First Horizon Pharmaceutical Corporation Increases Adjusted Diluted Earnings Per Share (EPS) Guidance by $0.10 to $1.27-$1.32 for Full Year 2006.ALPHARETTA, Ga. -- First Horizon Pharmaceutical Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FHRX) today announced that the Company has increased its adjusted diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of (a non-GAAP measure) guidance by $0.10 to $1.27 - $1.32 for the full year 2006, compared to its previously announced guidance of $1.17 - $1.22. This increase in adjusted diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. guidance is due to the reduction in diluted shares outstanding of 6.8 million shares to 35.8 million shares from 42.6 million shares during the second quarter of 2006. This reduction in diluted shares outstanding is derived from the successful completion and the 100% participation in the Company's offer to exchange all of its 1.75% Contingent Convertible Senior Subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. Notes Due 2024 plus a cash exchange fee of $7.50 for an equal principal amount of its 1.75% Contingent Convertible Senior Subordinated Notes Due 2024. The exchange offer expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. at 5:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT , on May 2, 2006. This EPS guidance is based on the Company's closing common stock price of $22.00 on May 2, 2006 and assumes no additional shares utilizing the net share settlement feature. For the full year 2006 EPS calculation the weighted average diluted shares outstanding is 38.1 million. The reduction in shares outstanding becomes effective on May 3, 2006. About First Horizon Pharmaceutical Corporation First Horizon is a specialty pharmaceutical company that markets, develops and sells brand name prescription products for the primary service of cardiology cardiology Medical specialty dealing with heart diseases and disorders. It began with the 1749 publication by Jean Baptiste de Sénac of contemporary knowledge of the heart. Diagnostic methods improved in the 19th century, and in 1905 the electrocardiograph was invented. and women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. . First Horizon has a portfolio that includes 15 branded products, of which eight are actively promoted to high prescribing physicians through its recently expanded nationwide sales force of approximately 525 sales representatives. First Horizon's website address is www.fhrx.com, but information contained therein is not part of this press release.
Reconciliation of Projected Adjusted Diluted Earnings per Share (a)
(Unaudited)
For the
Year Ended
December 31,
2006
-----------
2006 Projected diluted earnings per share, as presented $1.27-1.32
Less: Stock-based compensation expense (0.13)
-----------
2006 Projected adjusted diluted earnings per share (GAAP) $1.14-1.19
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(a) The Company believes that projected diluted earnings per share
before stock-based compensation expense is a meaningful non-GAAP
financial measure for providing comparability to 2005 reported
diluted earnings per share. Diluted earnings per share before
stock-based compensation expense, as defined and presented by the
Company, may not be comparable to similar measures reported by
other companies.
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