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Watson Pharmaceuticals Reports Second Quarter 2008 Results


Ending December 31, 2008

Low High

GAAP to adjusted net income calculation

GAAP net income $214.8 $227.2

Adjusted for:

Licensing charges 8.5 8.5

Global supply chain initiative 30.0 30.0

Loss on early extinguishment of debt 1.1 1.1

Gain on sale of securities (9.6) (9.6)

Legal settlement (15.0) (15.0)

Income taxes (14.7) (15.2)

Adjusted net income 215.1 227.0

Add: Interest expense on CODES, net of tax 8.2 8.2

Adjusted net income, adjusted

for interest on CODES $223.3 $235.2

Diluted earnings per share

Diluted earnings per share - GAAP $1.90 $2.00

Diluted earnings per share - Adjusted $1.90 $2.00

Diluted weighted average common

shares outstanding 117.6 117.6

The reconciliation table is based in part on management's estimate of net income for the year ending December 31, 2008. Watson expects certain known GAAP charges for 2008, as presented in the schedule above. Other GAAP charges that may be excluded from adjusted net income are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges, such as potential asset impairment charges, are dependent upon future events and valuations that have not yet been performed.

The following table presents a

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

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