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Watson Pharmaceuticals Inc (ACT) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

Actavis, Inc.

CIK: 884629
 

Exhibit 99.1
(Watson Logo)
NEWS RELEASE
         
FOR IMMEDIATE RELEASE
  CONTACTS:   Watson Pharmaceuticals, Inc.
Patty Eisenhaur
(951) 493-5611
WATSON PHARMACEUTICALS REPORTS
FOURTH QUARTER AND FULL YEAR 2007 RESULTS;
PROVIDES 2008 OUTLOOK
Fourth Quarter 2007:
Total Net Revenue of $627 Million;
GAAP EPS $0.34; Adjusted EPS $0.35
Fiscal Year 2007:
Total Net Revenue Reaches $2.50 Billion;
2007 GAAP EPS $1.27; 2007 Adjusted EPS $1.37
CORONA, CA — February 20, 2008 — Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, today reported fourth quarter and full year 2007 financial results for its fiscal year ended December 31, 2007 and provided an outlook on its business for 2008.
Fourth Quarter 2007 Results
     Net revenue for the fourth quarter 2007 was $627.3 million and net income was $38.4 million, or $0.34 per diluted share. Excluding special items as detailed in the reconciliation table below, adjusted net income for the fourth quarter was $39.7 million, or $0.35 per diluted share. Adjusted EBITDA for the fourth quarter 2007 was $136.9 million and cash flow from operations was $171.5 million. Cash and marketable securities were $216.4 million as of December 31, 2007.
Full Year 2007 Results
     For the year ended December 31, 2007, total net revenue increased to $2.50 billion, as compared to $1.98 billion for 2006. The company recorded net income for 2007 of $141.0 million, or $1.27 per diluted share, compared to a net loss of $445.0 million, or a loss of $4.37 per diluted share, for 2006. On an adjusted basis, as detailed in the attached reconciliation table, net income for 2007 was $152.0 million, or $1.37 per diluted share, as compared to adjusted net income of $111.0 million, or $1.02 per diluted share, for the same period of 2006. Watson’s 2006 results include two months of contribution from Andrx, which was acquired in November 2006. Adjusted EBITDA was $545.4 million and cash flow from operations was $427.2 million.

 


The following information was filed by Actavis, Inc. on Wednesday, February 20, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Actavis, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2008 10-K Annual Report includes:

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SEC Filing Tools
CIK: 884629
Form Type: 10-K Annual Report
Accession Number: 0000950134-08-003261
Submitted to the SEC: Mon Feb 25 2008 6:01:16 AM EST
Accepted by the SEC: Mon Feb 25 2008
Period: Monday, December 31, 2007
Industry: Pharmaceutical Preparations

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