BRISTOL, Tenn., Nov. 15 /PRNewswire-FirstCall/ -- King Pharmaceuticals, Inc. 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.
King Pharmaceuticals, Inc.CONTACT: James E. Green, Executive Vice President, Corporate Affairs ofKing Pharmaceuticals, Inc., +1-423-989-8125
Web site: http://www.kingpharm.com/
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