EX-99.1 2 exhibit99_1.htm SELECTED FINANCIAL DATA Exhibit 99

Exhibit 99.1


Selected Financial Data set forth in this Exhibit 99.1 has been revised from the selected financial data included in Item 6 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 to reflect the retroactive application of our adoption of Financial Accounting Standards Board (“FASB”) Staff Position No. APB 14-1 (“FSP APB 14-1”), “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement).”


ITEM 6. SELECTED FINANCIAL DATA

 

The table below presents our selected consolidated financial data as of and for the five years ended December 31, 2008.  The historical financial data has been derived from the historical consolidated financial statements as adjusted for the impact of adopting FSP APB 14-1. This information should be read in conjunction with the consolidated financial statements and accompanying notes included in this Current Report on Form 8-K.

 

 

As of and for the Years Ended

 

 

12/31/2008

 

12/31/2007

 

12/31/2006

 

12/31/2005

 

12/31/2004

 

 

(as adjusted)

 

(as adjusted)

 

(as adjusted)

 

(as adjusted)

 

(as adjusted)

 

 

(In Thousands, Except Per Share Amounts)

 Income Statement Data:                                                                                                  

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

   Net product sales

 

$561,012

 

$739,020

 

$705,378

 

$412,126

 

$626,477

   Other product related revenues

 

17,103

 

30,646

 

19,790

 

20,130

 

21,498

Total revenues

 

578,115

 

769,666

 

725,168

 

432,256

 

647,975

Cost of goods sold

 

401,544

 

501,147

 

506,884

 

277,554

 

435,988

   Gross margin

 

176,571

 

268,519

 

218,284

 

154,702

 

211,987

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

   Research and development

 

59,656

 

77,659

 

61,766

 

62,497

 

47,533

   Selling, general and administrative

 

137,866

 

138,217

 

148,217

 

92,309

 

67,954

   Acquired in-process research and development

 

-

 

-

 

-

 

- 

 

84,000

   Intangible assets impairment

 

-

 

-

 

1,100

 

6,999

 

- 

   Settlements and loss contingencies, net

 

49,837

 

(945)

 

1,250

 

- 

 

(2,846)

   Gain on sale of facility

 

-

 

-

 

-

 

- 

 

(2,812)

   Restructuring costs

 

15,397

 

- 

 

1,283

 

- 

 

- 

   Total operating expenses

 

262,756

 

214,931

 

213,616

 

161,805

 

193,829

   Gain on sale of product rights and other

 

        9,625

 

      20,000

 

          3,054

 

- 

 

- 

Operating (loss) income

 

(76,560)

 

73,588

 

7,722

 

(7,103)

 

18,158

Other income (expense), net

 

-

 

(56)

 

126

 

(831)

 

63

Gain on extinguishment of senior subordinated convertible     notes

 

3,033

 

-

 

-

 

-

 

-

Equity in loss of joint venture

 

(330)

 

(387)

 

(663)

 

(534)

 

(795)

Loss on marketable securities and other investments, net

 

(7,796)

 

(1,583)

 

(583)

 

16,013

 

- 

Interest income

 

9,246

 

13,673

 

8,974

 

5,343

 

4,869

Interest expense

 

(13,355)

 

(13,781)

 

(13,265)

 

(12,819)

 

(12,404)

(Loss) income from continuing operations before
   (benefit) provision for income taxes

 

     (85,762)

 

      71,454

 

          2,311

 

          69

 

        9,891

(Benefit) provision for income taxes

 

(32,447)

 

24,670

 

(410)

 

(8,016)

 

2,790

(Loss) income from continuing operations

 

(53,315)

 

46,784

 

2,721

 

8,085

 

7,101

Gain (loss) from discontinued operations and loss from
   disposal before benefit for income taxes

 

           505

 

 -

 

 -

 

      (42,975)

 

         (4,942)

Provision (benefit) for income taxes

 

2,361

 

1,212

 

894

 

3,220

 

(1,927)

Loss from discontinued operations

 

(1,856)

 

(1,212)

 

(894)

 

(46,195)

 

(3,015)

Net (loss) income

 

$(55,171)

 

$45,572

 

$1,827

 

$(38,110)

 

$4,086

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share of common stock:

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations

 

($1.60)

 

$1.36

 

$0.08

 

$0.24 

 

$0.21 

Loss from discontinued operations

 

(0.05)

 

(0.04)

 

(0.03)

 

(1.35)

 

(0.09)

Net (loss) income

 

($1.65)

 

$1.32

 

$0.05

 

($1.11)

 

$0.12 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations

 

($1.60)

 

$1.35

 

$0.08

 

$0.23 

 

$0.20 

Loss from discontinued operations

 

(0.05)

 

(0.04)

 

(0.03)

 

(1.35)

 

(0.09)

Net (loss) income

 

($1.65)

 

$1.31

 

$0.05

 

($1.12)

 

$0.11 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 




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Basic:

 

33,312

 

34,494

 

34,422

 

34,191 

 

34,142 

Diluted

 

33,312

 

34,718

 

34,653

 

34,435 

 

34,873 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

Working capital

 

$203,462

 

$232,100

 

$133,817 

 

$286,081 

 

$290,543 

Property, plant and equipment, net

 

79,439

 

82,650

 

89,155 

 

87,570 

 

60,001 

Total assets

 

748,237

 

772,296

 

802,798 

 

721,687 

 

698,014 

Long-term debt, less current portion

 

-

 

-

 

- 

 

164,257 

 

158,537 

Total stockholders’ equity

 

411,983

 

452,810

 

420,431 

 

381,524 

 

395,910 




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