Par Pharmaceutical Companies Reports Fourth Quarter and Full-Year Results for 2011
Reports Q4 2011 GAAP EPS of $0.85; Adjusted Cash EPS of $0.78
Achieves Record GAAP Annual Gross Margin of $386.7 Million; $405.7 Million Non-GAAP Annual Gross Margin
WOODCLIFF LAKE, N.J., Feb. 28, 2012 /PRNewswire/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today reported results for the fourth quarter and full year ended December 31, 2011, which includes approximately six weeks of Anchen Pharmaceuticals' operating results following the completion of the acquisition.
For the fourth quarter ended December 31, 2011, the Company reported total revenues of $253.6 million and income from continuing operations of $31.3 million, or $0.85 per diluted share, which includes approximately $14 million of favorable tax benefits. On an adjusted cash basis (non-GAAP measure), which excludes amortization expenses, other transaction-related costs and certain tax items, income from continuing operations was $28.9 million, or $0.78 per diluted share for the fourth quarter 2011.
For the full year ended December 31, 2011, total revenue was $926.1 million with a loss from continuing operations of $46.3 million, or $1.29 per diluted share, as a result of a first quarter pre-tax litigation charge of $190.6 million as well as a second quarter restructuring charge of $27.0 million. On an adjusted cash basis (non-GAAP measure), which excludes amortization expenses and certain items as detailed in the attached reconciliation, income from continuing operations was $121.7 million, or $3.32 per diluted share. On an adjusted cash basis, income from continuing operations for the full year 2010 was $105.0 million, or $2.95 per diluted share.
Fourth Quarter Highlights
Key Product Sales (Net sales comparisons at the product level are to third quarter 2011)
- Metoprolol: For the quarter ended December 31, 2011, net sales of metoprolol succinate were $56.4 million compared to $67.5 million in the third quarter 2011. The decrease was driven by a decline in volume and price due to competition on all strengths. Net sales for the full year 2011 were $251.0 million. Par Pharmaceutical, the Company's generic drug division, is the authorized generic for all strengths of AstraZeneca's Toprol XL®.
- Budesonide EC: Net sales for budesonide EC in the fourth quarter were $33.1 million compared to $20.6 million in the third quarter. The increase was driven by customer buying patterns following the late second quarter launch of the product. Net sales for 2011 were $70.0 million. Par Pharmaceutical is the authorized generic for AstraZeneca's Entocort® EC.
- Propafenone Hydrochloride ER: Net sales for propafenone hydrochloride ER in the fourth quarter were $16.4 million compared to $18.1 million in the third quarter. The decrease was driven by customer buying patterns. Net sales for the full year 2011 were $69.8 million. Par Pharmaceutical remained the exclusive supplier of generic Rythmol SR® throughout the fourth quarter.
- Sumatriptan: Net sales of sumatriptan succinate were $15.3 million in the fourth quarter compared to $16.8 million in the prior quarter. The decrease is driven by a decline in price and volume due to competition. Net sales for the full year 2011 were $64.1 million.
- Buproprion Hydrochloride ER: Par recorded net sales for buproprion of $6.1 million in the last six weeks of the fourth quarter following the completion of the Anchen acquisition.
- Zolpidem Tartrate: Par recorded net sales for zolpidem tartrate of $5.3 million in the last six weeks of the fourth quarter following the completion of the Anchen acquisition.
- Olanzapine ODT: Net sales for olanzapine orally disintegrating tablets were $3.2 million in the fourth quarter. Par Pharmaceutical launched all strengths of olanzapine orally disintegrating tablets, the generic version of Lilly's Zyprexa Zydis® in October.
- Fentanyl Citrate Lozenges: Net sales for fentanyl for the fourth quarter were $2.6 million. Par Pharmaceutical acquired the ANDA from Teva in connection with Teva's acquisition of Cephalon and began shipping all strengths to the trade in October.
- Other Generic Products: For the fourth quarter 2011, net sales from all other generic products were $88.5 million. This compares to third quarter net sales of $72.5 million. The increase is due to the seasonality of chlorpheniramine/hydrocodone, as well as the addition of Anchen products to Other Generic Products.
- Megace® ES: Net sales were $15.8 million for the fourth quarter compared to $14.2 million in the third quarter. The increase was due to customer buying patterns. Net sales for the full year were $58.2 million.
- Nascobal® B12 Nasal Spray: Net sales were $6.6 million for the three months ended December 31, 2011 compared to $4.7 million in the third quarter. The increase was due to an increase in prescription demand. Net sales for the full year were $21.4 million.
Revenues and adjusted gross margin for the fourth quarter 2011 were $253.6 million and $103.8 million, respectively, compared to $215.4 million in net sales and $87.2 million in adjusted gross margin during the prior quarter (Q3 2011). The adjusted gross margin rate on the Company's consolidated product portfolio increased slightly to 40.9% versus 40.5% in the third quarter 2011. (Par is now presenting non-GAAP gross margin on an adjusted basis. See detailed reconciliation table at the end of this press release.)
4Q 2011 |
3Q 2011 |
|||||||||
$ |
% |
$ |
% |
|||||||
Key Par (Generic) Products (1) |
$ 38.3 |
27.7% |
$ 31.8 |
25.9% |
||||||
All Other (Generic) |
43.5 |
49.1% |
40.8 |
56.2% |
||||||
Total Par Generics |
$ 81.8 |
36.0% |
$ 72.6 |
37.1% |
||||||
Strativa (Branded) Products(2) |
$ 22.0 |
82.4% |
$ 14.6 |
73.4% |
||||||
Total (All Products) |
$ 103.8 |
40.9% |
$ 87.2 |
40.5% |
||||||
(1) Q4 2011 is comprised of metoprolol, sumatriptan, olanzapine, busdesonide, propafenone, buproprion, zolpidem, fentanyl lozenges. Q3 2011 includes propafenone, sumatriptan, metoprolol, budesonide. (2) Strativa products consist primarily of Megace ES and Nascobal. |
||||||||||
Operating Expenses
On a GAAP basis, total operating expenses increased during the fourth quarter of 2011 as compared to the prior quarter as follows:
- Research and development expenses were $18.1 million in the fourth quarter of 2011 compared to $9.6 million in the third quarter. The increase was due to higher generic development activity, which also included Anchen's development activities during the post-acquisition period.
- Selling, general and administrative expenses for the fourth quarter 2011 increased to $44.5 million compared to $35.8 million in the third quarter of 2011. The increase reflects higher employment costs, as well as Anchen and Edict transaction-related expenses.
Cash and cash equivalents and marketable securities aggregate balance as of December 31, 2011 was $188.2 million and included significant one-time cash outflows from the AWP litigation settlement, as well as the acquisition of Anchen Pharmaceuticals and other business development transactions.
Product and Pipeline Update
In November 2011, Par Pharmaceutical, Inc. completed its acquisition of Anchen Pharmaceuticals, a privately-held specialty pharmaceutical company headquartered in Irvine, California.
In February 2012, Par Pharmaceutical, Inc. completed its acquisition of privately-held Edict Pharmaceuticals Private Limited, an India-based developer and manufacturer of generic pharmaceuticals.
Par Pharmaceutical, along with third-party partners, currently has approximately 71 ANDAs pending with the FDA, 21 of which it believes to be first-to-file opportunities.
Conference Call
Par Pharmaceutical Companies, Inc. will host a conference call and live webcast on Tuesday, February 28, 2012 at 9:00 AM EST to review results for the fourth quarter and full year 2011. The Company will release its financial results on February 28, 2012 before the market opens.
Access to the live webcast can be made via the Company's website at www.parpharm.com.
Dial-in Information |
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Domestic: |
800-299-0148 |
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International: |
617-801-9711 |
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Passcode: |
77407762 |
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A replay of the conference call will be available for two weeks approximately one hour after the call.
Replay Information |
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Domestic: |
888-286-8010 |
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International: |
617-801-6888 |
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Passcode: |
42749409 |
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Non-GAAP Measures
Par Pharmaceutical Companies, Inc. ("the Company") believes it prepared its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to accounting requirements of the Securities and Exchange Commission. In an effort to provide investors with additional information regarding the Company's results and to provide a meaningful period-over-period comparison of the Company's financial performance, the Company sometimes uses non-GAAP financial measures as defined by the Securities and Exchange Commission. The differences between the U.S. GAAP and non-GAAP financial measures are reconciled in attached schedules. In presenting comparable results, the Company discloses non-GAAP financial measures when it believes such measures will be useful to investors in evaluating the Company's underlying business performance. Management uses the non-GAAP financial measures to evaluate the Company's financial performance against internal budgets and targets. In addition, management internally reviews the Company's results excluding the impact of certain items, as it believes that these non-GAAP financial measures are useful for evaluating the Company's core operating results and facilitating comparison across reporting periods. Importantly, the Company believes non-GAAP financial measures should be considered in addition to, and not in lieu of, U.S. GAAP financial measures. The Company's non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.
About Par Pharmaceutical Companies, Inc.
Par Pharmaceutical Companies, Inc. is a US-based specialty pharmaceutical company. Through its wholly-owned subsidiary's two operating divisions, Par Pharmaceutical and Strativa Pharmaceuticals, it develops, manufactures and markets higher-barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals. For press release and other company information, visit www.parpharm.com.
Safe Harbor Statement
Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which could cause actual results and outcomes to differ materially from those expressed herein. Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's most recent Annual Report on Form 10-K, in other of the Company's filings with the SEC from time to time, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and on general industry and economic conditions. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.
PAR PHARMACEUTICAL COMPANIES, INC. CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2011 AND 2010 (In Thousands, Except Share Data) |
|||||
December 31, |
December 31, |
||||
2011 |
2010 |
||||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$162,516 |
$218,674 |
|||
Available for sale marketable debt securities |
25,709 |
27,866 |
|||
Accounts receivable, net |
125,940 |
95,705 |
|||
Inventories |
106,250 |
72,580 |
|||
Prepaid expenses and other current assets |
20,475 |
17,660 |
|||
Deferred income tax assets |
55,966 |
26,037 |
|||
Income taxes receivable |
27,049 |
18,605 |
|||
Total current assets |
523,905 |
477,127 |
|||
Property, plant and equipment, net |
97,790 |
71,980 |
|||
Intangible assets, net |
311,669 |
95,467 |
|||
Goodwill |
283,432 |
63,729 |
|||
Other assets |
14,657 |
5,441 |
|||
Non-current deferred income tax assets, net |
- |
69,488 |
|||
Total assets |
$1,231,453 |
$783,232 |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current liabilities: |
|||||
Current portion of long-term debt |
$21,875 |
$ - |
|||
Accounts payable |
33,000 |
23,956 |
|||
Payables due to distribution agreement partners |
69,359 |
25,310 |
|||
Accrued salaries and employee benefits |
16,174 |
16,397 |
|||
Accrued government pricing liabilities |
39,614 |
32,169 |
|||
Accrued legal fees |
4,150 |
7,084 |
|||
Accrued legal settlements |
37,800 |
- |
|||
Payable to former Anchen security holders |
20,620 |
- |
|||
Accrued expenses and other current liabilities |
9,604 |
6,674 |
|||
Total current liabilities |
252,196 |
111,590 |
|||
Long-term liabilities |
19,952 |
43,198 |
|||
Non-current deferred tax liabilities |
25,974 |
- |
|||
Long-term debt, less current portion |
323,750 |
- |
|||
Commitments and contingencies |
- |
- |
|||
Stockholders' equity: |
|||||
Common stock, par value $0.01 per share, authorized 90,000,000 shares; issued |
|||||
39,677,291 and 38,872,663 shares |
397 |
389 |
|||
Additional paid-in capital |
389,166 |
373,764 |
|||
Retained earnings |
302,984 |
329,129 |
|||
Accumulated other comprehensive income |
13 |
137 |
|||
Treasury stock, at cost 3,201,858 and 2,970,573 shares |
(82,979) |
(74,975) |
|||
Total stockholders' equity |
609,581 |
628,444 |
|||
Total liabilities and stockholders' equity |
$1,231,453 |
$783,232 |
|||
PAR PHARMACEUTICAL COMPANIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009 (In Thousands, Except Per Share Amounts) |
||||||
2011 |
2010 |
2009 |
||||
Revenues: |
||||||
Net product sales |
$887,495 |
$980,631 |
$1,176,427 |
|||
Other product related revenues |
38,643 |
28,243 |
16,732 |
|||
Total revenues |
926,138 |
1,008,874 |
1,193,159 |
|||
Cost of goods sold, excluding amortization expense |
526,288 |
620,904 |
838,167 |
|||
Amortization expense |
13,106 |
14,439 |
21,039 |
|||
Total cost of goods sold |
539,394 |
635,343 |
859,206 |
|||
Gross margin |
386,744 |
373,531 |
333,953 |
|||
Operating expenses: |
||||||
Research and development |
46,538 |
50,369 |
39,235 |
|||
Selling, general and administrative |
173,378 |
192,504 |
165,135 |
|||
Settlements and loss contingencies, net |
190,560 |
3,762 |
307 |
|||
Restructuring costs |
26,986 |
- |
1,006 |
|||
Total operating expenses |
437,462 |
246,635 |
205,683 |
|||
Gain on sale of product rights and other |
125 |
6,025 |
3,200 |
|||
Operating (loss) income |
(50,593) |
132,921 |
131,470 |
|||
Gain on bargain purchase |
- |
- |
3,021 |
|||
Loss on extinguishment of senior subordinated convertible notes |
- |
- |
(2,598) |
|||
Gain (loss) on marketable securities and other investments, net |
237 |
3,459 |
(55) |
|||
Interest income |
736 |
1,257 |
2,658 |
|||
Interest expense |
(2,676) |
(2,905) |
(8,013) |
|||
(Loss) income from continuing operations before |
(52,296) |
134,732 |
126,483 |
|||
(Benefit) provision for income taxes |
(5,996) |
41,980 |
48,883 |
|||
(Loss) income from continuing operations |
(46,300) |
92,752 |
77,600 |
|||
Discontinued operations: |
||||||
(Benefit) provision for income taxes |
(20,155) |
21 |
672 |
|||
Income (loss) from discontinued operations |
20,155 |
(21) |
(672) |
|||
Net (loss) income |
($26,145) |
$92,731 |
$76,928 |
|||
Basic (loss) earnings per share of common stock: |
||||||
(Loss) income from continuing operations |
($1.29) |
$2.70 |
$2.30 |
|||
Income (loss) from discontinued operations |
0.56 |
(0.00) |
(0.02) |
|||
Net (loss) income |
($0.73) |
$2.70 |
$2.28 |
|||
Diluted (loss) earnings per share of common stock: |
||||||
(Loss) income from continuing operations |
($1.29) |
$2.60 |
$2.27 |
|||
Income (loss) from discontinued operations |
0.56 |
(0.00) |
(0.02) |
|||
Net (loss) income |
($0.73) |
$2.60 |
$2.25 |
|||
Weighted average number of common shares |
||||||
Basic |
35,950 |
34,307 |
33,679 |
|||
Diluted |
35,950 |
35,644 |
34,188 |
|||
PAR PHARMACEUTICAL COMPANIES, INC. NON-GAAP P&L (4Q11 vs. 3Q11) (In Thousands, Except Per Share Amounts) (Unaudited) |
||||||||
Three Months Ended |
||||||||
December 31, |
September 30, |
|||||||
2011 |
2011 |
Increase / (Decrease) |
||||||
Revenues: |
||||||||
Net product sales |
$242,823 |
$208,865 |
$33,958 |
16% |
||||
Other product related revenues |
10,818 |
6,492 |
4,326 |
67% |
||||
Total revenues |
253,641 |
215,357 |
38,284 |
18% |
||||
Cost of goods sold, excluding amortization expense |
149,863 |
128,180 |
21,683 |
17% |
||||
Amortization expense |
- |
- |
- |
- |
||||
Total cost of goods sold |
149,863 |
128,180 |
21,683 |
17% |
||||
Gross margin |
103,778 |
87,177 |
16,601 |
19% |
||||
Gross margin % |
41% |
40% |
||||||
Operating expenses: |
||||||||
Research and development |
18,141 |
9,610 |
8,531 |
89% |
||||
Selling, general and administrative |
37,923 |
32,435 |
5,488 |
17% |
||||
Total operating expenses |
56,064 |
42,045 |
14,019 |
33% |
||||
Gain on sale of product rights and other |
125 |
- |
125 |
100% |
||||
Operating income |
47,839 |
45,132 |
2,707 |
6% |
||||
Gain on marketable securities and other investments, net |
237 |
- |
237 |
100% |
||||
Interest income |
(229) |
160 |
(389) |
(243%) |
||||
Interest expense |
(2,225) |
(150) |
(2,075) |
1,383% |
||||
Income from continuing operations before provision |
45,622 |
45,142 |
480 |
1% |
||||
Provision for income taxes |
16,758 |
18,079 |
(1,321) |
(7%) |
||||
Income from continuing operations |
28,864 |
27,063 |
1,801 |
7% |
||||
Discontinued operations: |
||||||||
(Benefit) provision for income taxes |
- |
- |
- |
- |
||||
Income (loss) from discontinued operations |
- |
- |
- |
- |
||||
Net income |
$28,864 |
$27,063 |
$1,801 |
7% |
||||
Basic earnings per share of common stock: |
||||||||
Income from continuing operations |
$0.80 |
$0.75 |
$0.05 |
7% |
||||
Income from discontinued operations |
0.00 |
0.00 |
0.00 |
0% |
||||
Net income |
$0.80 |
$0.75 |
$0.05 |
7% |
||||
Diluted earnings per share of common stock: |
||||||||
Income from continuing operations |
$0.78 |
$0.74 |
$0.04 |
5% |
||||
Income from discontinued operations |
0.00 |
0.00 |
0.00 |
0% |
||||
Net income |
$0.78 |
$0.74 |
$0.04 |
5% |
||||
Weighted average number of common shares outstanding: |
||||||||
Basic |
36,173 |
36,143 |
30 |
0% |
||||
Diluted |
36,815 |
36,774 |
41 |
0% |
||||
Reconciliation Between Reported (GAAP); Adjusted Income (Loss) from Continuing Operations and "Cash EPS" (In Thousands, Except Per Share Data) (Unaudited) |
||||||
Three Months Ended |
||||||
December 31, 2011 |
||||||
GAAP 10-K P&L |
ADJUSTMENTS |
NON-GAAP |
||||
Revenues: |
||||||
Net product sales |
$242,823 |
$242,823 |
||||
Other product related revenues |
10,818 |
10,818 |
||||
Total revenues |
253,641 |
253,641 |
||||
Cost of goods sold, excluding amortization expense |
155,015 |
(5,152) |
a |
149,863 |
||
Amortization expense |
5,665 |
(5,665) |
b |
- |
||
Total cost of goods sold |
160,680 |
(10,817) |
149,863 |
|||
Gross margin |
92,961 |
10,817 |
103,778 |
|||
Gross margin % |
37% |
41% |
||||
Operating expenses: |
||||||
Research and development |
18,141 |
18,141 |
||||
Selling, general and administrative |
44,515 |
(6,592) |
c |
37,923 |
||
Total operating expenses |
62,656 |
(6,592) |
56,064 |
|||
Gain on sale of product rights and other |
125 |
125 |
||||
Operating income |
30,430 |
17,409 |
47,839 |
|||
Gain on marketable securities and other investments, net |
237 |
237 |
||||
Interest income |
(229) |
(229) |
||||
Interest expense |
(2,225) |
(2,225) |
||||
Income from continuing operations before provision for income taxes |
28,213 |
17,409 |
45,622 |
|||
(Benefit) provision for income taxes |
(3,096) |
19,854 |
d |
16,758 |
||
Income (loss) from continuing operations |
31,309 |
(2,445) |
28,864 |
|||
Discontinued operations: |
||||||
(Benefit) provision for income taxes |
(20,535) |
20,535 |
- |
|||
Income (loss) from discontinued operations |
20,535 |
(20,535) |
- |
|||
Net income (loss) |
$51,844 |
($22,980) |
$28,864 |
|||
Basic earnings per share of common stock: |
||||||
Income from continuing operations |
$0.87 |
$0.80 |
||||
Income from discontinued operations |
0.57 |
0.00 |
||||
Net income |
$1.43 |
$0.80 |
||||
Diluted earnings per share of common stock: |
||||||
Income from continuing operations |
$0.85 |
$0.78 |
||||
Income from discontinued operations |
0.56 |
0.00 |
||||
Net income |
$1.41 |
$0.78 |
||||
Weighted average number of common shares outstanding: |
||||||
Basic |
36,173 |
36,173 |
||||
Diluted |
36,815 |
36,815 |
||||
a - Amortization of inventory step up established with Anchen purchase accounting |
||||||
b - Amortization expense (Par $3,657, Anchen $2,008) |
||||||
c - Transaction costs on 2011 business acquisitions ($6,102) and amortization expense for Megace ($490) |
||||||
d - Estimated tax on adjustments |
(5,642) |
|||||
Adjustment to tax on litigation settlements and contingencies |
(12,198) |
|||||
Charge related to valuation of deferred income tax assets |
2,391 |
|||||
Reversal of income tax reserves |
(4,405) |
|||||
(19,854) |
||||||
Reconciliation Between Reported (GAAP); Adjusted Income (Loss) from Continuing Operations and "Cash EPS" (In Thousands, Except Per Share Data) (Unaudited) |
||||||
Twelve Months Ended |
||||||
December 31, 2011 |
||||||
GAAP 10-K P&L |
ADJUSTMENTS |
NON-GAAP |
||||
Revenues: |
||||||
Net product sales |
$887,495 |
$887,495 |
||||
Other product related revenues |
38,643 |
38,643 |
||||
Total revenues |
926,138 |
926,138 |
||||
Cost of goods sold, excluding amortization expense |
526,288 |
(5,826) |
a |
520,462 |
||
Amortization expense |
13,106 |
(13,106) |
b |
- |
||
Total cost of goods sold |
539,394 |
(18,932) |
520,462 |
|||
Gross margin |
386,744 |
18,932 |
405,676 |
|||
Gross margin % |
42% |
44% |
||||
Operating expenses: |
||||||
Research and development |
46,538 |
46,538 |
||||
Selling, general and administrative |
173,378 |
(10,670) |
c |
162,708 |
||
Settlements and loss contingencies, net |
190,560 |
(190,560) |
d |
- |
||
Restructuring costs |
26,986 |
(26,986) |
e |
- |
||
Total operating expenses |
437,462 |
(228,216) |
209,246 |
|||
Gain on sale of product rights and other |
125 |
125 |
||||
Operating (loss) income |
(50,593) |
247,148 |
196,555 |
|||
Gain on marketable securities and other investments, net |
237 |
237 |
||||
Interest income |
736 |
736 |
||||
Interest expense |
(2,676) |
(2,676) |
||||
(Loss) income from continuing operations before provision for income taxes |
(52,296) |
247,148 |
194,852 |
|||
(Benefit) provision for income taxes |
(5,996) |
79,099 |
f |
73,103 |
||
(Loss) income from continuing operations |
(46,300) |
168,049 |
121,749 |
|||
Discontinued operations: |
||||||
(Benefit) provision for income taxes |
(20,155) |
20,155 |
- |
|||
Income (loss) from discontinued operations |
20,155 |
(20,155) |
- |
|||
Net (loss) income |
($26,145) |
$147,894 |
$121,749 |
|||
Basic (loss) earnings per share of common stock: |
||||||
(Loss) income from continuing operations |
($1.29) |
$3.39 |
||||
Income from discontinued operations |
0.56 |
0.00 |
||||
Net (loss) income |
($0.73) |
$3.39 |
||||
Diluted (loss) earnings per share of common stock: |
||||||
(Loss) income from continuing operations |
($1.29) |
$3.32 |
||||
Income from discontinued operations |
0.56 |
0.00 |
||||
Net (loss) income |
($0.73) |
$3.32 |
||||
Weighted average number of common shares outstanding: |
||||||
Basic |
35,950 |
35,950 |
||||
Diluted |
35,950 |
36,675 |
||||
a - Amortization of inventory step up established with Anchen purchase accounting ($5,152) and restructuring related inventory write-offs ($674) |
||||||
b - Amortization expense (Par $11,098, Anchen $2,008) |
||||||
c - Transaction costs on 2011 business acquisitions ($8,954) and amortization expense for Megace ($1,716) |
||||||
d - Litigation settlements and contingencies, pre-tax |
||||||
e - Restructuring costs |
||||||
f - Estimated tax on adjustments |
(79,476) |
|||||
Charge related to valuation of deferred income tax assets |
4,782 |
|||||
Reversal of income tax reserves |
(4,405) |
|||||
(79,099) |
||||||
SOURCE Par Pharmaceutical Companies, Inc.
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