traders burn as earnings suffer, page-6

14:51, Thursday, 28 September 2006

Sydney - Thursday - Sep 28: (RWE Australian Business News) -
Australian Pharmaceutical Industries Ltd (ASX code: API) chairman Mr
Peter Robinson provided an explanation at today's annual meeting about
the statement on the company's trading position issued yesterday.
"We had intended that be issued today as part of this meeting
and in line with our promise at the full-year results that we would
provide an update today.
"The market speculation and share price rise prompted us to
release that statement yesterday afternoon," Mr Robinson said.
"In summary, the issues around the finalisation of our full-year
accounts has held our performance back in the first half from reaching
previous levels.
"We do expect the performance to lift in the second half but the
extent of that is contingent on the Christmas trading period," he said.
"This leads me to the subject of dividends.
"For the 2006 financial year the company paid a 9.5c fully
franked dividend, down from the 13c paid last year.
"The directors believed the decision to pay a 3c fully franked
final dividend as being responsible given the circumstances.
"I cannot at this stage make any comment on future dividend
payments suffice to say that we do recognise the importance of dividends
to our shareholders, both retail and institutional, and every effort
will be made to return to normal dividend flow as soon as we are in a
position to do so," the chairman said.