Warner Chilcott Reports Operating Results for the Quarter Ended Septembe...(our free cash flowduring the past four q...),Health
our free cash flow during the past four quarters and proceeds from our IPO.
Income taxes
Our effective tax rate for the quarter ended September 30, 2007 was 46.3%, which approximates the Company's current estimate of the corporate effective tax rate for the full year 2007. The effective income tax rate for interim periods and the full year can be volatile due to changes in forecasted income among the various tax jurisdictions in which we operate.
Net Income and Cash Net Income
Reported net income for the quarter ended September 30, 2007 was $5.8 million, or $0.02 per share, and cash net income for the current quarter was $60.5 million, or $0.24 per share, based on 250.5 million diluted Class A common shares outstanding. In arriving at cash net income, we add back the after-tax impact of the book amortization of intangible assets and the amortization or write-off of deferred financing costs. These items are tax- effected at the estimated marginal rates attributable to them. In the quarter ended September 30, 2007, the marginal tax rates associated with the amortization of intangible assets was 8.7% and the rate for amortization and write-off of deferred financing costs was 9.9%.
The Company's results for the quarter ended September 30, 2007 included a $9.0 million expense relating to the tentative settlement of the one remaining class action lawsuit brought by the direct purchaser plaintiffs related to the OVCON 35 litigation. Excluding the after-tax impact of this expense, adjusted cash net income for the quarter was $69.3 million, or $0.28 per share, based on 250.5 million diluted Class A shares outstanding.
Liquidity, Balance Sheet and Cash Flows
As of September 30, 2007, our cash and cash equivalents totaled $26.8
million and total debt outstanding was $1,292.5 million, with no borrowings
outstanding under our revolving credit facility. We generated $42.0 million
of cash from operating activities in the quarter ended Sept
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| SOURCE Warner Chilcott Limited Copyright©2007 PR Newswire. All rights reserved |
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