VALLEY FORGE, Pa.--(BUSINESS WIRE)--Jul. 30, 2009--
AmerisourceBergen Corporation (NYSE:ABC) today reported that in its
fiscal year 2009 third quarter ended June 30, 2009, diluted earnings per
share from continuing operations were $0.42, a 20 percent increase, and
revenue increased 2.2 percent to a record $18.4 billion. Earnings per
share reflect the Company’s June 2009 two-for-one stock split.
Fiscal Third Quarter Highlights
-
Diluted earnings per share from continuing operations of $0.42, a 20
percent increase.
-
Record revenue of $18.4 billion, up 2.2 percent.
-
Gross profit of $519.2 million, up 4 percent.
-
Operating margin of 1.16 percent, up 6 basis points.
-
Cash flows from operations of $398.0 million.
-
Share repurchases of $93.9 million.
Fiscal First Nine Months Highlights
-
Diluted earnings per share from continuing operations of $1.25, a 16
percent increase.
-
Revenue of $53.0 billion, flat.
-
Gross profit of $1.6 billion, up 3 percent.
-
Operating margin of 1.24 percent, up 6 basis points.
-
Cash flows from operations of $430.5 million.
-
Share repurchases of $273.8 million.
“Our outstanding results in the June quarter were driven by strong
generic drug sales, up more than 20 percent due to new customers and
continued market penetration; good performance under our fee-for-service
contracts with manufacturers; and very disciplined working capital
management,” said R. David Yost, AmerisourceBergen’s President and Chief
Executive Officer. “Record revenue in the quarter was up 2.2 percent,
and would have increased 6 percent when adjusted for the negative impact
of the July 1, 2008 loss of the direct-to-warehouse business of a large
retail drug chain. Our average receivable days were again down in the
quarter; our balance sheet remains strong; and we have good financial
flexibility.”
“During the quarter, we also acquired Innomar Strategies Inc., which
when combined with our AmerisourceBergen Specialty Group, Canada, gives
us the largest and broadest commercialization service offerings to
pharmaceutical and biotechnology manufacturers in Canada,” he continued.
“Given our strong position in generics and specialty pharmaceuticals and
our good momentum coming out of this quarter, we are well positioned for
the future.”
Summary of Quarterly Results
-
Revenue: In the third quarter of
fiscal 2009, revenue was a record $18.4 billion, up 2.2 percent
compared to the same quarter in the previous fiscal year, reflecting a
2 percent increase in AmerisourceBergen Drug Corporation revenue,
which was driven primarily by new business, and a 6 percent increase
in AmerisourceBergen Specialty Group revenue.
-
Gross Profit: Gross profit in
the fiscal 2009 third quarter was $519.2 million, a 4 percent increase
over the same period in the previous year driven by strong generic
sales and an increased contribution from fee-for-service agreements.
In the previous fiscal year’s third quarter, gross profit was
negatively impacted by an $8.4 million inventory write down of certain
pharmacy dispensing equipment. The LIFO charge in the fiscal 2009
third quarter was $4.1 million compared with a $5.0 million charge in
the previous year’s third quarter. Gross profit as a percentage of
revenue increased 5 basis points to 2.82 percent in the fiscal 2009
third quarter.
-
Operating Expenses: For the
third quarter of fiscal 2009, operating expenses were $306.2 million
compared with $300.5 million in the prior fiscal year’s third quarter.
The increase in operating expenses was primarily due to an $8.9
million non-cash intangible asset impairment at U.S. Bioservices, a
unit of AmerisourceBergen Specialty Group. Operating expenses as a
percentage of revenue in the fiscal 2009 third quarter were 1.66
percent compared with 1.67 percent in the same period in the previous
fiscal year, reflecting continued cost discipline.
-
Operating Income: In the fiscal
2009 third quarter, operating income increased 8 percent to $213.0
million, due primarily to the increase in gross profit. Operating
income in the quarter was negatively impacted by the asset impairment
mentioned above. Facility consolidations, employee severance and other
charges were $0.2 million in the quarter compared to $7.9 million in
the same quarter of the previous fiscal year. Operating income as a
percentage of revenue increased 6 basis points to 1.16 percent in the
fiscal 2009 third quarter compared with the previous year’s third
quarter.
-
Tax Rate: The effective tax rate
for the third quarter of fiscal 2009 was 36.8 percent, down from 37.6
percent in the previous fiscal year’s third quarter. The Company
continues to expect an on-going annualized effective tax rate of
approximately 38.4 percent, but closer to 38 percent for fiscal year
2009.
-
Income from Continuing Operations:
In the fiscal 2009 third quarter, income from continuing operations
was $125.1 million, up 11 percent over the same period in the previous
fiscal year and exceeding the operating income growth of 8 percent due
to a lower effective tax rate and lower interest expense.
-
Shares Outstanding: Diluted
average shares outstanding for the third quarter of fiscal year 2009
were 300.6 million, down 7 percent from the previous fiscal year’s
third quarter due primarily to share repurchases, net of option
exercises. The Company completed a two-for-one stock split and
announced a 20 percent dividend increase in June 2009.
-
Earnings Per Share: Diluted
earnings per share from continuing operations were up 20 percent to
$0.42 in the third quarter of fiscal 2009 compared to $0.35 in the
previous fiscal year’s third quarter, reflecting the 11 percent growth
in income from continuing operations and the reduction in diluted
average shares outstanding.
Summary of First Nine Months
-
In the first nine months of fiscal 2009, diluted earnings per share
from continuing operations were $1.25, up 16 percent over the same
nine-month period in the prior fiscal year. Revenue in the period was
$53.0 billion, unchanged in relation to the same comparative period,
and up approximately 4.0 percent when adjusted for the negative impact
of the loss of the direct-to-warehouse business of a large retail drug
chain. Operating expense dollars in the nine-month period, excluding
the intangible asset impairment charges, were lower compared to the
same period in the previous fiscal year. Operating income rose 5
percent to $659.1 million in the first nine months of fiscal 2009,
which included $5.5 million of special charges compared to $9.4
million in the same year-ago period. In the fiscal 2009 first nine
months, gross margin increased 7 basis points to 2.94 percent and
operating margin increased 6 basis points to 1.24 percent, both
compared to the previous fiscal year’s same period. Diluted average
shares outstanding for the nine-month period in fiscal 2009 were 305.2
million, down 7 percent from the year-ago same period.
Fiscal Year 2009 Expectations At
Higher End of Range
“Looking ahead, the Company expects diluted earnings per share from
continuing operations for fiscal year 2009 to be at the higher end of
our previously stated range of $1.59 to $1.65, an increase of 10 percent
to 15 percent over the split-adjusted $1.44 in fiscal year 2008,” said
R. David Yost, AmerisourceBergen President and Chief Executive Officer.
“The fiscal year range implies a fourth quarter fiscal year 2009 range
of $0.34 to $0.40, and again we would expect to be at the higher end of
this range.”
Yost said, “Remaining unchanged are the following assumptions supporting
the fiscal 2009 diluted earnings per share from continuing operations
range: revenue growth of between 1 percent and 3 percent; operating
margin expansion in the low to mid single digit basis point range; and
free cash flow in the range of $460 million to $535 million, which
includes capital expenditures in the $140 million range. Also unchanged
is the expected repurchase of approximately $350 million of
AmerisourceBergen common shares in fiscal 2009.”
Conference Call
The Company will host a conference call to discuss its results at 11:00
a.m. Eastern Time on July 30, 2009. 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: (651) 291-0900, no access code required.
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 and webcast will be available from 1:00
p.m.July 30, 2009 until 11:59 p.m.August 6, 2009. The Webcast replay
will be available for 30 days.
To access the replay via telephone:
Dial in:
|
|
(800) 475-6701 from within the U.S., access code: 106662
|
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(320) 365-3844 from outside the U.S., access code: 106662
|
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 pharmaceutical manufacturers and healthcare providers 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 more than $70 billion in annual
revenue, AmerisourceBergen is headquartered in Valley Forge, PA, and
employs approximately 10,000 people. AmerisourceBergen is ranked #26 on
the Fortune 500 list. For more information, go to www.amerisourcebergen.com.
Forward-Looking Statements
This news release contains forward-looking statements about
AmerisourceBergen’s future business and financial performance, estimates
and prospects. These statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may vary materially from the expectations
contained in the forward-looking statements. The following factors,
among others, could cause actual results to differ materially from those
described in any forward-looking statements: 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; 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 pharmaceuticals we distribute, including certain anemia
products; price inflation in branded pharmaceuticals and price deflation
in generics; 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 within
AmerisourceBergen Drug Corporation’s operations and our corporate
functions without operating problems 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 or regulatory action 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 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; continued volatility, and further
deterioration of the capital and credit markets; and other economic,
business, competitive, legal, tax, regulatory and/or operational factors
affecting our business generally. Our most recent annual report
on Form 10-K, quarterly reports on Forms 10-Q and current reports 8-K
(which we may revise or supplement in future reports filed to the SEC)
provide additional information about these risks, uncertainties and
other matters. We do not undertake to update our forward-looking
statements.
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AMERISOURCEBERGEN CORPORATION
|
FINANCIAL SUMMARY
|
(In thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
|
|
|
|
Three
|
|
|
|
|
|
|
Months Ended
|
|
% of
|
|
Months Ended
|
|
% of
|
|
|
|
|
June 30,
|
|
Total
|
|
June 30,
|
|
Total
|
|
%
|
|
|
2009
|
|
Revenue
|
|
2008
|
|
Revenue
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Operating revenue
|
|
$17,964,847
|
|
|
|
|
$17,507,497
|
|
|
|
|
2.6
|
%
|
Bulk deliveries to customer warehouses
|
|
429,052
|
|
|
|
|
489,169
|
|
|
|
|
-12.3
|
%
|
Total revenue
|
|
18,393,899
|
|
|
100.00
|
%
|
|
17,996,666
|
|
|
100.00
|
%
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
17,874,676
|
|
|
|
|
17,498,621
|
|
|
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
519,223
|
|
|
2.82
|
%
|
|
498,045
|
|
|
2.77
|
%
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Distribution, selling and administrative
|
|
277,434
|
|
|
1.51
|
%
|
|
271,098
|
|
|
1.51
|
%
|
|
2.3
|
%
|
Depreciation and amortization
|
|
19,689
|
|
|
0.11
|
%
|
|
21,557
|
|
|
0.12
|
%
|
|
-8.7
|
%
|
Facility consolidations, employee severance and other
|
|
213
|
|
|
-
|
%
|
|
7,865
|
|
|
0.04
|
%
|
|
N/M
|
|
Intangible asset impairment
|
|
8,900
|
|
|
0.05
|
%
|
|
-
|
|
|
-
|
%
|
|
N/M
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
212,987
|
|
|
1.16
|
%
|
|
197,525
|
|
|
1.10
|
%
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Other loss
|
|
186
|
|
|
-
|
%
|
|
768
|
|
|
-
|
%
|
|
N/M
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
14,652
|
|
|
0.08
|
%
|
|
15,966
|
|
|
0.09
|
%
|
|
-8.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes
|
|
198,149
|
|
|
1.08
|
%
|
|
180,791
|
|
|
1.00
|
%
|
|
9.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
73,015
|
|
|
0.40
|
%
|
|
68,026
|
|
|
0.38
|
%
|
|
7.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
125,134
|
|
|
0.68
|
%
|
|
112,765
|
|
|
0.63
|
%
|
|
11.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax
|
|
(6,327
|
)
|
|
|
|
(220,785
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$118,807
|
|
|
|
|
$(108,020
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$0.42
|
|
|
|
|
$0.35
|
|
|
|
|
20.0
|
%
|
Discontinued operations
|
|
(0.02
|
)
|
|
|
|
(0.69
|
)
|
|
|
|
|
Total
|
|
$0.40
|
|
|
|
|
$(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$0.42
|
|
|
|
|
$0.35
|
|
|
|
|
20.0
|
%
|
Discontinued operations
|
|
(0.02
|
)
|
|
|
|
(0.69
|
)
|
|
|
|
|
Total
|
|
$0.40
|
|
|
|
|
$(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
298,477
|
|
|
|
|
319,064
|
|
|
|
|
|
Diluted (1)
|
|
300,592
|
|
|
|
|
322,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
|
|
|
|
Nine
|
|
|
|
|
|
|
Months Ended
|
|
% of
|
|
Months Ended
|
|
% of
|
|
|
|
|
June 30,
|
|
Total
|
|
June 30,
|
|
Total
|
|
%
|
|
|
2009
|
|
Revenue
|
|
2008
|
|
Revenue
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Operating revenue
|
|
$51,778,715
|
|
|
|
|
$50,857,011
|
|
|
|
|
1.8
|
%
|
Bulk deliveries to customer warehouses
|
|
1,265,212
|
|
|
|
|
2,174,876
|
|
|
|
|
-41.8
|
%
|
Total revenue
|
|
53,043,927
|
|
|
100.00
|
%
|
|
53,031,887
|
|
|
100.00
|
%
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
51,482,385
|
|
|
|
|
51,512,338
|
|
|
|
|
-0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
1,561,542
|
|
|
2.94
|
%
|
|
1,519,549
|
|
|
2.87
|
%
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Distribution, selling and administrative
|
|
828,669
|
|
|
1.56
|
%
|
|
821,404
|
|
|
1.55
|
%
|
|
0.9
|
%
|
Depreciation and amortization
|
|
58,032
|
|
|
0.11
|
%
|
|
63,550
|
|
|
0.12
|
%
|
|
-8.7
|
%
|
Facility consolidations, employee severance and other
|
|
5,504
|
|
|
0.01
|
%
|
|
9,426
|
|
|
0.02
|
%
|
|
N/M
|
|
Intangible asset impairments
|
|
10,200
|
|
|
0.02
|
%
|
|
-
|
|
|
-
|
%
|
|
N/M
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
659,137
|
|
|
1.24
|
%
|
|
625,169
|
|
|
1.18
|
%
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Other loss
|
|
1,119
|
|
|
-
|
%
|
|
513
|
|
|
-
|
%
|
|
N/M
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
43,356
|
|
|
0.08
|
%
|
|
51,081
|
|
|
0.10
|
%
|
|
-15.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes
|
|
614,662
|
|
|
1.16
|
%
|
|
573,575
|
|
|
1.08
|
%
|
|
7.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
232,957
|
|
|
0.44
|
%
|
|
219,573
|
|
|
0.41
|
%
|
|
6.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
381,705
|
|
|
0.72
|
%
|
|
354,002
|
|
|
0.67
|
%
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax
|
|
(8,455
|
)
|
|
|
|
(218,350
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$373,250
|
|
|
|
|
$135,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$1.26
|
|
|
|
|
$1.09
|
|
|
|
|
15.6
|
%
|
Discontinued operations
|
|
(0.03
|
)
|
|
|
|
(0.67
|
)
|
|
|
|
|
Total
|
|
$1.23
|
|
|
|
|
$0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$1.25
|
|
|
|
|
$1.08
|
|
|
|
|
15.7
|
%
|
Discontinued operations
|
|
(0.03
|
)
|
|
|
|
(0.67
|
)
|
|
|
|
|
Total
|
|
$1.22
|
|
|
|
|
$0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
303,225
|
|
|
|
|
324,094
|
|
|
|
|
|
Diluted (1)
|
|
305,171
|
|
|
|
|
327,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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,
|
|
|
2009
|
|
2008
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$912,924
|
|
$878,114
|
Accounts receivable, net
|
|
3,746,643
|
|
3,480,267
|
Merchandise inventories
|
|
4,424,228
|
|
4,211,775
|
Prepaid expenses and other
|
|
54,585
|
|
55,914
|
Assets held for sale
|
|
-
|
|
43,691
|
Total current assets
|
|
9,138,380
|
|
8,669,761
|
|
|
|
|
|
Property and equipment, net
|
|
595,045
|
|
552,159
|
Other long-term assets
|
|
3,002,326
|
|
2,995,866
|
|
|
|
|
|
Total assets
|
|
$12,735,751
|
|
$12,217,786
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$7,700,516
|
|
$7,326,580
|
Current portion of long-term debt
|
|
710
|
|
1,719
|
Other current liabilities
|
|
885,748
|
|
821,531
|
Liabilities held for sale
|
|
-
|
|
17,759
|
Total current liabilities
|
|
8,586,974
|
|
8,167,589
|
|
|
|
|
|
Long-term debt, less current portion
|
|
1,190,225
|
|
1,187,412
|
|
|
|
|
|
Other long-term liabilities
|
|
174,234
|
|
152,740
|
|
|
|
|
|
Stockholders' equity
|
|
2,784,318
|
|
2,710,045
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$12,735,751
|
|
$12,217,786
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
Nine
|
|
|
Nine
|
|
|
Months Ended
|
|
|
Months Ended
|
|
|
June 30,
|
|
|
June 30,
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
Operating Activities:
|
|
|
|
|
|
|
|
Net income
|
|
$373,250
|
|
|
|
$135,652
|
|
Loss from discontinued operations
|
|
8,455
|
|
|
|
218,350
|
|
Income from continuing operations
|
|
381,705
|
|
|
|
354,002
|
|
Adjustments to reconcile income from continuing operations to net
cash
|
|
|
|
|
|
|
|
provided by operating activities
|
|
170,269
|
|
|
|
137,413
|
|
Changes in operating assets and liabilities
|
|
(114,282
|
)
|
|
|
(276,842
|
)
|
Net cash provided by operating activities - continuing operations
|
|
437,692
|
|
|
|
214,573
|
|
Net cash (used in) provided by operating activities - discontinued
operations
|
|
(7,233
|
)
|
|
|
8,382
|
|
Net cash provided by operating activities
|
|
430,459
|
|
|
|
222,955
|
|
|
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
|
|
|
Capital expenditures
|
|
(102,221
|
)
|
|
|
(80,621
|
)
|
Cost of acquired companies, net of cash acquired
|
|
(13,422
|
)
|
|
|
(162,220
|
)
|
Proceeds from the sale of PMSI
|
|
14,936
|
|
|
|
-
|
|
Net short-term investment activity
|
|
-
|
|
|
|
467,419
|
|
Proceeds from sales of other assets
|
|
32
|
|
|
|
2,593
|
|
Net cash (used in) provided by investing activities - continuing
operations
|
|
(100,675
|
)
|
|
|
227,171
|
|
Net cash used in investing activities - discontinued operations
|
|
(1,138
|
)
|
|
|
(1,273
|
)
|
Net cash (used in) provided by investing activities
|
|
(101,813
|
)
|
|
|
225,898
|
|
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
|
|
Net borrowings
|
|
21,548
|
|
|
|
13,762
|
|
Purchases of common stock
|
|
(273,824
|
)
|
|
|
(553,675
|
)
|
Exercises of stock options
|
|
7,795
|
|
|
|
72,220
|
|
Cash dividends on common stock
|
|
(45,924
|
)
|
|
|
(36,748
|
)
|
Other
|
|
(3,431
|
)
|
|
|
(1,373
|
)
|
Net cash used in financing activities - continuing operations
|
|
(293,836
|
)
|
|
|
(505,814
|
)
|
Net cash used in financing activities - discontinued operations
|
|
-
|
|
|
|
(157
|
)
|
Net cash used in financing activities
|
|
(293,836
|
)
|
|
|
(505,971
|
)
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
34,810
|
|
|
|
(57,118
|
)
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
878,114
|
|
|
|
640,204
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$912,924
|
|
|
|
$583,086
|
|
|
|
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
SUMMARY FINANCIAL INFORMATION
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
2009
|
|
2008
|
|
% Change
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
18,393,899
|
|
|
$
|
17,996,666
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gross profit
|
|
$
|
519,223
|
|
|
$
|
498,045
|
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceutical Distribution operating income
|
|
$
|
213,200
|
|
|
$
|
205,390
|
|
|
3.8
|
%
|
Facility consolidations, employee severance and other
|
|
|
(213
|
)
|
|
|
(7,865
|
)
|
|
N/M
|
|
Total operating income
|
|
$
|
212,987
|
|
|
$
|
197,525
|
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages of total revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceutical Distribution
|
|
|
|
|
|
|
Gross profit
|
|
|
2.82
|
%
|
|
|
2.77
|
%
|
|
|
Operating expenses
|
|
|
1.66
|
%
|
|
|
1.63
|
%
|
|
|
Operating income
|
|
|
1.16
|
%
|
|
|
1.14
|
%
|
|
|
|
|
|
|
|
|
|
AmerisourceBergen Corporation
|
|
|
|
|
|
|
Gross profit
|
|
|
2.82
|
%
|
|
|
2.77
|
%
|
|
|
Operating expenses
|
|
|
1.66
|
%
|
|
|
1.67
|
%
|
|
|
Operating income
|
|
|
1.16
|
%
|
|
|
1.10
|
%
|
|
|
|
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
SUMMARY FINANCIAL INFORMATION
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30,
|
|
|
2009
|
|
2008
|
|
% Change
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
53,043,927
|
|
|
$
|
53,031,887
|
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceutical Distribution gross profit
|
|
$
|
1,561,542
|
|
|
$
|
1,517,964
|
|
|
2.9
|
%
|
Gain on antitrust litigation settlements
|
|
|
-
|
|
|
|
1,585
|
|
|
N/M
|
|
Total gross profit
|
|
$
|
1,561,542
|
|
|
$
|
1,519,549
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceutical Distribution operating income
|
|
$
|
664,641
|
|
|
$
|
633,010
|
|
|
5.0
|
%
|
Facility consolidations, employee severance and other
|
|
|
(5,504
|
)
|
|
|
(9,426
|
)
|
|
N/M
|
|
Gain on antitrust litigation settlements
|
|
|
-
|
|
|
|
1,585
|
|
|
N/M
|
|
Total operating income
|
|
$
|
659,137
|
|
|
$
|
625,169
|
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages of total revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceutical Distribution
|
|
|
|
|
|
|
Gross profit
|
|
|
2.94
|
%
|
|
|
2.86
|
%
|
|
|
Operating expenses
|
|
|
1.69
|
%
|
|
|
1.67
|
%
|
|
|
Operating income
|
|
|
1.25
|
%
|
|
|
1.19
|
%
|
|
|
|
|
|
|
|
|
|
AmerisourceBergen Corporation
|
|
|
|
|
|
|
Gross profit
|
|
|
2.94
|
%
|
|
|
2.87
|
%
|
|
|
Operating expenses
|
|
|
1.70
|
%
|
|
|
1.69
|
%
|
|
|
Operating income
|
|
|
1.24
|
%
|
|
|
1.18
|
%
|
|
|
|
|
|
|
|
|
|
Source: AmerisourceBergen Corporation
AmerisourceBergen Corporation
Michael N. Kilpatric,
610-727-7118
[email protected]