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American Pacific Corporation's CEO Discusses F3Q 2011 Results - Earnings Call Transcript

Our year of transition back to profitability remains on track as we continue to expect at least $29 million of adjusted EBITDA compared to $24 million reported for fiscal 2010, a nearly 21% increase. We are building upon our core products and adding new products and customers in both our Fine Chemicals and our Aerospace Equipment segments.

In addition, our operating costs for the first nine months have improved considerably compared to historical levels as a result of our operational excellence, cost reduction initiative. We have improved $2.6 million for these first nine months compared to the first nine months of fiscal 2010 and an even greater amount compared to earlier years.

These product related and cost reduction activities will make us more profitable and secure our growth profile in the future.

Let’s now discuss each of the business segments, beginning with our Fine Chemical segment. As we stated last quarter, the major near term focus is to return the segment to more typical profitability levels. We have made some progress towards this goal, but there is still more improvement required.

We are restructuring operations to streamline production in this segment and increase through put. We expect our Fine Chemicals core product to generate significant fourth quarter revenue that is consistent with our guidance.

Also, substantially all of the core and development product orders for our fourth quarter are in hand. We continue to expect development product sales to represent 20% or more of the total annual revenue for this segment. Efficient production execution will be a significant key to a successful fourth quarter and beyond.

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