Medicis (NYSE:MRX) today announced first quarter fiscal 2005 net revenue growth of approximately 40% to $88.8 million with "if-converted" net income of $21.2 million, or $0.32 per diluted share, absent a $19.4 million tax-effected special charge associated with the SubQ(TM) transaction. Including this special charge, the Company reported Generally Accepted Accounting Principles ("GAAP") net income of $1.0 million, or $0.02 per diluted share. In the first quarter of fiscal 2004, Medicis reported net revenues of $63.3 million with net income of $10.3 million, or $0.18 per diluted share, absent a $37.5 million tax-effected loss associated with the early extinguishment of debt. Including the loss on early extinguishment of debt, the Company reported a first quarter fiscal 2004 GAAP net loss of $27.2 million, or $0.50 per diluted share.
