Angiotech Pharmaceuticals, Inc. announces financial results for the fourth quarter ended Decembe...(erred financing charges. l. Realized...)

Date:3/5/2009

erred financing charges. l. Realized loss on disposition of investment and unrealized loss on write-down of investments. m. Net impact of loss and gain on redemption of investments of common share holdings in Orthovita Inc. and NuVasive Inc. respectively. n. Loss on write-down of assets classified as held for sale. o. Loss on write-down of goodwill. p. Tax effects of adjustments a. through o. for the period, including the reversal of tax reserves previously booked. ANGIOTECH PHARMACEUTICALS, INC. CALCULATION OF ADJUSTED EBITDA (Unaudited) Three months ended Year ended (in thousands December 31, December 31, of U.S.$) 2008 2007 2008 2007 ------------------------------------------------------------------------- Net loss on a GAAP basis $ (76,963) $ (27,859) $ (741,176) $ (65,940) Interest expense on long-term debt 10,639 12,774 44,490 51,748 Income tax expense (recovery) (2,577) 9,734 (12,892) (16,152) Depreciation and amortization 9,327 9,902 38,174 37,907 ------------------------------------------------------------------------- EBITDA (59,574) 4,551 (671,404) 7,563 Adjustments: Net loss from discontinued operations, excluding depreciation, amortization and income tax expense included above - - - 11,122 In-process research and development - 125 2,500 8,125 Non-recurring research and development 313
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