Warner Chilcott Reports Operating Results for the Quarter Ended June 30, 2009 and Updates 2009 Full Yea...(ur investment in R&D for the quarter...),Health

Date:8/7/2009

ur investment in R&D for the quarter ended June 30, 2009 was $11.9 million, a decrease of $0.6 million, or 4.8%, compared with the prior year quarter. Our internal R&D expenditures fluctuate based on the nature and timing of our on-going R&D programs. We expect our internal R&D spend in the second half of 2009 to increase over the first six months of 2009.

Net Interest Expense

Net interest expense for the quarter ended June 30, 2009 was $15.2 million, a decrease of $9.4 million, or 38.2%, from $24.6 million in the prior year quarter. Included in net interest expense in the quarter ended June 30, 2008 was a $1.1 million expense relating to the write-off of deferred loan costs associated with the optional prepayment of $70.0 million of indebtedness under our senior secured credit facility. The Company did not make any optional prepayments of debt during the quarter ended June 30, 2009. The decrease in net interest expense in the 2009 period was primarily the result of cumulative reductions in outstanding debt during 2008 and the first half of 2009 which reduced the average debt balance outstanding from $1,198.2 million in the quarter ended June 30, 2008 to $861.1 million in the quarter ended June 30, 2009. The cumulative reduction in the average debt level is the result of optional prepayments and purchases made using cash flows from operations and cash on hand, net of investing activities.

Net Income and Cash Net Income

For the quarter ended June 30, 2009, reported net income was $56.0 million, or $0.22 per share, and CNI was $109.2 million, or $0.44 per share, based on 250.7 million diluted Class A common shares outstanding. In calculating CNI, we add back the after-tax impact of the amortization (including impairments, if any) of intangible assets and the amortization (including write-offs, if any) of deferred loan costs. These items are tax-effected at the estimated marginal ra
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SOURCE Warner Chilcott Limited Copyright©2009 PR Newswire. All rights reserved

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