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Par Pharmaceutical Companies Reports Second Quarter 2011 Results
Date:8/3/2011

WOODCLIFF LAKE, N.J., Aug. 3, 2011 /PRNewswire/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today reported results for the second quarter ended June 30, 2011.

For the second quarter ended June 30, 2011, the Company reported total revenues of $224.2 million, and income from continuing operations of $9.2 million, or $0.25 per diluted share, which included a one-time charge of $27.7 million related to the Company's restructuring of its branded division, Strativa Pharmaceuticals. Excluding this item and a one-time tax charge, adjusted income from continuing operations (non-GAAP measure) was $29.0 million. On an adjusted cash basis (non-GAAP measure), which excludes amortization expenses, income from continuing operations was $30.9 million, or $0.84 per diluted share for the second quarter 2011. (Please see attached reconciliation page.)  This is compared to reported revenues of $255.5 million and adjusted cash basis income from continuing operations of $25.1 million, or $0.71 per diluted share for the same period in 2010.  

For the six months ended June 30, 2011, the Company reported total revenues of $457.1 million and a loss of $99.7 million from continuing operations, or $2.79 per diluted share, as a result of a $190.6 million pre-tax litigation settlement expense in the first quarter and the aforementioned restructuring and tax charges in the second quarter.  On an adjusted cash basis (non-GAAP measure), income from continuing operations was $65.9 million, or $1.80 per diluted share.  This compares to reported revenues of $547.4 million and income from continuing operations of $44.5 million, or $1.26 diluted share, for the same period in 2010.  On an adjusted cash basis, income from continuing operations for the first six months of 2010 was $51.4 million, or $1.46 per diluted share.

The following is a product level discussion
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SOURCE Par Pharmaceutical Companies, Inc.
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