Synergy Capture and Low Interest Expense Continue to Drive Results
Diluted earnings per share before special charges for the third quarter of
fiscal 2002 were $0.86, a 48 percent increase over the previous year's third
quarter. Income before special charges for the third quarter of fiscal 2002
increased to $95.1 million from $32.1 million in the same period last year.
Special charges, consisting of merger integration costs, were $4.9 million, net
of tax, in the quarter. Net income and diluted earnings per share for the
quarter were $90.2 million and $0.82, respectively.
AmerisourceBergen's operating revenue, which excludes bulk deliveries to
customer warehouses, was $10.3 billion in the third quarter of fiscal 2002
compared to $3.5 billion for the same period last year. Fiscal 2002 third
quarter operating revenue increased 14 percent over fiscal 2001 third quarter
pro forma operating revenue of $9.0 billion.
For the first nine months of fiscal 2002, diluted earnings per share before
special charges were $2.41, a 46 percent increase over the prior year. Special
charges, consisting of merger integration costs, were $12.3 million, net of tax,
in the first nine months of fiscal 2002. Operating revenue for the nine-month
period ended June 30, 2002 was $29.9 billion compared to $10.3 billion in the
prior year, and represents a 17 percent increase over pro forma operating
revenue of $25.5 billion in the first nine months of fiscal 2001. Net income and
diluted earnings per share for the nine-month period ended June 30, 2002 were
$250.0 million and $2.30, respectively.
For the third quarter of fiscal 2002, interest expense, including pretax
distributions on preferred securities of a subsidiary trust, was $33.3 million,
reflecting disciplined asset management and a favorable interest rate
environment.
The following discussion of results, including segment data, does not include
the impact of the special charges in the third quarter and first nine months of
fiscal 2002.
"This was another exceptional performance by AmerisourceBergen, demonstrating
our continuing ability to leverage the cost saving and scale synergies of our
new company," said R. David Yost, AmerisourceBergen President and Chief
Executive Officer. "We continued to capture synergy cost savings from the merger
earlier than expected, and new scale synergies are improving contributions from
pharmaceutical purchasing. Strong working capital management and a historically
low interest rate environment also positively impacted the Company's
performance. All these factors drove excellent earnings per share growth,
operating margin expansion and a very strong return on committed capital (ROCC)
of 24.6 percent.
"During the quarter we announced and this month completed the $120 million
acquisition of AutoMed Technologies, Inc. This acquisition, which is expected to
be slightly accretive to earnings, enhances our position in the pharmaceutical
supply chain by providing our retail and institutional customers with a pharmacy
automation solution that reduces the cost of drug dispensing, improves
dispensing accuracy and addresses staffing pressures."
Segment Discussion
Pharmaceutical Distribution Segment
Pharmaceutical Distribution customer mix in the third quarter of fiscal 2002 was
52 percent institutional and 48 percent retail. AmerisourceBergen is the market
leader in pharmaceutical distribution to hospital systems and acute care
facilities, alternate care facilities, independent community pharmacies, and
regional chain store pharmacies.
Operating income was $169.1 million in the third quarter of fiscal 2002, up from
$61.1 million for the same quarter last year, and improved 14 percent compared
to pro forma operating income of $147.8 million in the same period last year.
For the fiscal 2002 third quarter, operating income, as a percentage of
operating revenue, was 1.68 percent, a slight improvement from the prior year's
third quarter on a pro forma basis. Lower gross margins, which reflect the
Company's customer mix and the competitive environment, were more than offset by
lower total operating expenses as a percentage of operating revenue.
Total operating expenses as a percentage of operating revenue in the fiscal 2002
third quarter were 2.15 percent, a 24 basis point improvement over the same
quarter last year on a pro forma basis driven by synergy cost savings, customer
mix and operating leverage.
AmerisourceBergen Specialty Group, with annualized revenue well over $2.5
billion, had another very strong quarter, building significant positions in
oncology, blood plasma and vaccine distribution as well as growing its
manufacturing services businesses.
"The momentum from our integration activities continues to build. Distribution
center consolidations are on schedule and going smoothly. Last week we
successfully completed the consolidation of our Portland, Oregon distribution
center into our Seattle facility. Three additional distribution centers are
scheduled for consolidation by the end of September, bringing the total number
of consolidations in the fiscal year to seven, in line with the goal we set at
the beginning of the year," said Kurt J. Hilzinger, AmerisourceBergen Executive
Vice President and Chief Operating Officer. "We also continue to leverage our
larger scale as our new generic pharmaceutical program gained traction in the
marketplace and our common employee benefits plan was rolled out July 1, 2002.
Our recently combined sales force hosted the highly successful first annual
AmerisourceBergen Healthcare Conference for customers, establishing the largest
such event in the industry with over 6,000 people in attendance."
PharMerica
Operating income for the third quarter of fiscal 2002 was $21.8 million, a 28
percent increase over the prior year's pro forma third quarter operating income
of $17.0 million.
Operating income as a percentage of operating revenue increased 79 basis points
in the quarter ended June 30, 2002 to 5.82 percent from 5.03 percent on a pro
forma basis in the prior year.
"Double-digit revenue growth reflected continued strong performance by
PharMerica's workers compensation business, as well as improved growth in the
long-term care business," said Hilzinger. "Cost savings from expense control,
driven by the favorable effect of a single information technology platform and
continued accounts receivables discipline, as well as the positive impact of the
new generic drug program, enhanced PharMerica's performance in the quarter."
Looking Ahead
Also, in response to the recent order of the Security and Exchange Commission
seeking sworn statements from the principal executive officers and principal
financial officers of large public companies, Yost and Senior Vice President and
Chief Financial Officer Michael D. DiCandilo each will file certifications by
the August 14, 2002 deadline affirming that AmerisourceBergen's 10-K Report for
fiscal 2001, 10-Q Reports for fiscal 2002, and 2002 Annual Meeting proxy
statement were materially complete and truthful."
Conference Call
To access the live conference call via telephone:
Dial in:
800-553-5260 from inside the U.S. no access code required
or 612-332-1210 from outside the U.S. no access code required.
To access the live webcast:
Go to the Quarterly Webcasts section on the Investor Relations
page at http://www.amerisourcebergen.net.
A replay of the telephone call and webcast will be available from
4:15 p.m. July 31, 2002 until 11:59 p.m. August 7, 2002.
To access the replay via telephone:
Dial in:
800-475-6701 from within the U.S., access code: 643950
320-365-3844 from outside the U.S., access code: 643950
To access the archived webcast:
Go to the Quarterly Webcasts section on the Investor Relations
page at http://www.amerisourcebergen.net.
About AmerisourceBergen
Forward-Looking Statements
The following factors, among others, could cause actual results to differ
materially from those described in the forward-looking statements: the risk that
the businesses of AmeriSource and Bergen Brunswig will not be integrated
successfully; failure to obtain and retain expected synergies; and other
economic, business, competitive and/or regulatory factors affecting the business
of AmerisourceBergen generally.
More detailed information about these factors is set forth in
AmerisourceBergen's filings with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for fiscal 2001, its Quarterly Reports
on Form 10-Q for the first and second quarters of fiscal 2002, and the joint
proxy statement-prospectus for the merger as filed on August 1, 2001.
AmerisourceBergen is under no obligation to (and expressly disclaims any such
obligation to) update or alter any forward-looking statements whether as a
result of new information, future events or otherwise.
AMERISOURCEBERGEN CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share data)
(unaudited)
Three Three
Months Months
Ended % of Ended % of
June 30, Operating June 30, Operating %
2002 Revenue 2001 Revenue Change
----------- ------- ----------- ------- -------
Revenue:
Operating revenue $10,278,327 100.00% $3,518,852 100.00% 192%
Bulk deliveries
to customer
warehouses 1,342,500 77 --
----------- -----------
Total revenue 11,620,827 3,518,929 230%
Cost of goods sold 11,110,898 3,373,990 229%
----------- -----------
Gross profit 509,929 4.96% 144,939 4.12% 252%
Operating expenses:
Distribution,
selling and
administrative 304,299 2.96% 79,638 2.26% 282%
Depreciation and
amortization 14,740 0.14% 4,205 0.12% 251%
Merger costs 8,147 0.08% 903 0.03% --
----------- -----------
Operating income 182,743 1.78% 60,193 1.71% 204%
Equity in (income)
losses of
affiliates and
other (190) 0.00% 2,006 0.06% -109%
Interest expense 27,308 0.27% 7,361 0.21% 271%
----------- -----------
Income before taxes
and distributions
on preferred
securities of
subsidiary trust 155,625 1.51% 50,826 1.44% 206%
Income taxes 61,771 0.60% 19,320 0.55% 220%
----------- -----------
Income before
distributions on
preferred
securities
of subsidiary
trust 93,854 0.91% 31,506 0.90% 198%
Distributions on
preferred
securities of
subsidiary
trust, net of
income tax
benefit of
$2,388 3,630 0.04% -- 0.00% --
----------- -----------
Net income $ 90,224 0.88% $ 31,506 0.90% 186%
=========== ===========
Earnings per share:
Basic $ 0.86 $ 0.60
Diluted $ 0.82 $ 0.57
Weighted average
common shares
outstanding:
Basic 105,374 52,912
Diluted 112,891 59,578
----------------------------------------------------------------------
Pro forma results excluding merger costs in the three months ended
June 30, 2002 and 2001:
Operating income $ 190,890 $ 61,096
Net income $ 95,136 $ 32,066
Earnings per share:
Basic $ 0.90 $ 0.61
Diluted $ 0.86 $ 0.58
AMERISOURCEBERGEN CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share data)
(unaudited)
Nine Nine
Months Months
Ended % of Ended % of
June 30 Operating June 30 Operating %
2002 Revenue 2001 Revenue Change
----------- ------- ----------- ------- -------
Revenue:
Operating revenue $29,883,212 100.00% $10,306,288 100.00% 190%
Bulk deliveries
to customer
warehouses 3,750,662 834 --
----------- -----------
Total revenue 33,633,874 10,307,122 226%
Cost of goods
sold 32,138,019 9,873,581 225%
----------- -----------
Gross profit 1,495,855 5.01% 433,541 4.21% 245%
Operating expenses:
Distribution,
selling and
administrative 906,467 3.03% 241,745 2.35% 275%
Depreciation and
amortization 44,189 0.15% 12,380 0.12% 257%
Merger costs 20,385 0.07% 903 0.01% --
----------- -----------
Operating income 524,814 1.76% 178,513 1.73% 194%
Equity in losses
of affiliates
and other 1,187 0.00% 4,581 0.04% -74%
Interest expense 91,017 0.30% 30,030 0.29% 203%
----------- -----------
Income before
taxes and
distributions on
preferred
securities of
subsidiary trust 432,610 1.45% 143,902 1.40% 201%
Income taxes 171,740 0.57% 54,689 0.53% 214%
----------- -----------
Income before
distributions on
preferred
securities
of subsidiary
trust 260,870 0.87% 89,213 0.87% 192%
Distributions on
preferred
securities of
subsidiary
trust, net of
income tax
benefit
of $7,165 10,889 0.04% -- 0.00% --
----------- -----------
Net income $ 249,981 0.84% $ 89,213 0.87% 180%
=========== ===========
Earnings per share:
Basic $ 2.39 $ 1.69
Diluted $ 2.30 $ 1.64
Weighted average
common shares
outstanding:
Basic 104,505 52,656
Diluted 111,926 57,819
----------------------------------------------------------------------
Pro forma results excluding merger costs in the nine months ended
June 30, 2002 and 2001:
Operating income $ 545,199 $ 179,416
Net income $ 262,273 $ 89,773
Earnings per share:
Basic $ 2.51 $ 1.70
Diluted $ 2.41 $ 1.65
AMERISOURCEBERGEN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
ASSETS (Unaudited)
June 30 September 30, $
2002 2001 Change
----------- ----------- -----------
Current assets:
Cash and cash
equivalents $ 363,406 $ 297,626 $ 65,780
Accounts
receivable,
net 2,131,273 2,142,663 (11,390)
Merchandise
inventories 5,174,024 5,056,257 117,767
Prepaid
expenses and
other 18,793 15,956 2,837
----------- ----------- -----------
Total
current
assets 7,687,496 7,512,502 174,994
Long-term assets 2,745,198 2,778,743 (33,545)
----------- ----------- -----------
Total
assets $10,432,694 $10,291,245 $ 141,449
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
liabilities:
Accounts
payable $ 4,764,316 $ 4,991,884 ($ 227,568)
Current
portion of
long-term debt 45,000 2,468 42,532
Other current
liabilities 633,998 538,101 95,897
----------- ----------- -----------
Total current
liabilities 5,443,314 5,532,453 (89,139)
Long-term debt,
less current
portion 1,493,511 1,597,295 (103,784)
Other liabilities 30,678 48,317 (17,639)
Company-obligated
mandatorily
redeemable
preferred
securities of
subsidiary trust 275,120 274,616 504
Stockholders'
equity 3,190,071 2,838,564 351,507
----------- ----------- -----------
Total
liabilities
and
stockholders'
equity $10,432,694 $10,291,245 $ 141,449
=========== =========== ===========
AMERISOURCEBERGEN CORPORATION
SUMMARY SEGMENT INFORMATION
(dollars in thousands)
Three Months Ended June 30,
-------------------------------------------------------
Actual Actual Pro forma Actual % Pro
Operating 2002 2001 2001 (1) Change forma %
Revenue Change
------------- -------------------------------------------------------
Pharmaceutical
Distribution $10,094,205 $3,518,852 $8,835,163 187% 14%
PharMerica 373,791 -- 336,783 -- 11%
Intersegment
Eliminations (189,669) -- (176,831) -- 7%
------------ ----------- ----------- ------ ------
Operating
revenue $10,278,327 $3,518,852 $8,995,115 192% 14%
============ =========== =========== ====== ======
Three Months Ended June 30,
-------------------------------------------------------
Operating Actual Actual Pro forma Actual % Pro
Income (2) 2002 2001 2001 (1) Change forma %
Change
------------- -------------------------------------------------------
Pharmaceutical
Distribution $169,134 $61,096 $147,826 177% 14%
PharMerica 21,756 -- 16,956 -- 28%
------------ ----------- ----------- ------ ------
Operating
income $190,890 $61,096 $164,782 212% 16%
============ =========== =========== ====== ======
Percentages of
operating revenue (2):
Pharmaceutical
Distribution
Gross profit 3.83% 4.12% 4.06%
Operating
expenses 2.15% 2.38% 2.39%
Operating
income 1.68% 1.74% 1.67%
PharMerica
Gross profit 33.11% -- 34.80%
Operating
expenses 27.29% -- 29.76%
Operating
income 5.82% -- 5.03%
AmerisourceBergen
Corporation
Gross profit 4.96% 4.12% 5.29%
Operating
expenses 3.10% 2.38% 3.46%
Operating
income 1.86% 1.74% 1.83%
(1) Represents the combination of AmeriSource Health Corporation's
and Bergen Brunswig Corporation's previously reported financial
information. (See discussion under Pro Forma Information
Appendix - A(1)).
(2) Excludes merger costs.
AMERISOURCEBERGEN CORPORATION
SUMMARY SEGMENT INFORMATION
(dollars in thousands)
Nine Months Ended June 30,
-----------------------------------------------------
Pro
Operating Actual Actual Pro forma Actual % forma %
Revenue 2002 2001 2001 (1) Change Change
-------------- -----------------------------------------------------
Pharmaceutical
Distribution $29,367,184 $10,306,288 $25,100,466 185% 17%
PharMerica 1,088,967 -- 1,011,873 -- 8%
Intersegment
Eliminations (572,939) -- (565,713) -- 1%
------------ ------------ ------------ --------------
Operating
revenue $29,883,212 $10,306,288 $25,546,626 190% 17%
============ ============ ============ ==============
Nine Months Ended June 30,
-------------------------------------------------
Operating Actual Actual Pro forma Actual % Pro forma %
Income (2) 2002 2001 2001 (1) Change Change
--------------- -------------------------------------------------
Pharmaceutical
Distribution $484,586 $179,416 $408,630 170% 19%
PharMerica 60,613 -- 50,177 -- 21%
--------- --------- ---------- ------------------
Operating
income $545,199 $179,416 $458,807 204% 19%
========= ========= ========== ==================
Percentages of operating revenue (2):
Pharmaceutical
Distribution
Gross profit 3.85% 4.21% 4.14%
Operating
expenses 2.20% 2.47% 2.51%
Operating
income 1.65% 1.74% 1.63%
PharMerica
Gross profit 33.41% -- 35.49%
Operating
expenses 27.85% -- 30.53%
Operating
income 5.57% -- 4.96%
AmerisourceBergen
Corporation
Gross profit 5.01% 4.21% 5.47%
Operating
expenses 3.18% 2.47% 3.68%
Operating
income 1.82% 1.74% 1.80%
(1) Represents the combination of AmeriSource Health Corporation's
and Bergen Brunswig Corporation's previously reported financial
information. (See discussion under Pro Forma Information
Appendix - A(1)).
(2) Excludes merger costs.
AMERISOURCEBERGEN CORPORATION
EARNINGS PER SHARE
(In thousands, except per share data)
(unaudited)
Basic earnings per share is computed on the basis of the weighted
average number of shares of common stock outstanding during the
periods presented. Diluted earnings per share is computed on the basis
of the weighted average number of shares of common stock outstanding
during the period plus the dilutive effect of stock options.
Additionally, the diluted earnings per share calculation considers the
convertible subordinated notes as if converted and, therefore, the
effect of interest expense related to those notes is added back to net
income in determining income available to common stockholders.
Three months ended Nine months ended
June 30, June 30,
2002 2001 2002 2001
------- ------- ------- -------
Net income $90,224 $31,506 $249,981 $89,213
Interest expense -
convertible
subordinated notes,
net of income taxes 2,481 2,513 7,442 5,599
------- ------- ------- -------
Income available to
common stockholders $92,705 $34,019 $257,423 $94,812
======= ======= ======= =======
Weighted average
common shares
outstanding 105,374 52,912 104,505 52,656
Effect of dilutive
securities:
Options to
purchase common
stock 1,853 1,002 1,757 993
Convertible
subordinated
notes 5,664 5,664 5,664 4,170
------- ------- ------- -------
Weighted average
common shares
outstanding -
diluted 112,891 59,578 111,926 57,819
======= ======= ======= =======
Earnings per share:
Basic $0.86 $0.60 $2.39 $1.69
Diluted $0.82 $0.57 $2.30 $1.64
Appendix - A(1)
Pro Forma Information
The historical consolidated financial summary and summary segment
information for the three-months and nine-months ended June 30, 2001,
included in this press release, reflect only the results of
AmeriSource Health Corporation, as predecessor to the Company. In
order to enhance comparability, the following schedules as well as the
summary segment information include fiscal 2001 financial data on a
pro forma basis. Within these schedules, pro forma refers to the
combined results of AmeriSource Health Corporation and Bergen Brunswig
Corporation and are not intended to be consolidated financial
statements of AmerisourceBergen prepared in accordance with generally
accepted accounting principles and do not represent consolidated
results as if the merger had occurred at the beginning of the periods
presented. In addition, they are not necessarily indicative of the
actual results which might have occurred had the operations and
management of AmeriSource Health Corporation and Bergen Brunswig
Corporation been combined at the beginning of fiscal 2001.
In addition, to enhance comparability of financial information
between fiscal years, the pro forma information for fiscal 2001
excludes the amortization of goodwill and special items related to the
merger and environmental remediation and reflects the full allocation
of Bergen Brunswig Corporation's former Corporate segment to the
Pharmaceutical Distribution and PharMerica segments.
Appendix - A(2)
AmerisourceBergen
Pro forma combined condensed financial information (1)
(dollars in thousands)
----------------------------------------------------------------------
Fiscal Year Ended September 30, 2001
----------------------------------------------------------
First Second Third Fourth Fiscal
Quarter Quarter Quarter Quarter Year
----------------------------------------------------------------------
Operating
revenue $8,083,535 $8,467,976 $8,995,115 $9,052,684 $34,599,310
==========================================================
Gross
profit $442,249 $480,035 $475,810 $482,647 $1,880,741
Distribution,
selling and
administrative
(2) 293,608 303,730 295,462 304,703 1,197,503
Depreciation 13,891 14,337 14,296 14,641 57,165
Amortization
(3) 1,553 1,140 1,270 1,427 5,390
---------------------------------------------------------
Operating
income $133,197 $160,828 $164,782 $161,876 $620,683
=========================================================
Gross profit
to operating
revenue 5.47% 5.67% 5.29% 5.33% 5.44%
Operating
expenses to
operating
revenue 3.82% 3.77% 3.46% 3.54% 3.64%
Operating
income
to operating
revenue 1.65% 1.90% 1.83% 1.79% 1.79%
(1) Represents the combination of AmeriSource Health Corporation's and
Bergen Brunswig Corporation's previously reported financial
information. (See discussion under Pro Forma Information Appendix
- A(1)).
(2) Excludes special items in the third and fourth quarters related to
the merger and enviromental remediation.
(3) Excludes amortization of goodwill.
Appendix - A(3)
AmerisourceBergen - Pharmaceutical Distribution
Pro forma combined condensed financial information (1)
(dollars in thousands)
----------------------------------------------------------------------
Fiscal Year Ended September 30, 2001
--------------------------------------------------------
First Second Third Fourth Fiscal Year
Quarter Quarter Quarter Quarter
----------------------------------------------------------------------
Operating
revenue $7,929,966 $8,335,337 $8,835,163 $8,885,145 $33,985,611
========================================================
Gross profit $322,096 $358,294 $358,619 $365,948 $1,404,957
Distribution,
selling and
administrative
(2), (3) 195,464 202,915 200,042 211,501 809,922
Depreciation 9,426 9,962 9,916 10,278 39,582
Amortization (4) 1,116 703 835 972 3,626
--------------------------------------------------------
Operating
income $116,090 $144,714 $147,826 $143,197 $551,827
========================================================
Gross profit to
operating
revenue 4.06% 4.30% 4.06% 4.12% 4.13%
Operating
expenses to
operating
revenue 2.60% 2.56% 2.39% 2.51% 2.51%
Operating
income to
operating
revenue 1.46% 1.74% 1.67% 1.61% 1.62%
(1) Represents the combination of AmeriSource Health Corporation's and
Bergen Brunswig Corporation's previously reported financial
information. (See discussion under Pro Forma Information Appendix
- A(1)).
(2) Excludes special items in the third and fourth quarters related to
the merger and enviromental remediation.
(3) Expenses previously reported in the Corporate segment for Bergen
Brunswig Corporation have been fully allocated to the
Pharmaceutical Distribution and PharMerica segments for
comparative purposes within this schedule.
(4) Excludes amortization of goodwill.
Appendix - A(4)
AmerisourceBergen - PharMerica
Pro forma combined condensed financial information (1)
(dollars in thousands)
----------------------------------------------------------------------
Fiscal Year Ended September 30, 2001
--------------------------------------------------------
First Second Third Fourth Fiscal Year
Quarter Quarter Quarter Quarter
----------------------------------------------------------------------
Operating
revenue $335,166 $339,924 $336,783 $338,135 $1,350,008
========================================================
Gross profit $120,153 $121,741 $117,191 $116,699 $475,784
Distribution,
selling and
administrative
(2), (3) 98,144 100,815 95,420 93,202 387,581
Depreciation 4,465 4,375 4,380 4,363 17,583
Amortization (4) 437 437 435 455 1,764
--------------------------------------------------------
Operating
income $17,107 $16,114 $16,956 $18,679 $68,856
========================================================
Gross profit
to operating
revenue 35.85% 35.81% 34.80% 34.51% 35.24%
Operating
expenses to
operating
revenue 30.74% 31.07% 29.76% 28.99% 30.14%
Operating
income to
operating
revenue 5.10% 4.74% 5.03% 5.52% 5.10%
(1) Represents the combination of AmeriSource Health Corporation's and
Bergen Brunswig Corporation's previously reported financial
information. (See discussion under Pro Forma Information Appendix
- A(1)).
(2) Excludes special items in the third and fourth quarters related to
the merger and enviromental remediation.
(3) Expenses previously reported in the Corporate segment for Bergen
Brunswig Corporation have been fully allocated to the
Pharmaceutical Distribution and PharMerica segments for
comparative purposes within this schedule.
(4) Excludes amortization of goodwill.
Appendix - A(5)
AmerisourceBergen - Intersegment Eliminations
Pro forma combined condensed financial information (1)
(dollars in thousands)
----------------------------------------------------------------------
Fiscal Year Ended September 30, 2001
--------------------------------------------------------
First Second Third Fourth Fiscal Year
Quarter Quarter Quarter Quarter
----------------------------------------------------------------------
Operating
revenue ($181,597) ($207,285) ($176,831) ($170,596) ($736,309)
========================================================
Gross profit $0 $0 $0 $0 $0
Distribution,
selling and
administrative -- -- -- -- --
Depreciation -- -- -- -- --
Amortization -- -- -- -- --
--------------------------------------------------------
Operating
income $0 $0 $0 $0 $0
========================================================
(1) Represents the combination of AmeriSource Health Corporation's and
Bergen Brunswig Corporation's previously reported financial
information. (See discussion under Pro Forma Information Appendix
- A(1)).
CONTACT: AmerisourceBergen
Michael N. Kilpatric, 610/727-7118
mkilpatric@amerisource.com