BRISTOL, Tenn., Nov. 15 /PRNewswire-FirstCall/ -- King Pharmaceuticals,
Inc. (NYSE: KG) today reported that its previously announced internal
evaluation of its historical returns reserve is continuing. The Company is
conducting this review with the assistance of its advisors and has reached no
final conclusions. The Company currently believes that it may require a few
more weeks to complete this process. Once the evaluation is complete, King
will file with the U.S. Securities and Exchange Commission ("SEC") its Form
10-Q for the third quarter ended September 30, 2004. The ongoing evaluation is
unrelated to the pending investigations of the Company by the SEC and Office
of the Inspector General of the U.S. Department of Health and Human Services.
About King Pharmaceuticals
King, headquartered in Bristol, Tennessee, is a vertically integrated
branded pharmaceutical company. King, an S&P 500 Index company, seeks to
capitalize on opportunities in the pharmaceutical industry through the
development, including through in-licensing arrangements and acquisitions, of
novel branded prescription pharmaceutical products in attractive markets and
the strategic acquisition of branded products that can benefit from focused
promotion and marketing and product life-cycle management. As previously
reported, Mylan Laboratories Inc. and King have signed a definitive agreement
under which Mylan will acquire King in a stock-for-stock transaction, creating
a leading diversified specialty pharmaceutical company. The transaction is
subject to certain closing conditions, including a condition relating to
possible restatements of King's previously issued financial statements, and
shareholder approvals.
About Forward-looking Statements
This release contains forward-looking statements which reflect
management's current views of future events and operations, including, but not
limited to, statements pertaining to the time required to complete King's
evaluation of its historical reserve for returns; statements pertaining to the
anticipated filing of King's Form 10-Q for the third quarter ended September
30, 2004; and statements pertaining to Mylan's anticipated acquisition of
King. These forward-looking statements involve certain significant risks and
uncertainties, and actual results may differ materially from the forward-
looking statements. Some important factors which may cause actual results to
differ materially from the forward-looking statements include: dependence on
the time actually required to complete the evaluation of the Company's
historical reserve for returns; dependence on King's ability to file the
Company's Form 10-Q for the third quarter ended September 30, 2004 following
the completion of the ongoing evaluation; and dependence on the occurrence of
all contingencies necessary to complete the closing of Mylan's acquisition of
King. Other important factors that may cause actual results to differ
materially from the forward-looking statements are discussed in the "Risk
Factors" section and other sections of King's Form 10-K for the year ended
December 31, 2003 and Form 10-Q for the second quarter ended June 30, 2004
which are on file with the SEC. 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.
SOURCE King Pharmaceuticals, Inc.
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Related links:
http://www.kingpharm.com
Company News On-Call:
http://www.prnewswire.com/comp/120319.html
CONTACT:
James E. Green, Executive Vice President,
Corporate Affairs of King Pharmaceuticals, Inc., +1-423-989-8125
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