View all news

AmeriSource Second Quarter Earnings Increase 26%

April 29, 1999





Strong Operating Margin Expansion Drives Earnings
















www.amerisource.com

                       AMERISOURCE HEALTH CORP.
                           FINANCIAL SUMMARY
                 (In thousands, except per share data)
                              (unaudited)

                     Three                  Three
                  Months Ended   % of    Months Ended   % of
                    March 31,  Operating   March 31,  Operating    %
                      1999      Revenue      1998      Revenue  Change
                  ------------ --------- ------------ --------- ------
Revenue:
 Operating revenue  $2,167,984   100.00%   $2,192,285    100.00%  -1%
 Bulk deliveries 
  to customer 
  warehouses             7,909                 26,069
                  ------------           ------------
Total revenue        2,175,893              2,218,354

Cost of goods sold:
 Operating cost of 
  goods sold         2,056,758    94.87%    2,079,272     94.84%  -1%
          
 Cost of goods
  sold - bulk 
  deliveries             7,909                 26,069
                  ------------           ------------
          
Total cost of 
 goods sold          2,064,667              2,105,341
                  ------------           ------------

Gross profit           111,226     5.13%      113,013      5.16%  -2%


Operating expenses:
 Selling and 
  administrative        65,110     3.00%       70,687      3.22%  -8%
 Depreciation            3,500     0.16%        3,358      0.15%   4%
 Amortization              254     0.01%          361      0.02% -30%
                  ------------           ------------

Operating income        42,362     1.95%       38,607      1.76%  10%


Interest expense         9,510     0.44%       12,030      0.55% -21%
                  ------------           ------------


Income before
 taxes                  32,852     1.52%       26,577      1.21%  24%


Taxes on income         12,484     0.58%       10,367      0.47%  20%
                  ------------           ------------

Net income             $20,368     0.94%      $16,210      0.74%  26%
                  ============           ============



Earnings per 
 share:(a)
 Basic                   $0.42                  $0.34
 Assuming 
  dilution                0.41                   0.33

Weighted average
 common shares
 outstanding: (a)
 Basic                  48,587                 47,789
 Assuming 
  dilution              49,420                 48,481



                       AMERISOURCE HEALTH CORP.
                           FINANCIAL SUMMARY
                 (In thousands, except per share data)
                              (unaudited)


                      Six                    Six
                  Months Ended   % of    Months Ended   % of
                    March 31,  Operating   March 31,  Operating   %
                     1999       Revenue      1998      Revenue  Change
                  ------------ --------- ------------ --------- ------
Revenue:
 Operating 
  revenue          $4,328,888    100.00%  $4,446,845   100.00%   -3%
 Bulk deliveries 
  to customer 
  warehouses           16,671                 51,067
                  ------------           ------------
Total revenue       4,345,559               4,497,912


Cost of goods 
 sold:
 Operating cost 
  of goods sold     4,115,969     95.08%   4,228,226    95.08%   -3%
 Cost of goods 
  sold - bulk 
  deliveries           16,671                 51,067
                  ------------           ------------
Total cost of 
 goods sold         4,132,640              4,279,293
                  ------------           ------------

Gross profit          212,919      4.92%     218,619     4.92%   -3%

Operating expenses:
 Selling and 
  administrative      126,123      2.91%     136,452     3.07%   -8%
 Depreciation           7,000      0.16%       6,513     0.15%    7%
 Amortization             510      0.01%         643     0.01%  -21%
                  ------------           ------------

Operating income       79,286      1.83%      75,011     1.69%    6%

Interest expense       17,651      0.41%      24,692     0.56%  -29%
                  ------------           ------------

Income before 
 taxes                 61,635      1.42%      50,319     1.13%   22%

Taxes on income        23,422      0.54%      19,626     0.44%   19%
                  ------------           ------------

Net income            $38,213      0.88%     $30,693     0.69%   25%


Earnings per share:
 Basic                 $0.79                   $0.64
 Assuming 
  dilution              0.78                    0.63

Weighted average 
 common shares
 outstanding:
 Basic                48,478                  47,751
 Assuming dilution    49,144                  48,464


                       AMERISOURCE HEALTH CORP.
                      CONSOLIDATED BALANCE SHEETS
                        (dollars in thousands)




    ASSETS                                     (unaudited)
                               March 31,        Sept. 30,    Increase
                                 1999             1998      (Decrease)
                               --------        ----------    --------
Current assets:
 Cash  and cash 
  equivalents                  $119,134         $48,461      $70,673
 Restricted cash                 36,340          37,044         (704)
 Accounts receivable, less 
  allowance for doubtful 
  accounts                      480,326         458,238       22,088
 Merchandise inventories        942,152         870,223       71,929
 Prepaid expenses and other       3,816           4,356        (540)
                               --------        ----------    --------
  Total current assets        1,581,768       1,418,322      163,446
                                
Property and equipment, net      59,752          60,789       (1,037)

Other assets, less 
 accumulated amortization        78,005          73,171        4,834 
                               --------        ----------    --------

  Total assets               $1,719,525      $1,552,282     $167,243


  LIABILITIES AND 
   STOCKHOLDERS' EQUITY

Current liabilities:
 Accounts payable              $917,292        $873,181      $44,111
 Accrued  expenses 
  and other                      42,518          48,532       (6,014)
 Accrued  income taxes            7,927              78        7,849
 Deferred  income taxes         100,671          93,385        7,286
                               --------        ----------    --------
          
  Total current liabilities   1,068,408       1,015,176       53,232
                                
Long-term debt:
 Revolving credit facility      210,004         145,000       65,004
 Receivables securitization 
  financing                     299,965         299,948           17
 Other debt                       8,595           8,813         (218)

Other liabilities                 8,664           8,036          628 

Stockholders' equity:
 Common stock and capital 
  in excess of par value        255,305         244,938       10,367
 Retained earnings (deficit)   (125,196)       (163,409)      38,213
 Cost of common stock in 
  treasury                       (6,220)         (6,220)           0
                               --------        ----------    --------
  Total stockholders' equity    123,889          75,309       48,580
                               --------        ----------    --------

  Total liabilities and 
   stockholders' equity      $1,719,525      $1,552,282     $167,243
                             ==========      ==========     ========   






     CONTACT:  AmeriSource Health Corp.
               MaryBeth M. Alvin, director, Investor Relations
               610/296-4480
               malvin@amerisource.com     

Multimedia Files:

Categories: Press Releases
View all news