Company Increases Fiscal Year 2010 EPS Guidance to a Range of
$2.01 to $2.10
VALLEY FORGE, Pa., Apr 22, 2010 (BUSINESS WIRE) --AmerisourceBergen Corporation (NYSE:ABC) today reported that in its
fiscal year 2010 second quarter ended March 31, 2010, diluted earnings
per share were a record $0.63, a 34 percent increase. Revenue in the
quarter was $19.3 billion, up 11.5 percent. The Company also increased
its fiscal year 2010 diluted earnings per share guidance to a range of
$2.01 to $2.10, which represents a 19 percent to 24 percent increase
over the $1.69 diluted earnings per share from continuing operations
last fiscal year. All the results are presented in accordance with U.S.
generally accepted accounting principles (GAAP), and earnings per share
and other share-related data reflect the Company's June 2009 two-for-one
stock split.
Fiscal Second Quarter Highlights
-
Revenue of $19.3 billion, up 11.5 percent.
-
Record diluted earnings per share of $0.63, a 34 percent increase.
-
Gross profit of $612.1 million, up 11 percent.
-
Operating expense ratio of 1.56 percent, down 20 basis points.
-
Operating margin of 1.61 percent, up 18 basis points.
-
$111 million of share repurchases.
Fiscal First Six Months Highlights
-
Record revenue of $38.6 billion, up 11.5 percent.
-
Record diluted earnings per share of $1.15, a 39 percent increase.
-
Gross profit of $1.2 billion, up 13 percent.
-
Operating expense ratio of 1.56 percent, down 16 basis points.
-
Operating margin of 1.48 percent, up 19 basis points.
-
$255 million of share repurchases.
"Our key growth drivers of generic pharmaceuticals and specialty
distribution and services were prominent in our outstanding results this
quarter. We delivered strong revenue growth, including above market
growth in generics, and disciplined working capital and expense
control," said R. David Yost, AmerisourceBergen's President and Chief
Executive Officer. "In the quarter, revenue grew $2.0 billion or 11.5
percent, with more than 4 percent of that growth coming from new
business. Our receivable days and inventory days were both down in the
quarter. Our balance sheet remains strong, and we have excellent
financial flexibility."
Summary of Quarterly Results
- Revenue: In the second quarter
of fiscal 2010, revenue was $19.3 billion, up 11.5 percent compared to
the same quarter in the previous fiscal year, with new business added
in fiscal year 2009 contributing 4.4 percent of the increase. In the
quarter, revenue grew 13 percent at AmerisourceBergen Drug Corporation
and 5 percent at AmerisourceBergen Specialty Group.
- Gross Profit: Gross profit in
the fiscal 2010 second quarter was $612.1 million, an 11 percent
increase compared to the year-ago same period, due primarily to
increased revenue and the impact of recent generic pharmaceutical
launches, especially in the Company's Specialty Group. The LIFO charge
in the fiscal 2010 second quarter was $10.7 million compared with an
$11.6 million charge in the previous year's second quarter.
- Operating Expenses: For the
second quarter of fiscal 2010, operating expenses were $300.8 million,
down from $304.2 million in the prior fiscal year's second quarter,
despite revenue being up 11.5 percent in the quarter. The fiscal 2009
second quarter included $4.3 million in charges for facility
consolidations, employee severance and other.
- Operating Income: In the fiscal
2010 second quarter, operating income increased 25 percent to $311.2
million, due to double-digit revenue and gross profit growth in
combination with a reduction in operating expenses.
- Tax Rate: The effective tax rate
for the second quarter of fiscal 2010 was 37.9 percent, down from 38.2
percent in the previous fiscal year's second quarter.
- Earnings Per Share: Diluted
earnings per share were up 34 percent to $0.63 in the second quarter
of fiscal 2010 compared to $0.47 in the previous fiscal year's second
quarter, due to the 26 percent increase in net income and a 6 percent
reduction in diluted weighted average shares outstanding.
- Shares Outstanding: Diluted
average shares outstanding for the second quarter of fiscal year 2010
were 287.2 million, down more than 17 million shares from the previous
fiscal year's second quarter due primarily to share repurchases, net
of option exercises.
Key Quarterly Ratios
- Gross Margin: Gross profit as a
percentage of revenue decreased 2 basis points to 3.17 percent in the
fiscal 2010 second quarter over the same period in the previous fiscal
year, as the positive impact of strong generic pharmaceutical sales
and the contribution of recent generic launches was offset by the
Company's largest customers growing faster than the overall market and
normal competitive pressures.
- Operating Expense Ratio:
Operating expenses as a percentage of revenue in the fiscal 2010
second quarter were 1.56 percent, down 20 basis points from the same
period in the previous fiscal year. The lower ratio demonstrates the
Company's ability to leverage its existing infrastructure and its
focus on productivity and efficiency.
- Operating Margin: Operating
income as a percentage of revenue increased 18 basis points to 1.61
percent in the fiscal 2010 second quarter compared with the previous
year's second quarter due to the reduction in the Company's operating
expense ratio.
Fiscal Year 2010 Expectations Raised
"Looking ahead, the Company is increasing its expectations for diluted
earnings per share for fiscal year 2010 to a range of $2.01 to $2.10, an
increase of 19 percent to 24 percent over the $1.69 from continuing
operations in fiscal year 2009," said R. David Yost, AmerisourceBergen
President and Chief Executive Officer. "Our assumption for revenue
growth is unchanged at between 7 percent and 8 percent, which reflects
market growth of 3 percent to 5 percent in the second half of the fiscal
year as the Company annualizes most of its new business. We are
increasing our operating margin expansion assumption to the high single
digit to low double digit basis point range, and we have raised our free
cash flow assumption range for the fiscal year to $525 million to $600
million, which includes capital expenditures in the $140 million range.
The Company continues to expect to repurchase approximately $350 million
of AmerisourceBergen common shares in fiscal 2010."
Conference Call
The Company will host a conference call to discuss its results at 11:00
a.m. Eastern Time on April 22, 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: The dial-in number for the live call will be 210-234-0010. The
access code for the call is ABC.
To access the live webcast:
Go to the Investor Relations page at http://www.amerisourcebergen.com.
A replay of the telephone call and webcast will be available from 2:30
p.m. April 22, 2010 until 11:59 p.m. April 30, 2010. The Webcast replay
will be available for 30 days.
To access the replay via telephone:
Dial in:
|
|
|
|
866-427-6406 from within the U.S.
|
|
|
|
|
203-369-0895 from outside the U.S., access code: 995267
|
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 more than $75 billion in
annualized 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; qui tam litigation for alleged violations of 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 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 affecting pharmaceutical product pricing or service fees or
regulatory action by provincial authorities in Canada to lower
pharmaceutical product pricing or 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; 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
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
% of
|
|
|
March 31,
|
|
|
% of
|
|
|
%
|
|
|
|
2010
|
|
|
Revenue
|
|
|
2009
|
|
|
Revenue
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$19,300,627
|
|
|
|
100.00
|
%
|
|
|
$17,311,651
|
|
|
|
100.00
|
%
|
|
|
11.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
18,688,559
|
|
|
|
|
|
|
16,759,180
|
|
|
|
|
|
|
11.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
612,068
|
|
|
|
3.17
|
%
|
|
|
552,471
|
|
|
|
3.19
|
%
|
|
|
10.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution, selling and administrative
|
|
|
280,191
|
|
|
|
1.45
|
%
|
|
|
280,509
|
|
|
|
1.62
|
%
|
|
|
-0.1
|
%
|
Depreciation and amortization
|
|
|
20,687
|
|
|
|
0.11
|
%
|
|
|
19,434
|
|
|
|
0.11
|
%
|
|
|
6.4
|
%
|
Facility consolidations, employee severance and other
|
|
|
(37
|
)
|
|
|
-
|
%
|
|
|
4,262
|
|
|
|
0.02
|
%
|
|
|
|
Total operating expenses
|
|
|
300,841
|
|
|
|
1.56
|
%
|
|
|
304,205
|
|
|
|
1.76
|
%
|
|
|
-1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
311,227
|
|
|
|
1.61
|
%
|
|
|
248,266
|
|
|
|
1.43
|
%
|
|
|
25.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loss
|
|
|
268
|
|
|
|
-
|
%
|
|
|
504
|
|
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
19,279
|
|
|
|
0.10
|
%
|
|
|
14,521
|
|
|
|
0.08
|
%
|
|
|
32.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes
|
|
|
291,680
|
|
|
|
1.51
|
%
|
|
|
233,241
|
|
|
|
1.35
|
%
|
|
|
25.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
110,672
|
|
|
|
0.57
|
%
|
|
|
89,199
|
|
|
|
0.52
|
%
|
|
|
24.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
181,008
|
|
|
|
0.94
|
%
|
|
|
144,042
|
|
|
|
0.83
|
%
|
|
|
25.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax
|
|
|
-
|
|
|
|
|
|
|
(655
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$181,008
|
|
|
|
|
|
|
$143,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$0.64
|
|
|
|
|
|
|
$0.48
|
|
|
|
|
|
|
33.3
|
%
|
Discontinued operations
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
Rounding
|
|
|
-
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
Total
|
|
|
$0.64
|
|
|
|
|
|
|
$0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$0.63
|
|
|
|
|
|
|
$0.47
|
|
|
|
|
|
|
34.0
|
%
|
Discontinued operations
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
Total
|
|
|
$0.63
|
|
|
|
|
|
|
$0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
281,926
|
|
|
|
|
|
|
302,446
|
|
|
|
|
|
|
|
Diluted (1)
|
|
|
287,162
|
|
|
|
|
|
|
304,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
|
|
|
|
|
|
Six
|
|
|
|
|
|
|
|
|
|
Months Ended
|
|
|
|
|
|
Months Ended
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
% of
|
|
|
March 31,
|
|
|
% of
|
|
|
%
|
|
|
|
2010
|
|
|
Revenue
|
|
|
2009
|
|
|
Revenue
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$38,636,486
|
|
|
|
100.00
|
%
|
|
|
$34,650,028
|
|
|
|
100.00
|
%
|
|
|
11.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
37,461,048
|
|
|
|
|
|
|
33,607,709
|
|
|
|
|
|
|
11.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
1,175,438
|
|
|
|
3.04
|
%
|
|
|
1,042,319
|
|
|
|
3.01
|
%
|
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution, selling and administrative
|
|
|
560,430
|
|
|
|
1.45
|
%
|
|
|
552,535
|
|
|
|
1.59
|
%
|
|
|
1.4
|
%
|
Depreciation and amortization
|
|
|
41,484
|
|
|
|
0.11
|
%
|
|
|
38,343
|
|
|
|
0.11
|
%
|
|
|
8.2
|
%
|
Facility consolidations, employee severance and other
|
|
|
(85
|
)
|
|
|
-
|
%
|
|
|
5,291
|
|
|
|
0.02
|
%
|
|
|
|
Total operating expenses
|
|
|
601,829
|
|
|
|
1.56
|
%
|
|
|
596,169
|
|
|
|
1.72
|
%
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
573,609
|
|
|
|
1.48
|
%
|
|
|
446,150
|
|
|
|
1.29
|
%
|
|
|
28.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loss
|
|
|
545
|
|
|
|
-
|
%
|
|
|
933
|
|
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
36,546
|
|
|
|
0.09
|
%
|
|
|
28,704
|
|
|
|
0.08
|
%
|
|
|
27.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes
|
|
|
536,518
|
|
|
|
1.39
|
%
|
|
|
416,513
|
|
|
|
1.20
|
%
|
|
|
28.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
204,203
|
|
|
|
0.53
|
%
|
|
|
159,942
|
|
|
|
0.46
|
%
|
|
|
27.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
332,315
|
|
|
|
0.86
|
%
|
|
|
256,571
|
|
|
|
0.74
|
%
|
|
|
29.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax
|
|
|
-
|
|
|
|
|
|
|
(2,128
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$332,315
|
|
|
|
|
|
|
$254,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$1.17
|
|
|
|
|
|
|
$0.84
|
|
|
|
|
|
|
39.3
|
%
|
Discontinued operations
|
|
|
-
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
Total
|
|
|
$1.17
|
|
|
|
|
|
|
$0.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$1.15
|
|
|
|
|
|
|
$0.83
|
|
|
|
|
|
|
38.6
|
%
|
Discontinued operations
|
|
|
-
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
Rounding
|
|
|
-
|
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
Total
|
|
|
$1.15
|
|
|
|
|
|
|
$0.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
284,478
|
|
|
|
|
|
|
305,586
|
|
|
|
|
|
|
|
Diluted (1)
|
|
|
289,262
|
|
|
|
|
|
|
307,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes the dilutive effect of stock options, restricted stock,
and restricted stock units.
|
|
|
AMERISOURCEBERGEN CORPORATION
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
September 30,
|
|
|
|
|
2010
|
|
|
2009
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$1,199,872
|
|
|
$1,009,368
|
Accounts receivable, net
|
|
|
|
3,948,478
|
|
|
3,916,509
|
Merchandise inventories
|
|
|
|
4,980,895
|
|
|
4,972,820
|
Prepaid expenses and other
|
|
|
|
37,785
|
|
|
55,056
|
Total current assets
|
|
|
|
10,167,030
|
|
|
9,953,753
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
665,801
|
|
|
619,238
|
Other long-term assets
|
|
|
|
2,989,457
|
|
|
2,999,749
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$13,822,288
|
|
|
$13,572,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$8,434,934
|
|
|
$8,517,162
|
Current portion of long-term debt
|
|
|
|
503
|
|
|
1,068
|
Other current liabilities
|
|
|
|
990,961
|
|
|
961,380
|
Total current liabilities
|
|
|
|
9,426,398
|
|
|
9,479,610
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
|
1,358,505
|
|
|
1,176,933
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
|
205,463
|
|
|
199,728
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
2,831,922
|
|
|
2,716,469
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
|
$13,822,288
|
|
|
$13,572,740
|
|
|
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Six
|
|
|
Six
|
|
|
|
Months Ended
|
|
|
Months Ended
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
Operating Activities:
|
|
|
|
|
|
|
Net income
|
|
|
$332,315
|
|
|
|
$254,443
|
|
Loss from discontinued operations
|
|
|
-
|
|
|
|
2,128
|
|
Income from continuing operations
|
|
|
332,315
|
|
|
|
256,571
|
|
Adjustments to reconcile income from continuing operations to net
cash provided by operating activities
|
|
|
128,795
|
|
|
|
102,033
|
|
Changes in operating assets and liabilities
|
|
|
(114,717
|
)
|
|
|
(325,280
|
)
|
Net cash provided by operating activities - continuing operations
|
|
|
346,393
|
|
|
|
33,324
|
|
Net cash used in operating activities - discontinued operations
|
|
|
-
|
|
|
|
(906
|
)
|
Net cash provided by operating activities
|
|
|
346,393
|
|
|
|
32,418
|
|
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(88,037
|
)
|
|
|
(68,587
|
)
|
Proceeds from sale of PMSI
|
|
|
-
|
|
|
|
14,936
|
|
Other
|
|
|
134
|
|
|
|
-
|
|
Net cash used in investing activities - continuing operations
|
|
|
(87,903
|
)
|
|
|
(53,651
|
)
|
Net cash used in investing activities - discontinued operations
|
|
|
-
|
|
|
|
(1,138
|
)
|
Net cash used in investing activities
|
|
|
(87,903
|
)
|
|
|
(54,789
|
)
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
|
Net borrowings
|
|
|
177,518
|
|
|
|
8,298
|
|
Purchases of common stock
|
|
|
(255,199
|
)
|
|
|
(179,879
|
)
|
Exercises of stock options
|
|
|
64,496
|
|
|
|
4,415
|
|
Cash dividends on common stock
|
|
|
(45,754
|
)
|
|
|
(30,798
|
)
|
Debt issuance costs and other
|
|
|
(9,047
|
)
|
|
|
(2,450
|
)
|
Net cash used in financing activities
|
|
|
(67,986
|
)
|
|
|
(200,414
|
)
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
190,504
|
|
|
|
(222,785
|
)
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
1,009,368
|
|
|
|
878,114
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
$1,199,872
|
|
|
|
$655,329
|
|
SOURCE: AmerisourceBergen Corporation
AmerisourceBergen Corporation
Michael N. Kilpatric, 610-727-7118
[email protected]