INCOME FROM OPERATIONS 58,973 114,076
OTHER INCOME (EXPENSE):
Interest income 6,601 6,576
Interest expense (8,994) (4,595)
Other income, net 5,315 2,756
2,922 4,737
INCOME BEFORE INCOME TAXES 61,895 118,813
INCOME TAX EXPENSE 23,044 43,628
NET INCOME $38,851 $75,185
BASIC INCOME PER COMMON SHARE $0.57 $1.14
DILUTED INCOME PER COMMON SHARE $0.52 $0.99
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 67,665 65,806
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING-ASSUMING DILUTION 74,286 75,835
CEPHALON, INC. AND SUBSIDIARIES
Reconciliation of GAAP Net Income to Adjusted Net Income
(Unaudited)
Three Months Ended
March 31,
2008 2007
GAAP NET INCOME $38,851 $75,185
Cost of sales adjustments 27,888 (1) 20,965 (1)
Research and development adjustments 7,754 (2) 10,000 (2)
Selling, general and administrative
adjustments 2,955 (3) -
In-process research and development
adjustments 10,000 (4) -
Restructuring adjustments 3,911 (5)
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