AmerisourceBergen Reports Revenue of $21.9 Billion and Adjusted Diluted EPS from Continuing Operations of $0.73
Company Now Expects Fiscal Year 2013 Adjusted Diluted EPS from
Continuing Operations in the Range of
In the tables that follow, we present our GAAP results as well as a
reconciliation of GAAP income from continuing operations to non-GAAP
adjusted income from continuing operations for the June quarter and the
first nine months of fiscal 2013. Fiscal 2012 results are presented on a
GAAP basis only, and include a LIFO expense of
“In our June quarter,
The comments below compare adjusted results for fiscal 2013 to GAAP results for fiscal 2012.
Summary of Quarterly Results
-
Revenue: Revenue was
$21.9 billion in the third quarter of fiscal 2013, a 13.3 percent increase over the same quarter in the previous fiscal year, driven by a 16 percent increase inAmerisourceBergen Drug Corporation (ABDC) revenue, and a 5 percent increase inAmerisourceBergen Specialty Group (ABSG) revenue. -
Gross Profit: Gross profit in the fiscal
2013 third quarter was
$684.5 million , a 2.5 percent increase over the year-ago same period, driven by contributions from one incremental month ofWorld Courier results in the third quarter of fiscal 2013, offset by lower contributions from our Pharmaceutical Distribution Segment.The World Courier acquisition anniversaried inMay 2013 . Gross profit as a percentage of revenue decreased 34 basis points to 3.12 percent over the same period in the previous year. -
Operating Expenses: For the third quarter
of fiscal 2013, operating expenses were
$392.0 million compared with$343.5 million in the prior fiscal year’s third quarter, a 14.1 percent increase. The increase in operating expenses was due primarily toWorld Courier , and deal related transaction costs, primarily related to professional fees relating to theWalgreens and Alliance Boots transaction. In the fiscal third quarter of 2013, operating expenses as a percentage of revenue were 1.79 percent, up 1 basis point from the same period in the previous fiscal year. -
Operating Income: In the fiscal 2013
third quarter, operating income decreased 9.8 percent to
$292.5 million , due to lower gross profit in our Pharmaceutical Distribution segment, and deal related transaction costs. Operating income as a percentage of revenue decreased 34 basis points to 1.34 percent in the period compared with the previous year’s third quarter. - Tax Rate: The adjusted effective tax rate for the third quarter of fiscal 2013 was 37.4 percent, compared to 37.7 percent in the previous fiscal year’s third quarter.
-
Earnings Per Share: Adjusted diluted
earnings per share from continuing operations were down 1.4 percent to
$0.73 in the third quarter of fiscal 2013 compared to$0.74 in the previous fiscal year’s third quarter. While income from continuing operations decreased 9.9 percent, adjusted diluted earnings per share only decreased 1.4 percent due to the 7.8 percent reduction in diluted weighted average shares outstanding. - Shares Outstanding: Diluted weighted average shares outstanding for the third quarter of fiscal year 2013 were 235.7 million, down 20.1 million shares from the previous fiscal year’s third quarter due primarily to share repurchases, net of option exercises over the last twelve months.
Segment Discussion
The Pharmaceutical Distribution segment includes both
Pharmaceutical Distribution Segment
In the third fiscal quarter of 2013, Pharmaceutical Distribution
revenues were
Operating income of
Other
Revenues in Other increased 17% and were
Fiscal Year 2013 Expectations
“Looking ahead, the Company now expects adjusted diluted earnings per
share from continuing operations in fiscal year 2013 to be in the range
of
Conference Call
The Company will host a conference call to discuss the results at
Participating in the conference call will be:
Tim G.
Guttman, Senior Vice President & Chief Financial Officer
The dial-in number for the live call will be (612) 288-0329. No access code is required for the call. The live call will also be webcast via the Company’s website at www.amerisourcebergen.com. Users are encouraged to log on to the webcast approximately 10 minutes in advance of the scheduled start time of the call.
Replays of the call will be made available via telephone and webcast. A replay of the webcast will be posted on www.amerisourcebergen.com approximately two hours after the completion of the call and will remain available for thirty days. The telephone replay will also be available approximately two hours after the completion of the call and will remain available for seven days. To access the telephone replay from within the US, dial (800) 475-6701. From outside the US, dial (320) 365-3844. The access code for the replay is 297735.
About
Cautionary Note Regarding Forward-Looking Statements
Certain of the statements contained in this press release are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Words such as “expect,” “likely,” “outlook,” “forecast,” “would,”
“could,” “should,” “can,” “will,” “project,” “intend,” “plan,”
“continue,” “sustain,” “synergy,” “on track,” “believe,” “seek,”
“estimate,” “anticipate,” “may,” ”possible,” “assume,” variations of
such words, and similar expressions are intended to identify such
forward-looking statements. These statements are based on management's
current expectations and are subject to uncertainty and change in
circumstances. These statements are not guarantees of future performance
and are based on assumptions that could prove incorrect or could cause
actual results to vary materially from those indicated. Among the
factors that could cause actual results to differ materially from those
projected, anticipated or implied are the following: changes in
pharmaceutical market growth rates; the loss of one or more key customer
or supplier relationships; changes in customer mix; customer
delinquencies, defaults or insolvencies; supplier defaults or
insolvencies; changes in pharmaceutical manufacturers' pricing and
distribution policies or practices; adverse resolution of any contract
or other dispute with customers or suppliers; federal and state
government enforcement initiatives to detect and prevent suspicious
orders of controlled substances and the diversion of controlled
substances; qui tam litigation for alleged violations of fraud
and abuse laws and regulations and/or any other laws and regulations
governing the marketing, sale, purchase, and/or dispensing of
pharmaceutical products or services and any related litigation,
including shareholder derivative lawsuits; changes in federal and state
legislation or regulatory action affecting pharmaceutical product
pricing or reimbursement policies, including under
AMERISOURCEBERGEN CORPORATION | ||||||||||||||
FINANCIAL SUMMARY | ||||||||||||||
(In thousands, except per share data) | ||||||||||||||
(unaudited) | ||||||||||||||
Three | Three | |||||||||||||
Months Ended | Months Ended | |||||||||||||
June 30, | % of | June 30, | % of | % | ||||||||||
2013 | Revenue | 2012 | Revenue | Change | ||||||||||
Revenue | $21,906,648 | 100.00 | % | $19,326,807 | 100.00 | % | 13.3 | % | ||||||
Cost of goods sold | 21,344,198 | 18,658,941 | 14.4 | % | ||||||||||
Gross profit (1) | 562,450 | 2.57 | % | 667,866 | 3.46 | % | -15.8 | % | ||||||
Operating expenses: | ||||||||||||||
Distribution, selling and administrative | 331,173 | 1.51 | % | 303,812 | 1.57 | % | 9.0 | % | ||||||
Depreciation and amortization | 41,138 | 0.19 | % | 35,533 | 0.18 | % | 15.8 | % | ||||||
Warrants (2) | 35,815 | 0.16 | % | - | - | % | ||||||||
Employee severance, litigation and other, net (3) | 19,678 | 0.09 | % | 4,135 | 0.02 | % | ||||||||
Total operating expenses | 427,804 | 1.95 | % | 343,480 | 1.78 | % | 24.5 | % | ||||||
Operating income | 134,646 | 0.61 | % | 324,386 | 1.68 | % | -58.5 | % | ||||||
Other loss (income) | 525 | - | % | (4,785 | ) | -0.02 | % | |||||||
Interest expense, net | 18,190 | 0.08 | % | 23,771 | 0.12 | % | -23.5 | % | ||||||
Income before income taxes | 115,931 | 0.53 | % | 305,400 | 1.58 | % | -62.0 | % | ||||||
Income taxes | 51,821 | 0.24 | % | 115,223 | 0.60 | % | -55.0 | % | ||||||
Income from continuing operations | 64,110 | 0.29 | % | 190,177 | 0.98 | % | -66.3 | % | ||||||
Income (loss) from discontinued operations, net of income taxes | 104,329 | (8,906 | ) | |||||||||||
Net income | $168,439 | 0.77 | % | $181,271 | 0.94 | % | ||||||||
Basic earnings per share: | ||||||||||||||
Continuing operations | $0.28 | $0.75 | -62.7 | % | ||||||||||
Discontinued operations | 0.45 | (0.04 | ) | |||||||||||
Rounding | - | 0.01 | ||||||||||||
Total | $0.73 | $0.72 | ||||||||||||
Diluted earnings per share: | ||||||||||||||
Continuing operations | $0.27 | $0.74 | -63.5 | % | ||||||||||
Discontinued operations | 0.44 | (0.03 | ) | |||||||||||
Total | $0.71 | $0.71 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 231,002 | 252,116 | ||||||||||||
Diluted (4) | 235,669 | 255,725 | -7.8 | % | ||||||||||
(1) |
Includes a $6.0 million gain from antitrust litigation settlements and a $122.1 million LIFO expense charge in the three months ended June 30, 2013. Includes a $4.7 million LIFO expense charge in the three months ended June 30, 2012. |
|
(2) |
Expense related to common stock warrants issued to Walgreens and Alliance Boots in connection with the previously announced transaction. |
|
(3) |
Includes $1.6 million of restructuring costs and $18.1 million of deal-related transaction costs, primarily related to professional fees with respect to the Walgreens / Alliance Boots transaction, in the three months ended June 30, 2013. Includes $4.1 million of deal-related transaction costs in the three months ended June 30, 2012. |
|
(4) |
Includes the dilutive effect of stock options, restricted stock, and restricted stock units. The Warrants were anti-dilutive in the three months ended June 30, 2013. |
|
AMERISOURCEBERGEN CORPORATION | |||||||||||||||
FINANCIAL SUMMARY | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(unaudited) | |||||||||||||||
Nine | Nine | ||||||||||||||
Months Ended | Months Ended | ||||||||||||||
June 30, | % of | June 30, | % of | % | |||||||||||
2013 | Revenue | 2012 | Revenue | Change | |||||||||||
Revenue | $63,490,127 | 100.00 | % | $59,016,363 | 100.00 | % | 7.6 | % | |||||||
Cost of goods sold | 61,549,860 | 57,095,494 | 7.8 | % | |||||||||||
Gross profit (1) | 1,940,267 | 3.06 | % | 1,920,869 | 3.25 | % | 1.0 | % | |||||||
Operating expenses: | |||||||||||||||
Distribution, selling and administrative | 975,409 | 1.54 | % | 823,418 | 1.40 | % | 18.5 | % | |||||||
Depreciation and amortization | 119,690 | 0.19 | % | 95,881 | 0.16 | % | 24.8 | % | |||||||
Warrants (2) | 39,576 | 0.06 | % | - | - | % | |||||||||
Employee severance, litigation and other (3) | 21,383 | 0.03 | % | 16,721 | 0.03 | % | |||||||||
Total operating expenses | 1,156,058 | 1.82 | % | 936,020 | 1.59 | % | 23.5 | % | |||||||
Operating income | 784,209 | 1.24 | % | 984,849 | 1.67 | % | -20.4 | % | |||||||
Other loss (income) | 1,251 | - | % | (4,917 | ) | -0.01 | % | ||||||||
Interest expense, net | 55,225 | 0.09 | % | 69,432 | 0.12 | % | -20.5 | % | |||||||
Income before income taxes | 727,733 | 1.15 | % | 920,334 | 1.56 | % | -20.9 | % | |||||||
Income taxes | 284,859 | 0.45 | % | 349,422 | 0.59 | % | -18.5 | % | |||||||
Income from continuing operations | 442,874 | 0.70 | % | 570,912 | 0.97 | % | -22.4 | % | |||||||
Loss from discontinued operations, net of income taxes | (60,190 | ) | (15,420 | ) | |||||||||||
Net income | $382,684 | 0.60 | % | $555,492 | 0.94 | % | |||||||||
Basic earnings per share: | |||||||||||||||
Continuing operations | $1.91 | $2.23 | -14.3 | % | |||||||||||
Discontinued operations | (0.26 | ) | (0.06 | ) | |||||||||||
Total | $1.65 | $2.17 | |||||||||||||
Diluted earnings per share: | |||||||||||||||
Continuing operations | $1.88 | $2.19 | -14.2 | % | |||||||||||
Discontinued operations | (0.26 | ) | (0.06 | ) | |||||||||||
Rounding | 0.01 | - | |||||||||||||
Total | $1.63 | $2.13 | |||||||||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 231,273 | 256,260 | |||||||||||||
Diluted (4) | 235,428 | 260,404 | -9.6 | % | |||||||||||
(1) |
Includes a $21.7 million gain from antitrust litigation settlements and a $123.0 million LIFO expense charge in the nine months ended June 30, 2013. Includes a $11.4 million LIFO expense charge in the nine months ended June 30, 2012. |
|
(2) |
Expense related to common stock warrants issued to Walgreens and Alliance Boots in connection with the previously announced transaction. |
|
(3) |
Includes $22.8 million of deal-related transaction costs, primarily related to professional fees with respect to the Walgreens / Alliance Boots transaction, and the net reversal of $(1.4) million of employee severance and other restructuring costs in the nine months ended June 30, 2013. Includes $6.1 million of employee severance costs and $10.6 million of deal-related transaction costs in the nine months ended June 30, 2012. |
|
(4) |
Includes the dilutive effect of stock options, restricted stock, and restricted stock units. The Warrants were anti-dilutive in the nine months ended June 30, 2013. |
|
AMERISOURCEBERGEN CORPORATION | |||||||||||||
RECONCILIATION OF CONTINUING OPERATIONS (GAAP) TO ADJUSTED CONTINUING OPERATIONS (NON-GAAP) | |||||||||||||
(dollars in thousands, except per share data) | |||||||||||||
(unaudited) | |||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||
Adjusted | % | ||||||||||||
GAAP | LIFO Expense | Warrant Expense | Non-GAAP |
Change (1) |
|||||||||
Revenue | $21,906,648 | $- | $- | $21,906,648 | 13.3 | % | |||||||
Cost of goods sold | 21,344,198 | (122,077 | ) | - | 21,222,121 | 13.7 | % | ||||||
Gross profit | 562,450 | 122,077 | - | 684,527 | 2.5 | % | |||||||
Operating expenses | 427,804 | - | (35,815 | ) | 391,989 | 14.1 | % | ||||||
Operating income | 134,646 | 122,077 | 35,815 | 292,538 | -9.8 | % | |||||||
Other loss | 525 | - | - | 525 | |||||||||
Interest expense, net | 18,190 | - | - | 18,190 | -23.5 | % | |||||||
Income before income taxes | 115,931 | 122,077 | 35,815 | 273,823 | -10.3 | % | |||||||
Income taxes (2) | 51,821 | 47,451 | 3,137 | 102,409 | -11.1 | % | |||||||
Income from continuing operations | $64,110 | $74,626 | $32,678 | $171,414 | -9.9 | % | |||||||
Diluted earnings per share from continuing operations | $0.27 | $0.32 | $0.14 | $0.73 | -1.4 | % | |||||||
Diluted weighted average common shares outstanding | 235,669 | 235,669 | 235,669 | 235,669 | -7.8 | % | |||||||
Nine Months Ended June 30, 2013 | |||||||||||||
Adjusted | % | ||||||||||||
GAAP | LIFO Expense | Warrant Expense | Non-GAAP |
Change (1) |
|||||||||
Revenue | $63,490,127 | $- | $- | $63,490,127 | 7.6 | % | |||||||
Cost of goods sold | 61,549,860 | (123,029 | ) | - | 61,426,831 | 7.6 | % | ||||||
Gross profit | 1,940,267 | 123,029 | - | 2,063,296 | 7.4 | % | |||||||
Operating expenses | 1,156,058 | - | (39,576 | ) | 1,116,482 | 19.3 | % | ||||||
Operating income | 784,209 | 123,029 | 39,576 | 946,814 | -3.9 | % | |||||||
Other loss | 1,251 | - | - | 1,251 | |||||||||
Interest expense, net | 55,225 | - | - | 55,225 | -20.5 | % | |||||||
Income before income taxes | 727,733 | 123,029 | 39,576 | 890,338 | -3.3 | % | |||||||
Income taxes (2) | 284,859 | 47,813 | 4,267 | 336,939 | -3.6 | % | |||||||
Income from continuing operations | $442,874 | $75,216 | $35,309 | $553,399 | -3.1 | % | |||||||
Diluted earnings per share from continuing operations | $1.88 | $0.32 | $0.15 | $2.35 | 7.3 | % | |||||||
Diluted weighted average common shares outstanding | 235,428 | 235,428 | 235,428 | 235,428 | -9.6 | % | |||||||
Note - No adjustments have been made to prior year GAAP continuing operations for the three and nine month periods ended June 30, 2012. | ||
(1) |
Percentage change in comparison to prior year operating results, which do not include any non-GAAP adjustments. |
|
(2) |
The income tax rate applicable to warrant expense is lower than our normal income tax rate as a portion of the warrant expense is not tax deductible. The income tax rate on warrant expense will vary by quarter depending upon the expected quarterly changes in the fair value of the Warrants. |
|
AMERISOURCEBERGEN CORPORATION | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(in thousands) | ||||
(unaudited) | ||||
ASSETS | ||||
June 30, | September 30, | |||
2013 | 2012 | |||
Current assets: | ||||
Cash and cash equivalents | $1,567,585 | $1,066,608 | ||
Accounts receivable, net | 4,585,488 | 3,784,619 | ||
Merchandise inventories | 5,895,089 | 5,472,010 | ||
Prepaid expenses and other | 90,911 | 72,374 | ||
Assets held for sale | - | 662,853 | ||
Total current assets | 12,139,073 | 11,058,464 | ||
Property and equipment, net | 777,091 | 743,684 | ||
Other long-term assets | 3,663,168 | 3,640,108 | ||
Total assets | $16,579,332 | $15,442,256 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $11,009,224 | $9,492,589 | ||
Other current liabilities | 1,432,424 | 1,533,291 | ||
Liabilities held for sale | - | 239,706 | ||
Total current liabilities | 12,441,648 | 11,265,586 | ||
Long-term debt | 1,396,439 | 1,395,931 | ||
Other long-term liabilities | 323,051 | 325,897 | ||
Stockholders' equity | 2,418,194 | 2,454,842 | ||
Total liabilities and stockholders' equity | $16,579,332 | $15,442,256 | ||
AMERISOURCEBERGEN CORPORATION | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(in thousands) | ||||||
(unaudited) | ||||||
Nine | Nine | |||||
Months Ended | Months Ended | |||||
June 30, | June 30, | |||||
2013 | 2012 | |||||
Operating Activities: | ||||||
Net income | $382,684 | $555,492 | ||||
Loss from discontinued operations | 60,190 |
15,420 |
||||
Income from continuing operations | 442,874 | 570,912 | ||||
Adjustments to reconcile income from continuing operations to net cash provided by operating activities |
207,560 | 181,947 | ||||
Changes in operating assets and liabilities | 84,605 | 138,284 | ||||
Net cash provided by operating activities - continuing operations | 735,039 | 891,143 | ||||
Net cash provided by (used in) operating activities - discontinued operations | 84,025 | (131,088 | ) | |||
Net cash provided by operating activities | 819,064 | 760,055 | ||||
Investing Activities: | ||||||
Capital expenditures | (137,927 | ) | (92,881 | ) | ||
Proceeds from sales of businesses | 331,630 | - | ||||
Cost of acquired companies, net of cash acquired | - | (778,755 | ) | |||
Other | 523 | 23 | ||||
Net cash provided by (used in) investing activities - continuing operations | 194,226 | (871,613 | ) | |||
Net cash used in investing activities - discontinued operations | (11,672 | ) | (34,712 | ) | ||
Net cash provided by (used in) investing activities | 182,554 | (906,325 | ) | |||
Financing Activities: | ||||||
Net borrowings | - | 444,290 | ||||
Purchases of common stock | (401,091 | ) | (514,258 | ) | ||
Exercises of stock options | 132,766 | 91,092 | ||||
Cash dividends on common stock | (147,005 | ) | (100,081 | ) | ||
Other | (34,773 | ) | (10,528 | ) | ||
Net cash used in financing activities - continuing operations | (450,103 | ) | (89,485 | ) | ||
Net cash (used in) provided by financing activities - discontinued operations | (50,538 | ) | 65,513 | |||
Net cash used in financing activities | (500,641 | ) | (23,972 | ) | ||
Increase (decrease) in cash and cash equivalents | 500,977 | (170,242 | ) | |||
Cash and cash equivalents at beginning of period | 1,066,608 | 1,825,990 | ||||
Cash and cash equivalents at end of period | $1,567,585 | $1,655,748 | ||||
AMERISOURCEBERGEN CORPORATION | ||||||||||
SUMMARY SEGMENT INFORMATION | ||||||||||
(dollars in thousands) | ||||||||||
(unaudited) | ||||||||||
Three Months Ended June 30, | ||||||||||
Revenue | 2013 | 2012 | % Change | |||||||
Pharmaceutical Distribution | $21,490,543 | $18,985,491 | 13% | |||||||
Other (1) | 466,710 | 397,452 | 17% | |||||||
Intersegment eliminations | (50,605 | ) | (56,136 | ) | -10% | |||||
Revenue | $21,906,648 | $19,326,807 | 13% | |||||||
Three Months Ended June 30, | ||||||||||
Operating Income | 2013 | 2012 | % Change | |||||||
Pharmaceutical Distribution | $165,079 | $307,345 | -46% | |||||||
LIFO | 122,077 | - | N/M | |||||||
Adjusted Pharmaceutical Distribution | 287,156 | 307,345 | -7% | |||||||
Other (1) | 25,060 | 21,176 | 18% | |||||||
LIFO | (122,077 | ) | - | N/M | ||||||
Warrants | (35,815 | ) | - | N/M | ||||||
Employee severance, litigation and other | (19,678 | ) | (4,135 | ) | N/M | |||||
Operating income | $134,646 | $324,386 | -58% | |||||||
Three Months Ended June 30, 2013 | Three Months Ended June 30, 2012 | |||||||||
Percentages of revenue: | GAAP | Non-GAAP | GAAP (2) | |||||||
Pharmaceutical Distribution | ||||||||||
Gross profit | 2.06 | % | 2.63 | % | 3.05 | % | ||||
Operating expenses | 1.30 | % | 1.30 | % | 1.44 | % | ||||
Operating income | 0.77 | % | 1.34 | % | 1.62 | % | ||||
Other (1) | ||||||||||
Gross profit | 25.51 | % | N/A | 22.15 | % | |||||
Operating expenses | 20.14 | % | N/A | 16.82 | % | |||||
Operating income | 5.37 | % | N/A | 5.33 | % | |||||
AmerisourceBergen Corporation | ||||||||||
Gross profit | 2.57 | % | 3.12 | % | 3.46 | % | ||||
Operating expenses | 1.95 | % | 1.79 | % | 1.78 | % | ||||
Operating income | 0.61 | % | 1.34 | % | 1.68 | % | ||||
(1) |
Other for the three months ended June 30, 2013 is comprised of the AmerisourceBergen Consulting Services ("ABCS") operating segment and the World Courier Group, Inc. operating segment. Other for the three months ended June 30, 2012 is comprised of the ABCS operating segment and the World Courier Group, Inc. operating segment (beginning May 1, 2012). |
||
(2) |
Margin percentages in the prior year period do not include any non-GAAP adjustments. |
||
AMERISOURCEBERGEN CORPORATION | |||||||||||
SUMMARY SEGMENT INFORMATION | |||||||||||
(dollars in thousands) | |||||||||||
(unaudited) | |||||||||||
Nine Months Ended June 30, | |||||||||||
Revenue | 2013 | 2012 | % Change | ||||||||
Pharmaceutical Distribution | $62,300,468 | $58,243,723 | 7% | ||||||||
Other (1) | 1,329,984 | 903,178 | 47% | ||||||||
Intersegment eliminations | (140,325 | ) | (130,538 | ) | 7% | ||||||
Revenue | $63,490,127 | $59,016,363 | 8% | ||||||||
Nine Months Ended June 30, | |||||||||||
Operating Income | 2013 | 2012 | % Change | ||||||||
Pharmaceutical Distribution | $774,599 | $947,064 | -18% | ||||||||
LIFO | 123,029 | - | N/M | ||||||||
Adjusted Pharmaceutical Distribution | 897,628 | 947,064 | -5% | ||||||||
Other (1) | 70,569 | 54,506 | 29% | ||||||||
LIFO | (123,029 | ) | - | N/M | |||||||
Warrants | (39,576 | ) | - | N/M | |||||||
Employee severance, litigation and other | (21,383 | ) | (16,721 | ) | N/M | ||||||
Operating income | $784,209 | $984,849 | -20% | ||||||||
Nine Months Ended June 30, 2013 | Nine Months Ended June 30, 2012 | ||||||||||
Percentages of revenue: | GAAP | Non-GAAP | GAAP (2) | ||||||||
Pharmaceutical Distribution | |||||||||||
Gross profit | 2.55 | % | 2.75 | % | 3.01 | % | |||||
Operating expenses | 1.31 | % | 1.31 | % | 1.38 | % | |||||
Operating income | 1.24 | % | 1.44 | % | 1.63 | % | |||||
Other (1) | |||||||||||
Gross profit | 26.29 | % | N/A | 18.71 | % | ||||||
Operating expenses | 20.98 | % | N/A | 12.68 | % | ||||||
Operating income | 5.31 | % | N/A | 6.03 | % | ||||||
AmerisourceBergen Corporation | |||||||||||
Gross profit | 3.06 | % | 3.25 | % | 3.25 | % | |||||
Operating expenses | 1.82 | % | 1.76 | % | 1.59 | % | |||||
Operating income | 1.24 | % | 1.49 | % | 1.67 | % | |||||
(1) |
Other for the nine months ended June 30, 2013 is comprised of the AmerisourceBergen Consulting Services ("ABCS") operating segment and the World Courier Group, Inc. operating segment. Other for the nine months ended June 30, 2012 is comprised of the ABCS operating segment and the World Courier Group, Inc. operating segment (beginning May 1, 2012). |
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(2) |
Margin percentages in the prior year period do not include any non-GAAP adjustments. |
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Source:
AmerisourceBergen Corporation
Barbara Brungess,
610-727-7199
bbrungess@amerisourcebergen.com