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Angiotech announces filing of audited financial results for the year ended December 31, 2007 and restatement of results for the year ended December 31, 2006
Date:3/13/2008

found in note 1(b) to the December 31, 2007 audited consolidated financial statements. Amounts, unless specified otherwise, are expressed in U.S. dollars. Financial results are reported under U.S. generally accepted accounting principles. All per share amounts are stated on a diluted basis unless otherwise noted.

ANGIOTECH PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands of

U.S.$, except

per share data) December 31, 2007 December 31, 2006

As

Reported As Pre-

(Prelim- Adjust- viously Restate- As

inary) ments Revised Reported ments Restated

-------------------------------------------------------------------------

Statement of

------------

Operations

----------

License and

royalty fees 18,652 - 18,652 25,605 381 a. 25,986

Cost of

products

sold 95,529 (580) b. 94,949 68,067 1,476 b. 69,543

Selling,

general

and

administra-

tive 99,713 (398) c. 99,315 78,732 201 c. 78,933

Operating

(loss)

income (21,717) 978 (20,739) 60,222 (2,058) 58,164

Income (loss)

from

continuing

operations

before

income taxes

and

cumulative

effect of

change in

accounting (71,570) 978 (70,592) 22,173 (2,058) 20,115

Income tax

expense

(recovery) (23,608) 9,063 d. (14,545) 10,279 (8,187) d. 2,092

Net loss from

discontinued

operations,

net of taxes (11,395) 1,502 e. (9,893) (7,708) - (7,708)

Net (loss)

income for

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SOURCE Angiotech Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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