ALPHARMA reports third quarter and nine month results.FORT LEE, N.J.--Nov. 6, 1995--(BUSINESS WIRE)--ALPHARMA INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (NYSE NYSE See: New York Stock Exchange :ALO) today reported that for its third quarter ended September September: see month. 30, 1995 revenue was $132,375,000, an increase of 13% compared with $117,438,000 in 1994. Third quarter total operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in 1995 was $15,062,000 versus $9,910,000 in 1994; and net income was $6,169,000 compared to $4,005,000 in the previous year. Per share earnings on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis for the third quarter were $.28 in 1995 versus $.19 in 1994. For the nine months ended September 30, 1995, revenue was $382,272,000, an increase of 14% compared with $335,776,000 in 1994. Nine month total operating income in 1995 was $38,285,000 versus $26,813,000 in 1994; and net income was $13,148,000 compared to $10,363,000 in the previous year. Per share earnings on a fully diluted basis for the nine months were $.60 in 1995 versus $.48 for the same period of 1994. As previously announced in the third quarter, the Company has begun additional post-combination management actions, that span the third and fourth quarters of 1995, related to the October October: see month. 1994 combination of the human pharmaceutical and animal health businesses of the Norwegian Norwegian associated in some way with Norway. Norwegian buhund, Norwegian sheepdog a medium-sized (26-40 lb), spitz-type dog with a short, dense coat in wheaten, black, red or sable, sometimes with black markings on the face, ears pharmaceutical company, Apothekernes Laboratorium (A.L. Oslo Oslo (äz`lō, äs`–, Nor.  s`l), city (1995 pop. 482,555), capital of Norway, of Akershus co., and of Oslo co. ), with
ALPHARMA. The actions being taken over the second half of 1995 are a
further step toward the achievement of the goals of the combination and
include elimination of up to 130 positions company-wide, further efforts
toward consolidation of operations in the Company s U.S.
Pharmaceuticals Division and the utilization of substantial consulting
resources focused primarily on accelerating the realization of certain
combination benefits in the International Pharmaceuticals Division. As
a part of post- post- word element [L.], after; behind. post- pref. 1. After; later: postpartum. 2. Behind; posterior to: postaxial. combination management actions, the Company also sold its minority equity position and certain other rights in an R&D company. While the net result of these actions is not expected to be material to second half or full year 1995 earnings, both third quarter and nine month operating income for 1995 include a net benefit of approximately $2,800,000 (pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta ) or $.08 per share as a result of the management actions taken in the third quarter. Additional expenses related to these management actions will be incurred in the fourth quarter of 1995 making the expected net result not material to second half or full year earnings. In evaluating operating results, the Company does not believe the net benefit in the third quarter or the net expenses in the fourth quarter from post-combination management actions should be considered. On a comparable basis, per share earnings from operations in 1995 increased 18% for the third quarter and 21% for the nine months compared to 1994. While the third quarter and nine month 1994 results have been restated in a manner similar to a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. to include the benefit of the earnings of A.L. Oslo, the restated results do not reflect the interest expense on both the cash consideration paid and expenses incurred in connection with the combination. Had this interest been included, restated earnings per share for 1994 would have been $.17 for the third quarter and $.43 for the nine months. In evaluating actual 1995 third quarter operating results of $.20 per share and nine month results of $.52 per share (both of which exclude the net benefit of $.08 per share from management actions and include interest for all combination related items), the Company believes that 1994 restated results including combination related interest or $.17 and $.43 per share, respectively, should be used for comparison. On this basis, earnings per share in 1995 increased 18% for the third quarter and 21% for the nine months compared to 1994. ALPHARMA is a multinational pharmaceutical company developing, manufacturing and marketing specialty generic and proprietary human pharmaceutical and animal health products. ALPHARMA is the largest manufacturer of generic liquid and topical topical /top·i·cal/ (top´i-k'l) pertaining to a particular area, as a topical antiinfective applied to a certain area of the skin and affecting only the area to which it is applied. top·i·cal adj. pharmaceuticals in the U.S., has an established and growing market position in finished pharmaceuticals in Europe Europe (y r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and the Far East, is a basic manufacturer of
important specialty antibiotics Antibiotics DefinitionAntibiotics may be informally defined as the subgroup of anti-infectives that are derived from bacterial sources and are used to treat bacterial infections. , and is recognized worldwide as a leading provider of animal health feed additives for poultry poultry, domesticated fowl kept primarily for meat and eggs; including birds of the order Galliformes, e.g., the chicken, turkey, guinea fowl, pheasant, quail, and peacock; and natatorial (swimming) birds, e.g., the duck and goose. and livestock livestock Farm animals, with the exception of poultry. In Western countries the category encompasses primarily cattle, sheep, pigs, goats, horses, donkeys, and mules; other animals (e.g., buffalo, oxen, or camels) may predominate in other areas. , and vaccines for farmed fish. -0-
ALPHARMA INC.
Consolidated Statement of Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1995(b) 1994(a) 1995(b) 1994(a)
Total revenue $132,375 $117,438 $382,272 $335,776
Cost of sales 80,252 69,177 225,056 196,781
Gross profit 52,123 48,261 157,216 138,995
Selling, general and
administrative expenses 37,061 38,351 118,931 112,182
Operating income 15,062 9,910 38,285 26,813
Interest expense (5,605) (3,739) (16,864) (10,587)
Other, net 366 316 (215) 494
Income before provision
for income taxes 9,823 6,487 21,206 16,720
Provision for income taxes 3,654 2,482 8,058 6,357
Net income $ 6,169 $ 4,005 $ 13,148 $ 10,363
Average common shares
outstanding:
Primary 21,640 21,576 21,624 21,562
Fully diluted 22,012 21,633 21,996 21,619
Earnings per common share:
Primary $ .29 $ .19 $ .61 $ .48
Fully diluted $ .28 $ .19 $ .60 $ .48
Dividends per common share $ .045 $ .045 $ .135 $ .135
(a) Restated to reflect combination with A.L. Oslo accounted for as a
pooling of interests.
(b) 1995 includes net income of $1,800 ($.08 per share) resulting from
post-combination management actions.
ALPHARMA INC.
Financial Position
(In thousands)
September 30, December 31,
1995 1994
(unaudited) (audited)
Current assets $254,456 $250,499
Non-current assets 348,574 341,819
Total assets $603,030 $592,318
Current liabilities $144,618 $154,650
Long-term debt 219,638 220,036
Deferred taxes and other liabilities 37,940 36,344
Stockholders' equity 200,834 181,288
Total liabilities and stockholders'
equity $603,030 $592,318
CONTACT: Iris Daniels Daniels is a surname that may refer to:
ALPHARMA INC. 201/947-7774 or Investor Contact: Donna Stein/Courtney Levi Levi (lē`vī), in the Bible. 1 Son of Jacob and Leah and eponymous ancestor of the Levites. His name appears infrequently—at his birth, when he and Simeon massacred the Shechemites out of revenge, when Jacob migrated to Morgen-Walke Associates, Inc. 212/850-5600 Press Contact: Michelle Zawrothy Morgen-Walke Associates, Inc. 212/850-5631 |
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