Bristol-Myers Squibb ( BMY) on Thursday reported fiscal 2004 fourth-quarter and full-year earnings results that dropped sharply from corresponding periods in fiscal 2003. However, revenue for both periods in 2004 was slightly higher than for the same periods in 2003. On a GAAP basis, the company earned $139 million, or 7 cents a share, on revenue of $5.15 billion for the three months ended Dec. 31. For the same period in 2003, Bristol-Myers Squibb earned $506 million, or 26 cents a share, on revenue of $5.08 billion. But when one-time charges are excluded, Bristol-Myers Squibb said it earned 39 cents a share from continuing operations -- six cents better than the consensus prediction among analysts polled by Thomson First Call. Fourth-quarter revenue fell below the consensus prediction of $5.49 billion. The company noted that the fourth-quarter was affected by an agreement reached in December to sell its Oncology Therapeutics Network business. For accounting purposes, OTN is considered a discontinued operation. Although OTN had sales of $691 million in the fourth quarter and $2.5 billion for the full year, the company said OTN's earnings had "no impact" on earnings per share in 2003 and 2004. The company also said it was taking a $575 million tax charge in the fourth quarter of 2004 relating to the company's plan this year to repatriate some $9 billion in profits from foreign subsidiaries for domestic use. Thanks to a law signed by President George W. Bush in October, companies are permitted to repatriate these foreign earnings at a one-time tax rate of 5.25% rather than the customary 35% corporate tax rate. Large, multinational drug companies have been the biggest beneficiaries of this tax holiday. Bristol-Myers Squibb also offered an earnings prediction for 2005, saying EPS from continuing operations should be in the range of $1.35 to $1.45 excluding one-time items. The consensus among analysts is an EPS of $1.40, and analysts expect Bristol-Myers EPS for 2006 to continue falling to $1.32.