said it swung to a loss in the fourth quarter, as its results were hurt by charges and a decline in revenue.
The company lost $34.9 million, or $1.02 a share, for the quarter, compared with a profit of $4.27 million, or 12 cents a share, a year ago.
Par's most recent fourth quarter includes a $25 million charge for the FineTech divestiture and a noncash charge of $5.8 million for an asset impairment. Excluding charges and other items the company lost 12 cents a share.
Fourth-quarter revenue declined 12.3% from a year ago to $100 million. Analysts polled by Thomson First Call were estimating revenue of about $118 million.
"2005 was the year Par began, in earnest, its transition from a generic to a specialty pharmaceutical company," Par said Tuesday. "Our results for 2005 reflect the substantial increase in investment that was necessary to effect this transition. Our results also reflect strategic actions taken in preparation for a significantly improved financial performance in 2006. This year, we look forward to a rapid expansion in sales while growth in spending moderates."
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