Life Tech (LIFE) to Revise Q4 Results on New Charge; Sees non-GAAP EPS Down 1c/Share

Life Technologies Corporation (Nasdaq: LIFE) announced a revision to the Company's earnings release dated February 7, 2012. Subsequent to the release but before the Company issued its financial statements for the fiscal year ended December 31, 2011, a court entered judgment against the Company on a case in litigation. The case, depending on the final outcome, could require the Company to pay additional damages of up to three times the judgment plus plaintiff's attorney's fees. The Company does not expect this verdict to have a material impact on its business going forward. Although the Company is considering all its options in view of the judgment, including filing various post-trial motions and an appeal, the Company has recorded a charge of approximately $56 million related to the lawsuit and unpaid royalties in the fourth quarter of fiscal 2011. As a result, the Company's previously reported fourth quarter and full year 2011 GAAP diluted earnings per share will decrease $0.18 per share from $0.69 and $2.23 per share to $0.51 and $2.05 per share, respectively. Non-GAAP diluted earnings per share will decrease $0.01 per share from $1.06 to $1.05 for the fourth quarter ended December 31, 2011 and $0.02 per share from $3.73 to $3.71 for the year ended December 31, 2011. The Company has provided revised financial statements and a reconciliation of the Consolidated Statements of Operations provided on February 7, 2012 to the revised Consolidated Statements of Operations.

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