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FOR IMMEDIATE RELEASE
CONTACTS: Watson Pharmaceuticals, Inc.
Director, Investor Relations
FOURTH QUARTER AND FULL YEAR 2005 RESULTS
Company Reports Fourth Quarter Total Net Revenue of $419 Million;
2005 Total Net Revenue Reaches $1.65 Billion;
Board Authorizes Up To $300 Million Share Repurchase Program;
Company Provides Outlook for 2006
CORONA, Calif., February 16, 2006 - Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, today reported revenue and earnings for its fourth quarter and full year ended December 31, 2005.
Fourth Quarter 2005 Results
Net revenue decreased one percent to $418.8 million, compared to $423.5
million for the fourth quarter ended
December 31, 2004.
Net income for the fourth quarter was $20.1 million, compared to net income of $54.6 million for the same period of 2004. Earnings per diluted share was $0.19, compared to $0.46 per diluted share for the prior year period. Net income for the fourth quarter includes $25.1 million of asset impairment charges ($16.2 million, net of tax, or $0.14 per diluted share) related to the discontinuation of operations at the Companys Puerto Rico facility.
Full Year 2005 Results
For the full year ended December 31, 2005, total net revenue increased $5.7 million to $1.65 billion, compared to $1.64 billion for 2004. Net income for 2005 was $138.2 million, or $1.21 per diluted share, compared to net income of $150.0 million, or $1.26 per diluted share, for the same period of 2004. Net income for the full year includes $25.1 million of asset impairment charges ($16.2 million, net of tax, or $0.14 per diluted share) related to the discontinuation of operations at the Companys Puerto Rico facility and $1.6 million ($1.0 million, net of tax or $0.01 per diluted
The following information was filed by Actavis, Inc. (ACT) on Thursday, February 16, 2006 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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