Warner Chilcott Reports Operating Results for the Quarter Ended Septembe...(ember 30 2007compared with a use of cash...),Health

Date:11/9/2007

ember 30, 2007 compared with a use of cash of $(10.6) million in the prior year quarter. Net income for the quarter ended September 30, 2007 increased by $86.8 million from an $81.0 million net loss in the prior year quarter. Included in the quarter ended September 30, 2006 were one-time cash expenses related to our IPO, including a $27.4 million payment made to our Sponsors to terminate the advisory and monitoring agreement. During the quarter ended September 30, 2007 we prepaid $12.5 million related to a direct-to-consumer advertising campaign for LOESTRIN 24 FE, which will be included in advertising and promotion expense during the fourth quarter of 2007 and in 2008. Also impacting operating cash flows in the quarter ended September 30, 2007 was a decrease in accrued expenses of $17.3 million related to the payment of a portion of the settlements in the OVCON 35 litigation which were expensed during the six months ended June 30, 2007. This was partially offset by the $9.0 million reserve for the tentative settlement of the OVCON 35 litigation expensed in the quarter ended September 30, 2007.

2007 Financial Guidance Update

Based on the third quarter results and the current outlook for the remainder of 2007, the Company is updating its full year 2007 financial guidance.

We anticipate that full year 2007 revenues will be at the top end of the previously provided guidance range of $870 to $890 million based upon the current outlook for net sales of key products within the various product portfolios.

Total SG&A expense guidance is now anticipated to be within the range of $262 to $271 million. The increase relates to G&A expenses which are now expected to be in the range of $93 to $96 million due to higher than previously anticipated legal costs in the third and fourth quarters and the $9.0 million reserve recorded in the third quarter related to the OVCON 35 litigation. The Company's expected total SG&A expenses do not include any amounts that
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SOURCE Warner Chilcott Limited Copyright©2007 PR Newswire. All rights reserved

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