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Par Pharmaceutical Reports Fourth Quarter and Full Year 2008 Results
Date:3/2/2009

Reports Adjusted Q4 EPS of $0.21

WOODCLIFF LAKE, N.J., March 2 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today reported fourth quarter and full year 2008 results ended December 31, 2008.

Fourth Quarter and 2008 Results

For the fourth quarter ended December 31, 2008, Par reported total revenues of $161.3 million and a loss from continuing operations of $30.5 million, or $0.91 per share. This is compared with reported revenues of $155.1 million and income from continuing operations of $5.5 million, or $0.16 per diluted share, for the same period in 2007. For the year ended December 31, 2008, Par reported total revenues of $578.1 million and a loss from continuing operations of $45.9 million, or $1.38 per share. This is compared with reported revenues of $769.7 million and income from continuing operations of $51.1 million, or $1.47 per diluted share, for 2007.

Fourth quarter 2008 reported, or GAAP, loss from continuing operations also included the write-off of a restructuring charge of $15.4 million and other related costs of $3.8 million, $49.2 million in charges due to an unfavorable court decision and related legal fees, $5.3 million gain on non-core ANDA sales and the sale of other product rights, $4.9 million impairment charge related to various investments, and a $7.9 million gain related to early debt extinguishment. Adjusting for these items and other special items, income from continuing operations for the fourth quarter 2008 would have been $7.1 million, or $0.21 per diluted share. By comparison, fourth quarter 2007 results included a pre-tax gain of $3.1 million from Par's sale of its remaining investment in Optimer Pharmaceutical, Inc. common stock and $4.6 million of additional share-based compensation expense related to Par's employee stock option ten
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SOURCE Par Pharmaceutical Companies, Inc.
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