posted first-quarter sales and earnings that beat Wall Street's estimates as the company continues its strategic makeover.
Excluding one-time items, the Bristol, Tenn., company earned 44 cents a share on revenue of $484.2 million for the three months ended March 31. Analysts surveyed by Thomson First Call were expecting a profit of 38 cents and revenue of $452 million.
When special items are included, King earned $50.7 million, or 21 cents a share, vs. a profit of $70.1 million, or 29 cents a share, for the same period last year. First-quarter 2005 revenue was $368.6 million.
The biggest one-time item in the latest quarter was an $85 million charge relating to a research-and-development deal with another company.
King's revenue comparison with the year-ago quarter was enhanced primarily by last year's inventory reductions for some products. Sales of the blood pressure drug Altace, King's biggest product, rose 85% to $159 million. Sales of the muscle relaxant Skelaxin climbed 37% to $99 million.
Shares of King rose 7 cents, or 0.4%, to $18.11. The stock has almost doubled since Feb. 28, 2005, when its proposed takeover by
was canceled after the companies
couldn't agree on a revised price. Mylan bid for King in July 2004.