Nordion Reports Fourth Quarter And Fiscal 2012 Financial Results; Provides Fiscal 2013 Outlook

Nordion Inc. (TSX: NDN) (NYSE: NDZ), a leading provider of products and services to the global health science market, today reported results for the fiscal fourth quarter and year ended October 31, 2012. The Company generated $74.7 million in revenue for the fourth quarter fiscal 2012, an increase of $0.7 million, or 1%, over revenue of $74.0 million for the same period in fiscal 2011. Revenue for full year fiscal 2012 was $244.8 million, down 11% from revenue of $274.0 million in fiscal 2011.

Excluding the specified items shown on the attached non-GAAP reconciliation table, adjusted net income for the fourth quarter increased to $21.4 million from adjusted net income of $18.7 million during the same period in the previous fiscal year. Nordion had a GAAP net loss of $43.5 million in its fiscal 2012 fourth quarter, compared with GAAP net income of $6.9 million in the fourth quarter fiscal 2011. Fourth-quarter adjusted non-GAAP earnings per share (EPS) increased to $0.34 compared with $0.30 non-GAAP EPS in the fourth quarter of 2011. A GAAP loss per share (LPS) of $0.70 was recorded in the fourth quarter of 2012 versus an $0.11 EPS in the same period last year.

Adjusted net income for full year fiscal 2012 decreased to $48.7 million from $49.9 million in fiscal 2011. Fiscal 2012 GAAP net loss was $28.9 million, compared with net income of $16.8 million in fiscal 2011. Fiscal 2012 adjusted non-GAAP EPS was $0.79 compared to $0.77 for fiscal 2011. GAAP LPS of $0.47 in the fiscal 2012 decreased versus $0.26 GAAP EPS in the same period last year.

“Nordion capped off the fiscal year with solid fourth quarter operational results, as revenue and gross margins strengthened across the business,” said Mr. Steve West, Chief Executive Officer, Nordion Inc. “While we continue to work through some uncertainty, we made progress during the quarter, completing the organizational realignment, thereby positioning the Company for improved execution.”

Consolidated Financial Results
GAAP
	Three months ended October 31							Twelve months ended October 31
(thousands of U.S. dollars, except when noted)		2012		2011		%Change			2012			2011		%Change
Revenues	$	74,671		74,000		1%		$	244,840		$	274,027		(11%)
Gross margin		59%		57%		2%			55%			54%		1%
Net (loss) income	$	(43,505)		6,901		(730%)		$	(28,869)		$	16,847		(271%)
Diluted (loss) earnings per share	$	(0.70)		0.11		(736%)		$	(0.47)		$	0.26		(281%)
Cash and cash equivalents	$	109,360		74,067		48%		$	109,360		$	74,067		48%
Weighted average number of Common shares outstanding – diluted (thousands of shares)		61,947		63,031		(2%)			62,030			64,809		(4%)
Non-GAAP 1
	Three months ended October 31							Twelve months ended October 31
(thousands of U.S. dollars, except when noted)		2012		2011		%Change			2012			2011		%Change
Adjusted net income	$	21,350		18,708		14%		$	48,747		$	49,833		(2%)
Adjusted diluted earnings per share	$	0.34		0.30		13%		$	0.79		$	0.77		2%
1 See Non-GAAP reconciliation table at the end of this release

Progress Made Subsequent to Fourth Quarter Fiscal 2012

Engaging in Review of Strategic Alternatives

With a view to enhancing shareholder value and creating new opportunities the Company has initiated a review of strategic alternatives. Jefferies & Company has been engaged to advise and assist in this review. No decision has been made to enter into any specific strategic transaction or any other strategic alternative at this time, and there can be no assurance that Nordion will enter into a transaction in the future. The Company does not plan to disclose or comment on developments regarding the strategic review process until further disclosure is deemed appropriate. Nordion intends to continue with planned business activities throughout the strategic alternatives review process.

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