Alpharma announces sale of Aquatic Operations, Norway
The sales price of this transaction is expected to be approximately $3.9 million and is based on working capital of the aquatic business. In addition, the agreement includes potential future payments to Alpharma, based on future aquatic earnings, and the assumption by the buyer of certain liabilities. The company expects to record a pre-tax non-cash loss on impairment of approximately $10 million (diluted earnings per share of $0.14) in the second quarter of 2004 related to this sale. 2003 revenues and operating loss related to the aquatic operations were $15.0 million and ($4.3) million, respectively.
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