Par Pharmaceutical Files Form 10-K for 2006 -- Company to Hold First Analysts' Meeting Septembe...( WOODCLIFF LAKE N.J. Sept. 6 /- Pa...),Health

WOODCLIFF LAKE, N.J., Sept. 6 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today filed with the U.S. Securities and Exchange Commission its 2006 Annual Report on Form 10-K. The filing of Par's Form 10-K for 2006 had been delayed due to the work involved in restating its consolidated financial statements for certain prior periods, which were filed earlier this year. Par intends to file its Form 10-Q for the first and second quarters of 2007 at the earliest practicable date.

Fourth-Quarter and 2006 Results

For the fourth quarter ended December 31, 2006, Par reported total revenues of $183.6 million and net income of $5.0 million, or $0.15 per diluted share. This is compared with reported revenues of $98.1 million and a net loss of $35.7 million, or $1.04 per diluted share, for the same period in 2005. For the year ended December 31, 2006, Par reported record total revenues of $725.2 million and net income of $6.7 million, or $0.19 per diluted share. This is compared with reported revenues of $432.3 million and a net loss of $15.3 million, or $0.44 per diluted share, for 2005.

Fourth-quarter 2006 reported, or GAAP, results included severance costs of $5.2 million, a $3.2 million investment gain and a $1.0 million asset impairment, all of which are discussed in more detail below. Adjusting for these items, net income for the fourth quarter of 2006 was $6.9 million, or $0.20 per diluted share. By comparison, fourth-quarter 2005 reported results included a $40.0 million charge for the divestiture of FineTech Laboratories, Ltd. and a $9.2 million asset impairment charge related to Par's purchase of the new drug application (NDA) for Isoptin(R) SR. Adjusting for these items, the co
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