Par Pharmaceutical Reports Fourth Quarter and Full Year 2007 Results
Par Pharmaceutical Companies, Inc. today reported fourth quarter and full year 2007 results ended December 31, 2007.
Fourth Quarter and 2007 Results
For the fourth quarter ended December 31, 2007, Par reported total revenues of $155.1 million and income from continuing operations of $5.5 million, or $0.16 per diluted share. This is compared with reported revenues of $183.6 million and income from continuing operations of $5.0 million, or $0.15 per diluted share, for the same period in 2006. For the year ended December 31, 2007, Par reported total revenues of $769.7 million and income from continuing operations of $51.1 million, or $1.47 per diluted share. This is compared with reported revenues of $725.2 million and income from continuing operations of $6.7 million, or $0.19 per diluted share, for 2006.
Fourth quarter 2007 reported, or GAAP, income from continuing operations included a pre-tax gain of $3.1 million from the Company's sale of its remaining investment in Optimer Pharmaceutical, Inc. ("Optimer") common stock and $4.6 million of additional share-based compensation expense related to the Company's issued stock option tender offer. Adjusting for these items, income from continuing operations for the fourth quarter of 2007 was $6.5 million, or $0.19 per diluted share. By comparison, income from continuing operations for fourth quarter 2006 included a $3.2 million investment gain, tempered by severance costs of $5.2 million, and a $1.0 million asset impairment. Adjusting for these items, income from continuing operations for the fourth quarter of 2006 was $6.9 million, or $0.20 per diluted share.
Par's reported, or GAAP, income from continuing operations for the year ended December 31, 2007, included a $20.0 million gain on the sale to Optimer of marketing rights to the investigational drug Difimicin (Par 101), a $4.5 million investment gain on the sale of shares of Optimer common stock, and net settlement gains of $0.6 million. These benefits were tempered by $19.2 million of costs related to business development activities in support of Strativa, the Company's branded division, a $6.0 million loss on investment, $1.6 million of severance costs, as well as the aforementioned $4.6 million of additional share-based compensation expense recorded in the fourth quarter. Adjusting for these items, income from continuing operations for the full year ended December 31, 2007 was $55.1 million, or $1.59 per diluted share. By comparison, and in addition to the fourth quarter 2006 events cited above, reported GAAP income from continuing operations for the full year ended December 31, 2006 included a write-off of approximately $10.0 million in bad debts for invalid customer deductions that the Company determined would not be pursued for collection, full year severance costs of $12.4 million, the write- down of an equity investment, an arbitration settlement, and an asset impairment. Finally, reported income from continuing operations for 2006 also included a $3.1 million gain related to a settlement agreement and a $1.9 million loss on the return of inventory related to the same agreement. After adjusting for these items, income from continuing operations for 2006 was $21.5 million, or $0.62 per diluted share. See reconciliation between reported (GAAP) and adjusted income from continuing operations at the end of this press release.
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Fourth Quarter and 2007 Results
For the fourth quarter ended December 31, 2007, Par reported total revenues of $155.1 million and income from continuing operations of $5.5 million, or $0.16 per diluted share. This is compared with reported revenues of $183.6 million and income from continuing operations of $5.0 million, or $0.15 per diluted share, for the same period in 2006. For the year ended December 31, 2007, Par reported total revenues of $769.7 million and income from continuing operations of $51.1 million, or $1.47 per diluted share. This is compared with reported revenues of $725.2 million and income from continuing operations of $6.7 million, or $0.19 per diluted share, for 2006.
Fourth quarter 2007 reported, or GAAP, income from continuing operations included a pre-tax gain of $3.1 million from the Company's sale of its remaining investment in Optimer Pharmaceutical, Inc. ("Optimer") common stock and $4.6 million of additional share-based compensation expense related to the Company's issued stock option tender offer. Adjusting for these items, income from continuing operations for the fourth quarter of 2007 was $6.5 million, or $0.19 per diluted share. By comparison, income from continuing operations for fourth quarter 2006 included a $3.2 million investment gain, tempered by severance costs of $5.2 million, and a $1.0 million asset impairment. Adjusting for these items, income from continuing operations for the fourth quarter of 2006 was $6.9 million, or $0.20 per diluted share.
Par's reported, or GAAP, income from continuing operations for the year ended December 31, 2007, included a $20.0 million gain on the sale to Optimer of marketing rights to the investigational drug Difimicin (Par 101), a $4.5 million investment gain on the sale of shares of Optimer common stock, and net settlement gains of $0.6 million. These benefits were tempered by $19.2 million of costs related to business development activities in support of Strativa, the Company's branded division, a $6.0 million loss on investment, $1.6 million of severance costs, as well as the aforementioned $4.6 million of additional share-based compensation expense recorded in the fourth quarter. Adjusting for these items, income from continuing operations for the full year ended December 31, 2007 was $55.1 million, or $1.59 per diluted share. By comparison, and in addition to the fourth quarter 2006 events cited above, reported GAAP income from continuing operations for the full year ended December 31, 2006 included a write-off of approximately $10.0 million in bad debts for invalid customer deductions that the Company determined would not be pursued for collection, full year severance costs of $12.4 million, the write- down of an equity investment, an arbitration settlement, and an asset impairment. Finally, reported income from continuing operations for 2006 also included a $3.1 million gain related to a settlement agreement and a $1.9 million loss on the return of inventory related to the same agreement. After adjusting for these items, income from continuing operations for 2006 was $21.5 million, or $0.62 per diluted share. See reconciliation between reported (GAAP) and adjusted income from continuing operations at the end of this press release.
Read more : www.earthtimes.org
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