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Actavis, Inc. (ACT) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2013

Actavis, Inc.

HISTORY TOOLS
CIK: 884629

EXHIBIT 99.1

 

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NEWS RELEASE

 

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

Actavis Announces 42% Increase to $2.01 in Second Quarter 2013 Non-GAAP Earnings Per Share

- GAAP Loss Per Share of $4.27 -

- 47% Increase in Q2 2013 Net Revenue -

- 42% Increase in Adjusted EBITDA to $475 million -

PARSIPPANY, N.J. – July 25, 2013 –

Actavis, Inc. (NYSE: ACT) today reported net revenue increased 46.8 percent to $1.99 billion for the second quarter 2013, compared to $1.36 billion in the second quarter 2012. On a non-GAAP basis, diluted earnings per share for the second quarter 2013 were $2.01, compared to $1.42 per diluted share in the second quarter 2012, an increase of 41.5 percent. On a GAAP basis, the company reported a loss per share for the second quarter 2013 of $4.27, compared to a loss per share of $0.49 in the prior year period. The current quarter GAAP results include an impairment charge following routine annual impairment testing. The accounting related non-cash charge resulted from combining the Company’s legacy Arrow business, which was acquired in 2009, with the legacy Actavis Group, which was acquired in 2012. The combined assets were subsequently restructured from one global reporting unit into four new reporting units, resulting in an impairment to goodwill within our European reporting unit. For the second quarter 2013, adjusted EBITDA was $474.5 million, compared to $333.0 million for the second quarter 2012. Cash and marketable securities were $234.9 million as of June 30, 2013.

“Actavis delivered another exceptional quarter of double-digit sales and earnings growth powered by strong generics launches in global markets by Actavis Pharma, continued strong sales of core specialty Brand products and consistent execution by our Global Operations team,” said Paul Bisaro, President and CEO of Actavis.

 

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The following information was filed by Actavis, Inc. on Thursday, July 25, 2013 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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Definitive Proxy Statement (Form DEF 14A)
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Actavis, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:

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SEC Filing Tools
CIK: 884629
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-13-307866
Submitted to the SEC: Mon Jul 29 2013 6:38:38 PM EST
Accepted by the SEC: Tue Jul 30 2013
Period: Sunday, June 30, 2013
Industry: Pharmaceutical Preparations

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