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PDL BioPharma Announces First Quarter 2012 Financial Results
Date:5/3/2012

Convertible Senior Notes due 2015 (May 2015 Notes), non-GAAP net income for the first quarter of 2012 was $41.8 million, or $0.30 per diluted share, compared to non-GAAP net income of $44.5 million, or $0.25 per diluted share for the same period of 2011.

Net cash provided by operating activities in the first quarter of 2012 was $17.9 million, compared with net cash used in operating activities of $13.2 million for the first quarter of 2011. At March 31, 2012, PDL had cash, cash equivalents and investments of $192.5 million, compared with $227.9 million at December 31, 2011. 

Recent Developments2012 Dividends On January 18, 2012, PDL's Board of Directors declared regular quarterly dividends of $0.15 per share of common stock, payable on March 14, June 14, September 14 and December 14 of 2012 to stockholders of record on March 7, June 7, September 7 and December 7 of 2012, the record dates for each of the dividend payments, respectively. On March 14, 2012, PDL paid the first quarterly dividend to stockholders of record totaling $21 million using earnings generated in the first quarter of 2012 and cash on hand.

Exchange and Retirement of Convertible NotesIn January and February 2012, PDL completed public and privately negotiated exchange transactions whereby the Company exchanged and subsequently retired $179.0 million aggregate principal amount, representing over 99 percent of the 2.875% Convertible Senior Notes due February 15, 2015 (February 2015 Notes), for $179.0 million aggregate principal amount of new 2.875% Series 2012 Notes, and by doing so, eliminated 27.8 million shares of potential dilution to our stock holders.  In the public exchanges, PDL made one-time cash payments of $5.00 for each $1,000 principal amount tendered for a total cash incentive payment of $0.8 million. As of March 31, 2012, $1.0 million of the February 2015 Notes and $179.0 million
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SOURCE PDL BioPharma, Inc.
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