FY2011 diluted EPS expected to be in the range of $2.31 to $2.41
VALLEY FORGE, Pa., Nov 02, 2010 (BUSINESS WIRE) --
AmerisourceBergen Corporation (NYSE:ABC) today reported that in its
fiscal year 2010 fourth quarter ended September 30, 2010, diluted
earnings per share increased 13.6 percent to $0.50, and revenue
increased 5.3 percent to a record $19.7 billion. The Company expects
diluted earnings per share for fiscal year 2011 to be in the range of
$2.31 to $2.41, a 7 percent to 12 percent increase over $2.16 per share,
which represents the $2.22 diluted earnings per share achieved in fiscal
year 2010 less litigation gains. All results are presented in accordance
with U.S. generally accepted accounting principles (GAAP).
Fiscal Fourth Quarter Highlights
-
Record revenue of $19.7 billion, up 5.3 percent.
-
Diluted earnings per share of $0.50, a 13.6 percent increase.
-
Gross profit of $592.8 million, up 10.1 percent.
-
Operating income of $248.2 million, up 10.5 percent.
-
Operating margin of 1.26 percent, up 6 basis points.
-
Share repurchases of $120.1 million.
Fiscal Year 2010 Highlights
-
Record revenue of $78.0 billion, up 8.6 percent.
-
Record diluted earnings per share from continuing operations of $2.22,
which includes a net after tax benefit of $15.5 million from
litigation gains, a 31.4 percent increase.
-
Gross profit of $2.4 billion, up 12.2 percent.
-
Operating expense ratio of 1.61 percent, down 8 basis points.
-
Record operating income of $1.1 billion, up 24.9 percent.
-
Operating margin of 1.42 percent, up 19 basis points.
-
Cash flow from operations of $1.1 billion, up 41.4 percent.
-
Share repurchases of $470.4 million, above expectations.
"Our outstanding results in both the September quarter and our fiscal
year 2010 were driven by strong revenue growth, and excellent
performance in the two key growth drivers for our business--generic
pharmaceuticals and specialty distribution and services," said R. David
Yost, AmerisourceBergen's President and Chief Executive Officer. "Even
without generic introductions, our extraordinary results this year would
have been solid, demonstrating the power of our business model. This is
the fifth consecutive year we have expanded our pharmaceutical
distribution operating margin, reflecting our operating leverage, cost
control initiatives, and attractive customer and product mix. We
continue to generate excellent cash flow, and our balance sheet remains
strong. We have great financial flexibility."
"We have solid positive momentum going into the new fiscal year," he
continued. "While we do not expect to achieve the same level of
extraordinary earnings per share growth in fiscal year 2011 that we
achieved in 2010, we do expect that contributions from generics,
including new introductions; our strong offerings in specialty
distribution and services; and our focus on efficiency and productivity
will continue to drive solid results for years to come."
Summary of Quarterly Results
- Revenue: In the fourth quarter of fiscal
2010, revenue was a record $19.7 billion, up 5.3 percent compared to
the same quarter in the previous fiscal year, reflecting a 6.0 percent
increase in AmerisourceBergen Drug Corporation revenue, which was
driven by the above market growth of certain of our largest customers
and 4.2 percent growth in AmerisourceBergen Specialty Group.
- Gross Profit: Gross profit in the fiscal
2010 fourth quarter was $592.8 million, a 10.1 percent increase over
the same period in the previous year driven by revenue growth, strong
generic drug sales and solid performance under fee-for-service
contracts with manufacturers. Gross profit in the fiscal 2010 fourth
quarter also included a LIFO charge of $0.4 million compared with a
$5.7 million credit in the previous year's fourth quarter.
- Operating Expenses: In the fourth quarter
of fiscal 2010, operating expenses were $344.7 million, up 9.8 percent
over the same period in the last fiscal year reflecting an expected
increase in information technology expenses, increases in incentive
compensation, and a write-off of capitalized software costs of
approximately $7 million. Operating expenses as a percentage of
revenue in the fiscal 2010 fourth quarter were 1.75 percent compared
with 1.68 percent in the same period in the previous fiscal year.
- Operating Income: In the fiscal 2010
fourth quarter, operating income increased 10.5 percent to $248.2
million, due to the increase in gross profit. Operating income as a
percentage of revenue increased 6 basis points to 1.26 percent in the
fiscal 2010 fourth quarter compared with the previous year's fourth
quarter.
- Tax Rate: The effective tax rate for the
fourth quarter of fiscal 2010 was 38.0 percent, up slightly from 37.9
percent in the previous fiscal year's fourth quarter.
- Earnings Per Share: Diluted earnings per
share were up 13.6 percent to $0.50 in the fourth quarter of fiscal
2010 compared to $0.44 in the previous fiscal year's fourth quarter,
reflecting the 10.5 percent growth in operating income and the
reduction in diluted average shares outstanding.
- Shares Outstanding: Diluted average
shares outstanding for the fourth quarter of fiscal year 2010 were
283.8 million, down 4.0 percent from the previous fiscal year's fourth
quarter due primarily to share repurchases, net of option exercises.
Summary of Fiscal Year 2010
-
In fiscal year 2010, diluted earnings per share were a record $2.22,
including $0.05 in litigation gains, up 31.4 percent over the prior
fiscal year earnings per share from continuing operations. Record
revenue of $78.0 billion increased 8.6 percent over the last fiscal
year. Operating income rose 24.9 percent to a record $1.1 billion in
fiscal 2010, driven by revenue growth, gross margin expansion and
operating expense leverage. Operating income margin increased 19 basis
points to 1.42 percent. Diluted average shares outstanding in fiscal
2010 were 287.2 million, down 5.1 percent from the year-ago same
period.
Fiscal Year 2011 Expectations
"Looking ahead, the Company expects diluted earnings per share in fiscal
year 2011 to be in the range of $2.31 to $2.41, a 7 percent to 12
percent increase over a base of $2.16, which represents the diluted
earnings per share achieved in fiscal year 2010 less the contribution
from litigation gains," said R. David Yost, AmerisourceBergen President
and Chief Executive Officer. "Key assumptions supporting the increased
diluted earnings per share range for fiscal year 2011 are: revenue
growth of between 2 percent and 4 percent; operating margin growth in
the low to mid single-digit basis points range; and free cash flow in
the range of $625 million to $700 million, which includes capital
expenditures in the $150 million range. Subject to market conditions, we
expect to spend approximately $400 million to repurchase our common
shares in fiscal year 2011."
Conference Call
The Company will host a conference call to discuss its results at 11:00
a.m. Eastern Time on November 2, 2010. Participating in the conference
call will be: R. David Yost, President and Chief Executive Officer and
Michael D. DiCandilo, Executive Vice President and Chief Financial
Officer.
To access the live conference call via telephone:
Dial in: 210-234-0010, the access code is "ABC".
To access the live webcast:
Go to the Quarterly Webcasts section on the Investor Relations page at http://www.amerisourcebergen.com.
A replay of the telephone call will be available from 2:00 p.m. November
2, 2010 until 11:59 p.m. November 9, 2010. The webcast replay will be
available for 30 days.
To access the replay via telephone:
Dial in:
|
|
866-469-7804 from within the U.S., no access code required.
|
|
|
203-369-1472 from outside the U.S., no access code required.
|
To access the archived webcast:
Go to the Quarterly Webcasts section on the Investor Relations page at http://www.amerisourcebergen.com.
About AmerisourceBergen
AmerisourceBergen is one of the world's largest pharmaceutical services
companies serving the United States, Canada and selected global markets.
Servicing both healthcare providers and pharmaceutical manufacturers in
the pharmaceutical supply channel, the Company provides drug
distribution and related services designed to reduce costs and improve
patient outcomes. AmerisourceBergen's service solutions range from
pharmacy automation and pharmaceutical packaging to reimbursement and
pharmaceutical consulting services. With $78 billion in annual revenue,
AmerisourceBergen is headquartered in Valley Forge, PA, and employs
approximately 10,000 people. AmerisourceBergen is ranked #24 on the
Fortune 500 list. For more information, go to www.amerisourcebergen.com.
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. These statements are based on management's current expectations
and are subject to uncertainty and change in circumstances. 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; quitam litigation for alleged violations of
fraud and abuse laws and regulations and/or any other laws and
regulations governing the marketing, sale and purchase of pharmaceutical
products or any related litigation, including shareholder derivative
lawsuits; changes in U.S. legislation or regulatory action affecting
pharmaceutical product pricing or reimbursement policies, including
under Medicaid and Medicare; changes in regulatory or clinical medical
guidelines and/or labeling for the pharmaceutical products we
distribute, including certain anemia products; price inflation in
branded pharmaceuticals and price deflation in generics; greater or less
than anticipated benefit from launches of the generic versions of
previously patented pharmaceutical products; significant breakdown or
interruption of our information technology systems; our inability to
implement an enterprise resource planning (ERP) system to handle
business and financial processes and transactions (including processes
and transactions relating to our customers and suppliers) of
AmerisourceBergen Drug Corporation and our corporate operations without
functional problems, unanticipated delays and/or cost overruns; success
of integration, restructuring or systems initiatives; interest rate and
foreign currency exchange rate fluctuations; economic, business,
competitive and/or regulatory developments in Canada, the United Kingdom
and elsewhere outside of the United States, including potential changes
in Canadian provincial legislation affecting pharmaceutical product
pricing, dispensing or service fees and/or regulatory action by
provincial authorities in Canada to lower pharmaceutical product
pricing, dispensing or service fees; the impact of divestitures or the
acquisition of businesses that do not perform as we expect, are
difficult for us to integrate into our business operations or do not
adhere to our system of internal controls; our inability to successfully
complete any other transaction that we may wish to pursue from time to
time; changes in tax legislation or adverse resolution of challenges to
our tax positions; increased costs of maintaining, or reductions in our
ability to maintain, adequate liquidity and financing sources;
volatility and deterioration of the capital and credit markets; and
other economic, business, competitive, legal, tax, regulatory and/or
operational factors affecting our business generally. Certain additional
factors that management believes could cause actual outcomes and results
to differ materially from those described in forward-looking statements
are set forth (i) in Item 1A (Risk Factors) in the Company's Annual
Report on Form 10-K for this Fiscal Year Ended September 30, 2009 and
elsewhere in that report and (ii) in other reports filed by the Company
pursuant to the Securities Exchange Act of 1934.
|
AMERISOURCEBERGEN CORPORATION
|
FINANCIAL SUMMARY
|
(In thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
|
|
|
|
Three
|
|
|
|
|
|
|
|
|
|
Months Ended
|
|
|
|
Months Ended
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
% of
|
|
September 30,
|
|
% of
|
|
%
|
|
|
|
|
|
2010
|
|
Revenue
|
|
2009
|
|
Revenue
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$19,715,373
|
|
100.00
|
%
|
|
$18,716,063
|
|
|
100.00
|
%
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
19,122,539
|
|
|
|
18,177,530
|
|
|
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
592,834
|
|
3.01
|
%
|
|
538,533
|
|
|
2.88
|
%
|
|
10.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution, selling and administrative
|
|
318,810
|
|
1.62
|
%
|
|
291,571
|
|
|
1.56
|
%
|
|
9.3
|
%
|
|
Depreciation and amortization
|
|
23,352
|
|
0.12
|
%
|
|
20,876
|
|
|
0.11
|
%
|
|
11.9
|
%
|
|
Facility consolidations, employee severance and other
|
|
-
|
|
-
|
%
|
|
(98
|
)
|
|
-
|
%
|
|
|
|
Intangible asset impairments
|
|
2,500
|
|
0.01
|
%
|
|
1,572
|
|
|
0.01
|
%
|
|
|
Total operating expenses
|
|
|
344,662
|
|
1.75
|
%
|
|
313,921
|
|
|
1.68
|
%
|
|
9.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
248,172
|
|
1.26
|
%
|
|
224,612
|
|
|
1.20
|
%
|
|
10.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loss
|
|
|
|
2,339
|
|
0.01
|
%
|
|
249
|
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
18,047
|
|
0.09
|
%
|
|
14,951
|
|
|
0.08
|
%
|
|
20.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
227,786
|
|
1.16
|
%
|
|
209,412
|
|
|
1.12
|
%
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
86,558
|
|
0.44
|
%
|
|
79,265
|
|
|
0.42
|
%
|
|
9.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$141,228
|
|
0.72
|
%
|
|
$130,147
|
|
|
0.70
|
%
|
|
8.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$0.51
|
|
|
|
$0.44
|
|
|
|
|
15.9
|
%
|
|
Diluted
|
|
|
|
$0.50
|
|
|
|
$0.44
|
|
|
|
|
13.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
278,928
|
|
|
|
292,796
|
|
|
|
|
|
|
Diluted (1)
|
|
|
|
283,815
|
|
|
|
295,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes the dilutive effect of stock options, restricted stock,
and restricted stock units.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
FINANCIAL SUMMARY
|
(In thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
|
|
|
|
Fiscal
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
% of
|
|
September 30,
|
|
% of
|
|
%
|
|
|
|
|
|
2010
|
|
Revenue
|
|
2009
|
|
Revenue
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$77,953,979
|
|
|
100.00
|
%
|
|
$71,759,990
|
|
|
100.00
|
%
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
75,597,337
|
|
|
|
|
69,659,915
|
|
|
|
|
8.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (1)
|
|
|
|
2,356,642
|
|
|
3.02
|
%
|
|
2,100,075
|
|
|
2.93
|
%
|
|
12.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution, selling and administrative
|
|
1,167,828
|
|
|
1.50
|
%
|
|
1,120,240
|
|
|
1.56
|
%
|
|
4.2
|
%
|
|
Depreciation and amortization
|
|
86,461
|
|
|
0.11
|
%
|
|
78,908
|
|
|
0.11
|
%
|
|
9.6
|
%
|
|
Facility consolidations, employee severance and other (2)
|
|
(4,482
|
)
|
|
-0.01
|
%
|
|
5,406
|
|
|
0.01
|
%
|
|
|
|
Intangible asset impairments
|
|
3,200
|
|
|
-
|
%
|
|
11,772
|
|
|
0.02
|
%
|
|
|
Total operating expenses
|
|
|
1,253,007
|
|
|
1.61
|
%
|
|
1,216,326
|
|
|
1.69
|
%
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
1,103,635
|
|
|
1.42
|
%
|
|
883,749
|
|
|
1.23
|
%
|
|
24.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loss
|
|
|
|
3,372
|
|
|
-
|
%
|
|
1,368
|
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
72,494
|
|
|
0.09
|
%
|
|
58,307
|
|
|
0.08
|
%
|
|
24.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes
|
|
1,027,769
|
|
|
1.32
|
%
|
|
824,074
|
|
|
1.15
|
%
|
|
24.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
391,021
|
|
|
0.50
|
%
|
|
312,222
|
|
|
0.44
|
%
|
|
25.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
636,748
|
|
|
0.82
|
%
|
|
511,852
|
|
|
0.71
|
%
|
|
24.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of income taxes
|
|
-
|
|
|
|
|
(8,455
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$636,748
|
|
|
0.82
|
%
|
|
$503,397
|
|
|
0.70
|
%
|
|
26.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$2.26
|
|
|
|
|
$1.70
|
|
|
|
|
32.9
|
%
|
|
Discontinued operations
|
|
-
|
|
|
|
|
(0.03
|
)
|
|
|
|
|
|
Total
|
|
|
$2.26
|
|
|
|
|
$1.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$2.22
|
|
|
|
|
$1.69
|
|
|
|
|
31.4
|
%
|
|
Discontinued operations
|
|
-
|
|
|
|
|
(0.03
|
)
|
|
|
|
|
|
Total
|
|
|
|
$2.22
|
|
|
|
|
$1.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
282,258
|
|
|
|
|
300,573
|
|
|
|
|
|
|
Diluted (3)
|
|
|
|
287,246
|
|
|
|
|
302,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes a $20.7 million gain from antitrust litigation
settlements in the fiscal year ended September 30, 2010.
|
(2)
|
|
Includes the reversal of a $4.4 million legal accrual and a $2.3
million litigation charge in the fiscal years ended September 30,
2010 and 2009, respectively.
|
(3)
|
|
Includes the dilutive effect of stock options, restricted stock,
and restricted stock units.
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
|
2010
|
|
2009
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$1,658,182
|
|
$1,009,368
|
|
Accounts receivable, net
|
|
|
|
|
3,827,484
|
|
3,916,509
|
|
Merchandise inventories
|
|
|
|
|
5,210,098
|
|
4,972,820
|
|
Prepaid expenses and other
|
|
|
|
52,586
|
|
55,056
|
|
Total current assets
|
|
|
|
10,748,350
|
|
9,953,753
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
711,712
|
|
619,238
|
Other long-term assets
|
|
|
|
|
2,974,781
|
|
2,999,749
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
$14,434,843
|
|
$13,572,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$8,833,285
|
|
$8,517,162
|
|
Current portion of long-term debt
|
|
|
|
422
|
|
1,068
|
|
Other current liabilities
|
|
|
|
|
1,072,637
|
|
961,380
|
|
Total current liabilities
|
|
|
|
9,906,344
|
|
9,479,610
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
|
1,343,158
|
|
1,176,933
|
|
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
|
|
231,044
|
|
199,728
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
2,954,297
|
|
2,716,469
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$14,434,843
|
|
$13,572,740
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Fiscal
|
|
Fiscal
|
|
|
Year Ended
|
|
Year Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2010
|
|
2009
|
|
|
|
|
|
Operating Activities:
|
|
|
|
|
Net income
|
|
$636,748
|
|
|
$503,397
|
|
Loss from discontinued operations
|
|
-
|
|
|
8,455
|
|
Income from continuing operations
|
|
636,748
|
|
|
511,852
|
|
Adjustments to reconcile income from continuing operations to net
cash provided by operating activities
|
|
280,664
|
|
|
253,957
|
|
Changes in operating assets and liabilities
|
|
191,212
|
|
|
25,187
|
|
Net cash provided by operating activities - continuing operations
|
|
1,108,624
|
|
|
790,996
|
|
Net cash used in operating activities - discontinued operations
|
|
-
|
|
|
(7,233
|
)
|
Net cash provided by operating activities
|
|
1,108,624
|
|
|
783,763
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
Capital expenditures
|
|
(184,635
|
)
|
|
(145,837
|
)
|
Cost of acquired companies, net of cash acquired
|
|
-
|
|
|
(13,422
|
)
|
Proceeds from sale of PMSI
|
|
-
|
|
|
11,940
|
|
Other
|
|
264
|
|
|
108
|
|
Net cash used in investing activities - continuing operations
|
|
(184,371
|
)
|
|
(147,211
|
)
|
Net cash used in investing activities - discontinued operations
|
|
-
|
|
|
(1,138
|
)
|
Net cash used in investing activities
|
|
(184,371
|
)
|
|
(148,349
|
)
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
Net borrowings
|
|
163,039
|
|
|
(8,838
|
)
|
Purchases of common stock
|
|
(470,356
|
)
|
|
(450,350
|
)
|
Exercises of stock options
|
|
132,719
|
|
|
22,066
|
|
Cash dividends on common stock
|
|
(90,622
|
)
|
|
(62,696
|
)
|
Debt issuance costs and other
|
|
(10,219
|
)
|
|
(4,342
|
)
|
Net cash used in financing activities
|
|
(275,439
|
)
|
|
(504,160
|
)
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
648,814
|
|
|
131,254
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year
|
|
1,009,368
|
|
|
878,114
|
|
|
|
|
|
|
Cash and cash equivalents at end of year
|
|
$1,658,182
|
|
|
$1,009,368
|
|
|
|
|
|
|
SOURCE: AmerisourceBergen Corporation
AmerisourceBergen Corporation
Barbara Brungess
610-727-7199
bbrungess@amerisourcebergen.com