Medicis (NYSE:MRX - News) today announced second quarter fiscal 2004 net revenues of $70.6 million with "if-converted" net income of $16.0 million, or $0.25 per diluted share, absent a $1.6 million tax-effected special charge associated with a research and development collaboration, compared to second quarter fiscal 2003 net revenues of $59.5 million with net income of $15.3 million, or $0.27 per diluted share. Including the tax-effected special charge of $1.6 million, the Company reported net income of $13.6 million, or $0.23 per diluted share for the second quarter of fiscal 2004. Second quarter fiscal 2004 diluted per share amounts are calculated using the "if-converted" method of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") due to the outstanding 2.5% Convertible Senior Notes meeting the criteria for conversion, regardless of whether the bondholders actually convert their bonds into shares. Second quarter fiscal 2003 diluted per share amounts do not reflect the "if-converted" method, as the criteria for conversion had not been met.
