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Ligand Pharmaceuticals Inc. Reports Operating Results (10-K/A)
Posted by: gurufocus (IP Logged)
Date: November 14, 2012 02:06PM
Ligand Pharmaceuticals Inc. (LGND) filed Amended Annual Report for the period ended 2011-12-31.
Highlight of Business Operations:Goodwill at December 31, 2011 has been decreased by $2.7 million to $12.2 million from $14.9 million, intangible assets has been increased by $0.9 million to $58.3 million from $57.4 million, deferred income taxes have been decreased by $0.3 million to $2.2 million from $2.5 million and long-term portion of contingent liabilities at December 31, 2011 has decreased by $1.0 million to $10.4 million from $11.4 million; and
For the convenience of the reader, this Annual Report on Form 10-K/A sets forth the Original Filing, as amended in its entirety. This Amended Form 10-K/A also revises the Companys disclosure under the heading Managements Report on Internal Control over Financial Reporting in Item 9A for the material weaknesses relating to this restatement, includes the updated attestations of our independent registered public accounting firm and includes currently-dated certifications from the Companys Chief Executive Officer and Chief Financial Officer, as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.
Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, this Amended Form 10-K has not modified or updated the information in the Original Form 10-K, except as necessary to reflect the effects of the restatement, which took into consideration subsequent information about conditions that existed at December 31, 2011. This Amended Form 10-K continues to speak as of the dates described herein, and the disclosures contained in the Original Form 10-K do not reflect any events that occurred subsequent to the Original Filing Date.
Information not affected by the restatement is unchanged and reflects the disclosures made as of the Original Filing Date. In particular, forward-looking statements included in this Amended Form 10-K that have not been affected by the restatement represent managements views as of the Original Filing Date. Such forward-looking statements should not be assumed to be accurate as of any future date. Accordingly, this Amended Form 10-K should be read in conjunction with our subsequent filings with the SEC, as information in such filings may update or supersede certain information contained in this Amended Form 10-K.
The financial information previously disclosed in the Companys consolidated financial statements included in the Original Form 10-K (and other SEC filings in which such financial statements were included) and the Companys unaudited interim condensed consolidated financial statements previously included in the Companys Quarterly Reports on Form 10-Q for the quarterly and year to date periods ended March 31, June 30 and September 30, 2011 and March 31 and June 30, 2012 should not be relied upon. The unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2011 and the related disclosures in Managements Discussion and analysis on financial condition and results of operations will not be restated on Form 10-Q/A but will be restated on Form 10-Q for the period ended September 30, 2012. The unaudited condensed consolidated financial statements for the three months ended March 31, 2012 and the three and six months ended June 30, 2012 and the related disclosures in Managements discussion and analysis of financial condition and results of operations will be restated on Forms 10-Q/A.
Stocks Discussed: LGND,