PDL BioPharma Q3 Profit Surges

(RTTNews) - Biotechnology company PDL BioPharma, Inc. (PDLI) reported Monday a profit for the third quarter that surged from last year, primarily reflecting lower operating expenses and a 64 percent surge in total revenues.

The Incline Village, Nevada-based company reported net income of $102.24 million or $0.61 per share for the third quarter, higher than $56.23 million or $0.36 per share in the prior-year quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter surged 64 percent to $164.59 million from $100.18 million in the same quarter last year. Wall Street analysts had a consensus revenue estimate of $165.10 million for the quarter.

Operating income for the quarter increased to $158.91 million from $92.25 million a year ago, and total operating expenses were $5.69 million, lower than $7.93 million last year.

Amortization of intangible asset were $11.93 million, and loss on extinguishment of debt was $6.14 million.

On January 29, PDL's Board of Directors declared regular quarterly dividends of $0.15 per share of common stock, payable on March 12, June 12, September 12 and December 12 of 2014 to all stockholders who own shares of PDL on March 5, June 5, September 5 and December 5 of 2014.

PDL announced that it paid the third quarterly dividend to stockholders of record totaling $24.0 million using earnings generated in the third quarter of 2014 on September 12.

Looking ahead, PDL said it will continue to provide revenue guidance for each quarter in the third month of that quarter, with revenue guidance for the fourth quarter to be provided in December 2014.

PDLI closed Monday's regular trading session at $7.93, down $0.05 or 0.63% on a volume of 3.50 million shares.