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Warner Chilcott Reports Operating Results for the Quarter and Year ended December 31, 2006
New products fuel strong fourth quarter revenue and cash net income
HAMILTON, Bermuda, March 7, 2007 Warner Chilcott Limited (NASDAQ: WCRX) today announced its results for the quarter and year ended December 31, 2006. Total revenue in the quarter rose to $206.4 million, up 49.1%, from $138.4 million in the prior year quarter while revenue for the full year increased 46.4% to $754.5 million. Revenue growth in both the quarter and year was driven by new products. The Company reported a net loss of $8.5 million in the quarter compared with a net loss of $64.2 million in the prior year quarter.
Cash net income in the quarter was $62.5 million. The current quarter included $18.4 million of interest expense related to the prepayment of $210.0 million of the Companys Senior Subordinated Notes due 2015. Excluding the after-tax impact of this expense, adjusted cash net income for the quarter was $74.4 million.
References in this release to cash net income/(loss) mean the Companys net income/(loss) adjusted for the after-tax effects of two non-cash items: amortization of intangible assets (including impairment of intangible assets) and amortization (or write-off) of deferred loan costs related to our debt. Reconciliations from the Companys reported results in accordance with U.S. GAAP to cash net income/(loss) and to adjusted cash net income/(loss) for all periods are presented in the table at the end of this press release.
We had a strong quarter and are well positioned to continue our growth in 2007, said CEO Roger Boissonneault. Our recently launched products, LOESTRIN 24 FE and TACLONEX, were major contributors to our revenue growth in 2006. In the spring we will initiate a full promotional push behind our FEMCON FE brand, which will add another growth driver into our portfolio. We are proud of our accomplishments in 2006 and excited about our prospects for 2007 and beyond.
Revenue in the quarter ended December 31, 2006 increased $67.9 million or 49.1% over the same quarter last year. The increase was driven by sales of products added to our portfolio during 2006 including two launched products, LOESTRIN 24 FE and TACLONEX, one introduced product, FEMCON FE (formerly OVCON FE Chewable),
The following information was filed by Warner Chilcott Plc (WCRX) on Thursday, March 8, 2007 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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