Alpharma reports first quarter 1996 results.FORT LEE, N.J.--(BUSINESS WIRE)--May 2, 1996--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 earnings per share 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 first quarter ended March 31, 1996 were $.21. First quarter 1996 results include severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs of approximately $.05 per share ($1.9 million pre-tax) related to the reorganization of sales and marketing within the Company's International Pharmaceuticals Division. Therefore, earnings per share from operations, after adjusting for these severance charges were $.26 for the 1996 quarter compared to $.18 for 1995. Commenting on the release, Einar W. Sissener, Chief Executive Officer of ALPHARMA INC. said, "Our positive first quarter operating results of $.26 were aided by favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. business and product mix and the timing of certain selling, marketing and R&D expenses, which we expect will be incurred in the second quarter. The results, however, give us added confidence in our first half and full year operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before expectations. "I believe our results are beginning to reflect some of the benefits from the management actions we have initiated since the October 1994 `Combination' with A.L. Oslo. In addition to the management actions taken in the first quarter relative to reorganizing sales and marketing in our International Pharmaceuticals Division, we continue to study other actions. We are well along in the formal study announced earlier this year relative to production rationalization rationalization, in psychology: see defense mechanism. alternatives between the International Pharmaceuticals Division's manufacturing facilities in Denmark and Norway. We are also studying the feasibility of accelerating the consolidation of manufacturing in our U.S. Pharmaceuticals Division. We had previously announced that we would be exiting our Queens, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and South Plainfield, New Jersey South Plainfield is a Borough in Middlesex County, New Jersey, United States. As of the United States 2000 Census, the borough population was 21,810. South Plainfield was incorporated by an Act of the New Jersey Legislature on March 10, 1926, from portions of Piscataway facilities and transferring all production of topicals and suppositories suppositories, n.pl solid capsules made of materials that melt at body temperature and are used to deliver medicinal substances into the rectum. to our modern facility in Lincolnton, North Carolina Lincolnton is a city in Lincoln County, North Carolina, United States. The population was 9,965 at the 2000 census. It is the county seat of Lincoln CountyGR6. . "We expect that both the International Pharmaceuticals Division and U.S. Pharmaceuticals Division studies will result in formal proposals which will be considered by the Board of Directors before the end of the second quarter. Board approval of either or both proposals could result in non-operating charges in the second quarter. I have stated consistently since the Combination, we intend to aggressively pursue all actions that will strengthen our competitive positions and improve operating earnings. Based on the preliminary studies to date, we strongly believe that implementation of these actions will result in significant long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. profit improvement." 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 and the Far East, is a basic manufacturer of important specialty antibiotics Antibiotics Definition Antibiotics 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
_____March 31,____
1996(a) 1995
Total revenue $127,810 $126,080 Cost of sales 73,291 73,411 Gross profit 54,519 52,669 Selling, general and administrative expenses 41,944 39,884 Operating income 12,575 12,785 Interest expense (5,046) (5,570) Other, net 176 (802) Income before provision for income taxes 7,705 6,413 Provision for income taxes 2,928 2,488 Net income $ 4,777 $ 3,925 Average common shares outstanding: Primary 22,405 21,705 Fully diluted 22,405 21,869 Earnings per common share: Primary $ .21 $ .18 Fully diluted $ .21 $ .18 Dividends per common share $ .045 $ .045
(a) 1996 includes pre-tax charges of approximately $1,900 ($.05 per
share) for severance resulting from post-Combination management
actions.
-0-
ALPHARMA INC.
Financial Position
(In thousands)
March 31, December 31,
1996 1995
(unaudited) (audited)
Current assets $257,945 $282,886 Non-current assets 346,820 351,967 Total assets $604,765 $634,853 Current liabilities $139,512 $169,283 Long-term debt 218,182 219,451 Deferred taxes and other liabilities 40,135 40,929 Stockholders' equity 206,936 205,190 Total liabilities and stockholders' equity $604,765 $634,853 CONTACT: ALPHARMA INC. Iris Daniels, 201/947-7774 or Morgen-Walke Associates Inc. Investor Contacts: Donna Stein/Courtney Levi, 212/850-5600 Press Contact: Michelle Zawrothy, 212/850-5631 |
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