FY2012 diluted EPS expected to be in the range of $2.74 to $2.84
VALLEY FORGE, Pa., Nov 01, 2011 (BUSINESS WIRE) --
AmerisourceBergen Corporation (NYSE:ABC) today reported that in its
fiscal year 2011 fourth quarter ended September 30, 2011, diluted
earnings per share increased 8.0 percent to $0.54, and revenue increased
3.5 percent to a record $20.4 billion. The Company expects diluted
earnings per share for fiscal year 2012 to be in the range of $2.74 to
$2.84, an 8 percent to 12 percent increase over fiscal year 2011
earnings per share of $2.54. All results are presented in accordance
with U.S. generally accepted accounting principles (GAAP).
Fiscal Fourth Quarter Highlights
-
Revenue of $20.4 billion, up 3.5 percent.
-
Diluted earnings per share of $0.54, an 8.0 percent increase.
-
Gross profit of $617.9 million, up 4.2 percent.
-
Cash flow from operations of $360 million.
-
Share repurchases of $440 million.
Fiscal Year 2011 Highlights
-
Record revenue of $80.2 billion, up 2.9 percent.
-
Record diluted earnings per share of $2.54, a 14.4 percent increase.
-
Gross profit of $2.5 billion, up 7.7 percent.
-
Record operating income of $1.2 billion, up 9.0 percent.
-
Operating margin of 1.50 percent, up 8 basis points.
-
Cash flow from operations of $1.2 billion.
-
Share repurchases of $841 million.
"Solid results across all of our business units drove excellent
performance in the September quarter and in our full fiscal year 2011,
resulting in another strong year in a series of very strong years," said
Steven H. Collis, AmerisourceBergen President and Chief Executive
Officer. "Outstanding performance in the two key growth drivers for our
business--generic pharmaceuticals and specialty distribution and
services, continues to drive gross margin expansion which resulted in
significant operating margin expansion for the sixth year in a row. We
are confident that our differentiated service and product offerings, our
diverse customer base, and our focus on innovation, efficiency and
productivity will drive success in the years ahead."
"We continue to generate tremendous cash, and our balance sheet has been
further strengthened, which provides great financial flexibility," he
continued. "We have deployed that capital to create shareholder value
through internal investment and through the recent acquisitions of
Premier Source, IntrinsiQ, and the pending acquisition of TheraCom,
which we expect to close today. In addition, we have returned
significant value to shareholders through share repurchases and
dividends."
Summary of Quarterly Results
- Revenue: In the fourth quarter of fiscal
2011, revenue was $20.4 billion, up 3.5 percent compared to the same
quarter in the previous fiscal year, reflecting a 6 percent increase
in AmerisourceBergen Drug Corporation (ABDC) revenue, which was driven
by the above market growth of certain of our largest customers, offset
by a 5 percent decline in AmerisourceBergen Specialty Group (ABSG),
which was primarily due to the previously disclosed September 2010
discontinuation of an $800 million annual revenue contract in its
third party logistics business.
- Gross Profit: Gross profit in the fiscal
2011 fourth quarter was $617.9 million, a 4.2 percent increase over
the same period in the previous year driven by revenue growth, solid
performance under fee-for-service contracts with manufacturers, and
strong specialty generic drug sales. Gross profit in the fiscal 2011
fourth quarter also included a LIFO credit of $0.1 million compared
with a $0.4 million charge in the previous year's fourth quarter.
- Operating Expenses: In the fourth quarter
of fiscal 2011, operating expenses were $374.4 million, up 8.6 percent
over the same period in the last fiscal year reflecting several
discrete items, including $16.0 million related to a preliminary
agreement to settle the qui tam litigation, a $6.5 million intangible
asset impairment, $4.4 million of employee severance, and $3.2 million
of transaction costs in connection with two acquisitions that closed
in the quarter and the pending TheraCom acquisition that was announced
during the quarter. Operating expenses as a percentage of revenue in
the fiscal 2011 fourth quarter were 1.83 percent compared with 1.75
percent in the same period in the previous fiscal year.
- Operating Income: In the fiscal 2011
fourth quarter, operating income decreased 1.9 percent to $243.6
million due to the discrete expense items which offset the increase in
gross profit. Operating income as a percentage of revenue decreased 7
basis points to 1.19 percent in the fiscal 2011 fourth quarter
compared with the previous year's fourth quarter.
- Tax Rate: The effective tax rate for the
fourth quarter of fiscal 2011 was 35.0 percent, down from 38.0 percent
in the previous fiscal year's fourth quarter, due primarily to
adjustments made relating to state deferred income taxes. Going
forward, we continue to expect our annualized effective tax rate to be
approximately 38.4 percent.
- Earnings Per Share: Diluted earnings per
share were up 8.0 percent to $0.54 in the fourth quarter of fiscal
year 2011 compared to $0.50 in the previous fiscal year's fourth
quarter, reflecting the growth in net income and the reduction in
diluted average shares outstanding.
- Shares Outstanding: Diluted average
shares outstanding for the fourth quarter of fiscal year 2011 were
271.4 million, down 4.4 percent from the previous fiscal year's fourth
quarter due primarily to share repurchases, net of option exercises.
Summary of Fiscal Year 2011
-
In fiscal year 2011, diluted earnings per share were a record $2.54,
up 14.4 percent over the prior fiscal year earnings per share. Record
revenue of $80.2 billion increased 2.9 percent over the last fiscal
year. Operating income rose 9.0 percent to a record $1.2 billion in
fiscal 2011, driven by revenue growth, gross margin expansion and
offset in part by an increase in operating expenses. Operating margin
increased 8 basis points to 1.50 percent. Diluted average shares
outstanding in fiscal 2011 were 277.7 million, down 3.3 percent from
the year-ago same period.
Fiscal Year 2012 Expectations
"Looking ahead, the Company expects diluted earnings per share in fiscal
year 2012 to be in the range of $2.74 to $2.84, an 8 percent to 12
percent increase over fiscal 2011," said Steven H. Collis,
AmerisourceBergen President and Chief Executive Officer. "Key
assumptions supporting the increased diluted earnings per share range
for fiscal year 2012 are: flat to modest revenue growth; operating
margin growth in the high single-digit to low double-digit basis points
range; and free cash flow in the range of $700 million to $800 million,
which includes capital expenditures in the $150 million range. Subject
to market conditions, we expect to spend approximately $400 million to
repurchase our common shares in fiscal year 2012."
Conference Call
The Company will host a conference call to discuss the results at 11:00
a.m. Eastern Time on November 1, 2011.
Participating in the conference call will be:
Steven H. Collis, President & Chief Executive Officer
Michael
D. DiCandilo, Executive Vice President & Chief Financial Officer
The dial-in number for the live call will be 612-288-0337. No access
code is required for the call.
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 219658.
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 $80 billion in annual
revenue, AmerisourceBergen is headquartered in Valley Forge, PA, and
employs approximately 11,000 people. AmerisourceBergen is ranked #27 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; quitam litigation for alleged violations of
fraud and abuse laws and regulations and/or any other laws and
regulations governing the marketing, sale and purchase of pharmaceutical
products or 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 and our corporate
functions 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 in Canada, the United Kingdom and elsewhere outside of the
United States, including 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, 2010 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
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
% of
|
|
|
September 30,
|
|
|
% of
|
|
|
%
|
|
|
|
2011
|
|
|
Revenue
|
|
|
2010
|
|
|
Revenue
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$20,407,670
|
|
|
|
100.00
|
%
|
|
|
$19,715,373
|
|
|
100.00
|
%
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
19,789,723
|
|
|
|
|
|
|
|
19,122,539
|
|
|
|
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (1)
|
|
|
617,947
|
|
|
|
3.03
|
%
|
|
|
592,834
|
|
|
3.01
|
%
|
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution, selling and administrative
|
|
|
314,998
|
|
|
|
1.54
|
%
|
|
|
318,810
|
|
|
1.62
|
%
|
|
|
-1.2
|
%
|
Depreciation and amortization
|
|
|
29,305
|
|
|
|
0.14
|
%
|
|
|
23,352
|
|
|
0.12
|
%
|
|
|
25.5
|
%
|
Employee severance, litigation and other (2)
|
|
|
23,567
|
|
|
|
0.12
|
%
|
|
|
-
|
|
|
-
|
%
|
|
|
|
|
Intangible asset impairments
|
|
|
6,506
|
|
|
|
0.03
|
%
|
|
|
2,500
|
|
|
0.01
|
%
|
|
|
|
|
Total operating expenses
|
|
|
374,376
|
|
|
|
1.83
|
%
|
|
|
344,662
|
|
|
1.75
|
%
|
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
243,571
|
|
|
|
1.19
|
%
|
|
|
248,172
|
|
|
1.26
|
%
|
|
|
-1.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) loss
|
|
|
(2,870
|
)
|
|
|
-0.01
|
%
|
|
|
2,339
|
|
|
0.01
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
19,916
|
|
|
|
0.10
|
%
|
|
|
18,047
|
|
|
0.09
|
%
|
|
|
10.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
226,525
|
|
|
|
1.11
|
%
|
|
|
227,786
|
|
|
1.16
|
%
|
|
|
-0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
79,201
|
|
|
|
0.39
|
%
|
|
|
86,558
|
|
|
0.44
|
%
|
|
|
-8.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$147,324
|
|
|
|
0.72
|
%
|
|
|
$141,228
|
|
|
0.72
|
%
|
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$0.55
|
|
|
|
|
|
|
|
$0.51
|
|
|
|
|
|
|
7.8
|
%
|
Diluted
|
|
|
$0.54
|
|
|
|
|
|
|
|
$0.50
|
|
|
|
|
|
|
8.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
266,458
|
|
|
|
|
|
|
|
278,928
|
|
|
|
|
|
|
|
|
Diluted (3)
|
|
|
271,385
|
|
|
|
|
|
|
|
283,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes a $0.9 million gain from antitrust litigation settlements
in the three months ended September 30, 2011.
|
(2)
|
|
Includes $4.4 million of employee severance costs, a $16.0 million
charge related to a preliminary Qui Tam litigation settlement and
$3.2 million of acquisition costs related to business combinations
in the three months ended September 30, 2011.
|
(3)
|
|
Includes the dilutive effect of stock options, restricted stock,
and restricted stock units.
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
FINANCIAL SUMMARY
|
(In thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
Fiscal
Year Ended
September 30,
2011
|
|
|
% of
Revenue
|
|
|
Fiscal
Year Ended
September 30,
2010
|
|
|
% of
Revenue
|
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$80,217,558
|
|
|
|
100.00
|
%
|
|
|
$77,953,979
|
|
|
|
100.00
|
%
|
|
|
2.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
77,678,462
|
|
|
|
|
|
|
|
75,597,337
|
|
|
|
|
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (1)
|
|
|
2,539,096
|
|
|
|
3.17
|
%
|
|
|
2,356,642
|
|
|
|
3.02
|
%
|
|
|
7.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution, selling and administrative
|
|
|
1,197,969
|
|
|
|
1.49
|
%
|
|
|
1,167,828
|
|
|
|
1.50
|
%
|
|
|
2.6
|
%
|
Depreciation and amortization
|
|
|
108,309
|
|
|
|
0.14
|
%
|
|
|
86,461
|
|
|
|
0.11
|
%
|
|
|
25.3
|
%
|
Employee severance, litigation and other (2)
|
|
|
23,567
|
|
|
|
0.03
|
%
|
|
|
(4,482
|
)
|
|
|
-0.01
|
%
|
|
|
|
|
Intangible asset impairments
|
|
|
6,506
|
|
|
|
0.01
|
%
|
|
|
3,200
|
|
|
|
-
|
%
|
|
|
|
|
Total operating expenses
|
|
|
1,336,351
|
|
|
|
1.67
|
%
|
|
|
1,253,007
|
|
|
|
1.61
|
%
|
|
|
6.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
1,202,745
|
|
|
|
1.50
|
%
|
|
|
1,103,635
|
|
|
|
1.42
|
%
|
|
|
9.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) loss
|
|
|
(4,617
|
)
|
|
|
-0.01
|
%
|
|
|
3,372
|
|
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
76,721
|
|
|
|
0.10
|
%
|
|
|
72,494
|
|
|
|
0.09
|
%
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
1,130,641
|
|
|
|
1.41
|
%
|
|
|
1,027,769
|
|
|
|
1.32
|
%
|
|
|
10.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
424,017
|
|
|
|
0.53
|
%
|
|
|
391,021
|
|
|
|
0.50
|
%
|
|
|
8.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$706,624
|
|
|
|
0.88
|
%
|
|
|
$636,748
|
|
|
|
0.82
|
%
|
|
|
11.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$2.59
|
|
|
|
|
|
|
|
$2.26
|
|
|
|
|
|
|
|
14.6
|
%
|
Diluted
|
|
|
$2.54
|
|
|
|
|
|
|
|
$2.22
|
|
|
|
|
|
|
|
14.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
272,471
|
|
|
|
|
|
|
|
282,258
|
|
|
|
|
|
|
|
|
|
Diluted (3)
|
|
|
277,717
|
|
|
|
|
|
|
|
287,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes a $2.1 million gain and a $20.7 million gain from
antitrust litigation settlements in the fiscal year ended
September 30, 2011 and 2010, respectively.
|
(2)
|
|
Includes $4.4 million of employee severance costs, a $16.0 million
charge related to a preliminary Qui Tam litigation settlement and
$3.2 million of acquisition costs related to business combinations
in the fiscal year ended September 30, 2011. Includes the reversal
of a $4.4 million legal accrual in the fiscal year ended September
30, 2010.
|
(3)
|
|
Includes the dilutive effect of stock options, restricted stock,
and restricted stock units.
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands)
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2011
|
|
|
2010
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$1,825,990
|
|
|
$1,658,182
|
Accounts receivable, net
|
|
|
3,837,203
|
|
|
3,827,484
|
Merchandise inventories
|
|
|
5,466,534
|
|
|
5,210,098
|
Prepaid expenses and other
|
|
|
87,896
|
|
|
52,586
|
Total current assets
|
|
|
11,217,623
|
|
|
10,748,350
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
772,916
|
|
|
711,712
|
Other long-term assets
|
|
|
2,992,132
|
|
|
2,974,781
|
|
|
|
|
|
|
|
Total assets
|
|
|
$14,982,671
|
|
|
$14,434,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
|
$9,202,115
|
|
|
$8,833,285
|
Current portion of long-term debt
|
|
|
392,089
|
|
|
422
|
Other current liabilities
|
|
|
1,260,916
|
|
|
1,072,637
|
Total current liabilities
|
|
|
10,855,120
|
|
|
9,906,344
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
972,863
|
|
|
1,343,158
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
285,723
|
|
|
231,044
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
2,868,965
|
|
|
2,954,297
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$14,982,671
|
|
|
$14,434,843
|
|
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
Fiscal
|
|
|
Fiscal
|
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
Operating Activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$706,624
|
|
|
|
$636,748
|
|
Adjustments to reconcile net income to net cash provided by
operating activities
|
|
|
393,960
|
|
|
|
279,968
|
|
Changes in operating assets and liabilities
|
|
|
67,364
|
|
|
|
191,908
|
|
Net cash provided by operating activities
|
|
|
1,167,948
|
|
|
|
1,108,624
|
|
|
|
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(167,954
|
)
|
|
|
(184,635
|
)
|
Cost of acquired companies, net of cash acquired
|
|
|
(45,380
|
)
|
|
|
-
|
|
Other
|
|
|
916
|
|
|
|
264
|
|
Net cash used in investing activities
|
|
|
(212,418
|
)
|
|
|
(184,371
|
)
|
|
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
|
|
|
Net borrowings
|
|
|
22,427
|
|
|
|
163,039
|
|
Purchases of common stock
|
|
|
(840,577
|
)
|
|
|
(470,356
|
)
|
Exercises of stock options
|
|
|
155,531
|
|
|
|
132,719
|
|
Cash dividends on common stock
|
|
|
(117,624
|
)
|
|
|
(90,622
|
)
|
Debt issuance costs and other
|
|
|
(7,479
|
)
|
|
|
(10,219
|
)
|
Net cash used in financing activities
|
|
|
(787,722
|
)
|
|
|
(275,439
|
)
|
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
|
167,808
|
|
|
|
648,814
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
1,658,182
|
|
|
|
1,009,368
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year
|
|
|
$1,825,990
|
|
|
|
$1,658,182
|
|
|
|
|
|
|
|
|
|
|

SOURCE: AmerisourceBergen Corporation
AmerisourceBergen
Barbara Brungess, 610-727-7199
bbrungess@amerisourcebergen.com