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PanGeo Announces Year-End Financial Results.

Business Editors

MONTREAL--(BUSINESS WIRE)--May 6, 2002

PanGeo (TSE:PIL)
-- Consolidated revenues for the year rise 89% to 60.0 million

-- Income climbs to $8.3 million, before interest, income taxes, depreciation
and amortization.

-- Net income for the year grew to $7.9 million ($5.0 million before tax
benefit of loss carried forward of $2.9 million)

-- Q4 consolidated revenues rise 55% to $19.4 million and income climbs 136% to
$2.6 million, before interest, income taxes, depreciation and amortization.


PanGeo Pharma Inc. (PIL-TSE) reported today consolidated revenues of $60.0 million for the year ended January 31, 2002, an increase of 89% over revenues of $31.7 million the previous year. Operating income (EBITDA) before interest, income taxes, depreciation and amortization for the year increased by 196% to $8.3 million, compared with $2.8 million on the same basis for the preceding year. Operating margin increased to 13.8% compared to 8.7% last year. Fully diluted earnings per share rose to $.13 up from $.01 the preceding year. Net Income rose to $7.9 million ($5.0 million before tax benefit of loss carried forward of $2.9 million) versus $486 thousand the previous year.

Fiscal 2002 was a year in which PanGeo made solid progress in its continuing evolution from private label manufacturer to a leading specialty pharmaceutical company. Producing solid gains in its second profitable year, PanGeo has set the stage for continued performance over the longer term.

Fourth Quarter

Revenues for the fourth quarter increased to $19.4 million up from $12.4 million in the previous year representing an increase of 56.5%. Operating income (EBITDA) was $2.6 million compared with last year of $1.1 million. Operating margin increased to 13.5% from 9.2%. Net income was $4.2 million (after the income tax benefit of loss carry forwards of $2.9 million) or $0.07 per share compared with $317 thousand or $0.01 per share in the corresponding period last year.

The complete year-end financial statements along with Management's Discussion and Analysis can be viewed on our website at www.pangeopharma.com or by requesting a copy through our investor relations department at info@pangeopharma.com.

PanGeo Pharma will host a conference call at 8:30am on Tuesday May 7 to discuss in detail the results. To access the call please dial 416/695-5806 or toll free: 800/273-9672. The conference call will also be webcast and can be accessed at www.pangeopharma.com

PanGeo Pharma Inc. is a specialty pharmaceutical company with core competencies in pharmaceutical manufacturing. The company manufactures and supplies a range of specialty pharmaceutical products and services to international markets. The Company employs over 500 people working in eight affiliate companies internationally.
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Publication:Business Wire
Date:May 6, 2002
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