Angiotech announces filing of audited financial results for the year ended December 31, 2007 and restatement of results for the year ended Decembe...( VANCOUVER March 13 / Angiotech Ph...)

VANCOUVER, March 13 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP), a global specialty pharmaceutical and medical device company, today announced the filing of its audited consolidated financial statements and Management's Discussion and Analysis for the year ended December 31, 2007 and the restatement of its audited consolidated financial statements for the year ended December 31, 2006.

For the year ended December 31, 2007, the Company's net loss according to GAAP was $65.9 million, as compared to $59.4 million reported in the preliminary results announced on February 14, 2008. Of the $6.5 million difference, $5.2 million relates to the finalization of the income tax provision for 2007 and $1.9 million relates to the reversal of an unadjusted difference related to the income tax provision for 2006 that was originally recorded in 2007, but because of the restatement of the 2006 results described below, is now being recorded in 2006. These two adjustments are partly offset by a $0.5 million decrease in the 2007 net loss as compared to the preliminarily reported amount, resulting from the reversal of several immaterial non-tax unadjusted differences from 2006 which were originally recorded in 2007 and are now being reflected in 2006 as a result of the restatement.

The restatement of the audited consolidated financial statements for the year ended December 31, 2006 favourably affects net earnings by $6.1 million, or $0.07 per share, and is primarily the result of errors in the Company's income tax provision. These errors arose from using incorrect tax rates in determining certain deferred tax balances, incorrect calculation of certain tax credits and incorrect adjustment of changes in estimate
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