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Strategies & Market Trends : Guidance and Visibility

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Nov 26 3:59 PM EST

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To: Jack Hartmann who wrote (66841)	8/12/2002 5:54:18 PM
From: 2MAR$	Read Replies (1) of 208838

Let the games begin , --->ADRX says employee may have altered records FORT LAUDERDALE, Fla., Aug 12 (Reuters) - Drug maker Andrx Corp. said on Monday that an employee has altered its accounts receivable records and the company is seeking a five-day extension for filing its financial records with the Securities and Exchange Commission. Andrx said it may have overstated its net accounts receivable of $103.6 million as of June 30, 2002 by as much as $15 million since 1999. A final amount will be determined after the company completes its investigation. During an internal audit, the company's management found that its accounting records were altered for accounts receivable balances and aging related to its pharmaceutical and distribution operations. This could affect the company's allowance for doubtful accounts, a budget line item associated with customers that failed to pay for goods they received. Andrx said it is actively investigating the matter, but does not believe that the employee's actions will impact the company's business or financial condition in any substantial manner. ((New York Newsroom -- 646-223-6000 or nyc.equities.newsroom@reuters.com)) REUTERS * end of story *

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