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Quotes & Info
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| ENDP > SEC Filings for ENDP > Form 8-K on 14-Dec-2012 | All Recent SEC Filings |
14-Dec-2012
Change in Directors or Principal Officers
On December 12, 2012, Endo Health Solutions Inc. (the Company or Endo) announced
that David P. Holveck, 67, the Company's President and Chief Executive Officer
and a member of the Company's Board of Directors, will retire in 2013. Mr.
Holveck will continue to serve in his present positions until the earlier of his
successor being in place or the May 2013 Annual Meeting of Stockholders. Mr.
Holveck will also leave the Board of Directors at such time.
Mr. Holveck does not currently serve on any committees on the Company's Board of
Directors.
The Board of Directors is conducting a search for the Company's next CEO and
will consider both external and internal candidates with the assistance
of Korn/Ferry, a leading executive search firm.
Item 8.01. Other Events.
Also on December 12, 2012, the Company announced that it now anticipates 2012
adjusted diluted net income per share will be at or below the low end of its
previous guidance range of $5.00 to $5.10. Additionally, the Company no longer
expects to achieve its previous 2013 guidance for revenues of $3.0 to $3.2
billion and adjusted diluted net income per share of $5.20 to $5.40, and expects
to provide updated 2013 guidance in early January.
A copy of the press release announcing these items is furnished as Exhibit 99.1.
Adjusted diluted net income per share is a financial measure that is not in
conformity with accounting principles generally accepted in the United States
and we refer to it as a non-GAAP financial measure. Endo refers to adjusted
diluted net income per share in making operating decisions because it believes
it provides meaningful supplemental information regarding the Company's
operational performance. For instance, Endo believes that this measure
facilitates its internal comparisons to its historical operating results and
comparisons to competitors' results. The Company believes this measure is useful
to investors in allowing for greater transparency related to supplemental
information used by Endo in its financial and operational decision-making. In
addition, Endo has historically reported similar financial measures to its
investors and believes that the inclusion of comparative numbers provides
consistency in its financial reporting at this time. Further, Endo believes that
adjusted diluted net income per share may be useful to investors as it is aware
that certain of its significant stockholders utilize adjusted diluted net income
per share to evaluate its financial performance. Finally, adjusted diluted net
income per share is used by the Compensation Committee of Endo's Board of
Directors in assessing the performance and compensation of substantially all of
its employees, including its executive officers.
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Shell Company Transactions.
Not applicable.
(d) Exhibits.
Exhibit Number Description
99.1 Press Release
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