March Quarter EPS Up 53 Percent To $0.87 Before Special Charges
AmeriSource Health Corporation and Bergen Brunswig Corporation merged on August
29, 2001 to form AmerisourceBergen Corporation. Under purchase accounting rules,
AmerisourceBergen's fiscal 2002 second quarter and six-month results are
compared with the fiscal 2001 second quarter and six-month results of
AmeriSource only.
Pro forma data included in this discussion reflects comparisons to the combined
companies' operating results in the previous year's second quarter and first six
months, adjusted to eliminate amortization of goodwill. Both former companies
had the same fiscal year ending September 30.
Diluted earnings per share before special charges for the quarter were $0.87, a
53 percent increase over the previous year's second quarter. Income before the
special charges for the second quarter increased to $94.7 million from $31.5
million in the same period last year.
The special charges, consisting of merger integration costs, were $2.9 million,
net of tax, in the quarter. Net income and diluted earnings per share for the
quarter were $91.9 million and $0.84, respectively.
AmerisourceBergen's operating revenue, which excludes bulk deliveries to
customer warehouses, was $9.9 billion in the second quarter compared to $3.5
billion for the same period last year. Second quarter operating revenue
increased 17 percent over fiscal 2001 second quarter pro forma operating revenue
of $8.5 billion.
For the first six months of fiscal 2002, diluted earnings per share before
special charges were $1.54, a 44 percent increase over the prior year. Operating
revenue for the six-month period was $19.6 billion compared to $6.8 billion in
the prior year, and represents an 18 percent increase over pro forma operating
revenue of $16.6 billion in the first half of fiscal 2001.
Net income and diluted earnings per share for the six-month period were $159.8
million and $1.48, respectively.
For the second quarter of fiscal 2002, interest expense, including pretax
distributions on preferred securities of subsidiary trust, was $38.8 million,
reflecting effective asset management and favorable interest rates.
The following discussion of results, including segment data, does not include
the impact of the special charges in the second quarter and first six months of
fiscal 2002.
R. David Yost, AmerisourceBergen President and Chief Executive Officer, said,
"This was an outstanding performance by AmerisourceBergen, reflecting our
ability to rapidly leverage the cost saving and scale synergies of our new
company. We have succeeded in capturing merger synergies earlier than we
expected. Improved capital management and a historically low interest rate
environment also positively impacted the Company's performance. These factors
drove operating margin expansion, record earnings per share, significant cash
generation, and a very strong return on committed capital (ROCC).
"I am very pleased with the progress we are making in bringing these two
companies together. Our synergy opportunities and our discipline in both capital
usage and expense control will continue to drive our results."
Segment Discussion
Intersegment sales of $192.1 million in the second quarter of fiscal 2002 from
AmerisourceBergen Drug Company to PharMerica, which are included in the
pharmaceutical distribution segment operating revenue, are eliminated for
consolidated reporting purposes.
Pharmaceutical Distribution Segment
Pharmaceutical distribution customer mix in the second 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 and mail order facilities, independent community
pharmacies, and regional chain store pharmacies.
Operating income was $176.0 million in the second quarter of fiscal year 2002,
up from $64.4 million for the same quarter last year, and improved 22 percent
compared to pro forma operating income of $144.7 million in the same period last
year.
For the fiscal 2002 second quarter, operating income, as a percentage of
operating revenue, was 1.80 percent, a six basis point improvement from 1.74
percent in the prior year's second quarter on a pro forma basis, as lower gross
margins were more than offset by lower total operating expenses as a percentage
of operating revenue.
AmerisourceBergen Specialty Group, with annualized revenue well over $2 billion,
had another very strong quarter, building significant positions in oncology,
blood plasma and vaccine distribution as well as growing its manufacturing
services businesses.
"We are pleased with both the pace and progress of our integration work. Our
detailed planning and disciplined execution has allowed us to put the right
people, organization and resources in place to quickly capture integration cost
savings ahead of our internal schedule," said Kurt J. Hilzinger,
AmerisourceBergen Executive Vice President and Chief Operating Officer. "During
the quarter, we completed on schedule the information technology integration
work that will allow us to consolidate five additional distribution centers by
the end of September. The first of these, in Phoenix, Arizona, is on track to be
completed this week.
"At the end of the quarter, we launched our new generic pharmaceutical program,
ProGenerics(TM), which provides significant value for both our customers and
participating manufacturers, and will further contribute to our profitability in
the second half of the year."
PharMerica
Operating income for the second quarter was $19.5 million, a 21 percent increase
over the prior year's pro forma second quarter operating income of $16.1
million.
Operating income as a percentage of operating revenue increased 69 basis points
in the quarter to 5.43 percent from 4.74 percent on a pro forma basis in the
prior year.
"Cost savings from expense control, driven by the favorable impact of a single
information technology platform and continued accounts receivables discipline,
improved PharMerica's performance in the quarter," said Hilzinger.
Looking Ahead
Conference Call
To access the live conference call via telephone:
Dial in: 888/428-4473 from inside the U.S. no access code required
or 651/291-0561 from outside the U.S. no access code
required.
To access the live webcast:
A replay of the telephone call and webcast will be available from 2:30 pm April
25, 2002 until 11:59 pm May 2, 2002.
To access the replay via telephone:
Dial in: 800/475-6701 from within the U.S., access code: 634155
320/365-3844 from outside the U.S., access code: 634155
To access the archived webcast:
About AmerisourceBergen
The Company is also a leader in the institutional pharmacy marketplace. With
more than $39 billion in annualized operating revenue, AmerisourceBergen is
headquartered in Valley Forge, PA, and employs more than 13,000 people serving
over 25,000 customers.
Forward-Looking Statements
Actual results may vary materially from the expectations contained in the
forward-looking statements. The forward-looking statements herein include
statements addressing future financial and operating results of
AmerisourceBergen and the benefits and other aspects of the merger between
Amerisource Health Corporation and Bergen Brunswig Corporation.
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, Form 10-Q for the
first quarter of fiscal 2002, and AmeriSource's and Bergen's joint proxy
statement-prospectus dated August 1, 2001.
AmerisourceBergen, AmeriSource and Bergen Brunswig are under no obligation to
(and expressly disclaim any such obligation to) update or alter their
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 Ended % of Months Ended % of
March 31, Operating March 31, Operating %
2002 Revenue 2001 Revenue Change
---------- ------ ---------- ------ ----
Revenue:
Operating
revenue $9,918,609 100.00% $3,480,685 100.00% 185%
Bulk
deliveries
to
customer
warehouses 1,025,658 313 -
---------- ----------
Total revenue 10,944,267 3,480,998 214%
Cost of goods
sold 10,429,774 3,329,829 213%
---------- ----------
Gross profit 514,493 5.19% 151,169 4.34% 240%
Operating
expenses:
Distribution,
selling and
administrative 304,576 3.07% 82,462 2.37% 269%
Depreciation
and
amortization 14,402 0.15% 4,281 0.12% 236%
Merger costs 4,741 0.05% - 0.00% -
---------- ----------
Operating
income 190,774 1.92% 64,426 1.85% 196%
Equity in
(income)
losses of
affiliates
and other (354) 0.00% 1,801 0.05% -120%
Interest
expense 32,734 0.33% 11,793 0.34% 178%
---------- ----------
Income before
taxes and
distributions
on preferred
securities of
subsidiary
trust 158,394 1.60% 50,832 1.46% 212%
Income taxes 62,891 0.63% 19,316 0.55% 226%
---------- ----------
Income before
distributions
on preferred
securities
of subsidiary
trust 95,503 0.96% 31,516 0.91% 203%
Distributions on
preferred
securities of
subsidiary
trust, net of
income tax
benefit of
$2,389 3,629 0.04% - 0.00% -
---------- ----------
Net income $ 91,874 0.93% $ 31,516 0.91% 192%
========== ==========
Earnings
per share:
Basic $ 0.88 $ 0.60
Diluted $ 0.84 $ 0.57
Weighted
average
common
shares
outstanding:
Basic 104,404 52,701
Diluted 111,704 59,349
----------------------------------------------------------------------
Pro forma results excluding merger costs in the three months ended
March 31, 2002:
Operating
income $ 195,515 $ 64,426
Net income $ 94,734 $ 31,516
Earnings per
share:
Basic $ 0.91 $ 0.60
Diluted $ 0.87 $ 0.57
AMERISOURCEBERGEN CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share data)
(unaudited)
Six Six
Months Ended % of Months Ended % of
March 31, Operating March 31, Operating %
2002 Revenue 2001 Revenue Change
------------ --------- ------------ --------- ------
Revenue:
Operating
revenue $19,604,885 100.00% $6,787,436 100.00% 189%
Bulk
deliveries
to customer
warehouses 2,408,162 757 --
----------- ----------
Total revenue 22,013,047 6,788,193 224%
Cost of
goods sold 21,027,121 6,499,591 224%
----------- ----------
Gross profit 985,926 5.03% 288,602 4.25% 242%
Operating
expenses:
Distribution,
selling
and
administrative 602,168 3.07% 162,107 2.39% 271%
Depreciation
and
amortization 29,449 0.15% 8,175 0.12% 260%
Merger costs 12,238 0.06% -- 0.00% --
----------- ----------
Operating
income 342,071 1.74% 118,320 1.74% 189%
Equity in
losses
of affiliates
and
other 1,377 0.01% 2,575 0.04% -47%
Interest
expense 63,709 0.32% 22,669 0.33% 181%
----------- ----------
Income
before
taxes
and
distributions
on preferred
securities of
subsidiary
trust 276,985 1.41% 93,076 1.37% 198%
Income taxes 109,969 0.56% 35,369 0.52% 211%
----------- ----------
Income before
distributions
on
preferred
securities
of subsidiary
trust 167,016 0.85% 57,707 0.85% 189%
Distributions
on
preferred
securities
of
subsidiary
trust,
net of
income tax
benefit
of $4,777 7,259 0.04% -- 0.00% --
----------- ----------
Net income $159,757 0.81% $57,707 0.85% 177%
=========== ==========
Earnings per
share:
Basic $1.54 $1.10
Diluted $1.48 $1.07
Weighted average
common shares
outstanding:
Basic 104,070 52,528
Diluted 111,443 56,939
----------------------------------------------------------------------
Pro forma results excluding merger costs in the six months ended March
31, 2002:
Operating income $354,309 $118,320
Net income $167,137 $57,707
Earnings per share:
Basic $1.61 $1.10
Diluted $1.54 $1.07
AMERISOURCEBERGEN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
ASSETS (Unaudited)
March 31, September 30, $
2002 2001 Change
--------- ------------- ------
Current assets:
Cash and cash equivalents $ 463,815 $ 297,626 $ 166,189
Accounts receivable, net 2,061,331 2,142,663 (81,332)
Merchandise inventories 5,295,924 5,056,257 239,667
Prepaid expenses and other 17,831 15,956 1,875
----------- ----------- -----------
Total current assets 7,838,901 7,512,502 326,399
Long-term assets 2,761,318 2,778,743 (17,425)
----------- ----------- -----------
Total assets $10,600,219 $10,291,245 $ 308,974
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,076,767 $ 4,991,884 $ 84,883
Current portion of
long-term debt 30,000 2,468 27,532
Other current
liabilities 616,625 538,101 78,524
----------- ----------- -----------
Total current
liabilities 5,723,392 5,532,453 190,939
Long-term debt, less
current portion 1,508,889 1,597,295 (88,406)
Other liabilities 43,260 48,317 (5,057)
Company-obligated
mandatorily redeemable
preferred securities
of subsidiary trust 274,952 274,616 336
Stockholders' equity 3,049,726 2,838,564 211,162
----------- ----------- -----------
Total liabilities
and stockholders'
equity $10,600,219 $10,291,245 $ 308,974
=========== =========== ===========
AMERISOURCEBERGEN CORPORATION
SUMMARY SEGMENT INFORMATION
(dollars in thousands)
Three Months Ended March 31,
-------------------------------------------------------
Operating Actual Actual Pro forma Actual Pro forma
Revenue 2002 2001 2001 (1) % Change % Change
-------------- -------------------------------------------------------
Pharmaceutical
Distribution $9,750,903 $3,480,685 $8,335,337 180% 17%
PharMerica 359,761 - 339,924 - 6%
Intersegment
Eliminations (192,055) - (207,285) - -7%
----------- ---------- ----------- ------------------
Operating
revenue $9,918,609 $3,480,685 $8,467,976 185% 17%
=========== ========== =========== ==================
Three Months Ended March 31,
-------------------------------------------------------
Operating Actual Actual Pro forma Actual Pro forma
Income (2) 2002 2001 2001 (1) % Change % Change
-------------- -------------------------------------------------------
Pharmaceutical
Distribution $175,968 $64,426 $144,714 173% 22%
PharMerica 19,547 - 16,114 - 21%
----------- ---------- ----------- ------------------
Operating
income $195,515 $64,426 $160,828 203% 22%
=========== ========== ========== ==================
Percentages of
operating revenue (2):
Pharmaceutical
Distribution
Gross profit 4.04% 4.34% 4.30%
Operating
expenses 2.23% 2.49% 2.56%
Operating income 1.80% 1.85% 1.74%
PharMerica
Gross profit 33.52% - 35.81%
Operating
expenses 28.09% - 31.07%
Operating income 5.43% - 4.74%
AmerisourceBergen
Corporation
Gross profit 5.19% 4.34% 5.67%
Operating
expenses 3.22% 2.49% 3.77%
Operating income 1.97% 1.85% 1.90%
(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)
Six Months Ended March 31,
------------------------------------------------------
Actual Actual Pro forma Actual Pro
Operating Revenue 2002 2001 2001 (1) % forma
Change %
Change
-------------- ------------------------------------------------------
Pharmaceutical
Distribution $19,272,979 $ 6,787,436 $16,265,303 184% 18%
PharMerica 715,176 - 675,090 - 6%
Intersegment
Eliminations (383,270) - (388,882) - -1%
----------- ----------- ----------- -----------
Operating
revenue $19,604,885 $ 6,787,436 $16,551,511 189% 18%
=========== =========== =========== ===========
Six Months Ended March 31,
------------------------------------------------------
Actual Actual Pro forma Actual Pro
Operating 2002 2001 2001 (1) % forma
Income (2) Change %
Change
-------------- -------------------------------------------------------
Pharmaceutical
Distribution $ 315,452 $ 118,320 $ 260,804 167% 21%
PharMerica 38,857 - 33,221 - 17%
----------- ----------- ----------- -----------
Operating
income $ 354,309 $ 118,320 $ 294,025 199% 21%
=========== =========== =========== ===========
Percentages
of operating
revenue (2):
Pharmaceutical
Distribution
Gross profit 3.87% 4.25% 4.18%
Operating
expenses 2.23% 2.51% 2.58%
Operating income 1.64% 1.74% 1.60%
PharMerica
Gross profit 33.57% - 35.83%
Operating expenses 28.14% - 30.91%
Operating income 5.43% - 4.92%
AmerisourceBergen
Corporation
Gross profit 5.03% 4.25% 5.57%
Operating expenses 3.22% 2.51% 3.80%
Operating income 1.81% 1.74% 1.78%
(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 calculations consider 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 Six months ended
March 31, March 31,
2002 2001 2002 2001
-------- -------- -------- --------
Net income $ 91,874 $ 31,516 $159,757 $ 57,707
Interest expense
- convertible
subordinated
notes, net of
income taxes 2,481 2,528 4,961 3,086
-------- -------- -------- --------
Income available
to common
stockholders $ 94,355 $ 34,044 $164,718 $ 60,793
======== ======== ======== ========
Weighted average
common shares
outstanding 104,404 52,701 104,070 52,528
Effect of
dilutive
securities:
Options to
purchase common
stock 1,636 984 1,709 988
Convertible
subordinated
notes 5,664 5,664 5,664 3,423
-------- -------- -------- --------
Weighted average
common shares
outstanding -
diluted 111,704 59,349 111,443 56,939
======== ======== ======== ========
Earnings per
share:
Basic $ 0.88 $ 0.60 $ 1.54 $ 1.10
Diluted $ 0.84 $ 0.57 $ 1.48 $ 1.07
Appendix - A(1)
Pro Forma Information
The historical consolidated financial summary and summary segment
information for the three-months and six-months ended March 31, 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
Quarter Quarter Quarter Quarter Fiscal 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
Quarter Quarter Quarter Quarter Year
----------------------------------------------------------------------
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
Distri-
bution,
selling
and
adminis-
trative
(2), (3) 195,464 202,915 200,042 211,501 809,922
Depreci-
ation 9,426 9,962 9,916 10,278 39,582
Amorti-
zation
(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 fourth quarter 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 fourth quarter 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
Quarter Quarter Quarter Quarter Year
------------------------------------------------------
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, Valley Forge
Michael N. Kilpatric, 610/727-7118
mkilpatric@amerisource.com