Warner Chilcott Reports Operating Results for the Quarter ended March 31, 2008 and Updates 2008 Full Yea...(or year quarter a decrease of$60.7 milli...)

Date:5/9/2008

or year quarter, a decrease of $60.7 million. During the quarter ended March 31, 2008 we made payments in respect of income taxes totaling $69.3 million as compared to $0.2 million in the prior year quarter. The payments made during the quarter ended March 31, 2008 were made primarily based upon: (1) estimates of the amounts payable in connection with the anticipated final settlement of U.S. federal tax audits for prior periods, (2) estimates of U.S. federal income taxes for the 2007 and 2008 tax years and (3) amended income tax returns for the 2006 tax year resulting from the APA signed with the IRS.

2008 Financial Guidance Update

Based on the first quarter results and current outlook for the remainder of 2008, the Company is updating its full year 2008 financial guidance. For 2008, the Company continues to anticipate revenue to be in the range of $935 to $945 million.

Total SG&A expenses are now expected to be in the range of $223 to $232 million, a decrease of $5 million from the original guidance given in January 2008. This reflects a decrease in estimated advertising and promotional expenses.

In addition, the Company now anticipates that its income tax provision in 2008 will be in the range of 5.5% to 6.5% of earnings before taxes and book amortization ("EBTA"). The guidance includes the Company's latest estimate of pretax income by tax jurisdiction, as well as the impact of the Company's recently signed APA with the IRS.

Based on the revised guidance, GAAP net income is expected to be in the range of $129 to $142 million. CNI, which adds back the after tax impact of book amortization of intangible assets and the amortization and write off of deferred financing costs, is expected to be in the range of $326 to $339 million. Using 251.0 million Class A common shares, the Company expects CNI per share to be in the range of $1.30 to $1.35 for the full year 2008.

Investor Conference Call

The Company is hosting a confe
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SOURCE Warner Chilcott Limited Copyright©2008 PR Newswire. All rights reserved

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