Q1 2010 Earnings Call Transcript

Transcript Call Date 05/05/2010

Operator: Good morning, ladies and gentlemen and welcome to the King Pharmaceuticals’ First Quarter Year 2010 Financial Results Conference Call. All lines have been placed on a listen-only mode and the floor will be opened for your questions and comments following the presentation. (Operator Instructions).

At this time, it is my pleasure to turn the floor over to your host Jack Howarth. Sir, the floor is yours.

Jack Howarth - VP, IR: Thanks, Operator. Good morning, everyone. Thanks for joining us today to discuss our financial results for the first quarter ended March 31st, 2010.

Joining me on today’s call are Brian Markison, Chairman, President and Chief Executive Officer; Joe Squicciarino, Chief Financial Officer; and other members of our management team. Before we begin today’s call, I’d like to remind you that any discussion that takes place during this conference call may contain forward-looking statements that reflect management’s current view of future events and operations, including but not limited to statements pertaining to our expectations regarding our product development pipeline, the commercial potential of our products and our plans to maximize this potential, our future product sales and financial results and our strategy for long-term growth.

Forward-looking statements involve certain significant risks and uncertainties, and actual results may differ materially. Certain factors that may cause actual results to differ materially from the forward-looking statements are discussed in the Company’s press release issued this morning, May 5th, 2010, and in the risk factor section and other sections of the Company’s Form 10-K for the year-ended December 31st, 2009, which is on file with the Securities and Exchange Commission. King does not undertake to publicly update or revise any of its forward-looking statements, even if experience or future changes show that the indicated results or events will not be realized.

In addition to our financial results determined in accordance with Generally Accepted Accounting Principles, known as GAAP, King also provides adjusted net earnings and adjusted diluting earnings per share results. These non-GAAP financial measures exclude the effect of amortization of intangible assets and imputed interest expense associated with the Company’s $400 million convertible senior notes, in addition to those special items that do not relate to the Company’s ongoing underlying business, are non-recurring or are not generally predictable. Examples of these are listed in the About Adjusted Financial Results section of our press release issued this morning.

We believe that providing adjusted financial results enhances the analysis of our Company’s ongoing underlying business when comparing results to those of a previous or subsequent like-period. However, it should be noted that the determination of whether to exclude an item from adjusted financial results involves judgments by King’s management.

A reconciliation of King’s adjusted financial results to reported financial results, determined in accordance with GAAP for the first quarter ended March 31st, 2010 and 2009, can be found in this morning’s press release.

Read our Earnings Call Transcript disclaimer.
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