Medicis (NYSE:MRX - News) today announced third quarter fiscal 2004 revenues of $81.8 million with "if-converted" net income of $21.5 million, or $0.33 per diluted share, compared to third quarter fiscal 2003 revenues of $62.6 million with net income of $15.8 million, or $0.28 per diluted share, absent a $5.5 million tax-effected special charge reported in third quarter fiscal 2003 associated with a research and development collaboration. Including the tax-effected special charge of $5.5 million, the Company reported Generally Accepted Accounting Principles ("GAAP") net income of $10.2 million, or $0.18 per diluted share for the third quarter of fiscal 2003. Third quarter fiscal 2004 diluted per share amounts are calculated using the "if-converted" method of accounting in accordance with 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. Third quarter fiscal 2003 diluted per share amounts do not reflect the "if-converted" method, as the criteria for conversion had not been met.
