United Therapeutics Reports Third Quarter 2007 Financi...(nded September 30 2007 as compared to ap...)

Date:11/1/2007

nded September 30, 2007, as compared to approximately $5.6 million for the three months ended September 30, 2006. The income tax provision was based on the estimated annual effective tax rate for the entire year. The estimated annual effective tax rate is subject to adjustment in subsequent quarterly periods as the estimates of pre-tax income and permanent book to tax return differences for the year are adjusted. The estimated annual effective tax rates for the three months ended September 30, 2007 and 2006, were approximately 18 percent and 43 percent, respectively. In September 2007, we completed a detailed review of our 2006 research and development expenses in preparation for the filing of our 2006 tax returns. As a result of this review, we were able to claim greater amounts of business credits, a permanent book to tax difference, on our tax return than we had estimated at December 31, 2006. In addition, based on information learned in the review, we revised our estimate of the business credits expected to be generated from our 2007 research and development activities. The effect of both of these items resulted in a reduction of our estimated annual effective tax rate for 2007. We do not anticipate paying significant federal income taxes for 2007 due to the availability of approximately $19.8 million of net operating loss carryforwards and approximately $59.7 million of business tax credits.

Pro Forma Net Income

During the nine months ended September 30, 2006, we recognized a non-cash and non-recurring charge of $2.0 million for the impairment of the HeartBar tradename. During the nine months ended September 30, 2007, we issued 200,000 shares of our common stock to Toray Industries, Inc., in connection with our amended license agreement for modified release beraprost (beraprost-MR). The issuance of shares resulted in an $11.0 million non-recurring expense because the licensed product has not yet obtained regulatory approval for commercial sales. If
'/>"/>

SOURCE United Therapeutics Corporation Copyright©2007 PR Newswire. All rights reserved

0 GOOD

Page: 1 2 3 4 5 6 7 8 9
Related biology technology :

1. Inacom Education earns Wisconsin membership in United Training
2. Canadian firm buys Proventiv Therapeutics, makes ex-Bone Care exec CEO
3. TomoTherapy reports 86% revenue jump, $131M net loss in Q1
4. Sonic Foundry reports GAAP loss as Q2 revenues rise
5. Fiserv reports $113.5 million in Q1 profit
6. Third Wave reports net loss of $18.9M for 2006
7. Musicnotes reports 45 percent growth in 2006
8. Sonic Foundry reports net loss, higher revenue
9. Sonic Foundry reports first cash-positive quarter
10. Merge Healthcare reports $10.8M net loss in Q3
11. Third Wave reports $5.2M third quarter loss