June 6, 2008 / 12:11 PM / in 10 years

Patheon loss narrows by 62 percent

TORONTO (Reuters) - Patheon Inc PTI.TO, a contract drugmaker that’s divesting some operations, on Friday reported a narrower second-quarter loss on higher revenue in Europe and North America, and said it expected some improvement in coming months.

The Canadian firm lost $8.5 million, or 9.3 cents a share, in the period ended April 30. That compares to a loss of $22.0 million, or 23.6 cents, in the same period a year earlier.

On a continued-operation basis — which excludes the company’s Niagara-Burlington and Carolina, Puerto Rico operations — the loss was 7.1 cents a share in the quarter, compared to with loss of 23.5 cents a share.

Revenue in the quarter was up 16 percent at $186.0 million.

Looking ahead, Patheon said it expects third-quarter revenue to be “slightly higher” than in the second quarter. It also expects second-half revenue to be slightly higher than the first half of 2008.

Patheon said late last year it planned to divest its Carolina operation following steep losses and disappointing performances.

The company said on Friday it has made “good progress on our plans to focus our Puerto Rico operations in Manati and Caguas, and have already begun to see the benefits from the operational and service improvements.”

It completed the sale of its York Mills, Ontario, facility in April.

($1=$1.02 Canadian)

Reporting by Jonathan Spicer

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