11:47 AM EST - Biovail Corp. : reported GAAP net income of $120.4 million U.S. or $0.76 U.S. per share for the fourth quarter of 2008, compared to a net loss of $32.0 million U.S. or $0.20 U.S. per share in the previous-year period. Net income excluding specific items for the fourth quarter was $54.2 million U.S. or $0.34 U.S. per share, versus $72.46 million U.S. or $0.45 U.S. per share in the last-year period. Total revenues for the quarter were $181.5 million U.S., compared with $203.9 million U.S. in the last-year quarter. Analysts polled by Thomson Reuters expected the company to report earnings for the quarter of $0.32 U.S. per share on $175.91 million U.S. revenues. Biovail also announced that its Board has declared a quarterly cash dividend of $0.375 U.S. per share, payable on April 6, 2009, to shareholders of record at the close of business March 10, 2009. Biovail Corp.
shares T.BVF are trading down $0.33 at $13.39.
