TABLE - Watson <WPI.N> Q4 shr dil rises
CORONA, Calif., Feb. 9 (Reuter) -
Three Months Ended Year Ended
December 31, December 31,
1997 1996 1997 1996
Product sales $109,764 $59,991 $324,015 $223,639
Royalty income -- 7,300 14,249 27,162
Total revenues 109,764 67,291 338,264 250,801
Operating expenses: 66,091 42,947 201,262 164,093
Operating income 43,673 24,344 137,002 86,708
Other income:
Equity in earnings of joint ventures
981 3,753 10,694 17,909
Investment and other income 2,077 3,039 11,620 9,861
Pre-tax income 46,731 31,136 159,316 114,478
Provision for taxes 17,308 10,164 56,201 35,916
Net income 29,423 20,972 103,115 78,562
Basic earnings per share 0.33 0.25 1.19 0.92
Diluted earnings per share 0.33 0.24 1.15 0.89
Earnings per share amounts for all reported periods reflect
the 2-for-1 stock split distributed on October 29, 1997 in the
form of a 100% stock dividend.
Watson Pharmaceuticals, Inc.
Consolidated Statements of Income
Restated to Reflect the Mergers of Watson with
Oclassen & Royce
(unaudited, in thousands, except earnings per share)
Three Months Ended Year Ended
December 31, December 31,
1997 1996 1997 1996
Revenues:
Product sales $109,764 $59,991 $324,015 $223,639
Royalty income -- 7,300 14,249 27,162
109,764 67,291 338,264 250,801
Operating expenses:
Cost of revenues 38,032 26,780 125,057 101,921
Research & development 5,014 5,621 18,055 22,895
Selling, general & administrative
19,112 10,546 50,937 39,277
Amort. of product rights
3,933 -- 7,213 --
Merger expenses -- -- 14,718 --
66,091 42,947 215,980 164,093
Operating income 43,673 24,344 122,284 86,708
Other income:
Equity in earns. of joint ventures
981 3,753 10,694 17,909
Interest and other income 2,077 3,039 11,620 9,861
3,058 6,792 22,314 27,770
Income before tax provision 46,731 31,136 144,598
114,478
Provision for income taxes 17,308 10,164 54,414 35,916
Net income $29,423 $20,972 $90,184 $78,562
Basic earnings per share 0.33 0.25 1.04 0.92
Diluted earnings per share 0.33 0.24 1.01 0.89
Weighted average shares
outstanding, assuming no dilution
87,836 85,272 86,991 85,028
Weighted average shares
outstanding, diluted basis 90,170 88,320 89,325 88,094
All share and per share amounts have been restated for the
effect of the 2-for-1 stock split distributed on October 29,
1997 in the form of a stock dividend.
Condensed Consolidated Balance Sheets
Restated to Reflect the Mergers of Watson with
Oclassen & Royce
(unaudited, in thousands)
Dec. 31, Dec. 31,
1997 1996
Assets
Current assets $246,765 $326,203
Property & equipment, net 88,004 78,429
Investments and other assets 131,083 66,051
Product rights, net 289,129 2,171
754,981 472,854
Liabilities & Stockholders' Equity
Current liabilities 99,840 33,255
Long-term liabilities & minority interest
90,131 16,491
Stockholders' equity 565,010 423,108
754,981 472,854
07:18 02-09-98
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