King Pharmaceuticals, Inc. (NYSE: KG) lost $0.04 per share in the quarter that ended on 31 March 2009, compared to earnings of $0.35 in the year-earlier quarter. We had estimated earnings of $0.17.
On a non-GAAP basis, which excludes over $100 million in expenses, King earned $0.26 per share.
This was the first quarter in which King's results include the businesses of Alpharma, Inc., which is now a wholly owned subsidiary. King Pharmaceuticals completed the $1.6 billion acquisition of Alpharma on 29 December 2008.
The spreadsheet below compares the actual results to our Income Statement model of King Pharmaceuticals. Please note that our arrangement of data may differ in material respects from the company's presentation.
We will post a thorough evaluation soon.
http://sheet.zoho.com/public/ncarvin/kg-income-statement-2009q1?mode=html
Full disclosure: Long KG at time of writing.
11 May 2009
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