WALTHAM, Mass., Feb. 27, 2012 /PRNewswire/ -- Alere Inc. (NYSE: ALR) today announced a correction to the benefit for income taxes included in its financial results for the quarter and year ended December 31, 2011, which were previously announced on February 8, 2012.
Specifically, an error in calculating our benefit for income taxes resulted in the overstatement of our benefit for income taxes by $4.1 million for the quarter. Our benefit for income taxes for the quarter was reduced to $19.8 million from the previously disclosed amount of $23.9 million. Consequently, our GAAP net loss available to common stockholders for the fourth quarter of 2011 increased to $369.3 million, or a loss per common share of $4.67, from $365.2 million, or a loss per common share of $4.62. Our benefit for income taxes for 2011 was reduced to $24.2 from the previously disclosed amount of $28.3 million. Consequently, our GAAP net loss available to common stockholders for 2011 increased to $131.7 million, or a loss per common share of $1.58, from $127.5 million, or a loss per common share of $1.53.
The effect of this correction increased our adjusted cash-basis provision for income taxes for the quarter from $30.2 million to $34.4 million, which resulted in a reduction of our adjusted cash-basis net income per diluted common share for the fourth quarter of 2011 from $0.74 to $0.70. The effect of this correction increased our adjusted cash-basis provision for income taxes for 2011 from $108.0 million to $112.1 million, which resulted in a reduction of our adjusted cash-basis net income per diluted common share for 2011 from $2.48 to $2.44.
We have included in the schedules to this press release a corrected version of the condensed consolidated statements of operations and condensed consolidated balance sheets that we provided on February 8, 2012. We have also included in the schedules to this press release a corrected version of the detailed reconciliation that we provided on February 8, 2012 of our adjusted cash-basis net income, which is a non-GAAP financial measure, to net loss under GAAP, as well as a discussion regarding this non-GAAP financial measure.
For more information about Alere, please visit our website at http://www.alere.com.
By developing new capabilities in near-patient diagnosis, monitoring and health management, Alere enables individuals to take charge of improving their health and quality of life at home. Alere's global leading products and services, as well as its new product development efforts, focus on cardiology, infectious disease, toxicology, diabetes, oncology and women's health. Alere is headquartered in Waltham, Massachusetts.
