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PDL BioPharma Announces First Quarter 2009 Financial Results
Date:5/7/2009

nce as well as $0.9 million in software depreciation expense for which the software is now fully depreciated and is no longer in use.

Net income for the first quarter of 2009 was $37.5 million, or $0.23 per diluted share, compared with a net loss of $61.9 million in the same period of 2008, or a net loss of $0.42 per diluted share.

Net cash provided by operating activities was $27.7 million for the first quarter of 2009 as compared with net cash used in operating activities of $29.3 million for the first quarter of 2008. In addition to cash provided by operating activities in the three months ended March 31, 2009, we recognized $18.1 million of excess tax benefits from stock-based compensation, which is classified as a financing cash flow. At March 31, 2009, PDL had cash, cash equivalents, short-term investments and restricted cash of $193.2 million, compared with $147.5 million at December 31, 2008.

2009 Dividends

PDL previously announced that it would pay two dividends to its stockholders in 2009 of $0.50 per share. The first dividend, totaling $59.7 million, was paid on April 1, 2009 to all stockholders who owned shares of PDL on March 16, 2009. The second dividend will be paid on October 1, 2009 to stockholders of record on such date as to be determined by the Board of Directors at its June 2009 meeting.

Recent Developments

    -- Elected Frederick Frank and Jody Lindell to the Company's Board of
       Directors in March 2009 and subsequently designated Mr. Frank as Lead
       Director.

    -- As a result of the April 1, 2009 dividend payment, we announced
       An adjustment to the conversion rate for the Company's 2.75%
       Convertible Subordinated Notes due August 16, 2023 (the "2023 Notes").
       The conversion rate, as adjusted, is 123.715 shares of common stock per
       $1,000 principal amount of the 2023 Notes, effective 
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SOURCE PDL BioPharma, Inc.
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