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The following table presents a reconciliation of forecasted net income for the twelve months ending December 31, 2011 to adjusted net income and adjusted earnings per diluted share: Forecast for Twelve MonthsEnding December 31, 2011LowHighGAAP to Adjusted cash net income calculationGAAP net income
200200Acquisition and licensing charges
6464Global supply chain initiative
--Loss on asset sales/impairment
--Gain on security sales
(69)(69)Adjusted cash net income
521Diluted earnings per shareDiluted earnings per share - GAAP
2.52Diluted earnings per share - Cash
4.15Diluted weighted average common shares outstanding
125.6125.6The reconciliation table is based in part on management's estimate of adjusted cash net income for the year ending December 31, 2011. Watson expects certain known GAAP charges for 2011, as presented in the schedule above. Other GAAP charges that may be excluded from adjusted cash net income are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges, such as potential asset impairment charges, are dependent upon future events and valuations that have not yet been performed.
The following table presents a reconciliation of forecasted net income for the twelve months ending December 31, 2011 to adjusted EBITDA: Forecast for Twelve MonthsEnding December 31, 2011LowH
|SOURCE Watson Pharmaceuticals, Inc.|
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