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Par Pharmaceutical Files Form 10-K for 2006 -- Company to Hold First Analysts' Meeting September 28, 2007
Date:9/6/2007

mpany's net loss was $5.1 million, or $0.15 per diluted share, for the fourth quarter of 2005.

Par's reported, or GAAP, results for the year ended December 31, 2006, included a write-off of approximately $10.0 million of accounts receivable related to invalid customer deductions, the collection of which the company determined it would no longer pursue, and more than $14.0 million of expense related to severance costs, the write-down of an equity investment and an arbitration settlement. Reported results for 2006 also included a $3.1 million gain related to a settlement agreement and a $1.9 million loss on the return of inventory related to the same agreement. After adjusting for these items, net income for 2006 was $21.5 million, or $0.62 per diluted share. By comparison, reported results for the year ended December 31, 2005, included the aforementioned divestiture of FineTech Laboratories, Ltd., and a $16.2 million charge for asset impairments related to Isoptin(R) SR and latanoprost, offset by a $16.0 million net investment gain and the resolution of tax contingencies of $7.2 million. Adjusting for these items, net income for 2005 was $4.7 million, or $0.14 per diluted share. [See reconciliation between reported (GAAP) and adjusted net income (loss) at the end of this press release.]

Effective January 1, 2006, Par began recording stock-based compensation in accordance with SFAS 123R. As a result, Par recognized stock option expense of $2.1 million, or $0.04 per diluted share, in the fourth quarter of 2006 and stock option expense of $15.1 million, or $0.27 per diluted share, for the year. Of these amounts, $1.0 million and $4.3 million relate to severance agreements, in the fourth quarter and full year period, respectively.

Fourth-Quarter Review

For the fourth quarter of 2006, total revenues increased 87 percent compared with the same period a year earlier, due primarily to the introduction of new products. Among the products introduced sin
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SOURCE Par Pharmaceutical Companies, Inc.
Copyright©2007 PR Newswire.
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