QLT Inc. reported unaudited consolidated financial results for the first quarter ended March 31, 2013. Investment and Other Income was $0.8 million for the first quarter of 2013. This primarily related to a gain of $0.8 million for the Fair Value Change in Contingent Consideration. This gain occurred primarily because the contingent consideration assets are recorded as the present value of future expected payments with respect to Eligard(R) and Visudyne, and therefore as each quarter elapses, even if no changes are made to the underlying Eligard and Visudyne forecasts, that it will book a gain related to the time value of money as it move one quarter closer to realizing the full face value of the assets. The operating loss for the first quarter of 2013 was $7.2 million, compared to an $11.0 million operating loss in the prior-year first quarter, as savings from restructurings and reduced spending on the synthetic retinoid program offset the restructuring costs of $0.8 million recorded in the quarter. Loss from continuing operations before income taxes was $6,433,000 against $9,078,000 for the same period of last year. Loss from continuing operations was $6,616,000 or $0.13 per diluted share against $9,375,000 or $0.19 per diluted share for the same period of last year. Net loss and comprehensive loss was $6,427,000 or $0.13 per diluted share against $10,277,000 or $0.21 per diluted share for the same period of last year. Loss per share improvement was primarily due to restructuring savings and lower spending on the synthetic retinoid program, partially offset by a lower gain from the Fair Value Change in Contingent Consideration in the current period.

QLT Inc. announced that its board of directors has approved a special cash distribution to company's shareholders in the amount of $200 million, by way of a reduction of the paid-up capital of the company's shares, resulting in the return of approximately $3.95 per share based upon the current number of issued and outstanding shares of the company. The company will be able to make the cash distribution to shareholders without Canadian withholding taxes of up to 25% being payable, pursuant to an advance tax ruling received from Canadian tax authorities. If the cash distribution is approved by shareholders at the meeting, it is expected that the cash distribution will be paid to shareholders of record on the record date on or about June 25, 2013, subject to applicable stock exchange rules.

On February 16, 2013, the Board of Directors of QLT Inc. made changes to the composition of certain of its committees, including the Executive Transition Committee. The role of the Executive Transition Committee is to lead the company until such time as a new Chief Executive Officer is appointed. Following these changes, the members of each of the committees are as follows: Executive Transition Committee will be composed of Jeffrey Meckler (chair) and John Kozarich; Audit and Risk Committee will be composed of Stephen Sabba (chair) and John Thomas; Corporate Governance and Nominating Committee will be composed of Jason Aryeh (chair), Vicente Anido and Geoffrey Cox; and Strategic Action Committee will be composed of Jason Aryeh (chair), Stephen Sabba and Jeffrey Meckler. No changes were made to the composition of the Compensation Committee or the Scientific Review Committee.