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Watson Pharmaceuticals Reports Fourth Quarter and Full Year 2007 Results; Provides 2008 Outlook
Date:2/20/2008

849,465 1,680,388

Total liabilities and

stockholders' equity $3,460,508 $3,760,577

The following table presents Watson's Condensed Consolidated Statements of Cash Flows for the twelve months ended December 31, 2007 and 2006:

Table 3

Watson Pharmaceuticals, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited; in thousands)

Twelve Months Ended

December 31,

2007 2006

Cash Flows from Operating Activities:

Net income (loss) $141,030 $(445,005)

Reconciliation to net cash provided

by operating activities:

Depreciation and amortization 253,559 218,346

Non-cash impairment charges 4,499 70,264

Deferred income tax benefit (6,250) (24,688)

Provision for inventory reserve 46,853 29,777

Restricted stock and stock option

compensation 14,244 13,336

In-process research and development - 497,800

Other adjustments to reconcile net

income to net cash provided (9,010) (4,762)

Changes in assets and liabilities:

Accounts receivable, net 120,575 66,172

Inventories (25,093) (53,682)

Accounts payable and accrued expense (117,751) 116,709

Income taxes payable 7,703 (9,094)

Other
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SOURCE Watson Pharmaceuticals, Inc.
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