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Third quarter revenues increased 33% to $86,581,000 from $65,173,000 in fiscal 2000. Net earnings increased 13% to $3,635,000 and earnings per share were 7.6 cents compared with 7.5 cents a year earlier, after taking into account an 11% increase in the average number of shares outstanding during the period. Cash flow from operations increased 2% to $6,319,000, or 13.1 cents per share compared with 14.3 cents per share in the third quarter of fiscal 2000.

EBITDA, representing operating income before interest, taxes, depreciation and amortization, rose 13% to $9,835,000 from $8,715,000 a year ago. EBITDA margins declined in the quarter to 11% from 13% in the comparable period, reflecting an increase in growth-related sales expenses and corporate support costs and a higher percentage of revenues from lower margin over-the-counter ("OTC") service activities. Higher depreciation and amortization charges in the quarter reflect the acquisitions of the York Mills and Whitby sites in Canada made since the third quarter a year ago. The effective tax rate of 37% compares with 38% a year ago reflecting increased earnings in jurisdictions with lower effective corporate rates.

For the nine-month period ended July 31, 2001, revenues increased 21% to $221,144,000 from $183,425,000 a year ago. Net earnings increased 27% to $10,477,000 from $8,238,000. Earnings per share increased 16% to 22.2 cents from 19.1 cents. In the nine-month period, cash flow from operations increased 28% to $20,718,000, or 44.0 cents per share compared with 37.5 cents per share a year earlier.

Compared with the nine-month period last year, the Canadian dollar continued to strengthen against the European currencies. Had exchange rates remained constant, reported consolidated revenues for the nine-month period would have increased by an additional 3% and net earnings per share for the first nine months of the current year would have increased by an additional one cent.

To read the full Third Quarter report, in Adobe PDF format, click here.

Patheon Inc., 2100 Syntex Court, Mississauga, ON L5N 7K9. Tel: 905-821-4001; Fax: 905-812-6791.