Par Pharmaceutical Reports Third-Quarter 20...( WOODCLIFF LAKE N.J. Dec. 20 /- Pa...),Health

WOODCLIFF LAKE, N.J., Dec. 20 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today filed with the U.S. Securities and Exchange Commission (SEC) its Form 10-Q for the third quarter of 2007. The filing of Par's Form 10-Q for this period had been delayed due to the work involved in restating its consolidated financial statements for certain prior periods, which were filed earlier this year. As a result of today's filing, the Company is now up-to-date on all of its reporting obligations with the SEC.

Third-Quarter and Nine-Month Results

For the third quarter ended September 29, 2007, Par reported total revenues of $212.7 million and net income of $1.3 million, or $0.04 per diluted share. This is compared with reported revenues of $174.0 million and net income of $4.4 million, or $0.13 per diluted share, for the same period in 2006. For the nine months ended September 29, 2007, Par reported total revenues of $614.5 million and net income of $45.6 million, or $1.30 per diluted share. This is compared with reported revenues of $541.5 million and net income $1.7 million, or $0.05 per diluted share, for 2006.

Third-quarter 2007 reported, or GAAP, results include $16.2 million of costs related to business development activities in support of the Company's branded division, Strativa, which are discussed in more detail below. Adjusting for this item, net income for the third quarter 2007 was $11.1 million, or $0.32 per diluted share. By comparison, third-quarter 2006 results included $7.1 million of severance costs and a $1.2 million net gain relating to the sale of certain product rights. Adjusting for these items, the Company posted net income of $8.0 million, or $0.23 per diluted share for the third-qu
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