APP Pharma 4Q Profit Tumbles 70 Percent

APP Pharmaceuticals Inc., which makes injectable products for acute medical care, said Friday its fourth-quarter profit tumbled 70 percent, hurt by a loss from discontinued operations stemming from its separation from Abraxis BioScience Inc.

The company reported income of $8.5 million, or 5 cents per share, compared with $28.4 million, or 18 cents per share, in the year-ago period.

2007 fourth-quarter results include a loss of $23.1 million, or 15 cents per share, from discontinued operations, while the prior-year quarter included a loss from discontinued operations of $6.9 million, or 4 cents per share.

In July, pharmaceutical company Abraxis announced plans to separate its hospital products business from its proprietary drugs business, creating two separate publicly traded companies. The hospital products business, APP Pharmaceuticals, was formed in November in a tax-free transaction.

APP Pharmaceutical's business is reported on a continuing operations basis, while Abraxis' business, as well as a majority of separation-related costs, is reported as discontinued operations.

Adjusted income from continuing operations, excluding amortization costs, stock-based compensation expense, separation-related costs and other one-time items, was $45.7 million, or 28 cents per share, compared with $29.4 million, or 18 cents per share, in the prior-year fourth quarter.

Revenue slipped 3 percent to $194.6 million from $199.7 million in the fourth quarter of 2006.
For the full year, the company reported income, including results of discontinued operations, of $34.4 million, or 21 cents per share, compared with a loss of $46.9 million, or 30 cents per share, in 2006.

Revenue rose 11 percent to $647.4 million from $583.2 million in the previous year.

Source : www.chron.com

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