Elan Corp Takes One-Time Charge At Nine Months

10 February 1997

Dublin, Ireland-based company Elan Corporation reported net income forthe nine-month period ended December 31, 1996 of $87.3 million, up 40.1%, and earnings per share of 92 cents, compared with 86 cents in the like, year-earlier period, before a one-time charge of $659.9 million. After the charge, the firm reported a net loss of $572.6 million and a loss per share of $6.07.

In the third quarter, Elan took a charge of $175 million. Before the charge, net income was $30.8 million and EPS were 31 cents. Taking the charge into account, Elan recorded a loss of $144.2 million and a loss per share of $1.43.

The charges relate to the consolidation of the acquisition of Advanced Therapeutic Systems and that of Athena Neurosciences (Marketletters passim).

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