www.AmeriSource.com AMERISOURCE HEALTH CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share data)
(unaudited)
Three Three
Months % of Months % of
Ended Operating Ended Operating %
Dec. 31, Revenue Dec. 31, Revenue Change
1998 1997
-------- --------- -------- --------- ------
Revenue:
Operating
revenue $2,160,904 100.00% $2,254,560 100.00% -4%
Bulk deliveries
to customer
warehouses 8,762 24,998
---------- ----------
Total revenue 2,169,666 2,279,558
Cost of
goods sold:
Operating cost
of goods sold 2,059,211 95.29% 2,148,954 95.32% -4%
Cost of goods
sold - bulk
deliveries 8,762 24,998
--------- ---------
Total cost
of goods sold 2,067,973 2,173,952
--------- ---------
Gross profit 101,693 4.71% 105,606 4.68% -4%
Operating
expenses:
Selling and
administrative 61,013 2.82% 65,765 2.92% -7%
Depreciation 3,500 0.16% 3,155 0.14% 11%
Amortization 256 0.01% 282 0.01% -9%
------ ---
Operating income 36,924 1.71% 36,404 1.61% 1%
Interest expense 8,141 0.38% 12,662 0.56% -36%
----- ------
Income before taxes 28,783 1.33% 23,742 1.05% 21%
Taxes on income 10,938 0.51% 9,259 0.41% 18%
------ -----
Net income $17,845 0.83% $14,483 0.64% 23%
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Earnings per share:
Basic $0.74 $0.61
Assuming dilution 0.73 0.60
Weighted average
common shares
outstanding:
Basic 24,184 23,856
Assuming dilution 24,434 24,224
AMERISOURCE HEALTH CORPORATION
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
ASSETS (unaudited)
Dec. 31, Sept. 30, Increase
1998 1998 (Decrease)
-------------- ------------ -------------
Current assets:
Cash and cash
equivalents $44,406 $48,461 ($4,055)
Restricted cash 31,526 37,044 (5,518)
Accounts
receivable,
less allowance
for doubtful
accounts 522,044 458,238 63,806
Merchandise
inventories 1,066,567 870,223 196,344
Prepaid expenses
and other 3,150 4,356 (1,206)
-------------- ----------- -------------
Total current
assets 1,667,693 1,418,322 249,371
Property and
equipment, net 59,851 60,789 (938)
Other assets,
less accumulated
amortization 79,374 73,171 6,203
-------------- ------------ -------------
Total assets $1,806,918 $1,552,282 $254,636
=============== ============ =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
liabilities:
Accounts
payable $908,529 $873,181 $35,348
Accrued
expenses and
other 42,158 48,532 (6,374)
Accrued
income taxes 11,629 78 11,551
Deferred income
taxes 97,430 93,385 4,045
----------- ----------- -----------
Total current
liabilities 1,059,746 1,015,176 44,570
Long-term debt:
Revolving credit
facility 331,660 145,000 186,660
Receivables
securitization
financing 299,956 299,948 8
Other debt 8,654 8,813 (159)
Other liabilities 8,730 8,036 694
Stockholders' equity:
Common stock and
capital in excess
of par value 249,956 244,938 5,018
Retained earnings
(deficit) (145,564) (163,409) 17,845
Cost of common
stock in treasury (6,220) (6,220) 0
------------ ------------ ------------
Total
stockholders'
equity 98,172 75,309 22,863
------------ ------------ ------------
Total
liabilities and
stockholders'
equity $1,806,918 $1,552,282 $254,636
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CONTACT: AmeriSource Health Corp.
MaryBeth Alvin, 610/296-4480
malvin@amerisource.com