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Watson Pharmaceuticals Inc (ACT) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2012

Actavis, Inc.

CIK: 884629

Exhibit 99.1

 

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NEWS RELEASE

 

CONTACTS:   Investors:
  Lisa DeFrancesco
  (862) 261-7152
  Media:
  Charlie Mayr
  (862) 261-8030

Watson Second Quarter 2012 Non-GAAP Diluted EPS Increases 41% to $1.42;

Net Revenue Increases 25% to Over $1.3 Billion

– GAAP Earnings (Loss) of $(0.49) per share on Acquisition Charges –

– 37% Increase in Adjusted EBITDA –

– Company Updates 2012 Forecast –

PARSIPPANY, NJ – July 26, 2012 – Watson Pharmaceuticals, Inc. (NYSE: WPI) today reported net income for the second quarter 2012 increased 42 percent to $181.4 million or $1.42 per diluted share on a non-GAAP basis, compared to $127.9 million or $1.01 per diluted share in the second quarter 2011. Net revenue increased 25 percent to $1.36 billion, compared to $1.08 billion in the second quarter 2011. On a GAAP basis, the Company recorded a loss of $62.2 million or $0.49 per share compared to earnings of $52.7 million or $0.42 per diluted share in the prior year period. The current quarter loss for GAAP purposes includes $183.2 million or $1.33 per share of charges related to the pending acquisition of Actavis. See Table 4 for a complete reconciliation of GAAP and Non-GAAP results.

For the second quarter 2012, adjusted EBITDA increased 37 percent to $333.0 million, compared to $243.3 million for the second quarter 2011. For the second quarter 2012, cash flow from operations was $199.7 million and cash and marketable securities were $225.0 million as of June 30, 2012. Refer to the attached reconciliation tables for adjustments to GAAP earnings.

“Double-digit growth of non-GAAP EPS, revenue and adjusted EBITDA resulted from solid execution across all three of our businesses,” said Paul Bisaro, President and CEO. “I’m pleased to report that at the half-way point of the year, we are executing well on our strategies to deliver on our stand-alone 2012 growth plan and to drive continued growth over the long-term.

 

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The following information was filed by Actavis, Inc. on Thursday, July 26, 2012 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 884629
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-12-317099
Submitted to the SEC: Thu Jul 26 2012 5:23:13 PM EST
Accepted by the SEC: Thu Jul 26 2012
Period: Saturday, June 30, 2012
Industry: Pharmaceutical Preparations

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