordance with Regulation FD, Sinclair is providing public dissemination through this press release of its expectations for certain components of its fourth quarter 2009 and full year 2009 financial performance. The Company assumes no obligation to update its expectations. All matters discussed in the "Outlook" section are forward-looking and, as such, readers should not place any undue reliance on this information and should refer to the "Forward-Looking Statements" section above.

"We have started to see signs that perhaps the worst of the recession is over," commented David Amy, EVP and CFO. "While we still do not expect to see an immediate robust recovery, improvements in the business are occurring as advertisers are beginning to buy with longer lead times and declines in the core business are getting smaller."

-- The Company expects fourth quarter 2009 station net broadcast revenues from continuing operations, before barter, to be approximately $143.3 million to $146.3 million, an 11.0% to 12.8% decline as compared to fourth quarter 2008 station net broadcast revenues of $164.4 million. This assumes $3.0 million in political revenues as compared to $25.6 million in fourth quarter 2008. For the full year, the Company is estimating net broadcast revenues of $544.1 million to $547.1 million, down 14.4% to 14.9% to 2008 net broadcast revenues of $639.2 million. The 2009 full year estimate includes $5.9 million of political revenues versus $41.1 million in 2008. -- The Company expects barter revenue and barter expense each to be approximately $14.5 million in the fourth quarter. -- The Company expects continuing operations station production expenses and station selling, general and administrative expenses (together, "television expenses"), before barter expense, in the fourth quarter to be approximately $66.6 million, a 10.5% decrease from fourth quarter 2008 television expenses of $74.4 million. On a full year basis, television expenses are expected to be approximately $264.2 million, down 10.5% as compared to 2008 television expenses of $295.1 million. The 2009 television expense forecast includes $0.1 million of stock-based compensation expense for the quarter and $0.3 million for the year, as compared to the 2008 actuals of $0.4 million and $1.8 million for the quarter and year, respectively. -- The Company expects program contract amortization expense to be approximately $18.2 million in the fourth quarter and $75.8 million for 2009, as compared to the 2008 actuals of $21.2 million and $84.4 million for the quarter and year, respectively. -- The Company expects program contract payments to be approximately $21.5 million in the fourth quarter and $82.3 million for 2009, as compared to the 2008 actuals of $21.2 million and $82.3 million for the quarter and year, respectively. -- The Company expects corporate overhead to be approximately $6.7 million in the fourth quarter and $25.2 million for 2009, as compared to the 2008 actuals of $6.2 million and $26.3 million for the quarter and year, respectively. The 2009 corporate expense forecast includes $0.1 million of stock-based compensation expense for the quarter and $0.7 million for the year, as compared to the 2008 actuals of $0.2 million and $4.3 million for the quarter and year, respectively. -- The Company expects other operating division revenues less other operating division expenses to be $0.9 million of income in the fourth quarter and $0.1 million of income for 2009, assuming current equity interests, but excluding Acrodyne Industries which closed its business on September 30th, and as compared to the 2008 actuals of a $3.1 million loss and a $4.6 million loss for the quarter and year, respectively. -- The Company expects depreciation on property and equipment to be approximately $10.4 million in the fourth quarter and $42.8 million for 2009, assuming the capital expenditure assumptions below, and as compared to the 2008 actuals of $11.0 million and $44.8 million for the quarter and year, respectively. -- The Company expects amortization of acquired intangibles to be approximately $4.6 million in the fourth quarter and $22.3 million for 2009, as compared to the 2008 actuals of $4.6 million and $18.3 million for the quarter and year, respectively. -- The Company expects net interest expense to be approximately $25.0 million in the fourth quarter and $78.5 million for 2009, assuming no changes in the current interest rate yield curve, changes in debt levels based on the assumptions discussed in this "Outlook" section, the amendment and restatement of the Bank Credit Facility, the tender offers for the 3% and 4.875% convertible bonds and the issuance of the 9.25% second lien notes. This compares to the 2008 actuals of $21.3 million and $86.9 million for the quarter and year, respectively. -- The Company expects a current tax provision from continuing operations of approximately $2.8 million in the fourth quarter and for the full year 2009 based on the assumptions discussed in this "Outlook" section. -- The Company expects to spend approximately $3.8 million in capital expenditures in the fourth quarter and approximately $10.8 million in 2009, as compared to the 2008 actuals of $3.5 million and $25.2 million for the quarter and year, respectively. Sinclair Conference Call:

The senior management of Sinclair will hold a conference call to discuss its third quarter 2009 results on Wednesday, November 4, 2009, at 8:30 a.m. ET. After the call, an audio replay will be available at http://www.sbgi.net/ under "Investor Information/Earnings Webcast." The press and the public will be welcome on the call in a listen-only mode. The dial-in number is (877) 407-9205.

About Sinclair:

Sinclair Broadcast Group, Inc., one of the largest and most diversified television broadcasting companies, owns and operates, programs or provides sales services to 58 television stations in 35 markets. Sinclair's television group reaches approximately 22% of U.S. television households and is affiliated with all major networks. Sinclair owns equity interests in various non-broadcast related companies.

The Company regularly uses its website as a key source of Company information and can be accessed at http://www.sbgi.net/.

Sinclair Broadcast Group, Inc. and Subsidiaries Preliminary Unaudited Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- REVENUES: Station broadcast revenues, net of agency commissions $136,427 $150,119 $400,740 $474,758 Revenues realized from station barter arrangements 13,010 14,562 38,827 45,048 Other operating divisions revenues 10,690 13,510 33,570 38,657 ------ ------ ------ ------ Total revenues 160,127 178,191 473,137 558,463 OPERATING EXPENSES: Station production expenses 34,368 38,959 106,200 118,226 Station selling, general and administrative expenses 28,484 33,867 91,387 102,498 Expenses recognized from station barter arrangements 11,164 12,760 32,685 40,394 Amortization of program contract costs and net realizable value adjustments 17,021 21,744 57,644 63,247 Other operating divisions expenses 11,280 13,397 34,422 40,076 Depreciation of property and equipment 9,995 11,700 32,456 33,812 Corporate general and administrative expenses 6,109 5,919 18,485 20,123 Amortization of definite-lived intangible assets and other assets 6,230 4,606 17,683 13,692 Gain on asset exchange (500) (2,163) (3,016) (2,163) Impairment of goodwill, intangible and other assets 243 - 130,341 1,626 --- --- ------- ----- Total operating expenses 124,394 140,789 518,287 431,531 ------- ------- ------- ------- Operating income (loss) 35,733 37,402 (45,150) 126,932 OTHER INCOME (EXPENSE): Interest expense and amortization of debt discount and deferred financing costs (17,466) (21,568) (53,486) (66,183) Interest income 3 224 40 599 Gain (loss) from sale of assets 49 (3) 126 48 Gain from extinguishment of debt - 432 18,986 146 (Loss) gain from derivative instruments (50) - (102) 999 Income (loss) from equity and cost method investments 453 658 471 (118) Other income, net 446 451 1,497 1,262 --- --- ----- ----- Total other expense (16,565) (19,806) (32,468) (63,247) ------- ------- ------- ------- Income (loss) from continuing operations before income taxes 19,168 17,596 (77,618) 63,685 INCOME TAX (PROVISION) BENEFIT (3,313) (8,359) 9,129 (28,304) ------ ------ ----- ------- Income (loss) from continuing operations 15,855 9,237 (68,489) 35,381 DISCONTINUED OPERATIONS: Income (loss) from discontinued operations, net of related income tax benefit (provision) of $245, ($187), $9, and ($232) respectively 245 (38) 28 9 --- --- -- - NET INCOME (LOSS) 16,100 9,199 (68,461) 35,390 Net (income) loss attributable to the noncontrolling interest (1,162) 991 527 1,571 ------ --- --- ----- NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP $14,938 $10,190 $(67,934) $36,961 ======= ======= ======== ======= Dividends declared per share $- $0.20 $- $0.60 == ===== == ===== BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP: Earnings (loss) per share from continuing operations $0.18 $0.12 $(0.85) $0.42 ===== ===== ====== ===== Earnings per share from discontinued operations $- $- $- $- == == == == Earnings (loss) per share $0.19 $0.12 $(0.85) $0.42 ===== ===== ====== ===== Weighted average common shares outstanding 79,739 86,315 80,036 87,088 ====== ====== ====== ====== Weighted average common and common equivalent shares outstanding 86,155 86,315 80,036 87,092 ====== ====== ====== ====== AMOUNTS ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP COMMON SHAREHOLDERS: Income (loss) from continuing operations, net of tax $14,693 $10,228 $(67,962) $36,952 Income (loss) from discontinued operations, net of tax 245 (38) 28 9 --- --- -- - Net income (loss) $14,938 $10,190 $(67,934) $36,961 ======= ======= ======== ======= Preliminary Unaudited Consolidated Historical Selected Balance Sheet Data: (In thousands) September 30, June 30, 2009 2009 ---- ---- Cash & cash equivalents $10,224 $13,080 Total current assets 183,042 158,240 Total long term assets 1,446,106 1,447,901 Total assets 1,629,148 1,606,141 Current portion of debt 38,452 358,237 Total current liabilities 201,028 500,361 Long term portion of debt 1,260,623 959,573 Total long term liabilities 1,560,294 1,254,436 Total liabilities 1,761,322 1,754,797 Total stockholders' equity (132,174) (148,656) Total liabilities & stockholders' equity $1,629,148 $1,606,141 Unaudited Consolidated Historical Selected Statement of Cash Flows Data: (In thousands) Three Months Nine Months Ended Ended September 30, September 30, 2009 2009 ---- ---- Net cash flow from operating activities $32,116 $83,575 Net cash flow used in investing activities (5,942) (23,668) Net cash flow used in financing activities (29,030) (66,153) ------- ------- Net decrease in cash & cash equivalents (2,856) (6,246) Cash & cash equivalents, beginning of period 13,080 16,470 ------ ------ Cash & cash equivalents, end of period $10,224 $10,224

Sinclair Broadcast Group, Inc.

CONTACT: David Amy, EVP & Chief Financial Officer, or Lucy Rutishauser,
VP-Corporate Finance & Treasurer, +1-410-568-1500, both of Sinclair Broadcast
Group, Inc.

Web Site: http://www.sbgi.net/

Consolidated Graphics Reports Financial Results For The Quarter Ended September 2009

HOUSTON, Nov. 4 /PRNewswire-FirstCall/ -- Consolidated Graphics, Inc. today announced financial results for the quarter ended September 30, 2009.

Revenue for the September quarter was $251.6 million, down 15% compared to the same quarter last year. The revenue decline was primarily due to a year-over-year same-store revenue decline caused by the current economic environment and lower election-related business. Operating income for the September 2009 quarter of $6.6 million included charges of $2.6 million related to litigation and the impairment of certain production equipment. Adjusted operating income was $9.4 million or 3.7% of revenue compared to $21.1 million or 7.1% of revenue for the September 2008 quarter. Adjusted operating margin declined due to lower sales which caused certain costs, such as depreciation and various overhead expenses, to increase as a percentage of revenues. Adjusted net income for the September 2009 quarter was $3.8 million, or $.34 diluted earnings per share compared to adjusted net income of $10.1 million, or $.88 diluted earnings per share for the prior year quarter. Net income during the quarter ended September 30, 2009 was $2.1 million or $.18 diluted earnings per share.

On a sequential basis revenue increased 11.4% compared to the first quarter of 2009 and operating income and earnings per share also improved significantly.

The Company continued its strong cash flow performance in the September 2009 quarter, generating free cash flow of $55.8 million, compared to free cash flow of $29.8 million in the June 2009 quarter. Adjusted EBITDA for the September 2009 quarter was $28.7 million compared to $39.3 million for the same quarter of the prior year. As of September 30, 2009 total debt was $232.7 million, a reduction of $81.5 million, or 26%, from March 31, 2009.

Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics, commented, "During the quarter, demand remained soft across our markets, and while the economy continued to adversely impact our business and affect our profitability, we continued our focus on managing costs. In addition, we benefited from our strategic sales and from our position as the leader in digital print services, as digital print sales declined only slightly despite overall market conditions. The quarter also saw us continue to improve our balance sheet, as we utilized our strong free cash flow to further reduce our debt levels."

Mr. Davis added, "Going forward, we remain focused on building upon our leadership position in the market place, prudent management of our cost structure, and leveraging our strong financial position to invest in our business for our future. Visibility remains very limited, but based on current market conditions we expect the December quarter revenue to be in the range of $250-265 million representing a same store sales decline of 10-15%, excluding election-related business. Achieving revenues within this range should allow us to at least generate break-even Adjusted Net Income for the quarter ending in December."

A reconciliation of the non-GAAP financial measures, Adjusted EBITDA, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Income and Free Cash Flow is included in the attached tables and in the Current Report on Form 8-K filed today, as well as the basis for management's use of the non-GAAP financial measures.

Consolidated Graphics, Inc. will host a conference call today, Wednesday, November 4, 2009, at 11:00 a.m. Eastern Time, to discuss its second quarter fiscal 2010 results. The conference call will be simultaneously broadcast live over the Internet on our website (http://www.cgx.com/) and a subsequent archive of such call will also be available on our website.

Consolidated Graphics, Inc. (CGX), headquartered in Houston, Texas, is one of North America's leading general commercial printing companies. With 70 printing businesses strategically located across 27 states, Canada, and in Prague, we offer an unmatched geographic footprint, unsurpassed capabilities, and unparalleled levels of convenience, efficiency and service. With locations in or near virtually every major U.S. market, CGX provides service and responsiveness of a local printer enhanced by the economic, geographic and technological advantages of a large national organization.

Consolidated Graphics' vast and technologically advanced sheetfed and web printing capabilities are complemented by the largest integrated digital footprint of any commercial printer in the U.S. By coupling North America's most comprehensive printing capabilities with strategically located fulfillment centers and industry-leading technology, CGX delivers solutions that create a spectrum of value for customers. CGX offers the unique ability to respond to all printing-related needs no matter how large, small, specialized or complex. For more information, visit http://www.cgx.com/.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in which the Company discusses factors it believes may affect its performance or results in the future. Forward-looking statements are all statements other than historical facts, such as statements regarding assumptions, expectations, beliefs and projections about future events or conditions. You can generally identify forward-looking statements by the appearance in such a statement of words like "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "forecast," "project," "should" or "will" or other comparable words or the negative of such words. The accuracy of the Company's assumptions, expectations, beliefs and projections depend on events or conditions that change over time and are thus susceptible to change based on actual experience, new developments and known and unknown risks, including those created by general market conditions, competition and the possibility that events may occur beyond the Company's control, which may limit its ability to maintain or improve its operating results or financial condition or acquire additional printing businesses. The Company gives no assurance that the forward-looking statements will prove to be correct and does not undertake any duty to update them. The Company's actual future results might differ from the forward-looking statements made in this press release for a variety of reasons, continuing weakness in the economy, the growth of its digital printing business, seasonality of election-related business, its ability to adequately manage expenses, including labor costs, the unfavorable outcome of legal proceedings, the lack of or adequacy of insurance coverage for its operations, the continued availability of raw materials at affordable prices, retention of its key management and operating personnel, satisfactory labor relations, the potential for additional goodwill impairment charges, its ability to identify new acquisition opportunities, negotiate and finance such acquisitions on acceptable terms and successfully absorb and manage such acquisitions in a timely and efficient manner, as well as other risks described under the heading "Risk Factors" of our Annual Report on Form 10-K and the risk factors and cautionary statements described in the other documents the Company files or furnishes from time to time with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Should one or more of the foregoing risks or uncertainties materialize, or should the Company's underlying assumptions, expectations, beliefs or projections prove incorrect, the Company's actual results may vary materially from those anticipated in its forward-looking statements, and its business, financial condition and results of operations could be materially and adversely affected.

This press release also contains references to the non-GAAP financial measures of earnings, or net income, before interest, income taxes, depreciation and amortization, share-based compensation expense, non-cash foreign currency transaction gains and losses and net losses/gains from asset dispositions, or Adjusted EBITDA, operating income before litigation and other charges and non-cash foreign currency translation net (gain)/loss, or Adjusted Operating Income, Adjusted Operating Income divided by sales or Adjusted Operating Margin, net income before litigation and other charges net of tax, non-cash foreign currency transaction net (gain)/loss net of tax, or Adjusted Net Income and net cash provided by operating activities less capital expenditures plus proceeds from assets dispositions, or Free Cash Flow. Reconciliations of these non-GAAP financial measures are provided in the tables below. Management's opinion regarding the usefulness of these non-GAAP financial measures to investors and a description of the ways in which management used such measures can be found in the Current Report on Form 8-K we filed today with the Securities and Exchange Commission.

(Tables to follow) CONSOLIDATED GRAPHICS, INC. Condensed Consolidated Income Statements (In thousands, except per share amounts and unaudited) Three Months Ended Six Months Ended September 30, September 30, ------------------------------- -------------------------------- 2009 2008 Change 2009 2008 Change ------- -------- ------------- -------- -------- -------------- $ % $ % ------- --- -------- --- Sales 51,626 $296,951 (45,325) (15) $477,487 $582,145 (104,658) (18) Cost of Sales 196,183 224,365 (28,182) (13) 377,215 438,919 (61,704) (14) ------- ------- ------- ------- ------- ------- Gross Profit 55,443 72,586 (17,143) (24) 100,272 143,226 (42,954) (30) Selling Expenses 23,584 26,779 (3,195) (12) 46,375 55,183 (8,808) (16) General and Admin- istrative Expenses(1)22,426 24,717 (2,291) (9) 43,639 46,994 (3,355) (7) Litigation and Other Charges 2,633 - 2,633 nm 2,633 - 2,633 nm Other (Income) Expense, net 218 (257) 475 nm 164 (252) 416 nm --- ---- --- --- ---- --- Operating Income 6,582 21,347 (14,765) (69) 7,461 41,301 (33,840) (82) Interest Expense, net 2,347 3,852 (1,505) (39) 4,831 8,063 (3,232) (40) ----- ----- ------ ----- ----- ------ Income before Taxes 4,235 17,495 (13,260) (76) 2,630 33,238 (30,608) (92) Income Taxes 2,153 7,192 (5,039) (70) 862 13,319 (12,457) (94) ----- ------ ------- --- ------ ------- Net Income $2,082 $10,303 (8,221) (80) $1,768 $19,919 (18,151) (91) ====== ======= ====== ====== ======= ======= Earnings Per Share Basic $.19 $.92 $.16 $1.79 Diluted $.18 $.90 $.16 $1.74 Weighted Average Shares Outstanding Basic 11,163 11,147 11,161 11,129 Diluted 11,377 11,430 11,355 11,445 Effective Income Tax Rate 50.8% 41.1% 32.8% 40.1% ------------ (1) Share based compensation included in these expenses $1,209 $1,751 $2,753 $3,395 CONSOLIDATED GRAPHICS, INC. Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts and unaudited) September 30, March 31, 2009 2009 ------------ ------------ ASSETS CURRENT ASSETS Cash and cash equivalents $11,047 $9,762 Accounts receivable, net 170,364 173,501 Inventories 53,002 52,737 Prepaid expenses 12,912 17,340 Deferred income taxes 18,652 18,909 ------ ------ Total current assets 265,977 272,249 PROPERTY AND EQUIPMENT, net 407,157 430,519 GOODWILL 29,436 29,436 OTHER INTANGIBLE ASSETS, net 23,521 24,691 OTHER ASSETS 7,757 8,313 ----- ----- $733,848 $765,208 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current portion of long-term debt $22,769 $27,026 Accounts payable 88,635 48,519 Accrued liabilities 90,420 86,718 Income taxes payable 166 553 --- --- Total current liabilities 201,990 162,816 LONG-TERM DEBT, net of current portion 209,960 287,164 OTHER LIABILITIES 15,839 14,794 DEFERRED INCOME TAXES 50,730 49,970 ------ ------ Total liabilities 478,519 514,744 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Common stock, $.01 par value; 100,000,000 shares authorized; 11,162,667 and 11,152,875 issued and outstanding 111 111 Additional paid-in capital 165,884 163,131 Retained earnings 89,574 87,806 Accumulated other comprehensive loss (240) (584) ---- ---- Total shareholders' equity 255,329 250,464 ------- ------- $733,848 $765,208 ======== ======== Total debt $232,729 $314,190 Debt-to-total capitalization 48% 56% CONSOLIDATED GRAPHICS, INC. Reconciliations of Non-GAAP Performance Measures (In thousands and unaudited) Three Months Ended September 30, ------------------- 2009 2008 ---- ---- Net income $2,082 $10,303 Income taxes 2,153 7,192 Interest expense, net 2,347 3,852 Depreciation and amortization 17,756 16,211 Litigation and other charges 2,633 - Share-based compensation expense 1,209 1,751 Non-cash foreign currency transaction net (gain)/loss 218 (257) Net loss from asset dispositions 341 256 --- --- Adjusted EBITDA $28,739 $39,308 ======= ======= Net cash provided by operating activities $62,543 $7,680 Capital expenditures (6,904) (26,536) Proceeds from asset dispositions 180 213 --- --- Free Cash Flow $55,819 $(18,643) ======= ======== Operating income $6,582 $21,347 Litigation and other charges 2,633 - Non-cash foreign currency translation net (gain)/loss 218 (257) --- ---- Adjusted Operating Income $9,433 $21,090 ====== ======= Adjusted Operating Margin 3.7% 7.1% === === Net income $2,082 $10,303 Litigation and other charges 2,633 - Tax benefit of litigation and other charges (1,027) - Non-cash foreign currency transaction net (gain)/loss net of taxes 133 (157) --- ---- Adjusted Net Income $3,821 $10,146 ====== ======= Diluted earnings per share $.18 $.90 Litigation and other charges .23 - Tax benefit of litigation and other charges (.09) - Non-cash foreign currency transaction net (gain)/loss net of taxes .02 (.02) --- ---- Adjusted Diluted Earnings Per Share $.34 $.88 ---- ---- Three Months Ended June 30, 2009 ------------------ Net cash provided by operating activities $33,861 Capital expenditures (4,476) Proceeds from asset dispositions 450 --- Free Cash Flow $29,835 =======

Consolidated Graphics, Inc.

CONTACT: Jon C. Biro, Executive Vice President/Chief Financial Officer,
Consolidated Graphics, Inc., +1-713-787-0977, or Christine Mohrmann or
Alexandra Tramont of FD, +1-212-850-5600

Web Site: http://www.cgx.com/

Almost Family Reports Third Quarter 2009 ResultsRecent Company Highlights: - Net service revenues increased 31% to $76.3 million - Visiting Nurse (VN) segment net revenues rose 35% to $65.7 million - Quarterly operating cash flow of $7.8 million - strongest in the Company's history - Net income increased 31% to $6.2 million - Diluted EPS increased 30% to $0.73 per share - Raised $28 million in the Company's Equity Distribution Program -- cash on hand plus bank credit facility make $80 million available to fund acquisitions

Almost Family, Inc. , a leading regional provider of home health nursing services, announced today its financial results for the three months ended September 30, 2009.

William Yarmuth, Chief Executive Officer, commented, "We're very pleased to once again report record operating results, especially in what is seasonally a down quarter in our Florida markets. Despite the immense amount of noise surrounding Federal health care reform activities, our managers have maintained their focus on our patients and referral sources to achieve these results. Whatever the outcome of the current health care reform efforts might bring, we are positioning our Company to thrive and grow as a major consolidator in the home health care industry."

Third Quarter Financial Results

Almost Family reported third quarter 2009 net service revenues of $76.3 million, a 31% increase from $58.4 million in the third quarter of 2008.

Net income for the third quarter of 2009 was $6.2 million, or $0.73 per diluted share, compared to $4.7 million, or $0.56 per diluted share, in the third quarter of 2008. The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 1% between periods.

Third Quarter Segment Results

Net revenues in the Visiting Nurse segment for the third quarter of 2009 were $65.7 million, a 35% increase from $48.6 million in the third quarter of 2008. The total revenue growth of $17.1 million came from a 24% organic growth rate plus $7.1 million from acquired operations. Organic Medicare admissions growth was 11% and organic Medicare Episodic growth was 25%. Operating income before corporate expense in the VN segment for the third quarter of 2009 was $13.4 million, a 34% increase from $10.0 million in the third quarter of 2008.

Net revenues in the Personal Care (PC) segment for the third quarter of 2009 were $10.6 million, an 8% increase from $9.8 million in the third quarter of 2008. Operating income before unallocated corporate expense in the PC segment for the third quarter of 2009 was $1.3 million, a 40% increase from $902,000 in the third quarter of 2008.

The Company also noted that its Visiting Nurse segment operations located in Florida normally experience higher admissions during the first quarter and lower admissions during the third quarter than in the other quarters due to seasonal population fluctuations.

Nine Month Period Ended September 30, 2009

Almost Family reported net service revenues for the nine month period ended September 30, 2009 of $219.8 million, a 51% increase from $145.6 million in the same period of 2008.

Net income for the nine month period of 2009 was $17.8 million, or $2.14 per diluted share, compared to $11.1 million, or $1.52 per diluted share, in the nine month period of 2008.

Nine Month Period Segment Results

Net revenues in the Visiting Nurse segment for the nine month period of 2009 were $188.4 million, a 61% increase from $117.3 million in the nine month period of 2008. The total revenue growth of $71.1 million came from a 32% organic growth rate plus $39.7 million from acquired operations. Operating income before corporate expense in the VN segment for the nine month period of 2009 was $38.9 million, a 62% increase from $24.0 million in the same period of 2008.

Net revenues in the Personal Care (PC) segment for the nine month period of 2009 were $31.4 million, an 11% increase from $28.3 million in the nine month period of 2008. Operating income before unallocated corporate expense in the PC segment for the nine month period of 2009 was $3.6 million, a 48% increase from $2.4 million in the nine month period of 2008.

Stock Offering

In the quarter ended September 30, 2009, the Company sold 967,556 shares of its common stock in a series of open market transactions at a weighted average price of $29.71. Net proceeds of approximately $28 million were used to repay obligations under the Company's bank credit facility. As of September 30, 2009, the Company had approximately $10 million in cash on hand.

Conference Call

A conference call to review the results will begin at 11:00 a.m. ET on November 4, 2009, and will be hosted by William Yarmuth, Chief Executive Officer, and Steve Guenthner, Chief Financial Officer. To participate in the conference call, please dial 1-877-407-0789 (USA) or 1-201-689-8562 (International). In addition, a dial-up replay of the conference call will be available beginning November 4, 2009 at 2:00 p.m. ET and ending on November 18, 2009. The replay telephone number is 1-877-660-6853 (USA) or 1-201-612-7415 (International). Account Number: 3055 and Passcode: 335866.

A live Web cast of the call will also be available from the Investor Relations section of the corporate Web site at http://www.almostfamily.com/. A Web cast replay can be accessed on the corporate Web site beginning November 4, 2009 at approximately 2:00 p.m. ET and will remain available until December 4, 2009.

Almost Family, Inc. The Ruth Group Steve Guenthner Investor Relations (502) 891-1000 Nick Laudico/Zack Kubow (646) 536-7030/7020 nlaudico@theruthgroup.com zkubow@theruthgroup.com ALMOST FAMILY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three months ended September 30, ------------------- 2009 2008 ---- ---- Net service revenues $76,294,375 $58,437,365 Cost of service revenues 35,779,006 26,953,672 ---------- ---------- Gross margin 40,515,369 31,483,693 ---------- ---------- General and administrative expenses: Salaries and benefits 20,799,942 16,352,793 Other 9,378,248 7,262,549 --------- --------- Total general and administrative expenses 30,178,190 23,615,342 ---------- ---------- Operating income 10,337,179 7,868,351 Interest expense, net (156,326) (355,077) -------- -------- Income from continuing operations before income taxes 10,180,853 7,513,274 Income tax expense (3,985,767) (2,729,479) ---------- ---------- Net income from continuing operations 6,195,086 4,783,795 Discontinued operations, net of tax benefits of $18,384 and $12,759 (28,624) (79,039) ------- ------- Net income $6,166,462 $4,704,756 ========== ========== Per share amounts-basic: Average shares outstanding 8,282,209 8,137,326 Income from continued operations $0.75 $0.59 Loss from discontinued operations - (0.01) - ----- Net income $0.75 $0.58 ===== ===== Per share amounts-diluted: Average shares outstanding 8,457,329 8,357,332 Income from continued operations $0.73 $0.57 Loss from discontinued operations - (0.01) ----- ----- Net income $0.73 $0.56 ===== ===== ALMOST FAMILY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Nine months ended September 30, ------------------ 2009 2008 ---- ---- Net service revenues $219,828,607 $145,621,947 Cost of service revenues 102,494,108 67,995,016 ----------- ---------- Gross margin 117,334,499 77,626,931 ----------- ---------- General and administrative expenses: Salaries and benefits 60,469,972 39,805,479 Other 26,840,565 18,875,416 ---------- ---------- Total general and administrative expenses 87,310,537 58,680,895 ---------- ---------- Operating income 30,023,962 18,946,036 Interest expense, net (673,186) (733,833) -------- -------- Income from continuing operations before income taxes 29,350,776 18,212,203 Income tax expense (11,488,120) (6,996,271) ----------- ---------- Net income from continuing operations 17,862,656 11,215,932 Discontinued operations, net of tax benefits of $27,061 and $63,661 (106,999) (119,165) -------- -------- Net income $17,755,657 $11,096,767 =========== =========== Per share amounts-basic: Average shares outstanding 8,164,360 7,111,182 Income from continued operations $2.19 $1.58 Loss from discontinued operations (0.01) (0.02) ----- ----- Net income $2.18 $1.56 ===== ===== Per share amounts-diluted: Average shares outstanding 8,318,411 7,298,718 Income from continued operations $2.15 $1.54 Loss from discontinued operations (0.01) (0.02) ----- ----- Net income $2.14 $1.52 ===== ===== ALMOST FAMILY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS September 30, 2009 December 31, ASSETS (UNAUDITED) 2008 ----------- ------------- CURRENT ASSETS: Cash and cash equivalents $10,072,590 $1,301,178 Accounts receivable - net 38,404,378 34,760,021 Prepaid expenses and other current assets 2,930,547 3,113,737 Deferred tax assets 7,098,046 4,437,979 --------- --------- TOTAL CURRENT ASSETS 58,505,561 43,612,915 PROPERTY AND EQUIPMENT - NET 4,095,383 4,199,067 GOODWILL 98,179,505 92,170,091 OTHER INTANGIBLE ASSETS 14,613,918 16,715,369 OTHER ASSETS 576,137 518,317 ------- ------- $175,970,505 $157,215,759 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $5,293,798 $5,320,763 Accrued other liabilities 19,502,196 22,436,430 Current portion - capital leases and notes payable 493,210 4,774,249 ------- --------- TOTAL CURRENT LIABILITIES 25,289,204 32,531,442 ---------- ---------- LONG-TERM LIABILITIES: Revolving credit facility - 23,998,428 Capital lease obligations - 111,002 Notes payable 4,300,000 3,100,000 Deferred tax liabilities 3,218,179 1,215,816 Other liabilities 1,149,412 1,476,843 --------- --------- TOTAL LONG-TERM LIABILITIES 8,667,591 29,902,089 --------- ---------- TOTAL LIABILITIES 33,956,795 62,433,531 ---------- ---------- STOCKHOLDERS' EQUITY: Preferred stock, par value $0.05; authorized 2,000,000 shares; none issued or outstanding - - Common stock, par value $0.10; authorized 25,000,000; 9,146,295 and 8,136,723 issued and outstanding 914,630 813,672 Additional paid-in capital 94,310,539 64,935,673 Retained earnings 46,788,541 29,032,883 ---------- ---------- TOTAL STOCKHOLDERS' EQUITY 142,013,710 94,782,228 ----------- ---------- $175,970,505 $157,215,759 ============ ============ ALMOST FAMILY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Nine months ended September 30, 2009 2008 ---- ---- Cash flows from operating activities: Net income $17,755,657 $11,096,767 Loss from discontinued operations (106,999) (119,165) -------- -------- Income from continuing operations 17,862,656 11,215,932 Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Depreciation and amortization 1,752,952 1,151,087 Provision for uncollectible accounts 3,164,030 2,375,792 Stock-based compensation 1,218,909 527,462 Deferred income taxes (657,704) (1,152,716) -------- ---------- 23,340,843 14,117,557 Change in certain net assets, net of the effects of acquisitions: (Increase) decrease in: Accounts receivable (6,642,774) (11,716,548) Prepaid expenses and other current assets 183,190 (789,821) Other assets (57,821) (26,455) Increase (decrease) in: Accounts payable and accrued expenses (22,981) 2,154,591 ------- --------- Net cash provided by operating activities 16,800,457 3,739,324 ---------- --------- Cash flows from investing activities: Capital expenditures (1,382,133) (621,360) Acquisitions, net of cash acquired (6,406,358) (58,593,323) ---------- ----------- Net cash used in investing activities (7,788,491) (59,214,683) ---------- ----------- Cash flows from financing activities: Net revolving credit facility (repayments) borrowings (23,998,428) 14,096,873 Proceeds from stock option exercises 78,110 54,876 Tax benefit from non-qualified stock option exercises 211,417 84,448 Proceeds from stock offering, net 27,967,387 41,820,562 Principal payments on capital leases and notes payable (4,392,041) (200,086) ---------- -------- Net cash (used in) provided by financing activities (133,555) 55,856,673 -------- ---------- Cash flows from discontinued operations: Operating activities (106,999) (119,165) Investing activities - - Financing activities - - -------- -------- Net cash used in discontinued operations (106,999) (119,165) -------- -------- Net increase in cash and cash equivalents 8,771,412 262,149 Cash and cash equivalents at beginning of period 1,301,178 473,222 --------- ------- Cash and cash equivalents at end of period $10,072,590 $735,371 =========== ======== Summary of non-cash investing and financing activities: Acquisitions funded by notes payable $1,200,000 $3,000,000 Acquisitions funded by stock $- $1,000,000 ALMOST FAMILY, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS Three months ended September 30, --------------------------------------------------------- 2009 2008 Change ----------------- ---------------- ---------------- Amount % Rev Amount % Rev Amount % -------- ----- -------- ----- -------- ----- Net service revenues: Visiting Nurse $65,738,993 86.2% $48,621,039 83.2% $17,117,954 35.2% Personal Care 10,555,382 13.8% 9,816,326 16.8% 739,056 7.5% ---------- --------- ------- 76,294,375 100.0% $58,437,365 100.0% 17,857,010 30.6% ---------- ----------- ---------- Operating income: Visiting Nurse 13,418,391 20.4% $10,000,146 20.6% 3,418,245 34.2% Personal Care 1,263,325 12.0% 901,983 9.2% 361,342 40.1% --------- ------- ------- 14,681,716 19.2% 10,902,129 18.7% 3,779,587 34.7% Corporate expenses 4,344,538 5.7% 3,033,778 5.2% 1,310,759 43.2% --------- --------- --------- Operating income 10,337,178 13.5% 7,868,351 13.5% 2,468,828 31.4% Interest expense, net (156,326) 0.2% (355,077) 0.6% (198,751) -56.0% Income tax expense (3,985,767) 5.2% (2,729,479) 4.7% 1,256,288 46.0% ---------- ---------- --------- Net income from continuing operations $6,195,086 8.1% $4,783,795 8.2% $1,411,290 29.5% ========== ========== ========== EBITDA from continuing operations $11,385,337 14.9% $8,571,218 14.7% $2,814,119 32.8% ALMOST FAMILY, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS Nine months ended September 30, -------------------------------------------------------- 2009 2008 Change ----------------- ---------------- --------------- Amount % Rev Amount % Rev Amount % -------- ----- -------- ----- -------- ----- Net service revenues: Visiting Nurse $188,443,726 85.7% $117,317,207 80.6% $71,126,519 60.6% Personal Care 31,384,881 14.3% 28,304,740 19.4% 3,080,141 10.9% ---------- ---------- --------- 219,828,607 100.0% $145,621,947 100.0% 74,206,660 51.0% ----------- ------------ ---------- Operating income: Visiting Nurse 38,902,918 20.6% $24,037,766 20.5% 14,865,152 61.8% Personal Care 3,597,234 11.5% 2,425,635 8.6% 1,171,599 48.3% --------- --------- --------- Operating income before unallocated corporate expenses 42,500,152 19.3% 26,463,401 18.2% 16,036,751 60.6% Corporate expenses 12,476,189 5.7% 7,517,365 5.2% 4,958,824 66.0% ---------- --------- --------- Operating income 30,023,962 13.7% 18,946,036 13.0% 11,077,927 58.5% Interest expense, net (673,186) 0.3% (733,833) 0.5% (60,647) -8.3% Income taxes (11,488,120) 5.2% (6,996,271) 4.8% 4,491,849 64.2% ----------- ---------- --------- Net income from continuing operations $17,862,656 8.1% $11,215,932 7.7% $6,646,725 59.3% =========== =========== ========== EBITDA from continuing operations $32,995,823 15.0% $20,624,585 14.2% $12,371,238 60.0% ALMOST FAMILY, INC. AND SUBSIDIARIES VISITING NURSE SEGMENT OPERATING METRICS Three months ended September 30, ----------------------------------------- 2009 2008 Change Amount Amount Amount % -------- -------- -------- ----- Average number of locations 82 64 18 28.1% All payors: Admissions 12,878 10,339 2,539 24.6% Billable visits 416,328 309,183 107,145 34.7% Medicare statistics: Revenue $59,380,507 $43,374,706 $16,005,801 36.9% Percentage of total revenues 90.3% 89.2% Billable visits 360,681 261,426 99,255 38.0% Admissions 11,616 9,479 2,137 22.5% Episodes started 19,479 14,562 4,917 33.8% Revenue per completed episode $3,002 $2,926 $76 2.6% Visits per episode 17.8 17.4 0.4 2.4% ALMOST FAMILY, INC. AND SUBSIDIARIES PERSONAL CARE SEGMENT OPERATING METRICS Three months ended September 30, -------------------------------- 2009 2008 Change Amount Amount Amount % -------- -------- -------- ----- Average number of locations 23 22 1 4.5% Admissions 804 861 (57) -6.6% Patient days of care 152,272 137,878 14,394 10.4% Billable hours 590,662 544,512 46,150 8.5% Revenue per billable hours $17.87 $18.03 $(0.16) -0.9% ALMOST FAMILY, INC. AND SUBSIDIARIES VISITING NURSE SEGMENT OPERATING METRICS Nine months ended September 30, ------------------------------------------- 2009 2008 Change Amount Amount Amount % -------- -------- -------- ----- Average number of locations 78 58 20 34.5% All payors: Admissions 38,532 28,149 10,383 36.9% Billable visits 1,194,139 737,318 456,821 62.0% Medicare statistics: Revenue $169,098,518 $107,772,323 $61,326,195 56.9% Percentage of total revenues 89.7% 91.9% Billable visits 1,025,210 654,542 370,668 56.6% Admissions 34,968 25,702 9,266 36.0% Episodes started 56,703 37,401 19,302 51.6% Revenue per completed episode $2,943 $2,832 $111 3.9% Visits per episode 17.5 17.2 0.3 1.9% ALMOST FAMILY, INC. AND SUBSIDIARIES PERSONAL CARE SEGMENT OPERATING METRICS Nine months ended September 30, ------------------------------- 2009 2008 Change Amount Amount Amount % -------- -------- -------- ----- Average number of locations 22 22 - - Admissions 2,445 2,586 (141) -5.5% Patient days of care 448,331 401,539 46,792 11.7% Billable hours 1,756,498 1,563,377 193,121 12.4% Revenue per billable hours $17.87 $18.10 $(0.23) -1.3% Non-GAAP Financial Measure

The information provided in the tables in this release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC) rules. In accordance with SEC rules, the Company has provided, in the supplemental information and the footnotes to the tables, a reconciliation of those measures to the most directly comparable GAAP measures.

EBITDA:

EBITDA is defined as income before depreciation and amortization, net interest expense and income taxes. EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States of America. It should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating, investing or financing activities, or any other measure calculated in accordance with generally accepted accounting principles. The items excluded from EBITDA are significant components in understanding and evaluating financial performance and liquidity. Management routinely calculates and communicates EBITDA and believes that it is useful to investors because it is commonly used as an analytical indicator within our industry to evaluate performance, measure leverage capacity and debt service ability, and to estimate current or prospective enterprise value. EBITDA is also used in certain covenants contained in our credit agreement.

The following tables set forth a reconciliation of Continuing Operations Net Income to EBITDA:

ALMOST FAMILY, INC. AND SUBSIDIARIES RECONCILIATION OF EBITDA Three months ended September 30, ------------------- 2009 2008 ---- ---- Net income from continuing operations $6,195,086 $4,783,795 Add back: Interest expense 156,326 355,077 Income tax expense 3,985,767 2,729,479 Depreciation and amortization 600,936 508,737 Amortization of stock-based compensation 447,222 194,130 ------- ------- Earnings before interest, income taxes, depreciation and amortization (EBITDA) from continuing operations $11,385,337 $8,571,218 =========== ========== ALMOST FAMILY, INC. AND SUBSIDIARIES RECONCILIATION OF EBITDA Nine months ended September 30, ------------------ 2009 2008 ---- ---- Net income from continuing operations $17,862,656 $11,215,932 Add back: Interest expense 673,186 733,833 Income tax expense 11,488,120 6,996,271 Depreciation and amortization 1,752,952 1,151,087 Amortization of stock-based compensation 1,218,909 527,462 --------- ------- Earnings before interest, income taxes, depreciation and amortization (EBITDA) from continuing operations $32,995,823 $20,624,585 =========== =========== About Almost Family

Almost Family, Inc., founded in 1976, is a leading regional provider of home health nursing services, with branch locations in Florida, Kentucky, Connecticut, New Jersey, Ohio, Massachusetts, Alabama, Missouri, Illinois, Pennsylvania, and Indiana (in order of revenue significance). Almost Family, Inc. and its subsidiaries operate a Medicare-certified visiting nurse segment and a personal care segment. Altogether, Almost Family operates over 100 branch locations in 11 U.S. states.

Forward Looking Statements

All statements, other than statements of historical facts, included in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "believe," "estimate," "project," "anticipate," "continue," or similar terms, variations of those terms or the negative of those terms. These forward-looking statements are based on the Company's current plans, expectations and projections about future events.

Because forward-looking statements involve risks and uncertainties, the Company's actual results could differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The potential risks and uncertainties which could cause actual results to differ materially include: regulatory approvals or third party consents may not be obtained, the impact of further changes in healthcare reimbursement systems, including the ultimate outcome of potential changes to Medicare reimbursement for home health services and to Medicaid reimbursement due to state budget shortfalls; the ability of the Company to maintain its level of operating performance and achieve its cost control objectives; changes in our relationships with referral sources; the ability of the Company to integrate acquired operations; government regulation; health care reform; pricing pressures from Medicare, Medicaid and other third-party payers; changes in, or failure to comply with, laws and interpretations of laws relating to the healthcare industry; and the Company's self-insurance risks. For a more complete discussion regarding these and other factors which could affect the Company's financial performance, refer to the Company's various filings with the Securities and Exchange Commission, including its filing on Form 10-K for the year ended December 31, 2008, in particular information under the headings "Special Caution Regarding Forward-Looking Statements" and "Risk Factors." The Company undertakes no obligation to update or revise its forward-looking statements.

Almost Family, Inc.

CONTACT: Almost Family, Inc., Steve Guenthner, +1-502-891-1000; or The
Ruth Group, Investor Relations, Nick Laudico, +1-646-536-7030,
nlaudico@theruthgroup.com, or Zack Kubow, +1-646-536-7020,
zkubow@theruthgroup.com

Web Site: http://www.almostfamily.com/

Inside Counsel Give Top Tips for Controlling E-Discovery Costs in New FTI Technology StudyWebinar and Study Highlight Advice from Fortune 1000 Counsel for Controlling E-Discovery Costs

NEW YORK, Nov. 4 /PRNewswire-FirstCall/ -- FTI Consulting, Inc. , the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, today announced the results of an FTI-funded study of in-house counsel and e-discovery professionals. The findings, as well as several tips from interviewees on how to control e-discovery costs, are available for download from FTI Technology and highlight many of the common steps companies have successfully taken to reduce the overall cost of e-discovery.

"Nearly three years after the Federal Rules of Civil Procedure (FRCP) were amended, many corporations have made great progress in implementing both short-term tactical and long-term strategic plans for e-discovery," said Adam Cohen, senior managing director of FTI Technology. "The study highlights specific e-discovery best practices in effect today at leading corporations, and can serve as a practical guide for all corporate counsel in targeting and improving this complex and costly process."

Among the findings: -- Legal review: 72% of respondents cited legal review as the most expensive phase of e-discovery, and gave numerous suggestions from experience on how corporations could reduce costs. -- Using fewer providers: 97% of respondents cited using fewer providers to support the e-discovery process as one of the more important considerations in the selection process. -- Defensibility: The most important factor for selecting both software and legal services was defensibility, with 62% naming it as a top factor in selection of e-discovery software and 52% for legal services. -- E-discovery vendor viability: Ahead of cost, corporate counsel prioritized selecting a provider with long-term viability, given many uncertainties in the rapidly evolving e-discovery market. Viability was listed as the second most important factor when selecting a software vendor (by 41%) and a legal service provider (by 45%). -- In-house control: 86% said they had developed and implemented more effective and holistic information management, retention and destruction policies, and had also reduced the overall amount of data in-house to streamline review. -- E-discovery cost savings: Cost was cited as the third and fourth most important factors respectively when selecting legal service providers and software.

"As part of this study I spoke with an in-house legal team member that had reduced their e-discovery and legal fees by as much as $2 million in one year through implementing more efficient legal review software and processes," said Ari Kaplan, legal consultant and principal of Ari Kaplan Advisors. "The findings are exciting in that they go beyond theoretical best practices and show tangible, quantifiable evidence of the measures that corporations are using to reduce e-discovery costs today."

The study targeted Fortune 1000 companies and is based on interviews of 29 inside counsel, project managers, records managers, and IT leaders with responsibility for e-discovery. Representing companies from some of the most litigious and regulated industries, including financial services, energy and pharmaceuticals, 93% of respondents were from Fortune 1000 companies and nearly half of the respondents were from companies with total annual revenues greater than $10 billion. Interviewees were asked to share their advice with those just beginning the e-discovery process, and answered a number of questions relating to the most expensive steps in e-discovery and their own strategies for controlling e-discovery costs. Interviews were conducted by Ari Kaplan, legal consultant and principal of Ari Kaplan Advisors, during the summer of 2009.

FTI will host a November 5th Web seminar on the findings with Ari Kaplan of Ari Kaplan Advisors and Adam Cohen of FTI Technology. To register for the event, please visit the FTI Technology site.

For more information on FTI Technology, please visit http://www.ftitechnology.com/.

About FTI Consulting

FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 3,500 employees located in most major business centers in the world, we work closely with clients every day to anticipate, illuminate, and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and restructuring. More information can be found at http://www.fticonsulting.com/.

FTI Consulting, Inc.

CONTACT: AT FTI: Kate Andrejack Holmes, +1-206-373-6521,
Kate.holmes@fticonsulting.com

Web Site: http://www.fticonsulting.com/

Watson Reports Third Quarter 2009 GAAP EPS of $0.55; Adjusted EPS of $0.66

MORRISTOWN, N.J., Nov. 4 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. today reported net income of $63.0 million, or $0.55 per diluted share for the third quarter ended September 30, 2009. Excluding special items as detailed in the reconciliation table below, adjusted net income for the third quarter was $76.1 million, or $0.66 per diluted share, an increase of $22.1 million or 41 percent over the adjusted net income for the third quarter ended September 30, 2008. As detailed in the attached reconciliation table, adjusted EBITDA for the third quarter was $178.4 million.

Net revenue for the third quarter 2009 was $662.1 million, an increase of $21.4 million or three percent from the third quarter 2008. Cash flow from operations was $74.4 million and cash and marketable securities were $826.0 million as of September 30, 2009.

"Adjusted net income for the quarter increased over 40 percent, driven by sustainable margin improvements resulting from operating efficiencies delivered by our Global Supply Chain Initiative as well as the contribution of new products," said Paul Bisaro, Watson's President and Chief Executive Officer. "Key generic products such as metroprolol extended-release, potassium chloride and Next Choice(TM) contributed to a nine percent increase in generic revenue, while brand revenue for the quarter exceeded $112 million, the result of contributions from new products such as Rapaflo® and Gelnique®, and promoted products such as AndroGel® and Femring®.

"While achieving strong earnings growth, we also increased our investment in product development by 15% to approximately $52 million, and continued to invest in sales and marketing to support our brand portfolio," continued Mr. Bisaro. "In preparation for completing the acquisition of Arrow Group, we completed our bond offering during the quarter at very favorable rates and stand to close as soon as Federal Trade Commission (FTC) clearance is received. Management continues to refine the strategies that will ensure the smooth and efficient integration of this business to maximize its contribution going forward. We remain confident that the addition of Arrow will efficiently expand our global marketing presence and help create a strong platform for future growth," Mr. Bisaro concluded.

Third Quarter 2009 Business Segment Results September 30, September 30, ------------- -------------- (Unaudited; $ in millions) 2009 2008 2009 2008 ---- ---- ---- ---- Generic Segment Contribution Product sales $392.3 $352.2 $1,181.3 $1,038.9 Other revenue 5.7 11.6 19.6 68.3 --- ---- ---- ---- Net revenue 398.0 363.8 1,200.9 1,107.2 Operating expenses: Cost of sales 204.1 212.4 676.7 669.7 Research and development 37.0 31.7 97.0 83.4 Selling and marketing 11.7 14.0 35.8 41.9 ---- ---- ---- ---- Segment contribution $145.2 $105.7 $391.4 $312.2 ====== ====== ====== ====== Segment margin 36.5% 29.1% 32.6% 28.2% Adjusted gross profit (1) $200.6 $155.7 $546.3 $444.3 Adjusted gross margin 50.4% 42.8% 45.5% 40.7% (1) Adjusted gross profit represents adjusted net revenue less adjusted cost of sales and excludes amortization of acquired intangibles. Pro forma adjustments to revenue and cost of sales for the respective periods include the following: Global supply chain initiative costs $(6.7) $(4.3) $(22.1) $(21.8) Revenue from legal settlements - - - (15.0)

Generic product sales for the third quarter of 2009 increased $40.1 million or 11 percent to $392.3 million, reflecting the addition of new products, including metoprolol extended-release, potassium-chloride extended-release capsules, and Next Choice(TM). The increase was partially offset by lower sales from omeprazole 40mg. Generic other revenue decreased $5.9 million to $5.7 million, primarily due to a decline in royalties from Sandoz's sales of metoprolol extended-release tablets 50mg.

Adjusted Generic gross profit increased $44.9 million or 29 percent to $200.6 million in the third quarter of 2009, compared to $155.7 million in the third quarter of 2008 and $175.2 million in the second quarter of 2009. The year over year quarterly increase was positively influenced by lower costs resulting from Watson's Global Supply Chain Initiative, as well as the launch of new products. Adjusted Generic gross profit for the third quarter excludes approximately $6.7 million in costs related to the Global Supply Chain Initiative.

Generic research and development expense increased $5.3 million or 17 percent to $37.0 million. Watson currently has approximately 60 ANDAs on file with the Food and Drug Administration (FDA).

Brand Segment Information Three Months Nine Months Ended Ended September 30, September 30, ------------- ------------- (Unaudited; $ in millions) 2009 2008 2009 2008 ---- ---- ---- ---- Brand Segment Contribution Product sales $96.1 $94.3 $291.9 $294.8 Other revenue 16.6 11.7 48.1 44.5 ---- ---- ---- ---- Net revenue 112.7 106.0 340.0 339.3 Operating expenses: Cost of sales 20.7 30.2 66.9 82.1 Research and development 14.9 13.6 39.8 39.1 Selling and marketing 32.5 29.0 108.5 86.6 ---- ---- ----- ---- Segment contribution $44.6 $33.2 $124.8 $131.5 ===== ===== ====== ====== Segment margin 39.6% 31.3% 36.7% 38.8% Adjusted gross profit (1) $92.0 $75.8 $273.1 $257.4 Adjusted gross margin 81.6% 71.5% 80.3% 75.9% (1) Adjusted gross profit represents net revenue less adjusted cost of sales and excludes amortization of acquired intangibles. Adjusted cost of sales for the nine months ended September 30, 2008 includes a $0.2 million adjustment for Global Supply Chain Costs.

Brand product sales for the third quarter of 2009 increased slightly to $96.1 million, due primarily to sales of new products, including Rapaflo® and Gelnique®, and increased sales of Androderm®. This increase was offset in part by lower sales of Ferrlecit®. Brand other revenue increased $4.9 million to $16.6 million, due primarily to increased revenue from the Company's promotion of AndroGel® and Femring®.

Brand selling and marketing expense for the third quarter of 2009 increased 12 percent to $32.5 million, due to higher spending related to the launches of Rapaflo® and Gelnique®.

Distribution Segment Information Three Months Nine Months Ended Ended September 30, September 30, ------------- ------------- (Unaudited; $ in millions) 2009 2008 2009 2008 ---- ---- ---- ---- Distribution Segment Contribution Net revenue $151.4 $170.9 $466.4 $443.8 Operating expenses: Cost of sales 128.9 144.1 391.9 374.9 Selling and marketing 15.8 15.6 47.6 43.7 ---- ---- ---- ---- Segment contribution $6.7 $11.2 $26.9 $25.2 ==== ===== ===== ===== Segment margin 4.4% 6.6% 5.8% 5.7% Adjusted gross profit (1) $22.5 $26.8 $74.5 $68.9 Adjusted gross margin 14.9% 15.7% 16.0% 15.5% (1) Adjusted Gross profit represents net revenue less cost of sales and excludes amortization of acquired intangibles.

Distribution segment net revenue decreased 11 percent or $19.5 million to $151.4 million for the third quarter of 2009. The decrease was primarily due to fewer third-party generic new product launches in the third quarter, partially offset by an increase in brand product sales. Distribution revenue excludes sales of Watson products.

Distribution segment adjusted gross margin was 14.9 percent in the third quarter of 2009 compared to 15.7 percent in the third quarter 2008.

Other Operating Expenses

Consolidated general and administrative expenses for the third quarter 2009 increased $17.5 million to $60.1 million, primarily as a result of higher legal expenses and expenses related to the acquisition of Arrow Group. General and administrative expenses for the third quarter 2008 reflect a $5.9 million favorable settlement of a tax-related liability due to the resolution of an Internal Revenue Service audit.

Amortization expense for the third quarter 2009 increased $2.0 million to $22.2 million, reflecting the addition of product rights acquired from Teva Pharmaceutical Industries, Ltd.

2009 Financial Outlook

Based on actual results for the first nine months of 2009 and the forecast for the remainder of the year, Watson is adjusting its estimates for the full year 2009. GAAP earnings per diluted share is estimated to be between $2.04 and $2.12, and as detailed in reconciliation Table 6, Watson has affirmed its estimate for adjusted earnings per diluted share, which is expected to be between $2.50 and $2.58. Excluding special items as detailed in the EBITDA reconciliation Table 7 below, adjusted EBITDA continues to be between $668 million and $685 million.

Watson estimates total net revenue for the full year of 2009 at approximately $2.70 billion. Estimates for segment revenue are as follows:

-- Total Generic segment revenue between $1.60 billion and $1.65 billion. -- Total Brand segment revenue between $450 million and $465 million. -- Total Distribution segment revenue between $620 million and $640 million.

Watson's estimates are based on the Company's actual results for the first nine months of 2009, and management's current belief about prescription trends, pricing levels, inventory levels and the anticipated timing of future product launches and events. Watson's forecast for 2009 excludes the impact of the acquisition of Arrow Group, which is expected the close in the fourth quarter of 2009.

Webcast and Conference Call Details

Watson will host a conference call and webcast today at 8:30 a.m. Eastern Standard Time to discuss second quarter 2009 results, the outlook for 2009 and recent corporate developments. The dial-in number to access the call is (877) 251-7980, or from international locations, (706) 643-1573. A taped replay of the call will be available by calling (800) 642-1687 with access pass code 32523724. The replay may be accessed from international locations by dialing (706) 645-9291 and using the same pass code. This replay will remain in effect until midnight Eastern Standard Time, November 13, 2009. To access the live webcast, go to Watson's Investor Relations Web site at http://ir.watson.com/.

About Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc. is a global leader in the development and distribution of pharmaceuticals with a broad portfolio of generic products and a specialized portfolio of brand pharmaceuticals focused on Urology, Women's Health and Nephrology/Medical.

For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com/.

Forward-Looking Statement

Statements contained in this press release that refer to Watson's estimated or anticipated future results or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. For instance, any statements in this press release concerning prospects related to Watson's strategic initiatives, product introductions and anticipated financial performance are forward-looking statements. It is important to note that Watson's goals and expectations are not predictions of actual performance. Watson's performance, at times, will differ from its goals and expectations. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business. These factors include, among others, the inherent uncertainty associated with financial projections; the impact of competitive products and pricing; the difficulty of predicting the timing or outcome of litigation; successful integration of strategic transactions including the pending acquisition of the Arrow Group; the ability to recognize the anticipated synergies and benefits of strategic transactions, including the pending acquisition of the Arrow Group; variability of revenue mix between the Company's Brand, Generic and Distribution business units; periodic dependence on a small number of products for a material source of net revenue or income; variability of trade buying patterns; changes in generally accepted accounting principles; risks that the carrying values of assets may be negatively impacted by future events and circumstances; timely and successful consummation and implementation of strategic initiatives; the timing and success of product launches; the difficulty of predicting the timing or outcome of product development efforts and FDA or other regulatory agency approvals or actions; the uncertainty associated with the identification and successful consummation of external business development transactions; market acceptance of and continued demand for Watson's products; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with FDA and other governmental regulations applicable to Watson's and its third party manufacturers' facilities, products and/or businesses; changes in the laws and regulations, affecting among other things, pricing and reimbursement of pharmaceutical products and the settlement of patent litigation; and such other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's quarterly report on Form 10-Q for the period ended June 30, 2009. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.

AndroGel® is a registered trademark of Solvay Pharmaceuticals Inc. Femring® is a registered trademark of Warner Chilcott.

The following table presents Watson's results of operations for the three and nine months ended September 30, 2009 and 2008:

Table 1 Watson Pharmaceuticals, Inc. Condensed Consolidated Statements of Operations (Unaudited; in millions, except per share amounts) Three Months Nine Months Ended Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net revenues $662.1 $640.7 $2,007.3 $1,890.3 ------ ------ -------- -------- Operating expenses: Cost of sales (excludes amortization, presented below) 353.7 386.7 1,135.5 1,126.7 Research and development 51.9 45.3 136.8 122.5 Selling, general and administrative 120.1 101.2 383.0 312.2 Amortization 22.2 20.2 66.1 60.6 Loss on asset sales and impairment 3.5 0.3 2.2 0.3 --- --- --- --- Total operating expenses 551.4 553.7 1,723.6 1,622.3 ----- ----- ------- ------- Operating income 110.7 87.0 283.7 268.0 ----- ---- ----- ----- Non-operating (expense) income, net: Loss on early extinguishment of debt (2.0) - (2.0) (1.1) Interest income 1.0 2.2 4.3 6.2 Interest expense (9.0) (7.0) (18.3) (20.7) Other income 1.6 11.9 5.2 19.3 --- ---- --- ---- Total non-operating (expense) income, net (8.4) 7.1 (10.8) 3.7 ----- --- ------ --- Income before income taxes 102.3 94.1 272.9 271.7 Provision for income taxes 39.3 23.0 107.8 89.7 ---- ---- ----- ---- Net income $63.0 $71.1 $165.1 $182.0 ===== ===== ====== ====== Diluted earnings per share $0.55 $0.62 $1.45 $1.60 ===== ===== ===== ===== Diluted weighted average shares outstanding 117.1 118.0 118.1 117.7 ===== ===== ===== =====

The following table presents Watson's Condensed Consolidated Balance Sheets as of September 30, 2009 and December 31, 2008:

Table 2 Watson Pharmaceuticals, Inc. Condensed Consolidated Balance Sheets (Unaudited; in millions) September 30, December 31, 2009 2008 ---- ---- Assets Cash and cash equivalents $812.9 $507.6 Marketable securities 13.1 13.2 Accounts receivable, net 377.1 305.0 Inventories 505.7 473.1 Other current assets 176.5 159.5 Property and equipment, net 625.1 658.5 Investments and other assets 137.1 132.9 Product rights and other intangibles, net 510.2 560.0 Goodwill 868.1 868.1 ----- ----- Total assets $4,025.8 $3,677.9 ======== ======== Liabilities & Stockholders' Equity Current liabilities $438.3 $428.8 Current debt and current portion of long-term debt 1.6 53.2 Long-term debt 997.4 824.7 Deferred income taxes and other liabilities 277.9 262.6 Stockholders' equity 2,310.6 2,108.6 ------- ------- Total liabilities and stockholders' equity $4,025.8 $3,677.9 ======== ========

The following table presents Watson's Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2009 and 2008:

Table 3 Watson Pharmaceuticals, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited; in millions) Nine Months Ended September 30, ------------- 2009 2008 ---- ---- Cash Flows from Operating Activities: Net income $165.1 $182.0 ------ ------ Reconciliation to net cash provided by operating activities: Depreciation and amortization 137.6 128.0 Deferred income tax provision 8.4 17.0 Provision for inventory reserve 36.0 35.9 Restricted stock and stock option compensation 14.4 14.0 Other adjustments 0.1 (20.4) Changes in assets and liabilities: Accounts receivable, net (72.1) (47.3) Inventories (68.6) (26.9) Accounts payable and accrued expenses 17.7 (45.8) Income taxes payable (6.6) 9.9 Other assets and liabilities 3.6 (6.2) --- ---- Total adjustments 70.5 58.2 ---- ---- Net cash provided by operating activities 235.6 240.2 ----- ----- Cash Flows from Investing Activities: Additions to property, equipment and product rights (59.5) (43.3) Additions to marketable securities and long-term investments (4.4) (5.8) Proceeds from sale of marketable securities and investments 5.9 13.0 Proceeds from sale of fixed assets 3.0 0.8 --- --- Net cash used in investing activities (55.0) (35.3) ------ ------ Cash Flows from Financing Activities: Payments on term loan, current debt and other long-term liabilities (726.6) (95.6) Proceeds from issuance of debt and other long-term liabilities 833.0 17.9 Proceeds from stock plans 21.5 8.4 Repurchase of common stock (3.2) (0.8) ----- ----- Net cash provided by (used in) financing activities 124.7 (70.1) ----- ------ Net increase in cash and cash equivalents 305.3 134.8 Cash and cash equivalents at beginning of period 507.6 204.6 ----- ----- Cash and cash equivalents at end of period $812.9 $339.4 ====== ======

The following table presents a reconciliation of reported net income and diluted earnings per share to adjusted net income and diluted earnings per share for the three and nine months ended September 30, 2009 and 2008:

Table 4 Watson Pharmaceuticals, Inc. Reconciliation Table (Unaudited; in millions except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- GAAP to adjusted net income calculation Reported GAAP net income $63.0 $71.1 $165.1 $182.0 Adjusted for: Global supply chain initiative(1) 7.0 4.8 24.8 23.9 Acquisition and licensing charges 2.9 1.0 14.8 6.5 (Gain) loss on securities and impairment - (8.2) 1.1 (9.6) Loss on asset sales and impairment 3.5 0.3 2.2 0.3 Favorable settlement of tax related liability - (5.9) - (5.9) Loss on early extinguishment of debt 2.0 - 2.0 1.1 Legal settlements 3.5 - 22.3 (15.0) Income taxes (5.8) (9.1) (19.3) (12.7) ----- ----- ------ ------ Adjusted net income 76.1 54.0 213.0 170.6 Add: Interest expense on CODES, net of tax 1.6 2.0 5.5 5.9 --- --- --- --- Adjusted net income, adjusted for interest on CODES $77.7 $56.0 $218.5 $176.5 ===== ===== ====== ====== Diluted earnings per share Diluted earnings per share - GAAP $0.55 $0.62 $1.45 $1.60 ===== ===== ===== ===== Diluted earnings per share - Adjusted $0.66 $0.47 $1.85 $1.50 ===== ===== ===== ===== Basic weighted average common shares outstanding 103.8 102.9 103.4 102.7 Effect of dilutive securities: Conversion of CODES 11.9 14.4 13.6 14.4 Dilutive share-based compensation arrangements 1.4 0.7 1.1 0.6 --- --- --- --- Diluted weighted average common shares outstanding 117.1 118.0 118.1 117.7 ===== ===== ===== ===== (1) Includes accelerated depreciation charges.

The following table presents a reconciliation of reported net income for the three and nine months ended September 30, 2009 and 2008 to adjusted EBITDA:

Table 5 Watson Pharmaceuticals, Inc. Adjusted EBITDA Reconciliation Table (Unaudited; in millions) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- GAAP net income $63.0 $71.1 $165.1 $182.0 Plus: Interest expense 9.0 7.0 18.3 20.7 Interest income (1.0) (2.2) (4.3) (6.2) Provision for income taxes 39.3 23.0 107.8 89.7 Depreciation (includes accelerated depreciation) 24.2 23.2 71.5 67.4 Amortization 22.2 20.2 66.1 60.6 ---- ---- ---- ---- EBITDA 156.7 142.3 424.5 414.2 ----- ----- ----- ----- Adjusted for: Global supply chain initiative 5.0 2.9 19.2 18.3 Acquisition and licensing charges 2.9 1.0 14.8 6.5 (Gain) loss on securities and impairment - (8.2) 1.1 (9.6) Loss on asset sales and impairment 3.5 0.3 2.2 0.3 Favorable settlement of tax related liability - (5.9) - (5.9) Loss on early extinguishment of debt 2.0 - 2.0 1.1 Legal settlements 3.5 - 22.3 (15.0) Share-based compensation 4.8 4.8 14.4 14.1 --- --- ---- ---- Adjusted EBITDA $178.4 $137.2 $500.5 $424.0 ====== ====== ====== ======

The following table presents a reconciliation of forecasted net income for the 12 months ending December 31, 2009 to adjusted net income and adjusted earnings per diluted share:

Table 6 Watson Pharmaceuticals, Inc. Reconciliation Table - Forecasted Adjusted Earnings per Diluted Share (Unaudited; in millions except per share amounts) Forecast for Twelve Months Ending December 31, 2009 -------------- Low High --- ---- GAAP to adjusted net income calculation GAAP net income $228.9 $237.5 Adjusted for: Acquisition and licensing charges 17.7 17.7 Global supply chain initiative 30.0 30.0 Legal settlements 22.3 22.3 Loss on asset sales/impairment 2.2 2.2 Loss on security sales and impairment 1.1 1.1 Loss on early extinguishment of debt 2.0 2.0 Income taxes (22.2) (22.2) ------ ------ Adjusted net income 282.0 290.6 Add: Interest expense on CODES, net of tax 5.5 5.5 --- --- Adjusted net income, adjusted for interest on CODES $287.5 $296.1 ====== ====== Diluted earnings per share Diluted earnings per share - GAAP $2.04 $2.12 ===== ===== Diluted earnings per share - Adjusted $2.50 $2.58 ===== ===== Diluted weighted average common shares outstanding 114.9 114.9 ===== =====

The reconciliation table is based in part on management's estimate of net income for the year ending December 31, 2009. Watson expects certain known GAAP charges for 2009, as presented in the schedule above. Other GAAP charges that may be excluded from adjusted net income are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges, such as potential asset impairment charges, are dependent upon future events and valuations that have not yet been performed. The schedule above does not include or incorporate the anticipated impact of the Arrow Acquisition on forecasted adjusted net income, diluted shares outstanding or diluted earnings per share for the twelve months ending December 31, 2009.

The following table presents a reconciliation of forecasted net income for the 12 months ending December 31, 2009 to adjusted EBITDA:

Table 7 Watson Pharmaceuticals, Inc. Reconciliation Table - Forecasted Adjusted EBITDA (Unaudited; in millions) Forecast for Twelve Months Ending December 31, 2009 -------------- Low High --- ---- GAAP net income $228.9 $237.5 Plus: Interest expense 31.5 31.5 Interest income (8.8) (5.8) Provision for income taxes 145.0 150.4 Depreciation (includes accelerated depreciation) 96.6 96.6 Amortization 88.3 88.3 ---- ---- EBITDA 581.5 598.5 ----- ----- Adjusted for: Loss on asset sales/impairment 2.2 2.2 Share-based compensation 18.7 18.7 Global supply chain initiative 22.5 22.5 Acquisition and licensing charges 17.7 17.7 Legal settlements 22.3 22.3 Loss on debt repurchases 2.0 2.0 Loss on security sales and impairment 1.1 1.1 ------ ------ Adjusted EBITDA $668.0 $685.0 ====== ======

The reconciliation table is based in part on management's estimate of adjusted EBITDA for the year ending December 31, 2009. Watson expects certain known GAAP charges for 2009, as presented in the schedule above. Other GAAP charges that may be excluded from estimated EBITDA are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges, such as potential asset impairment charges, are dependent upon future events and valuations that have not yet been performed. The schedule above does not include or incorporate the anticipated impact of the Arrow Acquisition on forecasted GAAP net income, adjustments or adjusted EBITDA for the twelve months ending December 31, 2009.

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CONTACT: Patty Eisenhaur of Watson Pharmaceuticals, Inc.,
+1-973-355-8141

Web Site: http://www.watson.com/

RELM Wireless Awarded U.S. Department of Defense Orders Totaling Approximately $700,000 for New P25 KNG Products

WEST MELBOURNE, Fla., Nov. 4 /PRNewswire-FirstCall/ -- RELM Wireless Corporation (NYSE Amex: RWC) today announced that it has been awarded orders totaling approximately $700,000 from the U. S. Department of Defense (DoD). These orders are for the Company's new digital P25 100-watt repeaters, KNG portable radios and accessories. It is anticipated that the orders will be fulfilled during the fourth quarter of 2009.

RELM President and Chief Executive Officer David Storey commented, "We are very pleased with these recent orders and the growth of our DoD business over the course of this year. The 100-watt repeaters are being customized to meet the precise application requirements of their users, demonstrating the premium RELM places on world-class customer service and superior value. We are continuing to aggressively pursue additional opportunities with this very important new customer and others within the military and defense arena."

About APCO Project 25 (P25)

APCO Project 25 (P25), which requires interoperability among compliant equipment regardless of the manufacturer, was established by the Association of Public-Safety Communications Officials and is approved by the U.S. Department of Homeland Security. The shift toward interoperability gained momentum as a result of significant communications failures during events such as the 9/11 attacks and Hurricane Katrina. RELM was one of the first manufacturers to develop P25-compliant technology.

About RELM Wireless Corporation

As an American Manufacturer for more than 60 years, RELM Wireless Corporation has produced high-specification two-way communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies, as well as radios for use in a wide range of commercial and industrial applications. Advances include a broad new line of leading digital two-way radios compliant with APCO Project 25 specifications. RELM's products are manufactured and distributed worldwide under BK Radio and RELM brand names. The Company maintains its headquarters in West Melbourne, Florida and can be contacted through its web site at http://www.relm.com/ or directly at 1-800-821-2900. The Company's common stock trades on the NYSE Amex market under the symbol "RWC".

This press release contains certain forward-looking statements that are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act Of 1995. These forward-looking statements concern the Company's operations, economic performance and financial condition and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others, the following: risks relating to the current financial crisis and adverse economic conditions; reliance on contract manufacturers; heavy reliance on sales to the U.S. Government; federal, state and local budget deficits and spending limitations; limitations in available radio spectrum for use by land mobile radios; general economic and business conditions amid the financial crisis; changes in customer preferences; competition; changes in technology; changes in business strategy; the debt and inventory levels of the Company; quality of management, business abilities and judgment of the Company's personnel; and the availability, terms and deployment of capital. Certain of these factors and risks, as well as other risks and uncertainties, are stated in more detail in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and in the Company's subsequent filings with the SEC. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

RELM Wireless Corporation

CONTACT: Timothy Vitou, VP Sales & Marketing, RELM Wireless Corporation,
+1-321-984-1414; Investor Relations: R. Jerry Falkner, CFA, 800-377-9893,
info@rjfalkner.com, R.J Falkner & Company, Inc.

Web Site: http://www.relm.com/

Verizon Business to Build New IT Platform for Secure Exchange of Transcribed Medical InformationVerizon Becomes Founding Member of Consortium Developing Standards, Framework for Handling Digitized Transcriptions of Physicians' Dictated Notes

BASKING RIDGE, N.J., Nov. 4 /PRNewswire/ -- A newly formed industry group, the Medical Transcription Service Consortium (MTSC), has chosen Verizon Business to build a new IT platform for the secure exchange of digitized transcriptions of physician-dictated patient notes.

The MTSC - of which Verizon is a founding member - will develop a common framework for the digitization of transcribed dictated records, including interoperability standards for the seamless and secure exchange of data among health care providers. The new IT platform is a key part of this initiative.

(A separate news release contains further details about the MTSC's initiative.)

The platform, which is expected to be available later this year, will leverage Verizon Business' broad portfolio of advanced IT, hosting and security solutions, as well as the company's global IP network. The platform will be designed to the specifications determined by the MTSC, including the use of security best practices, and will enable the objective testing and certification for privacy, security and interoperability.

"Interoperability within the health care industry is the linchpin to driving efficiency and improving patient outcomes," said Rajeev Kapoor, global managing director - health care, Verizon. "The vital services provided by the members of the MTSC are the foundation of every patient medical record, and Verizon Business' development of a common IT platform built to the standards and policies adopted by the consortium members will play an important role in expanding the adoption of electronic health records."

Creation of the MTSC was spearheaded by the Medical Transcription Industry Association (MTIA) and ICSA Labs, an independent division of Verizon Business. In addition to ICSA Labs and the MTIA, the charter members of the consortium are Verizon and the following medical transcription companies: MD-IT, MedQuist, MxSecure, Sten-Tel and Webmedx.

"The creation of the MTSC and the work that Verizon is doing to create a common and interoperable network for the exchange of information will help drive efficiency and data security for the medical transcription industry," said Jay Cannon, president and chief operating officer, Webmedx. "The growing adoption of electronic medical records is driving the need to securely and quickly exchange information between approved health care providers. This is a necessity for the entire health care industry and the work of the consortium and Verizon Business is an important foundational element."

By leveraging its IT expertise and world-class networks, the Verizon Connected Healthcare Solutions practice group provides innovative wireless and wired solutions to help transform the delivery of patient care, better manage costs, enhance access to services, and maintain data privacy. The Verizon IT services portfolio includes a broad array of security, hosting, storage collaboration, networking, and managed and professional services, as well as customized applications, to meet the unique and often complex requirements of the health care industry.

About Verizon Business

Verizon Business, a unit of Verizon Communications , is a global leader in communications and IT solutions. We combine professional expertise with one of the world's most connected IP networks to deliver award-winning communications, IT, information security and network solutions. We securely connect today's extended enterprises of widespread and mobile customers, partners, suppliers and employees - enabling them to increase productivity and efficiency and help preserve the environment. Many of the world's largest businesses and governments - including 96 percent of the Fortune 1000 and thousands of government agencies and educational institutions - rely on our professional and managed services and network technologies to accelerate their business. Find out more at http://www.verizonbusiness.com/.

VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.

Verizon Business

CONTACT: Kevin W. Irland of Verizon, +1-703-886-1117,
kevin.w.irland@verizon.com

Web Site: http://www.verizonbusiness.com/

Company News On-Call: http://www.prnewswire.com/comp/094251.html

Magnum Retains S&S Public Relations, Inc (SSPR)

HUDSON, Colo., Nov. 4 /PRNewswire-FirstCall/ -- Magnum D'Or Resources, Inc. (BULLETIN BOARD: MDOR) , a next generation rubber solutions company, proudly announces the retention of SSPR, a Top 20 U.S. Public Relation Firm.

This move accomplishes our goal of creating high level / high value market exposure & media awareness for Magnum's Rubber Solutions and Next Generation Magnum/SRI Custom Compounds. In addition to our recently completed 21 Century Business TV Series production, SSPR will also start media & market awareness schedule to begin in the coming days. This entire campaign is expected to reach over a few hundred million viewers Worldwide.

Some of the services SSPR will immediately provide to Magnum, its subsidiaries, and Magnum/SRI include: aggressive media placement, media and analyst tours, trade show support, corporate and financial public relations, brand positioning, writing services, and strategic PR campaigns. Creative pitch development is SSPR's calling card, along with media contacts from trade publications to the top print and broadcast media.

Some of the SSPR Press Targets will include: Colorado Media (Newspapers, Business journals, local TV-ABC, NBC, CBS, FOX) Business publications (BusinessWeek, Forbes, Fast Company, etc) National dailies (WSJ, NY Times, USA Today, etc) National weeklies (Time, Newsweek, etc) Tier 1 online magazine (CNNMoney, USNews.com, etc) Financial Outlets (TheStreet, IBD, Financial Times, etc) National/Regional TV (FOX Business, CNBC, CNN, etc) Green Publications Tire trade magazines Automotive trade publications National/Regional Radio

SSPR http://sspr.com/ is a full service public relations firm with offices in Chicago, Silicon Valley, New York, and Colorado. SSPR has been securing top-notch media coverage for a broad range of clients since 1978. SSPR has established a strategic communications track record which they believe is second to none. All staff members are skilled in every facet of strategic public relations and marketing communications including: strategy, positioning and messaging; tactical media and analyst execution; collateral materials development; event management, and financial communications. SSPR is also a member of the ECCO International Communications Network.

About MDOR: Magnum's proprietary "Green" technology provides a one-of-a-kind solution to all of the challenges in eliminating stockpiles of scrap tires and rubber scrap. Magnum's positioned itself to become a global leader in rubber and scrap tire recycling and its Next Generation technology could potentially revolutionize the industry Worldwide.

Photo gallery: http://magnumresources.net/gallery/?level=collection&id=1

Magnum Recycling Canada: Magnum's Magog, Quebec facility is 98,000+ sq. ft. Magnum is currently producing rubber buffing, nuggets, and crumb from recycled scrap tires. Company holds over $130 Million USD in open contracts.

Magnum Recycling USA: Magnum's Hudson, Colorado facility consists of 120 acres of high grade commercially zoned land, buildings, equipment, and inventory in excess of 30,000,000+ tires. The facility is one of the largest tire landfills in the world.

Magnum Engineering International (http://magnumei.com/): wholly owned subsidiary of Magnum specializing in developing turnkey recycling plants and complete environmental & economical 'Green' solutions.

Magnum/SRI are currently using their Revolutionary technologies to produce next generation rubber recycling solutions for custom compounds, retread compounds, processing aids, advanced state-of-the-art equipment, and reactivated ambient/cryogenic rubber powders for the global market. Magnum/SRI premium compounds can be substituted in high specification compound applications without appreciable loss in properties or performance. The reason why our clients (market) will prefer to use Magnum/SRI compounds is because they will be able to enjoy a substantial and meaningful reduction in raw material cost without compromising product performance and quality. To visit SRI: http://www.srielastomers.com/

Magnum/SRI Independent Test Results from Rubber Research Institute of Malaysia Mark Historic Event for the Global Rubber Industry: http://magnumresources.net/investors/565, http://magnumresources.net/news/607

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements contained in this document that are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. The results anticipated by any or all of these forward-looking statements may not occur. The company is not required to update its forward-looking statements.

Contact: Magnum D'Or Resources, Inc., Fort Lauderdale, FL 1-954-315-3883 http://www.magnumresources.net/ mdor@magnumresources.net Green Tech International Advisors Human, Public, Investor Relations 1-561-674-2169 http://www.greentechinternationaladvisors.com/

Magnum D'Or Resources, Inc.

CONTACT: Magnum D'Or Resources, Inc., +1-1-954-315-3883; or Green Tech
International Advisors, Human, Public, Investor Relations, +1-1-561-674-2169

Web Site: http://www.magnumresources.net/

ExpressJet Reports Third Quarter 2009 Financial Results

HOUSTON, Nov. 4 /PRNewswire-FirstCall/ -- ExpressJet Holdings, Inc. , parent company of regional and charter airline operator, ExpressJet Airlines, Inc., today reported a third quarter loss for 2009, excluding special items, of $7.7 million or $0.52 per common share. These results reflect an improvement over the same period in 2008 where the company reported a loss of $15.8 million or $1.00 per common share, excluding special items. Overall, ExpressJet reported a third quarter loss of $9.0 million or $0.61 per common share versus income of $4.4 million or $0.28 per common share during third quarter 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080221/NYFNSN01LOGO)

Year-to-date excluding special items, ExpressJet narrowed its loss to $30.9 million or $1.98 per common share compared to a loss of $47 million or $5.38 per common share for the nine months ended third quarter 2008. Overall, ExpressJet reported a year-to-date loss of $33.5 million or $2.15 per common share.

These results reflect the continued downward pressure on financial performance due to lower aircraft utilization driven by a decrease in travel demand experienced across the airline industry.

"While we are pleased with the financial improvement versus last year, our results continue to be negatively impacted by the softness in passenger demand that is affecting the entire industry," said Jim Ream, President and Chief Executive Officer. Ream added, "Going forward, our results will get better as the utilization of our fleet returns to pre-recessionary levels, and we remain very positive in our ability to attract new customers in both our contract and corporate aviation divisions."

Operational Overview Scheduled Flying

Under its capacity purchase agreement with Continental, ExpressJet flew 169,255 block hours during the third quarter using 214 aircraft versus 171,840 block hours during the same period in 2008 using 205 aircraft. The Continental Express average aircraft utilization during the quarter was the highest year-to-date totaling 8.6 hours per day yet was lower than the 9.11 hours per day flown during third quarter of 2008. Aircraft utilization began trending downward in third quarter 2008 due to capacity withdrawals made in response to record-high fuel prices and continued the trend through 2009 as the global recession adversely affected passenger demand.

In third quarter 2009, ExpressJet generated 2.1 billion revenue passenger miles on 2.7 billion available seat miles producing a load factor of 80.2% under its agreement with Continental.

For the nine months ended September 30, 2009, ExpressJet flew 490,848 block hours as Continental Express compared to 529,583 block hours during same period in 2008. Year-to-date ExpressJet generated 5.9 billion revenue passenger miles on 7.6 billion available seat miles producing a load factor of 77.1% under its agreement with Continental.

Corporate Aviation

ExpressJet flew 8,393 block hours during the third quarter within its corporate aviation division, including those hours flown under a short-term agreement with United Air Lines for ten 50-seat aircraft that accounted for 6,684 block hours flown during the quarter. Block hours generated for the nine months ended September 30, 2009 within the corporate aviation division totaled 16,469.

ExpressJet's fleet within the corporate aviation division consisted of eight 41-seat aircraft and twenty-two 50-seat aircraft during the quarter, totaling an operating fleet of 30 aircraft.

All Flying

ExpressJet operated 244 aircraft during third quarter 2009. Last year during the third quarter, ExpressJet returned 29 aircraft to Continental as part of the amended capacity purchase agreement that began on July 1, 2008.

Aviation Services

During the quarter, ExpressJet managed 40 contracts at 30 stations. Total activity during the quarter as measured by aircraft turns was 19,578.

Financial Overview

ExpressJet generated $179.2 million in revenue during the three months ended September 30, 2009 versus $262.3 for the three months ended September 30, 2008. The year-over-year decrease in passenger revenue stems from numerous factors including: lower utilization due to the global economic recession and ExpressJet's suspension of flying for both its branded and Delta operations during third quarter 2008.

Under the amended capacity purchase agreement, Continental paid ExpressJet $151.9 million in block hour revenue and pass-through expense reimbursements for third quarter 2009 versus $161.1 million for third quarter 2008. The decrease in revenue earned from Continental year-over-year primarily relates to the transition of agent wages and facility rents from pass-through expenses under the amended capacity purchase agreement. ExpressJet also experienced an off-setting decline in expenses related to this transition.

Revenue earned during the third quarter 2009 in the corporate aviation division totaled $18 million. This included revenue from the short-term flying arrangement with United Air Lines. Third quarter revenue from aviation services (ground handling and other) totaled $8.1 million versus $9.5 million in third quarter 2008 primarily due to the sale of American Composites, LLC and the suspension of ancillary revenue from ExpressJet branded operations.

"We were successful in a bid for aircraft cleaning in our aviation services division and added several new customers in corporate aviation," said Ream. "Booking trends for our charter ad hoc flying improved during October, so we continue to be encouraged about our progress in these two lines of business," Ream added.

Year-to-date, ExpressJet earned $519.5 million in revenue, including $446.6 million in passenger revenue from flying under its agreement with Continental, $46.9 million through corporate aviation and $26 million through aviation services.

ExpressJet ended the third quarter 2009 with $105.4 million in cash, cash equivalents and short-term investments. The cash balance included $19.5 million in restricted cash and $24.1 million in short-term investments, primarily auction rate securities, after accounting adjustments to impair the value of these assets.

ExpressJet entered into a settlement agreement with Royal Bank of Canada pursuant to which Royal Bank of Canada repurchased certain auction rate securities from ExpressJet for 87.5% of the par value allowing ExpressJet to realize $15.8 million in cash and cash equivalents. Subsequent to quarter end, ExpressJet entered into agreements for the sale of $10 million in par value of its auction rate securities realizing approximately $9 million in cash on the sales and expects to consummate such transactions in the very near future. ExpressJet intends to continue monitoring the auction rate securities market to attempt to monetize the assets at or near face value and recently initiated litigation against Bank of America Corporation related to auction rate securities sold to ExpressJet by Bank of America in January 2008.

In August 2009, ExpressJet announced its board of directors authorized an additional $10 million for the previously announced securities repurchase program and subsequently ExpressJet spent approximately $5.8 million to repurchase $6.8 million par value of its 11.25% Secured Convertible Notes due 2023. The total remaining in the program, after accounting for repurchases made during third quarter 2009, is approximately $9.7 million. The company expects any future purchases of the notes or stock to be made from time to time in the open market or in privately negotiated transactions.

After accounting for the debt repurchases made during the quarter, the outstanding balance of ExpressJet's 11.25% Secured Convertible Notes due 2023 is $52.1 million. This balance represents the par value due to noteholders when the notes become due August 1, 2023.

Capital expenditures totaled $1.2 million during the quarter compared to $2 million during the third quarter 2008. Year-to-date capital expenditures total $3.9 million and the company plans to spend between $1 and $2 million during the fourth quarter of 2009 to meet operational requirements.

The company will review its third quarter 2009 results on Wednesday, November 4, 2009 at 10:00 a.m. EST (9:00 a.m. CST). A live webcast of the call will be available at http://www.expressjet.com/. To access the conference call by phone, dial (866) 638-3022 approximately 10 minutes prior to the scheduled start time and ask to join the ExpressJet call. International callers should dial (630) 691-2765.

Corporate Background

ExpressJet Holdings operates several divisions designed to leverage the management experience, efficiencies and economies of scale present in its subsidiaries, including ExpressJet Airlines, Inc. and ExpressJet Services, LLC. ExpressJet Airlines serves 130 scheduled destinations in North America and the Caribbean with approximately 1,100 departures per day. Operations include a capacity purchase agreement for Continental; providing clients customized 41-seat and 50-seat charter options (http://www.expressjet.com/charter); and supplying third-party aviation and ground handling services. For more information, visit http://www.expressjet.com/.

This release contains forward-looking statements. Statements including words such as "believes," "intends," "plans," "anticipates, "estimates," "projects," "expects" or similar expressions represent forward-looking statements that are based on the Company's expectations in light of facts known by management on the date of this release. Specifically, statements regarding ExpressJet's future results of operations, operating costs, business prospects, growth and capital expenditures, including plans with respect to its fleet, are forward-looking statements. The forward-looking statements in this release reflect the Company's plans, assumptions and expectations about future events and are subject to uncertainties, many of which are outside ExpressJet's control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. The five key areas of the known risks that could significantly impact the company's revenues, operating results and capacity include: operations under the Company's capacity purchase agreement with Continental Airlines, Inc. may no longer be profitable; charter operations and other aviation services may affect ExpressJet's ability to operate profitably; rising costs, a global, economic recession and the highly competitive nature of the airline industry; the profile of the Company's current shareholders; and regulations, including listing regulations for publicly traded companies, and other factors. For further discussions of these risks and others, please see the sections entitled "Risk Factors", as well as other sections, of ExpressJet's filings with the Securities and Exchange Commission. The events described in the forward-looking statements might not occur or might occur to a materially different extent than described in this release. ExpressJet undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

EXPRESSJET HOLDINGS, INC. AND SUBSIDIARIES FINANCIAL SUMMARY (In thousands, except per share data) Three Months Ended September 30, Increase/ 2009 2008 (Decrease) ---- ---- -------- Operating Revenue Passenger $153,017 $245,170 (37.6%) Corporate Aviation 18,045 7,615 nm Ground handling and other 8,138 9,541 (14.7%) ----- ----- 179,200 262,326 (31.7%) Operating Expenses: Wages, salaries and related costs 81,435 98,252 (17.1%) Maintenance, materials and repairs 44,251 48,296 (8.4%) Other rentals and landing fees 16,367 22,646 (27.7%) Depreciation and amortization 6,921 6,718 3.0% Outside services 6,344 8,509 (25.4%) Aircraft rentals 5,472 18,917 (71.1%) Aircraft fuel and related taxes 4,555 32,235 (85.9%) Ground handling 1,896 5,862 (67.7%) Marketing and distribution 428 1,767 (75.8%) Special charges - 21,187 nm Other operating expenses 19,670 26,898 (26.9%) ------ ------ 187,339 291,287 (35.7%) ------- ------- Operating Loss (8,139) (28,961) (71.9%) ----- ------ Nonoperating Income (Expense): Gain on sale of short-term investments, net 1,274 - nm Impairment charges on investment (108) - nm Extinguishment of debt (966) - nm Gain from debt discount - 27,785 nm Settlement of fuel contracts - 23,149 nm Amortization of debt discount (1,583) (2,516) (37.1%) Interest expense, net of capitalized interest (1,825) (2,057) (11.3%) Interest income 200 1,218 (83.6%) Equity investments loss, net - 96 nm Other, net 200 (203) nm --- --- (2,808) 47,472 nm ----- ------ Income (Loss) before Income Taxes (10,947) 18,511 nm Income Tax Benefit (Expense) 1,902 (14,096) nm ----- ------ Net Income (Loss) $(9,045) $4,415 nm ======= ====== Basic and Diluted Earnings (Loss) per Common Share $(0.61) $0.28 nm ====== ===== Shares Used in Computing Basic Earnings (Loss) per Common Share 14,851 15,872 (6.4%) Shares Used in Computing Diluted Earnings (Loss) per Common Share 14,851 15,880 (6.5%) EXPRESSJET HOLDINGS, INC. AND SUBSIDIARIES FINANCIAL SUMMARY (In thousands, except per share data) Nine Months Ended September 30, Increase/ 2009 2008 (Decrease) ---- ---- -------- Operating Revenue Passenger $446,618 $1,094,240 (59.2%) Corporate Aviation 46,920 31,441 49.2% Ground handling and other 25,959 31,989 (18.9%) ------ ------ 519,497 1,157,670 (55.1%) ------- --------- Operating Expenses: Wages, salaries and related costs 240,729 321,686 (25.2%) Maintenance, materials and repairs 123,922 160,349 (22.7%) Other rentals and landing fees 45,491 81,398 (44.1%) Depreciation and amortization 22,180 24,145 (8.1%) Outside services 20,071 41,819 (52.0%) Aircraft rentals 16,416 192,432 (91.5%) Aircraft fuel and related taxes 10,175 226,184 (95.5%) Ground handling 7,497 57,813 (87.0%) Marketing and distribution 2,093 25,173 (91.7%) Impairments of fixed assets and goodwill - 21,410 nm Special charges - 21,896 nm Other operating expenses 60,958 91,107 (33.1%) ------ ------ 549,532 1,265,412 (56.6%) ------- --------- Operating Loss (30,035) (107,742) (72.1%) ------ ------- Nonoperating Income / (Expense): Gain on sale of short-term investments, net 1,755 - nm Impairment charges on investment (108) (18,892) (99.4%) Extinguishment of debt (394) 2,107 nm Gain from debt discount - 27,785 nm Settlement of fuel contracts - 23,149 nm Amortization of debt discount (3,912) (8,431) (53.6%) Interest expense, net of capitalized interest (5,835) (6,265) (6.9%) Interest income 837 4,980 (83.2%) Equity investments loss, net (377) (967) (61.0%) Other, net (929) 1,408 nm --- ----- (8,963) 24,874 nm ----- ------ Loss before Income Taxes (38,998) (82,868) (52.9%) Income Tax Benefit 5,452 22,764 (76.0%) ----- ------ Net Loss $(33,546) $(60,104) (44.2%) ======== ======== Basic and Diluted Loss per Common Share $(2.15) $(6.88) (68.8%) Shares Used in Computing Basic and Diluted Loss per Common Share 15,581 8,737 78.3% EXPRESSJET HOLDINGS, INC. AND SUBSIDIARIES FINAL STATISTICS ----------------------------- Continental Corporate Express Aviation ----------- --------- Three Months Ended September 30, 2009 Revenue Passenger Miles (millions) 2,129 83 Available Seat Miles (ASM) (millions) 2,655 124 Passenger Load Factor 80.2% 67.1% Block Hours 169,255 8,393 Departures 92,151 5,769 Nine Months Ended September 30, 2009 Revenue Passenger Miles (millions) 5,852 153 Available Seat Miles (ASM) (millions) 7,589 247 Passenger Load Factor 77.1% 61.9% Block Hours 490,848 16,469 Departures 260,884 11,391 Non-GAAP Financial Measures (In thousands, except per share data) Three Months Ended September 30, ---------------------- 2009 2008 ---------------------- Net Income Reconciliation: Net income (loss) $(9,045) $4,415 Adjustments for special items (gains): Less: Realized gain from sale of short-term investments(1) (1,274) - Add: Realized loss from impairment charge on investment(2) 108 - Add: Realized loss from extinguishment of debt(3) 966 - Less: Realized gain from special charges, net(4) - (22,102) Add: Realized loss from amortization of debt discount(5) 1,583 1,870 ===== ===== Net loss excluding special items (gains)(6) $(7,662) $(15,817) ======= ======== Earnings / (Loss) Per Share Reconciliation: Diluted loss per share $(0.61) $0.28 Adjustments for special items (gains): 0.09 (1.28) ==== ==== Diluted loss per share, excluding special item (gains)(6) $(0.52) $(1.00) ====== ====== (1) During the third quarter of 2009, we settled a portion of our auction rate securities portfolio and recognized a gain of $1.3 million. (2) In 2009, we recognized an impairment charge on investments of $0.1 million for declines in fair value below the adjusted cost basis of our ARS holdings for the three months ended September 30, 2009. (3) Effective January 1, 2009, ExpressJet adopted Financial Accounting Standards Board's Staff Position No. APB 14-1, "Accounting for Convertible Debt Instruments that May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)", which clarifies the accounting for convertible debt instruments that may be settled in cash (including partial cash settlements) upon conversion. Repurchases of our convertible notes during the three months ended September 30, 2009, resulted in losses on extinguishment of debt of $1 million within the scope of FSP APB 14-1. Such gains were calculated as the difference between the fair value of the liability component immediately prior to extinguishment and its book value. No repurchases of our convertible notes were made during the three months ended September 30, 2008. (4) During the third quarter of 2008, we recognized special charges including charges of $15.7 million, net of taxes, related to the suspension of several lines of our at-risk flying operation, a gain of ($20.6) million, net of taxes, resulting from the refinancing of our convertible notes and a gain of ($17.2) million, net of taxes, due to the sale of fuel contracts. (5) In 2008, we recorded $27.8 million in debt discount related to the refinancing of our convertible notes. The financial statements for the three months ended September 30, 2008 were adjusted to reflect an additional $0.7 million, net of taxes, to the previously reported $1.2 million, net of taxes in amortization of debt discount as a result of the adoption of Financial Accounting Standards Board's Staff Position No. APB 14-1, "Accounting for Convertible Debt Instruments that May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)". During the third quarter of 2009, we recognized $1.6 million in amortization of the debt discount recorded in 2008. (6) By excluding special non-recurring items, these financial measures provide management and investors the ability to measure and monitor ExpressJet's performance on a consistent year-over-year basis. Non-GAAP Financial Measures (In thousands, except per share data) Nine Months Ended September 30, ---------------------- 2009 2008 ---- ---- Net Income Reconciliation: Net loss $(33,546) $(60,104) Adjustments for special items (gains): Less: Realized gain from sale of short-term investments(1) (1,755) - Add: Realized loss from impairment charge on investments (2) 108 14,036 Add: Realized loss from extinguishment of debt(3) 394 (1,565) Less: Realized gain from special charges, net(4) - (5,667) Add: Realized loss from amortization of debt discount(5) 3,912 6,264 Net loss excluding special items (gains)(6) $(30,887) $(47,036) Earnings / (Loss) Per Share Reconciliation: Diluted loss per share $(2.15) $(6.88) Adjustments for special items (gains): 0.17 1.50 Diluted loss per share, excluding special items (gains)(6) $(1.98) $(5.38) (1) During the first quarter of 2009, we sold a portion of our auction rate securities portfolio and recognized a gain of $0.5 million. During the third quarter of 2009, we settled a portion of our auction rate securities portfolio and recognized a gain of $1.3 million. (2) During the first quarter of 2008, we determined that our investment in auction rate securities was other-than-temporarily impaired and recognized a realized loss, net of taxes, of $10.1 million. During the second quarter of 2008, we determined that the carrying value of our investment in Wing Holding, LLC was fully impaired. This non-recurring charge of $3.9 million, net of taxes, was recognized as a decrease to our investment balance and a corresponding equity loss. In 2009, we recognized an impairment charge on investments of $0.1 million for declines in fair value below the adjusted cost basis of our ARS holdings for the nine months ended September 30, 2009. (3) Effective January 1, 2009, ExpressJet adopted Financial Accounting Standards Board's Staff Position No. APB 14-1, "Accounting for Convertible Debt Instruments that May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)", which clarifies the accounting for convertible debt instruments that may be settled in cash (including partial cash settlements) upon conversion. Repurchases of our convertible notes during the nine months ended September 30, 2008, resulted in gains on extinguishment of debt of $1.6 million, net of taxes, within the scope of FSP APB 14-1. Repurchases of our convertible notes during the nine months ended September 30, 2009, resulted in losses on extinguishment of debt of $0.4 million within the scope of FSP APB 14-1. Such gains were calculated as the difference between the fair value of the liability component immediately prior to extinguishment and its book value. (4) During the second quarter of 2008, we recognized a $0.5 million, net of taxes, charge related to previously disputed base closure costs associated with the original capacity purchase agreement with Continental Airlines. During the third quarter of 2008, we recognized special charges including charges of $15.7 million, net of taxes, related to the suspension of several lines of our at-risk flying operation, a gain of ($20.6) million, net of taxes, resulting from the refinancing of our convertible notes and a gain of ($17.2) million, net of taxes, due to the sale of fuel contracts. In addition, we recognized in the second quarter of 2008, special charges including an $9.5 million, net of taxes, impairment of goodwill related to the original capacity purchase agreement with Continental Airlines, and a $6.4 million, net of taxes, impairment charge to write off certain capital assets. (5) In 2008, we recorded $27.8 million in debt discount related to the refinancing of our convertible notes. The financial statements for the nine months ended September 30, 2008 were adjusted to reflect an additional $5.1 million, net of taxes, to the previously reported $1.2 million, net of taxes in amortization of debt discount as a result of the adoption of Financial Accounting Standards Board's Staff Position No. APB 14-1, "Accounting for Convertible Debt Instruments that May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)". During the nine months ended September 30, 2009, we recognized $3.9 million in amortization of the debt discount recorded in 2008. (6) By excluding special non-recurring items, these financial measures provide management and investors the ability to measure and monitor ExpressJet's performance on a consistent year-over-year basis.

Photo: http://www.newscom.com/cgi-bin/prnh/20080221/NYFNSN01LOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com ExpressJet Holdings, Inc.

CONTACT: Kristy Nicholas, Corporate Communications of ExpressJet,
+1-832-353-3333, toll free, 1-877-958-NEWS, express.press@expressjet.com

Web Site: http://www.expressjet.com/

/C O R R E C T I O N -- G. Willi-Food International Ltd/

In the news release, "G. Willi-Food to Announce Third Quarter Fiscal 2009 Financial Results on November 11th" issued on 4 Nov 2009 11:29 GMT, by G. Willi-Food International Ltd nasdaq:WILC over PR Newswire, we are advised by a representative of the company that in the second paragraph, second sentence, the phone number "1-809-21-4368", as originally issued inadvertently, should have read "1-480-629-9814".

Complete, corrected release follows:

G. Willi-Food International Ltd. (the "Company" or "Willi Food"), one of Israel's largest food importers and a single-source supplier of one of the world's most extensive range of quality kosher food products, will report fiscal results for the nine month and third quarter ended September 30, 2009, on November 11, 2009.

The Company will host a conference call to discuss results on November 11, 2009 at 11:00 AM Eastern. Interested parties may participate in the conference call by dialing 877-941-6011 (US), or 1-480-629-9814 (International), 5-10 minutes prior to the start of the call. A replay of the conference call will be available from 5:00 PM EDT on November 11, 2009 through 11:59 PM EDT on December 11, 2009 by dialing 800-406-7325, access code 4179060 (US). A webcast link of the live and archived conference call will be available on the day of the call by following this link:

http://w.on24.com/r.htm?e=175085&s=1&k=17B3243A2B625BEE5C82FC80C8E8455E

(Note sometimes for the link to work you must copy and paste the link from two lines onto one URL of your browser.)

About G. Willi-Food International, Ltd.

G. Willi-Food International Ltd. is one of Israel's largest food importers and a single-source supplier of one of the world's most extensive ranges of quality kosher food products. It currently imports, markets and distributes more than 1,000 food products manufactured by some 120 top-tier suppliers throughout the world to more than 1,500 customers. Willi-Food excels in identifying changing tastes in its markets and sourcing high-quality kosher products to address them. The Company also operates two subsidiaries: its wholly owned subsidiary, Gold Frost Ltd., that develops and distributes kosher chilled and frozen dairy food products internationally and Shamir Salads that is a leading international manufacturer and distributor of pre-packaged chilled Mediterranean dips and spreads. For more information, please visit the Company's website at http://www.willi-food.co.il/.

This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products and expected revenues, operating results, and earnings. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. These risks and other factors include but are not limited to: changes affecting currency exchange rates, including the NIS/U.S. Dollar exchange rate, payment default by any of our major clients, the loss of one of more of our key personnel, changes in laws and regulations, including those relating to the food distribution industry, and inability to meet and maintain regulatory qualifications and approvals for our products, termination of arrangements with our suppliers, in particular Arla Foods, loss of one or more of our principal clients ,increase or decrease in global purchase prices of food products, increasing levels of competition in Israel and other markets in which we do business, changes in economic conditions in Israel, including in particular economic conditions in the Company's core markets, our inability to accurately predict consumption of our products and risks associated with product liability claims. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2008, filed with the Securities and Exchange Commission. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information contained in this press release.

Company Contact: G. Willi Food International Ltd. Ety Sabach, CFO +972-8-932-1000 ety@willi-food.co.il Investor contact: BPC Financial Marketing John Baldissera +1-800-368-1217

G. Willi-Food International Ltd

CONTACT: Company Contact: G. Willi Food International Ltd., Ety Sabach,
CFO, +972-8-932-1000, ety@willi-food.co.il; Investor contact: BPC Financial
Marketing, John Baldissera, +1-800-368-1217

Transcept Pharmaceuticals Receives Notice of Allowance for U.S. Patent Application on Intermezzo(R)Patent to Cover Low-Dose Formulation of Zolpidem for Transmucosal Absorption

POINT RICHMOND, Calif., Nov. 4 /PRNewswire-FirstCall/ -- Transcept Pharmaceuticals, Inc. today announced that it has received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for claims under U.S. patent application no. 11/833,323, which covers the use of Intermezzo® (zolpidem tartrate sublingual tablet), the lead Transcept product candidate. Once issued, this patent will expire in February 2025.

"This Notice of Allowance represents a significant accomplishment for Transcept and is an important event in our Intermezzo® product development program," commented Glenn A. Oclassen, President and Chief Executive Officer. "Once issued, this patent is expected to provide an important layer of intellectual property protection covering our proprietary low-dose sublingual Intermezzo® formulation. This patent allowance is a testament to the scientific talent of its inventor, Nikhilesh Singh, Ph.D., Transcept Co-Founder and Chief Scientific Officer."

Mr. Oclassen continued, "In addition to this formulation patent, there are other key elements to our program to protect Intermezzo®. These include the three years of Hatch-Waxman regulatory exclusivity which we have requested that the U.S. Food and Drug Administration (FDA) grant to Intermezzo®, and additional patent applications under review by the USPTO that include a second formulation patent application and another family of patent applications for methods of treating middle of the night awakenings."

Under the terms of the exclusive license and collaboration agreement between Transcept and Purdue Pharmaceutical Products L.P. to commercialize Intermezzo® in the United States, Transcept is eligible to receive a $10 million milestone payment from Purdue after the listing of the issued patent subject to the Notice of Allowance in the FDA's Approved Drug Products with Therapeutic Equivalence Evaluations, or Orange Book. The obligation of Purdue to make this milestone payment is subject to an FDA approval of Intermezzo® and Purdue electing to continue with the alliance after its review of the terms of such FDA approval, if such approval is received.

About Transcept

Transcept Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of proprietary products that address important therapeutic needs in neuroscience. The most advanced Transcept product candidate is Intermezzo® (zolpidem tartrate sublingual tablet), for which a New Drug Application (NDA) was submitted to the U.S. Food and Drug Administration (FDA) in September 2008 seeking approval as a prescription sleep aid for use in the middle of the night at the time a patient awakens and has difficulty returning to sleep. In October 2009, Transcept received a Complete Response Letter from the FDA on the Intermezzo® NDA and is working to respond to issues raised in the letter. Transcept and Purdue Pharmaceutical Products, L.P. have entered into a collaboration agreement for the development and commercialization of Intermezzo® in the United States. For further information, please visit the company's website at: http://www.transcept.com/.

Forward Looking Statements

This press release contains forward looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the Act). Transcept disclaims any intent or obligation to update these forward-looking statements, and claims the protection of the safe harbor for forward-looking statements contained in the Act. Examples of such statements include, but are not limited to, the ability of patents to provide important intellectual property protection for Intermezzo®; expectations with regard to Hatch-Waxman regulatory exclusivity; expectation of patent issuance and Orange Book listing after a Notice of Allowance is published by the USPTO; the potential favorable outcome of additional patent prosecution and issuance efforts in favor of Intermezzo®; expectations with respect to the activities of Transcept and Purdue and the satisfaction of conditions and obligations under the parties' United States License and Collaboration Agreement (the Collaboration Agreement); expectations regarding potential milestone payments under the Collaboration Agreement; the ability of Transcept to satisfy the issues raised by the FDA in the Complete Response Letter; and the timing of regulatory submissions and decisions with respect to the NDA for Intermezzo® with the FDA. Such statements are based on management's current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to, whether Transcept is able to satisfy concerns expressed by FDA in its October 28, 2009 Complete Response Letter and otherwise satisfy FDA that the Intermezzo® NDA is sufficient to approve Intermezzo® for its intended indication and any further delays in, and the final form of, any FDA approval of Intermezzo®; possible claims of patent invalidity; obtaining patent issuance, maintaining adequate patent protection and successfully enforcing such patent claims against third parties; commercializing Intermezzo® without violating the intellectual property rights of others; obtaining and maintaining Hatch-Waxman exclusivity for Intermezzo®; a decision by Purdue to terminate the Collaboration Agreement, even if the Intermezzo® NDA is approved; obtaining and maintaining Hatch-Waxman exclusivity for Intermezzo® and other difficulties or delays in, clinical development, market acceptance and commercialization of Intermezzo®.

CONTACT: Transcept Pharmaceuticals, Inc. Greg Mann Director of Corporate Communications (510) 215-3675 gmann@transcept.com

Transcept Pharmaceuticals, Inc.

CONTACT: Greg Mann, Director of Corporate Communications of Transcept
Pharmaceuticals, Inc., +1-510-215-3675, gmann@transcept.com

Web Site: http://www.transcept.com/

FDA Grants Priority Review for Shire's velaglucerase alfa for Type 1 Gaucher DiseaseFDA Issued Action Date of February 28, 2010 Under the Prescription Drug User Free Act (PDUFA)

CAMBRIDGE, Massachusetts, November 4 /PRNewswire-FirstCall/ -- Shire plc , the global specialty biopharmaceutical company, today announced that the United States Food and Drug Administration (FDA) has granted Priority Review for the New Drug Application (NDA) for velaglucerase alfa, the company's enzyme replacement therapy in development for the treatment of Type 1 Gaucher disease.

Priority Review designation is given to drugs that offer major advances in treatment, or provide a treatment where no adequate therapy exists, and accelerates the target review timing from ten to six months. The FDA has issued an action date for the NDA of February 28, 2010 under the Prescription Drug User Fee Act (PDUFA).

In the U.S., patients continue to be enrolled in an FDA-approved treatment protocol, under which Gaucher patients receive velaglucerase alfa prior to commercialization. Shire has also engaged with national and regional authorities outside the U.S. and patients are receiving velaglucerase alfa through pre-approval access programs. Shire confirms it is on track with its filing of the Marketing Authorization Application (MAA) in the EU for 2009.

Background on Gaucher disease

Gaucher disease is an autosomal recessive disorder caused by mutations in the GBA gene which results in a deficiency of the lysosomal enzyme beta-glucocerebrosidase. This enzymatic deficiency causes an accumulation of glucocerebroside, primarily in macrophages. In this lysosomal storage disorder (LSD), clinical features are reflective of the distribution of Gaucher cells in the liver, spleen, bone marrow, skeleton, and lungs. The accumulation of glucocerebrosidase in the liver and spleen leads to organomegaly. Bone involvement results in skeletal abnormalities and deformities as well as bone pain crises. Deposits in the bone marrow and splenic sequestration lead to clinically significant anemia and thrombocytopenia.

Gaucher disease is the most prevalent lysosomal storage disorder, with an incidence of about 1 in 20,000 live births. Gaucher disease has classically been categorized into 3 clinical types. Type 1 is the most common; it is distinguished from Type 2 and Type 3 by the lack of central nervous system involvement. Type 1 Gaucher disease is characterized by variability in signs, symptoms, severity, and progression.

Velaglucerase alfa supplements or replaces beta-glucocerebrosidase, the enzyme that catalyzes the hydrolysis of glucocerebroside, reducing the amount of accumulated glucocerebroside and correcting the pathophysiology of Gaucher disease.

Shire's velaglucerase alfa program included the largest and most comprehensive set of Phase III clinical trials conducted to date for Gaucher disease. Over 100 patients at 24 sites in 10 countries around the world have participated the clinical studies. Velaglucerase alfa is made using Shire's proprietary technology, in a human cell line. The enzyme produced has the exact human amino acid sequence and has a human glycosylation pattern.

Notes to editors SHIRE PLC

Shire's strategic goal is to become the leading specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. Shire focuses its business on attention deficit hyperactivity disorder (ADHD), human genetic therapies (HGT) and gastrointestinal (GI) diseases as well as opportunities in other therapeutic areas to the extent they arise through acquisitions. Shire's in-licensing, merger and acquisition efforts are focused on products in specialist markets with strong intellectual property protection and global rights. Shire believes that a carefully selected and balanced portfolio of products with strategically aligned and relatively small-scale sales forces will deliver strong results.

For further information on Shire, please visit the Company's website: http://www.shire.com/.

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Statements included herein that are not historical facts are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, the Company's results could be materially adversely affected. The risks and uncertainties include, but are not limited to, risks associated with: the inherent uncertainty of research, development, approval, reimbursement, manufacturing and commercialization of the Company's Specialty Pharmaceutical and Human Genetic Therapies products, as well as the ability to secure and integrate new products for commercialization and/or development; government regulation of the Company's products; the Company's ability to manufacture its products in sufficient quantities to meet demand; the impact of competitive therapies on the Company's products; the Company's ability to register, maintain and enforce patents and other intellectual property rights relating to its products; the Company's ability to obtain and maintain government and other third-party reimbursement for its products; and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission.

For further information please contact: Investor Clea Rosenfeld (Rest of the World) +44-1256-894-160 Relations Eric Rojas (North America) +1-617-551-9715 Media Jessica Mann (Rest of the World) +44-1256-894-280 Jessica Cotrone (North America, HGT) +1-617-613-4640

Shire Plc

CONTACT: For further information please contact: Investor Relations:
Clea Rosenfeld (Rest of the World), +44-1256-894-160; Eric Rojas (North
America), +1-617-551-9715; Media: Jessica Mann (Rest of the World),
+44-1256-894-280; Jessica Cotrone (North America, HGT), +1-617-613-4640

ChipMOS FURTHER IMPROVES FINANCIAL STRENGTH WITH TRANSACTION CLOSURES

HSINCHU, Taiwan, Nov. 4 /PRNewswire-Asia-FirstCall/ -- ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") today announced the closing of privately negotiated transactions with two investors holding in aggregate US$54,000,000 of the Company's 1.75% convertible senior notes due 2009 (the "2009 Notes") and the repayment at maturity of the remaining outstanding 2009 Notes. Approximately US$2 million aggregate principal amount plus all accrued and unpaid interest on the 2009 Notes was paid on maturity. The repayment was financed through the Company's existing cash from operations.

The privately negotiated transactions were first disclosed in the Company's September 29, 2009 press release.

In the first transaction, the Company and an institutional investor completed the exchange of US$45,000,000 in outstanding 2009 Notes for US$15,300,000 in cash and US$15,750,000 in new convertible notes of the Company due 2014 (the "New Notes"). The New Notes will be convertible into common shares of the Company at a conversion price of US$1.50 per share, subject to adjustment under certain circumstances.

In the second transaction, the Company and ThaiLin Semiconductor Corp., a subsidiary that is 42.9% owned by the Company's wholly owned subsidiary, ChipMOS TECHNOLOGIES INC., ("ThaiLin"), completed the exchange of US$9,000,000 in outstanding 2009 Notes for US$3,150,000 in new convertible notes with a coupon of 10% (the "10% Notes") and US$5,580,000 in new convertible notes with a coupon of 8% (the "8% Notes"), in both cases due 2014. The 10% Notes and 8% Notes will be convertible into common shares of the Company at a conversion price of US$1.50 per share and US$1.25 per share, respectively, and in both cases, subject to adjustment under certain circumstances. In addition, the Company and ThaiLin have also completed the purchase by ThaiLin of US$10,000,000 of the 8% Notes at face value.

The notes issued in these exchanges and the Company's common shares issuable pursuant to these notes have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements and applicable state securities laws. This press release is not an offer to sell or the solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

S.J. Cheng, Chairman and Chief Executive Officer of ChipMOS, stated, "This is another important step for ChipMOS. These transactions are in line with the Company's continued efforts to improve its financial strength and build on agreements announced on April 15, 2009 that extended key repayment terms and conditions of the Company's bank loans from Taiwan Creditors. Concurrent with these financing efforts, we remain focused at all levels of the Company on continuing to provide the excellent service our customers worldwide rely on and partner with ChipMOS for."

About ChipMOS TECHNOLOGIES (Bermuda) LTD.:

ChipMOS ( http://www.chipmos.com/ ) is a leading independent provider of semiconductor testing and assembly services to customers in Taiwan, Japan, and the U.S. With advanced facilities in Hsinchu and Southern Taiwan Science Parks in Taiwan and Shanghai, ChipMOS and its subsidiaries provide testing and assembly services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.

Forward-Looking Statements

Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") and in the Company's other filings with the SEC.

Contacts: In Taiwan R.O.C. Dr. S.K. Chen ChipMOS TECHNOLOGIES (Bermuda) LTD. Tel: +886-6-507-7712 Email: s.k._chen@chipmos.com In the U.S. David Pasquale Global IR Partners Tel: +1-914-337-8801 Email: dpasquale@globalirpartners.com

ChipMOS TECHNOLOGIES (Bermuda) LTD.

CONTACT: Dr. S.K. Chen of ChipMOS TECHNOLOGIES (Bermuda) LTD.,
+886-6-507-7712, s.k._chen@chipmos.com; David Pasquale of Global IR Partners,
+1-914-337-8801, dpasquale@globalirpartners.com

Web site: http://www.chipmos.com/

FDA Grants Priority Review for Shire's velaglucerase alfa for Type 1 Gaucher Disease

CAMBRIDGE, Massachusetts, November 4 /PRNewswire/ --

- FDA Issued Action Date of February 28, 2010 Under the Prescription Drug User Free Act (PDUFA)

Shire plc (LSE: SHP, NASDAQ: SHPGY), the global specialty biopharmaceutical company, today announced that the United States Food and Drug Administration (FDA) has granted Priority Review for the New Drug Application (NDA) for velaglucerase alfa, the company's enzyme replacement therapy in development for the treatment of Type 1 Gaucher disease.

Priority Review designation is given to drugs that offer major advances in treatment, or provide a treatment where no adequate therapy exists, and accelerates the target review timing from ten to six months. The FDA has issued an action date for the NDA of February 28, 2010 under the Prescription Drug User Fee Act (PDUFA).

In the U.S., patients continue to be enrolled in an FDA-approved treatment protocol, under which Gaucher patients receive velaglucerase alfa prior to commercialization. Shire has also engaged with national and regional authorities outside the U.S. and patients are receiving velaglucerase alfa through pre-approval access programs. Shire confirms it is on track with its filing of the Marketing Authorization Application (MAA) in the EU for 2009.

Background on Gaucher disease

Gaucher disease is an autosomal recessive disorder caused by mutations in the GBA gene which results in a deficiency of the lysosomal enzyme beta-glucocerebrosidase. This enzymatic deficiency causes an accumulation of glucocerebroside, primarily in macrophages. In this lysosomal storage disorder (LSD), clinical features are reflective of the distribution of Gaucher cells in the liver, spleen, bone marrow, skeleton, and lungs. The accumulation of glucocerebrosidase in the liver and spleen leads to organomegaly. Bone involvement results in skeletal abnormalities and deformities as well as bone pain crises. Deposits in the bone marrow and splenic sequestration lead to clinically significant anemia and thrombocytopenia.

Gaucher disease is the most prevalent lysosomal storage disorder, with an incidence of about 1 in 20,000 live births. Gaucher disease has classically been categorized into 3 clinical types. Type 1 is the most common; it is distinguished from Type 2 and Type 3 by the lack of central nervous system involvement. Type 1 Gaucher disease is characterized by variability in signs, symptoms, severity, and progression.

Velaglucerase alfa supplements or replaces beta-glucocerebrosidase, the enzyme that catalyzes the hydrolysis of glucocerebroside, reducing the amount of accumulated glucocerebroside and correcting the pathophysiology of Gaucher disease.

Shire's velaglucerase alfa program included the largest and most comprehensive set of Phase III clinical trials conducted to date for Gaucher disease. Over 100 patients at 24 sites in 10 countries around the world have participated the clinical studies. Velaglucerase alfa is made using Shire's proprietary technology, in a human cell line. The enzyme produced has the exact human amino acid sequence and has a human glycosylation pattern.

Notes to editors

SHIRE PLC

Shire's strategic goal is to become the leading specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. Shire focuses its business on attention deficit hyperactivity disorder (ADHD), human genetic therapies (HGT) and gastrointestinal (GI) diseases as well as opportunities in other therapeutic areas to the extent they arise through acquisitions. Shire's in-licensing, merger and acquisition efforts are focused on products in specialist markets with strong intellectual property protection and global rights. Shire believes that a carefully selected and balanced portfolio of products with strategically aligned and relatively small-scale sales forces will deliver strong results.

For further information on Shire, please visit the Company's website: http://www.shire.com.

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Statements included herein that are not historical facts are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, the Company's results could be materially adversely affected. The risks and uncertainties include, but are not limited to, risks associated with: the inherent uncertainty of research, development, approval, reimbursement, manufacturing and commercialization of the Company's Specialty Pharmaceutical and Human Genetic Therapies products, as well as the ability to secure and integrate new products for commercialization and/or development; government regulation of the Company's products; the Company's ability to manufacture its products in sufficient quantities to meet demand; the impact of competitive therapies on the Company's products; the Company's ability to register, maintain and enforce patents and other intellectual property rights relating to its products; the Company's ability to obtain and maintain government and other third-party reimbursement for its products; and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission.

For further information please contact: Investor Cléa Rosenfeld (Rest of the World) +44-1256-894-160 Relations Eric Rojas (North America) +1-617-551-9715 Media Jessica Mann (Rest of the World) +44-1256-894-280 Jessica Cotrone (North America, HGT) +1-617-613-4640

Shire Plc

For further information please contact: Investor Relations - Cléa Rosenfeld (Rest of the World), +44-1256-894-160, Eric Rojas (North America), +1-617-551-9715 ; Media - Jessica Mann (Rest of the World), +44-1256-894-280 ; Jessica Cotrone (North America, HGT), +1-617-613-4640

Filtrona Porous Technologies Realizes Innovative New Product Development Through Foam-Fiber Technology Synergy : Introducing MediSponge(R) RBR Wound Care Dressings

RICHMOND, Virginia, November 4 /PRNewswire/ --

Filtrona Porous Technologies, manufacturer of custom fluid handling fiber and foam components for the medical device and healthcare industry, and a division of UK-based Filtrona plc (Pink Sheets: FLRAF), has recently developed a unique foam-fiber hybrid component for select medical and personal care markets, specifically wound care. Referred to as MediSponge(R) RBR, the patent-pending foam-fiber composite consists of a soft, highly absorbent foam with hydrophilic properties structurally enhanced by the addition of a fiber matrix. The development represents yet another innovation by Filtrona Porous Technologies in the area of specialty healthcare industry products.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081017/NEF038LOGO )

Hydrophilic foam's presence as a wound dressing material has increased dramatically the last several years, featuring prominently in select advanced wound care settings. MediSponge RBR now expands the technology's application range within this market. To date, one delimiting characteristic of hydrophilic foam is its tensile and structural strength when wet, especially when exposed to moist or damp conditions for a substantial period of time. This consideration has mitigated the media's full potential with longer-term, advanced wound applications desirous of reduced dressing changes, even including, when combined with its expansive properties, some negative pressure therapy environments.

Filtrona's new MediSponge RBR overcomes these limitations. MediSponge RBR incorporates to the foam media a fiber matrix that acts as a reinforcement or rebar-like structural enhancement. Versus the standard wet hydrophilic foam material, the average tensile strength, tear strength, and expansion properties may be improved by as much as 600 times, 40 times, and near 2 times respectively. These product technology enhancements among others make it an ideal material to consider for foam dressing applications for long-term advanced wound care.

In late 2008 Filtrona united the fiber and foam technology divisions under the Porous Technologies umbrella with the intent to bring customers unique solutions from a variety of base porous media. This foam-fiber composite innovation behind MediSponge RBR exemplifies Filtrona Porous Technologies' expertise with applications development for select market needs.

About Filtrona Porous Technologies

Based in Richmond, Virginia USA, Filtrona Porous Technologies (www.filtrona-fpt.com) is a leading manufacturer of customized bonded fiber and hydrophilic foam components for fluid and vapor handling used in consumer, medical and industrial products. Filtrona Porous Technologies has manufacturing locations in North America, Europe and Asia, and is a division of Filtrona plc, a global specialty plastic and fiber products supplier based in the United Kingdom.

Filtrona Porous Technologies

Matt Robida of Filtrona Porous Technologies, +1-804-518-1017

China's Chongqing Metro Monorail Selects NICE's Digital Video Security Solution to Protect Passengers and Assets Against Crime and Potential Terror Threats

RA'ANANA, Israel, November 4 /PRNewswire-FirstCall/ -- NICE Systems Ltd. , a leading global provider of advanced solutions that enable organizations to extract Insight from Interactions to drive performance, today announced that it has been selected by China's Chongqing Metro to provide NICE's digital video security solution to enhance safety and security at the 18 monorail stations of its Line 3 route, against crime and potential threats. The NICE solution was selected following successful deployment of 6 Beijing Metro lines, and comes following the seventh project for Beijing Metro's Line 15. NICE' business partner for the project is Beijing JingShiDa Machinery and Equipment Research Institute.

The Chongqing Metro is a monorail system in Chongqing, the first of its kind in China, part of the central government's project to develop the Western regions in China. Line 3 will run from north to south, linking the districts separated by Chongqing's two main rivers, the Yangtze and Jialing Rivers. When completed, Line 3 will be over 21 kilometers long, and will have 18 stations, five of which will be underground. The line is also intended to be extended north toward Chongqing Jiangbei International Airport and south to Yudong in Ba'nan District.

NICE's advanced real-time distributed digital video solution will be deployed to help protect passengers and the metro line and stations. It will be deployed in the Traffic Command and Control Center, connected to a security system that consists of 700 channels. By providing real-time alerts to security personnel, the result will be enhanced passenger safety and better asset protection.

"We are pleased to be selected once more for protecting China's mass transit metro system," Doron Ben-Sira, President APAC. "This is another milestone project, which reflects once more our growing presence in Asia's security market as well as the unique value add of NICE's solutions for enhancing the safety and security of transportation networks all over the world."

About NICE Systems

NICE Systems is the leading provider of Insight from Interactions solutions and value-added services, powered by advanced analytics of unstructured multimedia content - from telephony, web, radio and video communications. NICE's solutions address the needs of the enterprise and security markets, enabling organizations to operate in an insightful and proactive manner, and take immediate action to improve business and operational performance and ensure safety and security. NICE has over 24,000 customers in more than 150 countries, including more than 85 of the Fortune 100 companies. More information is available at http://www.nice.com/.

Trademark Note: 360degrees View, Alpha, ACTIMIZE, Actimize logo, Customer Feedback, Dispatcher Assessment, Encorder, eNiceLink, Executive Connect, Executive Insight, FAST, FAST alpha Blue, FAST alpha Silver, FAST Video Security, Freedom, Freedom Connect, IEX, Interaction Capture Unit, Insight from Interactions, Investigator, Last Message Replay, Mirra, My Universe, NICE, NICE logo, NICE Analyzer, NiceCall, NiceCall Focus, NiceCLS, NICE Inform, NICE Learning, NiceLog, NICE Perform, NiceScreen, NICE SmartCenter, NICE Storage Center, NiceTrack, NiceUniverse, NiceUniverse Compact, NiceVision, NiceVision Alto, NiceVision Analytics, NiceVision ControlCenter, NiceVision Digital, NiceVision Harmony, NiceVision Mobile, NiceVision Net, NiceVision NVSAT, NiceVision Pro, Performix, Playback Organizer, Renaissance, Scenario Replay, ScreenSense, Tienna, TotalNet, TotalView, Universe, Wordnet are trademarks and/or registered trademarks of NICE Systems Ltd. All other trademarks are the property of their respective owners.

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on the current expectations of the management of NICE Systems Ltd. (the Company) only, and are subject to a number of risk factors and uncertainties, including but not limited to changes in technology and market requirements, decline in demand for the Company's products, inability to timely develop and introduce new technologies, products and applications, difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel, loss of market share, pressure on pricing resulting from competition, and inability to maintain certain marketing and distribution arrangements, which could cause the actual results or performance of the Company to differ materially from those described therein. We undertake no obligation to update these forward-looking statements. For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the Securities and Exchange Commission.

Corporate Media Galit Belkind NICE Systems +1-877-245-7448 galit.belkind@nice.com Investors Daphna Golden NICE Systems +1-877-245-7449 ir@nice.com

NICE Systems

CONTACT: Corporate Media: Galit Belkind, NICE Systems, +1-877-245-7448,
galit.belkind@nice.com; Investors: Daphna Golden, NICE Systems,
+1-877-245-7449, ir@nice.com

RMD Entertainment Group (RMDM) To Sell Its TiDi Gaming Division

BEIJING, Nov. 4 /PRNewswire-FirstCall/ -- RMD Entertainment Group (http://www.rmdmgroup.com/), enters serious discussions with a UK based public company trading on the Frankfurt Xetra exchange to acquire its TiDi Gaming division. The company is of the opinion that this is a material event that needs to be news released instead of completing filing on Pink Sheets.

According to the report of American Gaming Association nationwide gross gaming revenues were at $32.54 billion for the year 2009. However, the commercial casino industry is one of the most regulated, monitored and taxed industries in the United States, and provides a substantial portion of tax revenues (from 6.75 % of gross gaming revenue to up to 55 percent). For reports on American Gaming industry please visit the following two unauthorized links:

http://www.americangaming.org/assets/files/uploads/aga_sos2009web_FINAL.pd f

http://www.americangaming.org/assets/files/AGA_Facts_Web.pdf

These facts have been one of the determinant causes of RMDM's decision to sell TiDi Gaming. Mr. Winters, RMDM Corporate Advisor and Secretary, said, "This investor expressed deep interest in purchasing the company on cash and stock basis. We are forecasting a smooth transaction and a relatively quick closing. We are looking to establish the highest value for the sale of this asset which hopefully the markets will acknowledge and begin to reflect in our battered share price.

Moving forward, RMDM will focus on its China-based Innotrek Technology subsidiary and on the upcoming merger with the USA based alcohol manufacturer. Management carefully prepared and scrutinized this turn of events, and sees the sale of TiDi as new opportunities for RMDM's growth. With RMDM's recently announced no dilution and no recapitalization policy, the management is very optimistic on the future growth of RMDM."

To receive future updates via email including quarterly newsletters and company updates which may not be newsworthy however important to the reader and followers of the company please sign up today free at http://www.minamargroup.com/updates

Safe Harbor Statement

Information in this news release may contain statements about future expectations, plans, prospects or performance of RMD Entertainment Group that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. RMD Entertainment Group cautions you that any forward-looking information provided by or on behalf of RMD Entertainment Group is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. RMD Entertainment Group's actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond RMD Entertainment Group's control. In addition to those discussed in RMD Entertainment Group's press releases, public filings, and statements by RMD Entertainment Group's management, including, but not limited to, RMD Entertainment Group's estimate of the sufficiency of its existing capital resources, RMD Entertainment Group's ability to raise additional capital to fund future operations, RMD Entertainment Group's ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match RMD Entertainment Group's capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. RMD Entertainment Group does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.

CONTACT: For any investor relations matters, please contact http://www.minamargroup.net/helpdesk; Investor Relations Department Inquiry, http://www.minamargroup.net/ (IR); For (M&A) and Corporate Matters, http://www.minamargroup.com/

RMD Entertainment Group

CONTACT: For any investor relations matters, please contact
http://www.minamargroup.net/helpdesk; Investor Relations Department Inquiry,
http://www.minamargroup.net/ (IR); For (M&A) and Corporate Matters,
http://www.minamargroup.com/

Webcast Alert: Cia Hering S/A Announces Third Quarter 2009 Results Webcast

BLUMENAU, Brazil, Nov. 4 /PRNewswire-FirstCall/ -- Cia Hering S/A (BOVESPA: HGTX3) (HERING) announces the following Webcast:

What: Third Quarter 2009 Earnings Results of Cia Hering S/A. In Order to assure fair disclosure and transparency in the release of the 3Q09 results, since October 26 and until November 3 2009, Cia. Hering is in quiet period. Thus, during this period, the Company will not comment on their financial statements. However, in this period, the Company does not restrict communication of any routine information. When: Thursday, November 5, 2009 @ 9:00 AM ET Where: http://prnewswire.mediatown.com.br/player/?id=112 How: Live over the Internet -- Simply log on to the web at the address above.

Contact: Cia Hering S/A Investor Relations, +55 (47) 3321-3469, or e- mail, ri@heringnet.com.br

The conference call will be archived at http://www.ciahering.com.br/ir. To access the replay, click on the Investor Relations Section.

To take part in the Conference Call dial: From U.S. - (1 888) 700 0802 From Brazil - (55 11) 4688 6361 From Other Countries - (1 786) 924 6977

Cia. Hering is one of the largest retail clothing designers and manufacturers in Brazil. Cia. Hering currently develops fashion wear collections under three proprietary brand names: Hering, PUC and dzarm. The retail structure of the company is formed by two complementary sales channels: the company-owned and franchised stores and the multi-brand retail stores. On September 30, 2009, the company had 258 stores under the Hering flag and 64 PUC stores in 23 states in Brazil, while the network of multi-brand retail stores sum up 15,266 points of sale. Abroad, Cia. Hering has 15 franchised stores in several countries in Latin America.

Audio: http://prnewswire.mediatown.com.br/player/?id=112 Cia Hering S/A

CONTACT: Cia Hering S/A Investor Relations, +011-5547-3321-3469,
ri@heringnet.com.br

Web site: http://www.ciahering.com.br/ /ir

Filtrona Porous Technologies Realizes Innovative New Product Development Through Foam-Fiber Technology Synergy : Introducing MediSponge(R) RBR Wound Care Dressings

RICHMOND, Va., Nov. 4 /PRNewswire-FirstCall/ -- Filtrona Porous Technologies, manufacturer of custom fluid handling fiber and foam components for the medical device and healthcare industry, and a division of UK-based Filtrona plc (Pink Sheets: FLRAF), has recently developed a unique foam-fiber hybrid component for select medical and personal care markets, specifically wound care. Referred to as MediSponge® RBR, the patent-pending foam-fiber composite consists of a soft, highly absorbent foam with hydrophilic properties structurally enhanced by the addition of a fiber matrix. The development represents yet another innovation by Filtrona Porous Technologies in the area of specialty healthcare industry products.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081017/NEF038LOGO )

Hydrophilic foam's presence as a wound dressing material has increased dramatically the last several years, featuring prominently in select advanced wound care settings. MediSponge RBR now expands the technology's application range within this market. To date, one delimiting characteristic of hydrophilic foam is its tensile and structural strength when wet, especially when exposed to moist or damp conditions for a substantial period of time. This consideration has mitigated the media's full potential with longer-term, advanced wound applications desirous of reduced dressing changes, even including, when combined with its expansive properties, some negative pressure therapy environments.

Filtrona's new MediSponge RBR overcomes these limitations. MediSponge RBR incorporates to the foam media a fiber matrix that acts as a reinforcement or rebar-like structural enhancement. Versus the standard wet hydrophilic foam material, the average tensile strength, tear strength, and expansion properties may be improved by as much as 600 times, 40 times, and near 2 times respectively. These product technology enhancements among others make it an ideal material to consider for foam dressing applications for long-term advanced wound care.

In late 2008 Filtrona united the fiber and foam technology divisions under the Porous Technologies umbrella with the intent to bring customers unique solutions from a variety of base porous media. This foam-fiber composite innovation behind MediSponge RBR exemplifies Filtrona Porous Technologies' expertise with applications development for select market needs.

About Filtrona Porous Technologies

Based in Richmond, Virginia USA, Filtrona Porous Technologies (http://www.filtrona-fpt.com/) is a leading manufacturer of customized bonded fiber and hydrophilic foam components for fluid and vapor handling used in consumer, medical and industrial products. Filtrona Porous Technologies has manufacturing locations in North America, Europe and Asia, and is a division of Filtrona plc, a global specialty plastic and fiber products supplier based in the United Kingdom.

Photo: http://www.newscom.com/cgi-bin/prnh/20081017/NEF038LOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Filtrona Porous Technologies

CONTACT: Matt Robida of Filtrona Porous Technologies, +1-804-518-1017

Web Site: http://www.filtrona-fpt.com/

ICSA Labs and Medical Transcription Industry Association Create Consortium to Promote Secure Exchange of Dictated Medical InformationNew Organization to Drive Common Standards for Electronic Sharing of Physician-Dictated Patient Notes; Initiative Will Help Spur Adoption of Electronic Medical Records

MECHANICSBURG, Pa., Nov. 4 /PRNewswire/ -- In an initiative to help accelerate the adoption of electronic health care records, ICSA Labs and the Medical Transcription Industry Association (MTIA) have formed a consortium to devise common standards and practices for the creation and sharing of digitized transcriptions of physician-dictated patient notes.

These notes, which doctors dictate to provide in-depth detail of their patients' care and treatment, are a key element of electronic medical records. However, converting transcriptions into a secure, digitized format for electronic sharing with other doctors, hospitals and health care providers is nearly impossible without a single agreed-upon format for the exchange of this information.

The Medical Transcription Service Consortium (MTSC) -- the group formed by ICSA Labs, an independent division of Verizon Business, and the MTIA -- will develop a common framework for the digitization of transcribed dictated records, including interoperability standards for the seamless and secure exchange of data among health care providers.

The MTIA estimates that its member companies annually create and electronically archive more than 2.4 billion transcribed medical records, involving more than 70 percent of all U.S. physicians.

In addition to ICSA Labs and the MTIA, the charter members of the consortium are Verizon and the following medical transcription companies: MD-IT, MedQuist, MxSecure, Sten-Tel and Webmedx.

George Japak, managing director, ICSA Labs, said, "Interoperability, privacy and security are challenges that hospitals, physicians and clinics face when trying to exchange records electronically. The goal of the consortium is to help advance the health care industry through the digital exchange of physician-dictated notes in a common format so that information technology becomes an enabler for better patient care and greater efficiency among health care providers."

In a related development, the MTSC announced that Verizon Business has been selected to develop the new IT platform that will securely carry the digitized transcribed notes of physicians for consortium members. It will be designed and deployed using security best practices, allowing for objective testing and certification for privacy, security and interoperability.

Peter Preziosi, the MTIA's chief executive officer, said, "Medical transcription is a critical part of the U.S. health care industry, and the creation of the consortium will help the industry increase the electronic exchange of patient data through a common set of standards.

"By enabling the sector to move toward quicker adoption of standards-compliant health records, a key goal of the federal government, the health care industry will be able to accelerate the use of electronic health records and ensure greater access to the critical patient information among all health care providers," Preziosi said.

About ICSA Labs

ICSA Labs, an independent division of Verizon Business, offers vendor-neutral testing and certification of security products. Many of the world's top security vendors submit their products for testing and certification at ICSA Labs. Businesses rely on ICSA Labs to authoritatively set and apply objective testing and certification criteria for measuring product compliance and reliability. For more information about ICSA Labs, please visit: http://www.icsalabs.com/.

About Medical Transcription Industry Association

The not-for-profit Medical Transcription Industry Association (MTIA) is the world's largest trade association serving medical transcription service operators. Its mission is to create an environment in which medical transcription companies can prosper, grow, and deliver the highest level of healthcare documentation services. Find more information at http://www.mtia.com/.

About Verizon Business

Verizon Business, a unit of Verizon Communications , is a global leader in communications and IT solutions. We combine professional expertise with one of the world's most connected IP networks to deliver award-winning communications, IT, information security and network solutions. We securely connect today's extended enterprises of widespread and mobile customers, partners, suppliers and employees -- enabling them to increase productivity and efficiency and help preserve the environment. Many of the world's largest businesses and governments -- including 96 percent of the Fortune 1000 and thousands of government agencies and educational institutions -- rely on our professional and managed services and network technologies to accelerate their business. Find out more at http://www.verizonbusiness.com/.

Verizon Business

CONTACT: Kevin W. Irland, +1-703-886-1117, kevin.w.irland@verizon.com,
or Clare Ward, +44(0)118-905-3501, clare.ward@uk.verizonbusiness.com, or
Junaidah Dahlan, +65-6248-6827, junaidah.dahlan@sg.verizonbusiness.com, all of
Verizon Business

Web Site: htp://www.verizonbusiness.com
http://www.icsalabs.com/
http://www.mtia.com/

Cornerstone Therapeutics Reports Third Quarter 2009 Financial Results

CARY, N.C., Nov. 4 /PRNewswire-FirstCall/ -- Cornerstone Therapeutics Inc. , a specialty pharmaceutical company focused on acquiring, developing and commercializing significant products primarily for the respiratory and related markets, today reported financial results for the three and nine months ended September 30, 2009.

Recent Highlights -- Third quarter net revenues increased $2.5 million to $23.1 million, or 12%, compared to the third quarter of 2008 -- Non-GAAP income from operations(1) for the third quarter of $2.8 million, based on a GAAP basis loss from operations of $1 million adjusted primarily for additional expenses related to the strategic transaction with Chiesi Farmaceutici SpA -- Closed acquisition of commercial rights to Factive® -- Completed transaction with Chiesi to acquire rights to Curosurf® and $15.5 million in cash -- FDA accepted for review the Company's filing for an extended-release antitussive product candidate (CRTX 067)

(1) Non-GAAP income from operations is a non-GAAP financial measure that excludes stock-based compensation, amortization of product rights and acquisition-related expenses. See reconciliation tables below for full details.

"In the third quarter, we continued to execute our strategy with the additions of Curosurf and Factive to our product portfolio," said Craig A. Collard, Cornerstone's Chairman and Chief Executive Officer. "We are excited about the potential these products have in the hands of our sales force, and expect them to be strong long-term contributors to our success. In addition, we are pleased that the regulatory filing for our extended-release antitussive product candidate, CRTX 067, was submitted to the FDA in July and has been accepted for review."

Third Quarter Financial Results

Net revenues for the third quarter increased $2.5 million over the same period in 2008, or 12%, to $23.1 million.

Net product sales were $23.1 million in the third quarter, compared to $20.1 million in the same period of 2008, an increase of $3.0 million, or 15%.

AlleRx® Dose Pack family of products net product sales for the three months ended September 30, 2009 decreased by $2.6 million, or 42%, to $3.5 million compared to the three months ended September 30, 2008. The decline in product sales was due primarily to decreased volume of the AlleRx PE and the AlleRx DF formulations as a result of increased competition.

Curosurf net product sales were $2.2 million for the three months ended September 30, 2009. The Company acquired the Curosurf product rights from Chiesi during the third quarter of 2009 and began promoting and selling Curosurf in September 2009.

Factive net product sales were $91,000 for the three months ended September 30, 2009. Factive product rights and related inventory were acquired on September 9, 2009. The Company began earning revenues from Factive in September 2009, but did not initiate marketing and promotional activities until October 2009.

HyoMAX® net product sales decreased $4.9 million, or 39%, to $7.6 million for the three months ended September 30, 2009 compared to the corresponding period of 2008. This decrease was primarily due to increased competition from other manufacturers in the marketplace.

Spectracef® net product sales increased $1.9 million for the three months ended September 30, 2009 compared to the corresponding period of 2008 primarily due to the enhanced promotion of Spectracef by the Company's sales force to targeted physicians.

Zyflo CR® and Zyflo® net product sales were $5.0 million for the three months ended September 30, 2009. As noted below, the Company's historical financial results for the three and nine months ended September 30, 2008 do not include sales of Zyflo CR and Zyflo by Critical Therapeutics prior to the completion of our October 31, 2008 merger.

Gross profit (exclusive of royalty agreement revenues and amortization of product rights) was $18.9 million for the quarter ended September 30, 2009 compared to $18.5 million in the corresponding period of 2008. Gross margin was 82% and 92% for the three months ended September 30, 2009 and 2008, respectively. The reduction in gross margin resulted primarily from a change in the mix of products comprising net product sales.

Sales and marketing expenses increased $4.5 million during the three months ended September 30, 2009 compared to the corresponding period of 2008. This increase was primarily attributable to growth of the sales force and management team; marketing and promotional spending; and co-promotion, travel and consulting-related expenses.

General and administrative expenses increased $3.7 million for the three months ended September 30, 2009 compared to the same period in 2008. This increase was primarily due to increases in our workforce; an increase in legal and accounting costs, most of which relate to increased requirements as a result of becoming a public company and costs associated with the Chiesi transaction; FDA regulatory-related fees; and product liability and other insurance-related expenses. Costs associated with the Chiesi transaction during the three months ended September 30, 2009 included $1.5 million of additional stock-based compensation expense due to the accelerated vesting of certain stock options and shares of restricted stock and $0.3 million of legal, accounting and related expenses.

Financial Results for Nine Months Ended September 30, 2009

Net revenues for the nine months ended September 30, 2009 increased $34.7 million over the same period in 2008, or 79%, to $78.8 million.

Net product sales were $78.5 million for the nine months ended September 30, 2009, compared to $42.9 million in the same period of 2008, an increase of approximately $35.7 million, or 83%.

For the nine months ended September 30, 2009, net product sales of the AlleRx Dose Pack family of products increased by $4.0 million, or 21%, to $23.0 million compared to the nine months ended September 30, 2008. This increase was due primarily to higher AlleRx Legacy prescription volume offset by decreased volume of the AlleRx PE and the AlleRx DF formulations as a result of competition.

HyoMAX net product sales increased $8.0 million, or 47%, to $25.0 million for the nine months ended September 30, 2009 compared to the corresponding period of 2008. This increase was primarily due to the fact that our HyoMAX products were launched in May, June and July 2008, and, therefore, had at most five months of sales during the first nine months of 2008.

Spectracef net product sales increased $5.4 million, or 370%, to $6.9 million for the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008. This increase was primarily due to the launch of the Spectracef 400 mg Dose Packs in late 2008.

Zyflo CR and Zyflo net product sales were $13.8 million for the nine months ended September 30, 2009.

Gross profit (exclusive of royalty agreement revenues and amortization of product rights) was $68.3 million in the nine months ended September 30, 2009 compared to $39.8 million in the corresponding period of 2008. Gross margin was 87% and 93% for the nine months ended September 30, 2009 and 2008, respectively. The reduction in gross margin resulted primarily from a change in the mix of products comprising net product sales.

Sales and marketing expenses increased $8.8 million for the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008. This increase was primarily attributable to growth of the sales force and management team; marketing and promotional spending; and co-promotion, travel and consulting-related expenses.

General and administrative expenses increased $8.8 million for the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008. This increase was primarily due to increases in our workforce; an increase in legal and accounting costs, most of which relate to increased requirements as a result of becoming a public company and costs associated with the Chiesi transaction; FDA regulatory-related fees; and product liability and other insurance-related costs. Costs associated with the Chiesi transaction during the nine months ended September 30, 2009 included $1.5 million of additional stock-based compensation expense due to the accelerated vesting of certain stock options and shares of restricted stock and $1.8 million of legal, accounting and related expenses.

Key Financial Metrics Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 GAAP (loss) income from operations $(1,042) $6,383 $12,404 $10,768 Non-GAAP income from operations(1) $2,865 $6,579 $19,652 $11,981 GAAP net (loss) income $(538) $3,307 $7,515 $6,131 Non-GAAP net income(2) $1,482 $3,414 $11,944 $6,896 GAAP net (loss) income per share, diluted $(0.03) $0.48 $0.46 $0.89 Non-GAAP net income per share, diluted(3) $0.07 $0.49 $0.74 $1.00 (1) Non-GAAP income from operations is a non-GAAP financial measure that excludes stock-based compensation, amortization of product rights and acquisition-related expenses. See reconciliation tables below for full details. (2) Non-GAAP net income is a non-GAAP financial measure that excludes stock-based compensation, amortization of product rights and acquisition-related expenses, and the income tax effects of these items. See reconciliation tables below for full details. (3) Non-GAAP net income per share, diluted is a non-GAAP financial measure that is calculated as non-GAAP net income divided by the diluted weighted-average common shares. See reconciliation tables below for full details. 2009 Outlook

Based on expected contributions from Curosurf and Factive in the fourth quarter, Cornerstone is increasing its revenue guidance from in excess of $95 million to in excess of $104 million for the full-year 2009. In addition, the Company anticipates achieving income from operations on a GAAP basis of $15 million and on a non-GAAP basis of $26.1 million, as shown below.

(in millions) 2009 Outlook ------------ ------------ GAAP income from operations $15.0 Add: stock-based compensation(1) 1.4 Add: amortization of product rights 6.1 Add: acquisition-related expenses 3.6 --- Non-GAAP income from operations $26.1 ------------------------------- ----- (1) Excludes stock-based compensation charges incurred in connection with the Chiesi transaction, which are included in acquisition-related expenses. Conference Call Information

Cornerstone Therapeutics will host a conference call today at 8:30 AM ET to discuss its financial results for the three and nine months ended September 30, 2009 and to provide an update on its strategy, operations and product development pipeline. To participate in the live conference call, please dial 866-831-6270 (U.S. callers) or 617-213-8858 (international callers), and provide passcode 70654905. A live webcast of the call will also be available through the "Investors -- Webcasts & Presentations" section of the Company's website at http://www.crtx.com/. Please allow extra time prior to the webcast to register for the webcast and to download and install any necessary audio software.

The webcast will be archived for 30 days, and a telephone replay of the call will be available for seven days, beginning today at 10:30 AM ET, by dialing 888-286-8010 (U.S. callers) or 617-801-6888 (international callers), and providing passcode 27145476.

Use of Non-GAAP Financial Measures

This press release highlights the Company's financial results on both a GAAP and a non-GAAP basis. The GAAP results include certain costs and charges that are excluded from non-GAAP results. By publishing the non-GAAP financial measures, management intends to provide investors with additional information to further analyze the Company's performance, core results and underlying trends. Management evaluates results and makes operating decisions using both GAAP and non-GAAP measures included in this press release. Non-GAAP results are not prepared in accordance with GAAP, and non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures attached to this press release.

Items excluded from the non-GAAP measures are as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2009 2008 2009 2008 ------------- ---- ---- ---- ---- Stock-based compensation (included in general and administrative)(1) $231 $64 $1,012 $189 Stock-based compensation (included in sales and marketing)(1) 74 23 145 67 Amortization of product rights 1,507 109 2,528 957 Acquisition-related expenses (2) 2,095 - 3,563 - -------------------------------- ----- --- ----- --- (1) Stock-based compensation excludes stock-based compensation charges incurred in connection with the Chiesi transaction, which are included in acquisition-related expenses. (2) Acquisition-related expenses include stock-based compensation charges and legal, accounting and related costs that resulted from or were incurred in connection with the Chiesi transaction. For the three and nine months ended September 30, 2009, acquisition-related stock-based compensation charges include $1.5 million and $0.3 million of charges that were included in general and administrative and sales and marketing expenses, respectively, in the Company's statements of operations. About Cornerstone Therapeutics

Cornerstone Therapeutics Inc. , headquartered in Cary, N.C., is a specialty pharmaceutical company focused on acquiring, developing and commercializing significant products primarily for the respiratory and related markets. The Company currently promotes multiple marketed products in the United States to respiratory-focused physicians and key retail pharmacies with its specialty sales force. The Company also has a late-stage clinical pipeline with a recent regulatory submission filing and four additional regulatory approval submissions targeted within the next three years. Key elements of the Company's strategy are to in-license or acquire rights to underpromoted, patent-protected, branded respiratory or related pharmaceutical products, or late-stage product candidates; implement life cycle management strategies to maximize the potential value and competitive position of the Company's currently marketed products, newly acquired products and product candidates that are currently in development; grow product revenue through the Company's specialty sales force which is focused on the respiratory and related markets; and maintain and strengthen the intellectual property position of the Company's currently marketed products, newly acquired products and product candidates.

Pre-Merger Financial Results

As previously disclosed, Critical Therapeutics, Inc. and Cornerstone BioPharma Holdings, Inc. (Cornerstone BioPharma) completed their merger on October 31, 2008, and the combined company was renamed Cornerstone Therapeutics Inc. (the Company). Cornerstone BioPharma was deemed to be the acquiring company for accounting purposes and the transaction was accounted for as a reverse acquisition in accordance with generally accepted accounting principles. Accordingly, the Company's financial statements for periods prior to the merger reflect the historical results of Cornerstone BioPharma, and not Critical Therapeutics, and Cornerstone Therapeutics' financial statements for all subsequent periods reflect the results of the combined company. In addition, unless specifically noted otherwise, the Company's financial results do not include the historical financial results of Critical Therapeutics (including sales of Zyflo CR and Zyflo) prior to the completion of the merger.

Safe Harbor Statement

Statements in this press release regarding the progress and timing of our product development programs and related trials; our future opportunities; our strategy, future operations, anticipated financial position, future revenues and projected costs; our management's prospects, plans and objectives; and any other statements about management's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Any statements that are not statements of historical fact (including, without limitation, statements containing the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "should," "target," "will," "would" and similar expressions) should also be considered to be forward-looking statements.

There are a number of important factors that could cause our actual results or events to differ materially from those indicated by such forward-looking statements, including risks relating to our ability to develop and maintain the necessary sales, marketing, supply chain, distribution and manufacturing capabilities to commercialize our products; the possibility that the Food and Drug Administration (the FDA) will take enforcement action against us or one or more of our marketed drugs that do not have FDA-approved marketing applications; patient, physician and third-party payor acceptance of our products as safe and effective therapeutic products; our heavy dependence on the commercial success of a relatively small number of currently marketed products; our ability to maintain regulatory approvals to market and sell our products that do have FDA-approved marketing applications; our ability to enter into additional strategic licensing, collaboration or co-promotion transactions on favorable terms, if at all; our ability to maintain compliance with NASDAQ listing requirements; adverse side effects experienced by patients taking our products; difficulties relating to clinical trials, including difficulties or delays in the completion of patient enrollment, data collection or data analysis; the results of preclinical studies and clinical trials with respect to our products under development and whether such results will be indicative of results obtained in later clinical trials; our ability to satisfy FDA and other regulatory requirements; our ability to obtain, maintain and enforce patent and other intellectual property protection for our products and product candidates; and the other factors described in Item 1A (Risk Factors) of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC) on March 26, 2009 and in our subsequent filings with the SEC. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

In addition, the statements in this press release reflect our expectations and beliefs as of the date of this release. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. However, while we may elect to update these forward-looking statements publicly at some point in the future, we specifically disclaim any obligation to do so, whether as a result of new information, future events or otherwise. Our forward-looking statements do not reflect the potential impact of any acquisitions, mergers, dispositions, business development transactions, joint ventures or investments that we may make or enter into. These forward-looking statements should not be relied upon as representing our views as of any date after the date of this release.

Zyflo CR®, Zyflo®, AlleRx® and HyoMAX® are trademarks of Cornerstone Therapeutics Inc. All other trademarks are the property of their respective owners.

FINANCIAL TABLES FOLLOW CORNERSTONE THERAPEUTICS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except share and per share data) Three Months Ended Nine Months Ended September 30, September 30, -------------------- ------------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net revenues $23,078 $20,591 $78,776 $44,103 Costs and expenses: Cost of product sales (exclusive of amortization of product rights) 4,143 1,604 10,245 3,102 Sales and marketing 8,226 3,775 20,145 11,309 Royalties 4,593 6,844 16,535 11,648 General and administrative 4,950 1,273 13,837 5,084 Research and development 691 568 3,041 1,173 Amortization of product rights 1,507 109 2,528 957 Other charges 10 35 41 62 --- --- --- --- Total costs and expenses 24,120 14,208 66,372 33,335 ------ ------ ------ ------ (Loss) income from operations (1,042) 6,383 12,404 10,768 ------ ----- ------ ------ Other expenses: Interest expense, net 1 (333) (113) (1,055) --- ---- ---- ------ Total other expenses 1 (333) (113) (1,055) --- ---- ---- ------ (Loss) income before income taxes (1,041) 6,050 12,291 9,713 Benefit from (provision for) income taxes 503 (2,743) (4,776) (3,582) --- ------ ------ ------ Net (loss) income $(538) $3,307 $7,515 $6,131 ===== ====== ====== ====== Net (loss) income per share, basic $(0.03) $0.56 $0.50 $1.03 ====== ===== ===== ===== Net (loss) income per share, diluted $(0.03) $0.48 $0.46 $0.89 ====== ===== ===== ===== Weighted-average common shares, basic 20,741,322 5,934,496 15,009,285 5,934,496 ========== ========= ========== ========= Weighted-average common shares, diluted 20,741,322 6,900,105 16,249,578 6,867,157 ========== ========= ========== ========= CORNERSTONE THERAPEUTICS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) September 30, December 31, 2009 2008 (Unaudited) (Audited) ----------- --------- Assets Current assets: Cash and cash equivalents $10,992 $9,286 Marketable securities - 300 Accounts receivable, net 27,483 12,987 Inventories, net 16,143 11,222 Prepaid and other current assets 3,361 1,754 Deferred income tax asset 5,266 2,428 ----- ----- Total current assets 63,245 37,977 ------ ------ Property and equipment, net 1,036 895 Product rights, net 130,393 17,702 Goodwill 13,231 13,231 Amounts due from related parties 38 38 Other assets 525 46 --- --- Total assets $208,468 $69,889 ======== ======= Liabilities and Stockholders' Equity Current liabilities: Accounts payable $8,102 $10,288 Accrued expenses 29,020 19,052 Current portion of license agreement liability 971 2,543 Current portion of capital lease 10 - Income taxes payable 3,165 2,937 ----- ----- Total current liabilities 41,268 34,820 ------ ------ License agreement liability, less current portion 2,313 2,313 Capital lease, less current portion 41 - Deferred income tax liability 5,292 3,330 ----- ----- Total liabilities 48,914 40,463 ------ ------ Commitments and contingencies, Note 9 Stockholders' equity Preferred stock - $0.001 par value, 5,000,000 shares authorized; no shares issued and outstanding - - Common stock - $0.001 par value, 90,000,000 shares authorized; 24,727,427 and 12,023,747 shares issued and outstanding as of September 30, 2009 and December 31, 2008, respectively 25 12 Additional paid-in capital 156,119 33,519 Retained earnings (accumulated deficit) 3,410 (4,105) ----- ------ Total stockholders' equity 159,554 29,426 ------- ------ Total liabilities and stockholders' equity $208,468 $69,889 ======== ======= CORNERSTONE THERAPEUTICS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands) Nine Months Ended September 30, ------------------ 2009 2008 ---- ---- Cash flows from operating activities Net income $7,515 $6,131 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Amortization and depreciation 2,695 1,014 Provision for prompt payment discounts 2,316 1,227 Provision for inventory obsolescence 506 382 Stock-based compensation 2,970 256 Benefit from deferred income taxes (4,664) - Changes in operating assets and liabilities: Accounts receivable (16,812) (14,500) Inventories (5,271) (534) Prepaid expenses and other assets (2,086) 2,061 Accounts payable (2,186) 1,329 Accrued expenses 5,796 9,511 Income taxes payable 228 2,937 --- ----- Net cash (used in) provided by operating activities (8,993) 9,814 ------ ----- Cash flows from investing activities Advances to related parties - (9) Proceeds from sale of marketable securities 300 - Purchase of property and equipment (250) (24) Purchase of product rights (5,169) (2,250) Payment of acquisition costs - (1,002) Collection of deposits - 52 Payment of deposits - (111) --- ---- Net cash used in investing activities (5,119) (3,344) ------ ------ Cash flows from financing activities Proceeds from exercise of common stock options 401 - Proceeds from line of credit - 5,500 Proceeds from issuance of shares of common stock 15,465 - Payments for cancellation of warrants (41) - Principal payments on line of credit - (7,250) Principal payments on notes payable - (460) Principal payments on capital lease obligation (7) - --- --- Net cash provided by (used in) financing activities 15,818 (2,210) ------ ------ Net increase in cash and cash equivalents 1,706 4,260 Cash and cash equivalents as of beginning of period 9,286 241 ----- --- Cash and cash equivalents as of end of period $10,992 $4,501 ======= ====== Supplemental disclosure of non-cash investing and financing activities Purchase of product rights $110,050 $- ======== ===

Reconciliation of Non-GAAP Financial Measures to Comparable U.S. GAAP Measures

(Unaudited)

To supplement the consolidated financial statements presented in accordance with generally accepted accounting principles, or GAAP, the Company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP operating income, non-GAAP net income and non-GAAP net income per diluted share. The tables below provide a reconciliation of each non-GAAP financial measure used in this earnings release and related conference call to the most directly comparable GAAP financial measure.

Cornerstone's management regularly uses supplemental non-GAAP financial measures to understand, manage and evaluate its business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods.

These non-GAAP measures are not in accordance with or an alternative to measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The additional non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for or superior to; the financial information presented in accordance with GAAP (such as operating income, net income and earnings per share) and should not be considered measures of the Company's liquidity. These non-GAAP measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures.

The non-GAAP financial measures reflect adjustments for stock-based compensation expense, amortization of product rights and acquisition-related expenses. Acquisition-related expenses consist of certain expenses which were incurred in connection with the 2009 transaction with Chiesi, including additional stock-based compensation due to the accelerated vesting of certain stock options and shares of restricted stock resulting from the closing of the transaction. The Company excludes these expenses from its non-GAAP measures because management does not believe that they are reflective of the Company's core operating results. In particular, stock-based compensation expense is excluded primarily because it is a non-cash expense that is determined based on subjective assumptions, product rights amortization is excluded because it is not reflective of the cash-settled expenses incurred related to product sales, and acquisition-related expenses are excluded because they arise from prior acquisitions and management believes they have no direct correlation to current operating results. Management believes that these non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, enhance investors' and management's overall understanding of the Company's current financial performance and the Company's prospects for the future.

The non-GAAP measures are subject to inherent limitations because (1) they do not reflect all of the expenses associated with the results of operations as determined in accordance with GAAP and (2) the exclusion of these expenses involved the exercise of judgment by Cornerstone's management. Even though Cornerstone has excluded stock-based compensation expense, amortization of product rights and acquisition-related expenses from the non-GAAP financial measures, stock-based compensation is an integral part of Cornerstone's compensation structure, the acquisition of product rights is an important part of its business strategy and the transaction with Chiesi resulted in significant cash expenses. Cornerstone's management compensates for these limitations by using its non-GAAP measures only in conjunction with, and not as a substitute for, its GAAP measures.

Cornerstone Therapeutics Inc. Reconciliation of Non-GAAP Financial Measures (In thousands, except share and per share data - unaudited) The following tables show the non-GAAP financial measures used in this press release reconciled to the most directly comparable GAAP financial measures. Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- GAAP (loss) income from operations $(1,042) $6,383 $12,404 $10,768 Add: stock-based compensation(1) 305 87 1,157 256 Add: amortization of product rights 1,507 109 2,528 957 Add: acquisition-related expenses(2) 2,095 - 3,563 - ----- --- ----- --- Non-GAAP income from operations $2,865 $6,579 $19,652 $11,981 ====== ====== ======= ======= GAAP net (loss) income $(538) $3,307 $7,515 $6,131 Add: stock-based compensation(1) 305 87 1,157 256 Add: amortization of product rights 1,507 109 2,528 957 Add: acquisition-related expenses(2) 2,095 - 3,563 - Less: tax effects related to above items(3) (1,887) (89) (2,819) (448) ------ --- ------ ---- Non-GAAP net income $1,482 $3,414 $11,944 $6,896 ====== ====== ======= ====== GAAP net (loss) income per share, diluted $(0.03) $0.48 $0.46 $0.89 ====== ===== ===== ===== Non-GAAP net income per share, diluted $0.07 $0.49 $0.74 $1.00 ===== ===== ===== ===== Shares used in diluted net income per share calculation: GAAP net income 20,741,322 6,900,105 16,249,578 6,867,157 ========== ========= ========== ========= Non-GAAP net income(4) 21,679,818 6,900,105 16,249,578 6,867,157 ========== ========= ========== ========= (1) Stock-based compensation excludes stock-based compensation charges incurred in connection with the Chiesi transaction, which are included in acquisition-related expenses. (2) Acquisition-related expenses include stock-based compensation charges and legal, accounting and related costs that resulted from or were incurred in connection with the Chiesi transaction. For the three and nine months ended September 30, 2009, acquisition-related stock-based compensation charges include $1.5 million and $0.3 million of charges that were included in general and administrative and sales and marketing expenses, respectively, in the Company's statements of operations. (3) Tax effects for the three and nine months ended September 30, 2009 are calculated using effective tax rates of 48.3% and 38.9%, respectively. Tax effects for the three and nine months ended September 30, 2008 are calculated using effective tax rates of 45.3% and 36.9%, respectively. (4) The weighted-average shares used in the computation of non-GAAP net income per share, diluted, include the dilutive effect of 1,939,178 potentially dilutive securities, or 938,496 shares, which were excluded from the computation of GAAP net income per share, diluted, for the third quarter of 2009 because such shares would have been anti-dilutive.

Cornerstone Therapeutics Inc.

CONTACT: Investor Relations Contacts: Evan Smith, evan.smith@fd.com, or
Brian Ritchie, brian.ritchie@fd.com, or Media Relations Contact: Robert
Stanislaro, robert.stanislaro@fd.com, all of FD, +1-212-850-5600

Web Site: http://www.crtx.com/

Lumber Liquidators Announces Third Quarter 2009 Financial Results and Provides Updated Full Year Outlook~ Third Quarter Net Sales Increased 14.2% to $140.5 Million ~ ~ Third Quarter Net Income Increased 42.1% to $7.8 Million, or $0.28 Per Diluted Share ~ ~ Comparable Store Net Sales Increased 1.9% for the Third Quarter ~ ~ Company Raises Full Year Revenue Guidance to a Range of $535 Million to $543 Million and EPS Guidance to a Range of $0.90 to $0.95 ~

TOANO, Va., Nov. 4 /PRNewswire-FirstCall/ -- Lumber Liquidators, Inc. , the largest specialty retailer of hardwood flooring in the U.S., today announced financial results for the third quarter ended September 30, 2009.

Third Quarter Results

Net sales increased $17.5 million, or 14.2%, to $140.5 million in the third quarter of 2009 from $123.1 million in the third quarter of 2008. Comparable store net sales increased 1.9% for the quarter, in comparison to a decrease of 1.8% for the second quarter of 2009 and an increase of 2.0% for the third quarter of the prior year. Non-comparable store net sales increased $15.2 million over the prior year period. The Company opened nine new stores during the third quarter.

Gross margin was 36.4% for the third quarter of 2009, up from 35.3% in the third quarter of 2008. Gross margin continued to benefit from changes in the Company's product line sales mix, generally lower transportation costs and effective execution of initiatives within store operations, merchandising and logistics.

Selling, general and administrative (SG&A) expenses were $38.7 million, or 27.6% of net sales, for the third quarter of 2009 compared to $34.6 million, or 28.1% of net sales, for the third quarter of 2008, as the costs of store base expansion and infrastructure investments were more than offset by leverage in advertising, legal and professional expenses.

Net income increased 42.1% to $7.8 million, or $0.28 per diluted share, in the third quarter of 2009 compared to $5.5 million, or $0.20 per diluted share, in the third quarter of 2008. The effective tax rate was 38.3% in the third quarter of 2009 compared to 39.5% in the third quarter of 2008.

Jeffrey W. Griffiths, President and Chief Executive Officer, commented, "We remained focused on delivering a unique combination of price, selection, quality and availability, and we are pleased to have returned to comparable store net sales growth during the quarter. We also continued to enhance this value proposition through strategic investments in our infrastructure, and we were able to gain share in our highly fragmented market. Additionally, we opened nine new store locations during the third quarter, including four in new markets, and we are on target to complete our 2009 store opening plan by the end of November. Overall, our team demonstrated its ability to implement strategic initiatives, realize operating efficiencies and expand operating margin."

First Nine Months Results

Net sales increased 11.4% to $407.5 million in the first nine months of 2009 from $365.6 million in the first nine months of 2008. Comparable store net sales decreased 1.8% for the first nine months of 2009, against an increase of 3.8% for the prior year period. Non-comparable store net sales increased $48.4 million. The Company opened 27 new stores during the first nine months of 2009.

Gross margin increased to 35.9% in the first nine months of 2009 compared to 34.9% in the same period of 2008. SG&A expenses were $114.3 million, or 28.0% of net sales, for the first nine months of 2009 compared to $101.9 million, or 27.9% of net sales, for the 2008 period.

Net income increased to $19.8 million, or $0.72 per diluted share, in the first nine months of 2009 compared to $15.7 million, or $0.58 per diluted share, in the prior year period. Net income for the first nine months of 2009 reflects an effective tax rate of 39.0% compared to 41.0% for the same period in 2008.

Company Outlook

Based upon year-to-date results and current visibility, the Company has updated its fiscal 2009 expectations. The Company now expects the following:

-- Net sales for the full year in the range of $535 million to $543 million, compared to the previously expected range of $528 million to $538 million. -- A comparable store net sales decrease of 1.8% or better. -- Full year 2009 earnings per diluted share in the range of $0.90 to $0.95, compared to the previously expected range of $0.85 to $0.91, based on a diluted share count of 27.7 million shares. -- The opening of a total of 34 to 36 new store locations in 2009.

Mr. Griffiths concluded, "While 2009 has been a challenging time for our industry, our financial results in the third quarter and our solid balance sheet are the latest testament to our efforts focused on delivering a long-term customer value proposition supported by a strong infrastructure. Though we are pleased with these results, we are passionate in our commitment to further expand our value proposition and continue to gain market share. We believe our industry may have seen the worst, and we continue to see certain key indicators stabilize. Our broad assortment of high-quality products and our increased emphasis on in-stock inventory situate us well to meet consumer demand both in the short-term and as confidence returns to our marketplace. We believe that the investments we have made in our infrastructure and the resulting efficiencies that we have achieved are sustainable and position us well to execute on our long-term growth strategy."

Conference Call and Webcast Information

The Company plans to host a conference call and audio webcast on November 4, 2009 at 10:00 a.m. Eastern Time. The conference may be accessed by dialing (877) 407-9039 or (201) 689-8470. A replay will be available approximately one hour after the call through November 18, 2009 and may be accessed by dialing (877) 660-6853 or (201) 612-7415 and entering account number 3055 and conference ID number 335553. The live conference call and replay can also be accessed via audio webcast at the Investor Relations section of the Company's website, http://www.lumberliquidators.com/.

About Lumber Liquidators, Inc.

Lumber Liquidators is the largest specialty retailer of hardwood flooring in the United States. With more than 180 stores and 150 varieties of flooring, including solid and engineered hardwood, bamboo, cork and laminate, and featuring premier brands such as Bellawood (which features a 50-year warranty), Dream Home, Schon, Virginia Mill Works, and Morning Star, Lumber Liquidators has one of the most extensive selections of prefinished and unfinished hardwood flooring in the industry. Its hardwood line is made up of more than 25 domestic and exotic wood species in both prefinished and unfinished brands of various lengths and widths.

While keeping costs down is part of the Company's philosophy, Lumber Liquidators is also committed to offering high-quality, name-brand products that it stands behind with confidence.

Forward-Looking Statements

This press release and accompanying financial tables may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act. These statements are based on currently available information as of the date of such statements and are subject to risks and uncertainties that may cause actual results to differ. The Company specifically disclaims any obligation to update these statements which speak only as of their respective dates, except as may be required under the federal securities laws. Information regarding these additional risks and uncertainties is contained in the Company's most recent periodic filings with the Securities and Exchange Commission.

For further information contact: Lumber Liquidators, Inc. FD Daniel Terrell/Ashleigh McDermott Leigh Parrish/Jessica Greenberger Tel: 757.566.7512 Tel. 212.850.5600 (Tables Follow) Lumber Liquidators, Inc. Condensed Consolidated Balance Sheets (in thousands, except share data) September 30, December 31, 2009 2008 ------------- ------------ (unaudited) Assets Current Assets: Cash and Cash Equivalents $56,752 $35,139 Merchandise Inventories 104,057 88,731 Prepaid Expenses 3,977 5,033 Other Current Assets 4,196 3,731 ----- ----- Total Current Assets 168,982 132,634 Property and Equipment, net 18,284 13,780 Deferred Income Taxes 1,756 2,317 Other Assets 3,654 3,674 ----- ----- Total Assets $192,676 $152,405 ======== ======== Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable $25,821 $15,373 Customer Deposits and Store Credits 12,157 10,418 Other Current Liabilities 12,863 10,598 ------ ------ Total Current Liabilities 50,841 36,389 Deferred Rent 2,048 1,619 Stockholders' Equity: Common Stock ($0.001 par value; 35,000,000 authorized; 27,146,682 and 26,796,891 outstanding, respectively) 27 27 Additional Capital 93,208 87,613 Retained Earnings 46,552 26,757 ------ ------ Total Stockholders' Equity 139,787 114,397 ------- ------- Total Liabilities and Stockholders' Equity $192,676 $152,405 ======== ======== Lumber Liquidators, Inc. Condensed Consolidated Statements of Income (in thousands, except share data and per share amounts) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------ ------------------- 2009 2008 2009 2008 -------- ------- -------- -------- Net Sales $140,520 $123,063 $407,488 $365,649 Cost of Sales 89,336 79,646 261,164 237,855 ------ ------ ------- ------- Gross Profit 51,184 43,417 146,324 127,794 Selling, General and Administrative Expenses 38,727 34,607 114,269 101,855 ------ ------ ------- ------- Operating Income 12,457 8,810 32,055 25,939 Interest and Other Income, net (116) (220) (388) (592) ------ ------ ------- ------- Income Before Income Taxes 12,573 9,030 32,443 26,531 Provision for Income Taxes 4,812 3,567 12,649 10,880 ------ ------ ------- ------- Net Income $7,761 $5,463 $19,794 $15,651 ====== ====== ======= ======= Net Income per Common Share-Basic $0.29 $0.20 $0.74 $0.58 ====== ====== ======= ======= Net Income per Common Share-Diluted $0.28 $0.20 $0.72 $0.58 ====== ====== ======= ======= Weighted Average Common Shares Outstanding: Basic 27,053,067 26,784,712 26,905,554 26,764,593 Diluted 27,892,790 27,302,549 27,535,516 27,123,548 Lumber Liquidators, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Nine Months Ended September 30, ------------------ 2009 2008 ------- ------- Cash Flows from Operating Activities: Net Income $19,794 $15,651 Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: Depreciation and Amortization 3,470 3,238 Deferred Income Taxes (316) (1,357) Stock-Based Compensation Expense 2,298 2,188 Changes in Operating Assets and Liabilities: Merchandise Inventories (15,326) (24,439) Accounts Payable 10,448 (2,664) Customer Deposits and Store Credits 1,739 1,123 Prepaid Expenses and Other Current Assets 1,468 504 Other Assets and Liabilities 2,873 3,276 ----- ----- Net Cash Provided by (Used in) Operating Activities 26,448 (2,480) Cash Flows from Investing Activities: Purchases of Property and Equipment (8,131) (5,167) Purchase of Intangible Assets - (800) ----- ----- Net Cash Used in Investing Activities (8,131) (5,967) Cash Flows from Financing Activities: Payments of Long-Term Debt and Capital Lease Obligations (1) (101) Proceeds from the Exercise of Stock Options 2,593 204 Excess Tax Benefits on Stock Option Exercises 743 40 Common Stock Purchased Pursuant to Equity Compensation Plans (39) (51) ----- ----- Net Cash Provided by Financing Activities 3,296 92 ----- ----- Net Increase (Decrease) in Cash and Cash Equivalents 21,613 (8,355) Cash and Cash Equivalents, Beginning of Period 35,139 33,168 ------ ------ Cash and Cash Equivalents, End of Period $56,752 $24,813 ======= =======

Lumber Liquidators, Inc.

CONTACT: Daniel Terrell or Ashleigh McDermott of Lumber Liquidators,
Inc., +1-757-566-7512; or Leigh Parrish or Jessica Greenberger of FD,
+1-212-850-5600

Web Site: http://www.lumberliquidators.com/

Henry Schein Reports Record Third Quarter ResultsNet sales up 6.9% in local currencies excluding seasonal influenza vaccines Company introduces 2010 guidance

MELVILLE, N.Y., Nov. 4 /PRNewswire-FirstCall/ -- Henry Schein, Inc. , the largest provider of healthcare products and services to office-based practitioners, today reported record financial results for the quarter ended September 26, 2009.

Net sales for the third quarter of 2009 were $1.7 billion, an increase of 0.9% compared with the third quarter of 2008. This consists of a 3.1% decline related to foreign currency exchange and a 4.0% growth in local currencies. Excluding sales of seasonal influenza vaccines, which declined from last year's third quarter, net sales increased 3.7%, or 6.9% growth in local currencies (see Exhibit A for details of sales growth).

Income from continuing operations attributable to Henry Schein, Inc. for the third quarter of 2009 was $94.0 million or $1.03 per diluted share, an increase of 39.2% for both figures compared with the third quarter of 2008. Current and prior-year results include certain unusual items, most notably an overseas tax benefit in the 2009 quarter. Excluding these items, non-GAAP income from continuing operations was $72.9 million or $0.80 per share, an increase of 3.3% and 3.9%, respectively, compared with the third quarter of 2008 (see Exhibit B for reconciliation of GAAP income and EPS from continuing operations to non-GAAP income and EPS from continuing operations). When also excluding sales of seasonal influenza vaccines, which declined from last year's third quarter, non-GAAP diluted EPS from continuing operations increased approximately 18%.

"We are pleased to report net sales growth in local currencies of approximately 7% excluding sales of seasonal influenza vaccines, with solid increases in our Medical, International and Technology Groups," said Stanley M. Bergman, Chairman and Chief Executive Officer of Henry Schein. "A number of unusual items impacted our third quarter results in both the current and prior year. On a normalized basis excluding these items and sales of seasonal influenza vaccines, we are proud to report 18% growth in diluted EPS from continuing operations."

Dental Group sales of $622 million declined 3.0%, consisting of a 0.5% decline related to foreign currency exchange and a 2.5% decline in local currencies. The 2.5% decline in local currencies included 1.3% growth in Dental consumable merchandise sales and a 12.8% decline in Dental equipment sales and service revenues.

"We continue to believe that the market for Dental consumable merchandise has stabilized and, as expected, our decrease in sales of Dental equipment has improved from the previous quarter's rate of decline," commented Mr. Bergman.

Medical Group sales of $411 million declined 3.1%. Excluding sales of seasonal influenza vaccines, Medical Group sales increased 8.6%.

"During the third quarter we sold approximately 6.5 million doses of seasonal influenza vaccine, and as of today we have sold approximately 8.5 million doses for the year," said Mr. Bergman. "Sales growth of nearly 9% excluding seasonal influenza vaccine reflects strong sales of consumable products, as well as sales of products related to the treatment and prevention of the H1N1 virus."

International Group sales of $584 million increased 8.5%, consisting of an 8.4% decline related to foreign currency exchange and 16.9% growth in local currencies.

"We had double-digit local currency sales growth in our International dental, medical and veterinary businesses during the quarter," added Mr. Bergman.

Technology and Value-Added Services Group sales of $43 million increased 5.4% during the quarter, consisting of a 1.9% decline related to foreign currency exchange and 7.3% growth in local currencies.

"During the quarter we saw continued strong growth in electronic services, as well as the beneficial impact of the acquisition of a European veterinary software and practice management business," explained Mr. Bergman.

Year-to-Date Results

For the first nine months of 2009, net sales of $4.8 billion represent a decrease of 1.0% compared with the first nine months of 2008. This decrease includes a 5.9% decline related to foreign currency exchange and 4.9% growth in local currencies.

Income from continuing operations attributable to Henry Schein, Inc. for the first nine months of 2009 was $222.1 million or $2.45 per diluted share, an increase of 20.6% and 22.5%, respectively, compared with the first nine months of 2008. Excluding unusual items noted above, income from continuing operations attributable to Henry Schein, Inc. for the first nine months of 2009 was $203.8 million or $2.25 per diluted share, an increase of 8.8% and 10.3%, respectively, compared with the first nine months of 2008 (see Exhibit B for reconciliation of GAAP income and EPS from continuing operations to non-GAAP income and EPS from continuing operations).

2009 EPS Guidance Henry Schein today updated 2009 financial guidance, as follows: -- Fourth quarter 2009 diluted EPS attributable to Henry Schein, Inc. is expected to be $0.89 to $0.91. -- 2009 diluted EPS attributable to Henry Schein, Inc. is expected to be $3.14 to $3.16 excluding the unusual items included in Exhibit B. This represents growth of approximately 8% compared with restated 2008 results of $2.92, excluding charges related to the Lehman Brothers bankruptcy as well as restructuring costs. -- Guidance for 2009 diluted EPS attributable to Henry Schein, Inc. is for current continuing operations including completed or previously announced acquisitions, and does not include the impact of potential future acquisitions, if any. 2010 EPS Guidance Henry Schein today introduced 2010 financial guidance, as follows: -- 2010 diluted EPS attributable to Henry Schein, Inc. is expected to be $3.40 to $3.56, representing growth of 8% to 13% compared with the midpoint of 2009 guidance. -- Guidance for 2010 diluted EPS attributable to Henry Schein, Inc. is for current continuing operations including completed or previously announced acquisitions, and does not include the impact of potential future acquisitions, if any. Third Quarter Conference Call Webcast

The Company will hold a conference call to discuss third quarter financial results today, beginning at 10:00 a.m. Eastern time. Individual investors are invited to listen to the conference call over the Internet through Henry Schein's Web site at http://www.henryschein.com/. In addition, a replay will be available beginning shortly after the call has ended.

About Henry Schein

Henry Schein, a Fortune 500® company and a member of the NASDAQ 100® Index, is recognized for its excellent customer service and highly competitive prices. The Company's four business groups - Dental, Medical, International and Technology - serve more than 575,000 customers worldwide, including dental practitioners and laboratories, physician practices and animal health clinics, as well as government and other institutions. The Company operates through a centralized and automated distribution network, which provides customers in more than 200 countries with a comprehensive selection of more than 90,000 national and Henry Schein private-brand products in stock, as well as more than 100,000 additional products available as special-order items. Henry Schein also provides exclusive, innovative technology offerings for dental, medical and veterinary professionals, including value-added practice management software and electronic health record solutions.

Headquartered in Melville, N.Y., Henry Schein employs over 12,500 people and has operations or affiliates in 23 countries. The Company's net sales reached a record $6.4 billion in 2008. For more information, visit the Henry Schein Web site at http://www.henryschein.com/.

In accordance with the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein. All forward-looking statements made by us are subject to risks and uncertainties and are not guarantees of future performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements are identified by the use of such terms as "may," "could," "expect," "intend," "believe," "plan," "estimate," "forecast," "project," "anticipate" or other comparable terms. A full discussion of our operations and financial condition, including factors that may affect our business and future prospects, is contained in documents we have filed with the SEC and will be contained in all subsequent periodic filings we make with the SEC. These documents identify in detail important risk factors that could cause our actual performance to differ materially from current expectations.

Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: decreased customer demand and changes in vendor credit terms; disruptions in financial markets; general economic conditions; competitive factors; changes in the healthcare industry; changes in regulatory requirements that affect us; risks associated with our international operations; fluctuations in quarterly earnings; our dependence on third parties for the manufacture and supply of our products; transitional challenges associated with acquisitions, including the failure to achieve anticipated synergies; financial risks associated with acquisitions; regulatory and litigation risks; the dependence on our continued product development, technical support and successful marketing in the technology segment; our dependence upon sales personnel and key customers; our dependence on our senior management; possible increases in the cost of shipping our products or other service issues with our third-party shippers; risks from rapid technological change; risks from potential increases in variable interest rates; possible volatility of the market price of our common stock; certain provisions in our governing documents that may discourage third-party acquisitions of us; and changes in tax legislation that affect us. The order in which these factors appear should not be construed to indicate their relative importance or priority.

We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control or predict. Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. We undertake no duty and have no obligation to update forward-looking statements.

(TABLES TO FOLLOW) HENRY SCHEIN, INC. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (unaudited) Three Months Ended Nine Months Ended ------------------ ----------------- September 26, September 27, September 26, September 27, 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $1,659,433 $1,644,209 $4,752,255 $4,799,234 Cost of sales 1,183,166 1,168,615 3,361,707 3,389,847 --------- --------- --------- --------- Gross profit 476,267 475,594 1,390,548 1,409,387 Operating expenses: Selling, general and administrative 362,382 360,180 1,060,062 1,094,512 Restructuring costs - - 4,043 - --- --- ----- --- Operating income 113,885 115,414 326,443 314,875 Other income (expense): Interest income 2,387 4,260 7,674 12,217 Interest expense (5,171) (9,240) (18,329) (26,816) Other, net 1,938 (4,863) 1,595 (5,524) ----- ------ ----- ------ Income from continuing operations before taxes, equity in earnings of affiliates and noncontrolling interests 113,039 105,571 317,383 294,752 Income taxes (15,864) (34,355) (83,402) (98,787) Equity in earnings of affiliates 1,200 1,602 3,777 4,020 ----- ----- ----- ----- Income from continuing operations 98,375 72,818 237,758 199,985 Income (loss) from discontinued operations, net of tax 2,373 (52) 2,715 (828) ----- --- ----- ---- Net income 100,748 72,766 240,473 199,157 Less: Net income attributable to noncontrolling interests (4,327) (5,278) (15,728) (15,659) ------ ------ ------- ------- Net income attributable to Henry Schein, Inc. $96,421 $67,488 $224,745 $183,498 ======= ======= ======== ======== Amounts attributable to Henry Schein, Inc.: Income from continuing operations $94,045 $67,548 $222,143 $184,239 Income (loss) from discontinued operations, net of tax 2,376 (60) 2,602 (741) ----- --- ----- ---- Net income $96,421 $67,488 $224,745 $183,498 ======= ======= ======== ======== Earnings per share attributable to Henry Schein, Inc.: From continuing operations: Basic $1.06 $0.76 $2.50 $2.07 ===== ===== ===== ===== Diluted $1.03 $0.74 $2.45 $2.00 ===== ===== ===== ===== From discontinued operations: Basic $0.03 $0.00 $0.03 $(0.01) ===== ===== ===== ====== Diluted $0.02 $0.00 $0.03 $0.00 ===== ===== ===== ===== From net income: Basic $1.09 $0.76 $2.53 $2.06 ===== ===== ===== ===== Diluted $1.05 $0.74 $2.48 $2.00 ===== ===== ===== ===== Weighted-average common shares outstanding: Basic 88,796 88,930 88,843 89,216 ====== ====== ====== ====== Diluted 91,513 91,376 90,576 91,908 ====== ====== ====== ====== Note: The above prior period amounts have been restated to reflect the effects of discontinued operations, the adoption of ASC Topic 470-20 related to convertible debt and ASC Topic 810-10-65 related to the presentation of noncontrolling interests. HENRY SCHEIN, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) September 26, December 27, 2009 2008 ---- ---- (unaudited) ASSETS Current assets: Cash and cash equivalents $317,607 $369,570 Accounts receivable, net of reserves of $47,890 and $42,855 764,285 734,027 Inventories, net 770,370 731,654 Deferred income taxes 40,747 36,974 Prepaid expenses and other 186,744 193,841 ------- ------- Total current assets 2,079,753 2,066,066 Property and equipment, net 257,602 247,835 Goodwill 977,054 922,952 Other intangibles, net 212,042 214,093 Investments and other 176,888 148,264 ------- ------- Total assets $3,703,339 $3,599,210 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $507,462 $554,773 Bank credit lines 1,731 4,936 Current maturities of long-term debt 23,933 156,405 Accrued expenses: Payroll and related 148,665 135,523 Taxes 83,951 69,792 Other 263,392 262,236 ------- ------- Total current liabilities 1,029,134 1,183,665 Long-term debt 242,511 256,648 Deferred income taxes 107,953 95,399 Other liabilities 72,038 58,109 Redeemable noncontrolling interests 177,513 233,035 Commitments and contingencies Stockholders' equity: Preferred stock, $.01 par value, 1,000,000 shares authorized, none outstanding - - Common stock, $.01 par value, 240,000,000 shares authorized, 90,448,417 outstanding on September 26, 2009 and 89,351,849 outstanding on December 27, 2008 904 894 Additional paid-in capital 533,508 492,505 Retained earnings 1,406,199 1,181,454 Accumulated other comprehensive income 71,863 29,721 ------ ------ Total Henry Schein, Inc. stockholders' equity 2,012,474 1,704,574 Noncontrolling interests 61,716 67,780 ------ ------ Total stockholders' equity 2,074,190 1,772,354 --------- --------- Total liabilities and stockholders' equity $3,703,339 $3,599,210 ========== ========== Note: The above prior period amounts have been restated to reflect the adoption of ASC Topic 480-10 related to redeemable noncontrolling interests, ASC Topic 470-20 related to convertible debt and ASC Topic 810-10-65 related to the presentation of noncontrolling interests. HENRY SCHEIN, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended Nine Months Ended ------------------ ----------------- September 26, September 27, September 26, September 27, 2009 2008 2009 2008 ---- ---- ---- ---- Cash flows from operating activities: Net income $100,748 $72,766 $240,473 $199,157 Adjustments to reconcile net income to net cash provided by operating activities: Gain on sale of discontinued operation, net of tax (2,382) - (2,382) - Depreciation and amortization 20,196 19,475 60,930 59,183 Amortization of bond discount 1,509 1,422 4,473 4,214 Stock-based compensation expense 6,041 6,844 18,344 23,060 Provision for losses on trade and other accounts receivable 1,042 1,107 2,754 3,711 Provision for (benefit from) deferred income taxes (23,712) 1,137 (29,633) (2,705) Stock issued to 401(k) plan 5,301 4,662 5,301 4,662 Undistributed earnings of affiliates (1,200) (1,602) (3,777) (4,020) Other 1,044 (815) 2,535 (2,132) Changes in operating assets and liabilities, net of acquisitions: Accounts receivable (27,231) (59,999) (12,788) (66,751) Inventories (23,482) (63,118) (10,234) (68,182) Other current assets (3,276) (14,438) (806) (3,460) Accounts payable and accrued expenses 84,204 82,539 (56,813) 41,927 ------ ------ ------- ------ Net cash provided by operating activities 138,802 49,980 218,377 188,664 ------- ------ ------- ------- Cash flows from investing activities: Purchases of fixed assets (10,014) (14,653) (38,417) (38,119) Payments for equity investment and business acquisitions, net of cash acquired (71,422) (2,349) (97,911) (25,930) Cash received from business divestitures 12,716 - 12,716 - Purchases of available-for- sale securities - - - (35,925) Proceeds from sales of available-for- sale securities 4,690 725 8,730 1,572 Net proceeds from foreign exchange forward contract settlements - 14,142 275 9,090 Other (8,578) (897) (11,258) 3,607 ------ ---- ------- ----- Net cash used in investing activities (72,608) (3,032) (125,865) (85,705) ------- ------ -------- ------- Cash flows from financing activities: Proceeds from (repayments of) bank borrowings (436) 722 (3,829) (5,786) Principal payments for long-term debt (150,840) (24,190) (153,452) (30,139) Proceeds from issuance of stock upon exercise of stock options 5,761 12,346 9,689 25,041 Payments for repurchases of common stock - (23,298) - (54,945) Excess tax benefits related to stock-based compensation 2,138 5,962 2,821 10,635 Other (379) (455) (2,127) (1,856) ---- ---- ------ ------ Net cash used in financing activities (143,756) (28,913) (146,898) (57,050) -------- ------- -------- ------- Net change in cash and cash equivalents (77,562) 18,035 (54,386) 45,909 Effect of exchange rate changes on cash and cash equivalents 1,296 (1,103) 2,423 (5,135) Cash and cash equivalents, beginning of period 393,873 271,432 369,570 247,590 ------- ------- ------- ------- Cash and cash equivalents, end of period $317,607 $288,364 $317,607 $288,364 ======== ======== ======== ======== Note: The above prior period amounts have been restated to reflect the adoption of ASC Topic 470-20 related to convertible debt and ASC Topic 810-10-65 related to the presentation of noncontrolling interests. Exhibit A Henry Schein, Inc. 2009 Third Quarter Sales Growth Rate Summary (unaudited) Q3 2009 over Q3 2008 -------------------- Consolidated Dental Medical International Technology ------------ ------ ------- ------------- ---------- Internal Sales Growth -0.6% -4.9% -4.2% 7.0% 4.6% Acquisitions 4.6% 2.4% 1.1% 9.9% 2.7% --- --- --- --- --- Local Currency Sales Growth 4.0% -2.5% -3.1% 16.9% 7.3% Foreign Currency Exchange -3.1% -0.5% 0.0% -8.4% -1.9% ---- ---- --- ---- ---- Total Sales Growth 0.9% -3.0% -3.1% 8.5% 5.4% === ==== ==== === === Total Sales Growth excluding influenza vaccine sales 3.7% -3.0% 8.6% 8.5% 5.4% Local Currency Sales Growth excluding influenza vaccine sales 6.9% -2.5% 8.6% 16.9% 7.3% Q3 YTD 2009 over Q3 YTD 2008 ---------------------------- Consolidated Dental Medical International Technology ------------ ------ ------- ------------- ---------- Internal Sales Growth 0.2% -4.5% -0.4% 5.3% 6.8% Acquisitions 4.7% 2.3% 1.2% 10.1% 0.9% --- --- --- ---- --- Local Currency Sales Growth 4.9% -2.2% 0.8% 15.4% 7.7% Foreign Currency Exchange -5.9% -1.3% 0.0% -15.0% -3.4% ---- ---- --- ----- ---- Total Sales Growth -1.0% -3.5% 0.8% 0.4% 4.3% ==== ==== === === === Total Sales Growth excluding influenza vaccine sales -0.1% -3.5% 5.1% 0.4% 4.3% Local Currency Sales Growth excluding influenza vaccine sales 5.9% -2.2% 5.1% 15.4% 7.7% Exhibit B Henry Schein, Inc. 2009 Third Quarter and YTD Reconciliation of GAAP income from continuing operations to non-GAAP income from continuing operations (in thousands, except per share data) (unaudited) Third Quarter % YTD % 2009 2008 Growth 2009 2008 Growth Income from Continuing Operations attributable to Henry Schein, Inc. $94,045 $67,548 39.2% $222,143 $184,239 20.6% Diluted EPS from Continuing Operations attributable to Henry Schein, Inc. $1.03 $0.74 39.2% $2.45 $2.00 22.5% Non-GAAP Adjustments (after-tax) Foreign tax benefit $(20,845) - $(20,845) - Costs related to foreign tax benefit 1,080 - 1,080 - Adjustments related to Lehman Brothers Bankruptcy (338) $3,045 (338) $3,045 Other non-recurring income/expense, net (1,028) - (1,028) - Restructuring costs - - 2,784 - --- --- ----- --- Total non-GAAP adjustments to income from Continuing Operations attributable to Henry Schein, Inc. $(21,131) $3,045 $(18,347) $3,045 Total non-GAAP adjustments to diluted EPS from Continuing Operations attributable to Henry Schein, Inc. $(0.23) $0.03 $(0.20) $0.03 Non-GAAP income from Continuing Operations attributable to Henry Schein, Inc. $72,914 $70,593 3.3% $203,796 $187,284 8.8% Non-GAAP diluted EPS from Continuing Operations attributable to Henry Schein, Inc. $0.80 $0.77 3.9% $2.25 $2.04 10.3% ----- ----- --- ----- ----- ---- This non-GAAP comparison is being presented in order to provide a more comparable basis for analysis. Earnings per share numbers may not sum due to rounding.

Henry Schein, Inc.

CONTACT: Investors: Steven Paladino, Executive Vice President and Chief
Financial Officer, steven.paladino@henryschein.com, +1-631-843-5500, or Media:
Susan Vassallo, Vice President, Corporate Communications,
susan.vassallo@henryschein.com, +1-631-843-5562

Web Site: http://www.henryschein.com/

Company News On-Call: http://www.prnewswire.com/comp/124741.html

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