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Watson Pharmaceuticals Reports Second Quarter 2008 Results
Date:8/6/2008

$36,409 $110,932 $68,021

Adjusted for:

Global supply chain initiative(1) 5,423 - 19,164 -

Acquisition and licensing charges 500 2,217 5,500 9,578

Gain on sale of assets - (683) (1,355) (2,472)

Loss on debt repurchases - 1,681 1,095 4,410

Legal settlements (15,000) (842) (15,000) 158

Income taxes 3,368 (869) (3,674) (4,478)

Adjusted net income 54,594 37,913 116,662 75,217

Add: Interest expense on CODES,

net of tax 1,945 2,058 3,931 4,001

Adjusted net income, adjusted for

interest on CODES $56,539 $39,971 $120,593 $79,218

Diluted earnings per share

Diluted earnings per share - GAAP $0.53 $0.33 $0.98 $0.62

Diluted earnings per share - Adjusted $0.48 $0.34 $1.03 $0.68

Basic weighted average common

shares outstanding 102,728 102,093 102,676 102,178

Effect of dilutive securities:

Conversion of CODES 14,357 14,357 14,357 14,357

Dilutive stock options 567 630 478 374

Diluted weighted average common

shares outstanding 117,652 117,080 117,511 116,909

(1) Includes accelerated depreciation charges of $1,757 and $3,793,

respectively.

The following table presents a reconciliation of reported net income for the three and six months ended June 30, 2008 and 2007 to adjusted EBITDA:

Table 5

Watson Pharmaceuticals, Inc.

Adjusted EBITDA Reconciliation Table

(Unaudited; in millions) '/>"/>

SOURCE Watson Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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