Company Now Expects Full Fiscal Year Diluted EPS in the Range of
$2.80-$2.84
VALLEY FORGE, Pa.--(BUSINESS WIRE)--Jul. 26, 2012--
AmerisourceBergen Corporation (NYSE:ABC) today reported that in its
fiscal year third quarter ended June 30, 2012, diluted earnings per
share were $0.71, an 8 percent increase over the prior year quarter.
Revenue in the quarter was $19.8 billion, down 1.9 percent. The Company
also narrowed the range of its expectations for the full fiscal year
2012 diluted earnings per share to $2.80 to $2.84 from its previous
range of $2.74 to $2.84. All the results are presented in accordance
with U.S. generally accepted accounting principles (GAAP).
Fiscal Third Quarter Highlights
-
Revenue of $19.8 billion, down 1.9 percent.
-
Diluted earnings per share of $0.71, a 7.6 percent increase.
-
Gross margin of 3.49 percent, up 25 basis points.
-
Operating margin of 1.59 percent, up 2 basis points.
-
Share repurchases of $186 million.
Fiscal First Nine Months Highlights
-
Revenue of $60.2 billion, up 0.7 percent.
-
Diluted earnings per share of $2.13, a 6.5 percent increase.
-
Gross margin of 3.28 percent, a 7 basis point increase.
-
Operating margin of 1.61 percent, a 1 basis point increase.
-
Cash flow from operations of $760 million.
-
Share repurchases of $514 million.
“In our June quarter, AmerisourceBergen delivered solid performance
across all of its business units, and overcame a difficult comparison to
the same quarter last year,” said Steven H. Collis, AmerisourceBergen
President and Chief Executive Officer. “The results for both the quarter
and year-to-date continue to demonstrate the value of our two primary
growth drivers – generics and specialty pharmaceuticals. In addition,
our demonstrated discipline in expense and working capital management
continues to strengthen our operations and our balance sheet, and we
continue to have tremendous financial flexibility. We have made
outstanding progress in the integration of the acquisitions we have made
this year, and we are more convinced than ever that they will make
significant contributions to our growth in the years ahead.”
Results Highlights
-
Revenue: Revenue was $19.8 billion in the
third quarter of fiscal 2012, a 1.9 percent decrease over the same
quarter in the previous fiscal year, driven by a 5 percent decrease in
AmerisourceBergen Drug Corporation (ABDC) revenue and partially offset
by an 8 percent increase in AmerisourceBergen Specialty Group (ABSG)
revenue. Recent acquisitions, including TheraCom and World Courier
Group, Inc. (World Courier), contributed 1.5 percent of revenue growth
in the quarter.
-
Gross Profit: Gross profit in the fiscal
2012 third quarter was $689.2 million, a 5.4 percent increase over the
year-ago same period, driven by contributions from our recent
acquisitions and solid performance in generic pharmaceuticals, which
were offset in part by a reduced contribution from specialty generics
compared to the same period in the prior year. Gross profit as a
percentage of revenue increased 25 basis points to 3.49 percent over
the same period in the previous year. The LIFO charge in the fiscal
2012 third quarter was $4.7 million, compared with an $11.4 million
charge in the previous year’s third quarter.
-
Operating Expenses: For the third quarter
of fiscal 2012, operating expenses were $375.5 million compared with
$336.4 million in the prior fiscal year’s third quarter, an 11.6
percent increase. The increase in operating expenses was due to the
operating expenses of our recently acquired companies,
acquisition-related transaction costs, and increased depreciation and
amortization costs, all of which were partially offset by a
significant improvement in distribution, selling, and administrative
expenses. In the fiscal third quarter of 2012, operating expenses as a
percentage of revenue were 1.90 percent, up 23 basis points from the
same period in the previous fiscal year.
-
Operating Income: In the fiscal 2012
third quarter, operating income decreased 1.1 percent to $313.7
million, due to acquisition-related transaction costs and a reduced
contribution from specialty generics in comparison with the same
period in the prior year. Operating income as a percentage of revenue
increased 2 basis points to 1.59 percent in the period compared with
the previous year’s third quarter.
-
Tax Rate: The effective tax rate for the
third quarter of fiscal 2012 was 38.3 percent, compared to 38.2
percent in the previous fiscal year’s third quarter.
-
Earnings Per Share: Diluted earnings per
share were up 7.6 percent to $0.71 in the third quarter of fiscal 2012
compared to $0.66 in the previous fiscal year’s third quarter. While
net income decreased 1.7 percent, earnings per share growth was
achieved due to the 8.3 percent reduction in diluted average shares
outstanding.
-
Shares Outstanding: Diluted average
shares outstanding for the third quarter of fiscal year 2012 were
255.7 million, down 23.3 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
In connection with the acquisition of World Courier during the third
quarter of fiscal 2012, we concluded that World Courier, a separate
operating segment, does not meet the criteria to be aggregated with our
ABDC, ABSG, or AmerisourceBergen Consulting Services (ABCS) operating
segments due to the nature of World Courier’s operations and its
different revenue growth rates and operating income margins. As a result
and beginning with this reporting period, we will report the results of
our ABDC and ABSG operating segments in the Pharmaceutical Distribution
reportable segment. The results of operations of our World Courier and
ABCS operating segments are not significant enough to require separate
reportable segment disclosure, and therefore have been included in
“Other” for the purpose of our reportable segment presentation. All
historical segment information provided in this release has been
retroactively adjusted to conform to our current presentation.
Pharmaceutical Distribution Segment
In the third fiscal quarter of 2012, Pharmaceutical Distribution
revenues were $19.4 billion, a decrease of 3 percent compared to the
same quarter in the prior year. ABDC revenues declined 5 percent, due
primarily to a decline in the volume of sales to our largest customer,
the anniversary of a significant customer win during last year’s third
quarter, and the previously announced loss of a large retail customer.
ABSG revenues increased 8 percent, which was driven by strong
performance in third party logistics and in our vaccine and physician
office distribution business.
Operating income of $295.3 million in the June quarter of 2012 decreased
3 percent compared to the same period in the previous year due to a
decline in contributions from specialty generics, the decline in
revenues, and competitive pricing pressure, which were offset in part by
strong contributions from generic conversions in ABDC and expense
management.
Other Segment
Revenues in the Other segment were $453.7 million in the third quarter
of fiscal 2012, including significant contributions from acquisitions,
which were not included in the same quarter in the previous year. Gross
profit and expenses also increased significantly compared to the prior
year due to the inclusion of operating results from acquisitions
completed during fiscal 2012. Operating income increased significantly
to $23.2 million in the third quarter of 2012, with the majority of the
increase provided by acquisitions. TheraCom and World Courier, our two
largest acquisitions in fiscal 2012, each performed well in the quarter,
and the legacy Consulting Services business had solid performance as
well.
Fiscal Year 2012 Expectations
“Looking ahead, the Company now expects diluted earnings per share in
fiscal year 2012 to be in the range of $2.80 to $2.84,” said Steven H.
Collis, AmerisourceBergen President and Chief Executive Officer. “We
continue to expect flat to modest revenue growth and operating margin
growth in the high single-digit basis points range. We also continue to
expect free cash flow to be in the range of $800 million to $900
million, which includes capital expenditures in the $200 million range.”
Preliminary Comments on Fiscal 2013
“Looking further ahead, we continue to expect that new generic launches
in both ABDC and ABSG as well as contributions from our recent
acquisitions will help drive growth next fiscal year. Customer
consolidation and competitive market dynamics are expected to offset
some of that growth. As always, we will continue to be very disciplined
on expenses and working capital management, and we have tremendous
financial flexibility. While we are still working through our business
planning process for fiscal 2013, and we continue to respond to the
request for proposal from Express Scripts, Inc. for its recently
combined business, our preliminary expectation is for high single digit
to low double digit diluted earnings per share growth in fiscal 2013.”
Conference Call
The Company will host a conference call to discuss the results at 11:00
a.m. Eastern Time on July 26, 2012.
Participating in the conference call will be:
Steven H. Collis, President & Chief Executive Officer
Tim G.
Guttman, Senior Vice President & Chief Financial Officer
The dial-in number for the live call will be (612) 332-0226. No access
code is required.
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 253858.
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 niche
premium logistics and pharmaceutical packaging to reimbursement and
pharmaceutical consulting services. With more than $80 billion in annual
revenue, AmerisourceBergen is headquartered in Valley Forge, PA, and
employs approximately 13,000 people. AmerisourceBergen is ranked #29 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; 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 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 continue 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 operations as intended 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 outside of the United States;
changes and/or potential changes in Canadian provincial legislation
affecting pharmaceutical product pricing or service fees or regulatory
action by provincial authorities in Canada to lower pharmaceutical
product pricing and service fees; the impact of divestitures or the
acquisition of businesses that do not perform as we expect or that are
difficult for us to integrate or control; our inability to successfully
complete any other transaction that we may wish to pursue from time to
time; changes in tax laws or legislative initiatives that could
adversely affect our tax positions and/or our tax liabilities 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 the
fiscal year ended September 30, 2011 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
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
% of
|
|
June 30,
|
|
% of
|
|
%
|
|
|
|
|
|
2012
|
|
Revenue
|
|
2011
|
|
Revenue
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$19,769,384
|
|
|
100.00
|
%
|
|
$20,161,022
|
|
100.00
|
%
|
|
-1.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
19,080,234
|
|
|
|
|
19,507,441
|
|
|
|
-2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
689,150
|
|
|
3.49
|
%
|
|
653,581
|
|
3.24
|
%
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution, selling and administrative
|
|
332,307
|
|
|
1.68
|
%
|
|
308,806
|
|
1.53
|
%
|
|
7.6
|
%
|
|
Depreciation and amortization
|
|
38,304
|
|
|
0.19
|
%
|
|
27,616
|
|
0.14
|
%
|
|
38.7
|
%
|
|
Employee severance, litigation and other (1)
|
|
4,844
|
|
|
0.02
|
%
|
|
-
|
|
-
|
%
|
|
|
Total operating expenses
|
|
375,455
|
|
|
1.90
|
%
|
|
336,422
|
|
1.67
|
%
|
|
11.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
313,695
|
|
|
1.59
|
%
|
|
317,159
|
|
1.57
|
%
|
|
-1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) loss
|
|
|
(4,785
|
)
|
|
-0.02
|
%
|
|
62
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
24,686
|
|
|
0.12
|
%
|
|
18,605
|
|
0.09
|
%
|
|
32.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
293,794
|
|
|
1.49
|
%
|
|
298,492
|
|
1.48
|
%
|
|
-1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
112,523
|
|
|
0.57
|
%
|
|
114,073
|
|
0.57
|
%
|
|
-1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$181,271
|
|
|
0.92
|
%
|
|
$184,419
|
|
0.91
|
%
|
|
-1.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$0.72
|
|
|
|
|
$0.67
|
|
|
|
7.5
|
%
|
|
Diluted
|
|
|
|
$0.71
|
|
|
|
|
$0.66
|
|
|
|
7.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
252,116
|
|
|
|
|
273,492
|
|
|
|
|
|
Diluted (2)
|
|
|
|
255,725
|
|
|
|
|
279,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes $0.7 million of employee severance costs and $4.1
million of acquisition costs related to business combinations.
|
|
(2) Includes the dilutive effect of stock options, restricted stock,
and restricted stock units.
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
FINANCIAL SUMMARY
|
(In thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
|
|
|
|
Nine
|
|
|
|
|
|
|
|
|
|
Months Ended
|
|
|
|
Months Ended
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
% of
|
|
June 30,
|
|
% of
|
|
%
|
|
|
|
|
|
2012
|
|
Revenue
|
|
2011
|
|
Revenue
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$60,201,300
|
|
|
100.00
|
%
|
|
$59,809,888
|
|
|
100.00
|
%
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
58,223,932
|
|
|
|
|
57,888,739
|
|
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
1,977,368
|
|
|
3.28
|
%
|
|
1,921,149
|
|
|
3.21
|
%
|
|
2.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution, selling and administrative
|
|
890,810
|
|
|
1.48
|
%
|
|
882,971
|
|
|
1.48
|
%
|
|
0.9
|
%
|
|
Depreciation and amortization
|
|
102,418
|
|
|
0.17
|
%
|
|
79,004
|
|
|
0.13
|
%
|
|
29.6
|
%
|
|
Employee severance, litigation and other (1)
|
|
17,430
|
|
|
0.03
|
%
|
|
-
|
|
|
-
|
%
|
|
|
Total operating expenses
|
|
|
1,010,658
|
|
|
1.68
|
%
|
|
961,975
|
|
|
1.61
|
%
|
|
5.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
966,710
|
|
|
1.61
|
%
|
|
959,174
|
|
|
1.60
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
(4,917
|
)
|
|
-0.01
|
%
|
|
(1,747
|
)
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
71,183
|
|
|
0.12
|
%
|
|
56,805
|
|
|
0.09
|
%
|
|
25.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
900,444
|
|
|
1.50
|
%
|
|
904,116
|
|
|
1.51
|
%
|
|
-0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
344,952
|
|
|
0.57
|
%
|
|
344,816
|
|
|
0.58
|
%
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$555,492
|
|
|
0.92
|
%
|
|
$559,300
|
|
|
0.94
|
%
|
|
-0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$2.17
|
|
|
|
|
$2.04
|
|
|
|
|
6.4
|
%
|
|
Diluted
|
|
|
|
$2.13
|
|
|
|
|
$2.00
|
|
|
|
|
6.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
256,260
|
|
|
|
|
274,484
|
|
|
|
|
|
|
Diluted (2)
|
|
|
|
260,404
|
|
|
|
|
279,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes $6.8 million of employee severance costs and $10.6
million of acquisition costs related to business combinations.
|
|
(2) Includes the dilutive effect of stock options, restricted stock,
and restricted stock units.
|
|
|
AMERISOURCEBERGEN CORPORATION
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
September 30,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$1,655,748
|
|
$1,825,990
|
|
Accounts receivable, net
|
|
|
|
|
3,943,347
|
|
3,837,203
|
|
Merchandise inventories
|
|
|
|
|
5,447,126
|
|
5,466,534
|
|
Prepaid expenses and other
|
|
|
|
124,201
|
|
87,896
|
|
Total current assets
|
|
|
|
11,170,422
|
|
11,217,623
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
865,046
|
|
772,916
|
Other long-term assets
|
|
|
|
|
3,712,124
|
|
2,992,132
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
$15,747,592
|
|
$14,982,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$9,170,863
|
|
$9,202,115
|
|
Current portion of long-term debt
|
|
|
|
392,246
|
|
392,089
|
|
Other current liabilities
|
|
|
|
|
1,388,254
|
|
1,260,916
|
|
Total current liabilities
|
|
|
|
10,951,363
|
|
10,855,120
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
|
1,483,726
|
|
972,863
|
|
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
|
|
382,788
|
|
287,830
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
2,929,715
|
|
2,866,858
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$15,747,592
|
|
$14,982,671
|
|
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Nine
|
|
Nine
|
|
|
Months Ended
|
|
Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2012
|
|
2011
|
|
|
|
|
|
Operating Activities:
|
|
|
|
|
Net income
|
|
$555,492
|
|
|
$559,300
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
provided by operating activities
|
|
193,083
|
|
|
268,163
|
|
Changes in operating assets and liabilities
|
|
11,480
|
|
|
(19,618
|
)
|
Net cash provided by operating activities
|
|
760,055
|
|
|
807,845
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
Capital expenditures
|
|
(127,603
|
)
|
|
(127,473
|
)
|
Cost of acquired companies, net of cash acquired
|
|
(778,755
|
)
|
|
-
|
|
Other
|
|
33
|
|
|
876
|
|
Net cash used in investing activities
|
|
(906,325
|
)
|
|
(126,597
|
)
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
Net borrowings
|
|
509,803
|
|
|
17,201
|
|
Purchases of common stock
|
|
(514,258
|
)
|
|
(400,253
|
)
|
Exercises of stock options
|
|
91,092
|
|
|
138,130
|
|
Cash dividends on common stock
|
|
(100,081
|
)
|
|
(86,920
|
)
|
Debt issuance costs and other
|
|
(10,528
|
)
|
|
(7,135
|
)
|
Net cash used in financing activities
|
|
(23,972
|
)
|
|
(338,977
|
)
|
|
|
|
|
|
(Decrease) increase in cash and cash equivalents
|
|
(170,242
|
)
|
|
342,271
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
1,825,990
|
|
|
1,658,182
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$1,655,748
|
|
|
$2,000,453
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
SUMMARY SEGMENT INFORMATION
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
Revenue
|
|
2012
|
|
2011
|
|
% Change
|
|
|
|
|
|
|
|
Pharmaceutical Distribution
|
|
$19,372,722
|
|
|
$20,036,062
|
|
|
-3
|
%
|
Other (1)
|
|
453,701
|
|
|
140,100
|
|
|
224
|
%
|
Intersegment eliminations
|
|
(57,039
|
)
|
|
(15,140
|
)
|
|
277
|
%
|
|
|
|
|
|
|
|
Revenue
|
|
$19,769,384
|
|
|
$20,161,022
|
|
|
-2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
Operating Income
|
|
2012
|
|
2011
|
|
% Change
|
|
|
|
|
|
|
|
Pharmaceutical Distribution
|
|
$295,296
|
|
|
$304,877
|
|
|
-3
|
%
|
Other (1)
|
|
23,243
|
|
|
12,282
|
|
|
89
|
%
|
Employee severance, litigation and other
|
|
(4,844
|
)
|
|
-
|
|
|
N/M
|
|
|
|
|
|
|
|
|
Operating income
|
|
$313,695
|
|
|
$317,159
|
|
|
-1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceutical Distribution
|
|
|
|
|
|
|
Gross profit
|
|
3.06
|
%
|
|
3.08
|
%
|
|
|
Operating expenses
|
|
1.53
|
%
|
|
1.56
|
%
|
|
|
Operating income
|
|
1.52
|
%
|
|
1.52
|
%
|
|
|
|
|
|
|
|
|
|
Other (1)
|
|
|
|
|
|
|
Gross profit
|
|
21.30
|
%
|
|
25.65
|
%
|
|
|
Operating expenses
|
|
16.18
|
%
|
|
16.88
|
%
|
|
|
Operating income
|
|
5.12
|
%
|
|
8.77
|
%
|
|
|
|
|
|
|
|
|
|
AmerisourceBergen Corporation
|
|
|
|
|
|
|
Gross profit
|
|
3.49
|
%
|
|
3.24
|
%
|
|
|
Operating expenses
|
|
1.90
|
%
|
|
1.67
|
%
|
|
|
Operating income
|
|
1.59
|
%
|
|
1.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Other reportable segment in fiscal 2012 is comprised of the
AmerisourceBergen Consulting Services ("ABCS") operating segment and
the World Courier Group, Inc. operating segment. The Other
reportable segment in fiscal 2011 is comprised solely of the ABCS
operating segment.
|
|
AMERISOURCEBERGEN CORPORATION
|
SUMMARY SEGMENT INFORMATION
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30,
|
Revenue
|
|
2012
|
|
2011
|
|
% Change
|
|
|
|
|
|
|
|
Pharmaceutical Distribution
|
|
$59,263,983
|
|
|
$59,466,510
|
|
|
-
|
%
|
Other (1)
|
|
1,069,457
|
|
|
383,018
|
|
|
179
|
%
|
Intersegment eliminations
|
|
(132,140
|
)
|
|
(39,640
|
)
|
|
233
|
%
|
|
|
|
|
|
|
|
Revenue
|
|
$60,201,300
|
|
|
$59,809,888
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30,
|
Operating Income
|
|
2012
|
|
2011
|
|
% Change
|
|
|
|
|
|
|
|
Pharmaceutical Distribution
|
|
$921,704
|
|
|
$919,920
|
|
|
-
|
%
|
Other (1)
|
|
62,436
|
|
|
39,254
|
|
|
59
|
%
|
Employee severance, litigation and other
|
|
(17,430
|
)
|
|
-
|
|
|
N/M
|
|
|
|
|
|
|
|
|
Operating income
|
|
$966,710
|
|
|
$959,174
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceutical Distribution
|
|
|
|
|
|
|
Gross profit
|
|
3.00
|
%
|
|
3.05
|
%
|
|
|
Operating expenses
|
|
1.45
|
%
|
|
1.51
|
%
|
|
|
Operating income
|
|
1.56
|
%
|
|
1.55
|
%
|
|
|
|
|
|
|
|
|
|
Other (1)
|
|
|
|
|
|
|
Gross profit
|
|
18.40
|
%
|
|
27.45
|
%
|
|
|
Operating expenses
|
|
12.56
|
%
|
|
17.20
|
%
|
|
|
Operating income
|
|
5.84
|
%
|
|
10.25
|
%
|
|
|
|
|
|
|
|
|
|
AmerisourceBergen Corporation
|
|
|
|
|
|
|
Gross profit
|
|
3.28
|
%
|
|
3.21
|
%
|
|
|
Operating expenses
|
|
1.68
|
%
|
|
1.61
|
%
|
|
|
Operating income
|
|
1.61
|
%
|
|
1.60
|
%
|
|
|
(1) The Other reportable segment in fiscal 2012 is comprised of the
AmerisourceBergen Consulting Services ("ABCS") operating segment and
the World Courier Group, Inc. operating segment. The Other
reportable segment in fiscal 2011 is comprised solely of the ABCS
operating segment.
|
Source: AmerisourceBergen Corporation
AmerisourceBergen Corporation
Barbara Brungess,
610-727-7199
bbrungess@amerisourcebergen.com