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Warner Chilcott Reports Operating Results for the Quarter Ended September 30, 2008 and Updates 2008 Full Year Guidance
Date:11/10/2008

r 16.4%, from $28.3 million in the prior year quarter. Included in net interest expense in the quarter ended September 30, 2008 was $1.3 million relating to the write-off of deferred loan costs associated with the optional prepayment of $90.0 million of indebtedness under our senior secured credit facility, as compared to $1.1 million in the quarter ended September 30, 2007 as a result of the optional prepayment of $60.0 million of indebtedness under our senior secured credit facility. The decrease in net interest expense in the third quarter of 2008 period was primarily the result of cumulative reductions in outstanding debt during 2007 and 2008 which reduced the average debt balance outstanding from $1,355.0 million in the quarter ended September 30, 2007 to $1,126.1 million in the quarter ended September 30, 2008. The cumulative reduction in the average debt level is the result of optional prepayments made using cash flows from operations and cash on hand, net of investing activities.

Income taxes

Our effective tax rate for the quarter ended September 30, 2008 was 13.8%. The Company expects its annual effective tax rate for the year ended December 31, 2008 to approximate 17.0%. The effective tax rate for the quarter ended September 30, 2008 differs from the estimate of the full year 2008 due to the impact of discrete items.

Net Income and Cash Net Income

For the quarter ended September 30, 2008, reported net income was $40.1 million, or $0.16 per diluted share, and CNI was $96.5 million, or $0.39 per diluted share, based on 250.6 million diluted Class A common shares outstanding. In calculating CNI, we add back the after-tax impact of the amortization of intangible assets and the amortization and 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, 2008, the marginal tax rate associated with the amortization of intangible assets was
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SOURCE Warner Chilcott Limited
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