AmerisourceBergen Reports December Quarterly Results, with Diluted Earnings Per Share from Continuing Operations of $0.66.VALLEY FORGE Valley Forge, on the Schuylkill River, SE Pa., NW of Philadelphia. There, during the American Revolution, the main camp of the Continental Army was established (Dec., 1777–June, 1778) under the command of Gen. George Washington. , Pa. -- AmerisourceBergen AmerisourceBergen NYSE: ABC is a Chesterbrook, PA based Drug Wholesale company that was formed by the merger of Bergen Brunswig and AmeriSource in 2001. They provide drug distribution and related services designed to reduce costs and improve patient outcomes, distribute a line Corporation (NYSE NYSE See: New York Stock Exchange :ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. ) today reported results for its fiscal first quarter ended December December: see month. 31, 2004. The following results are presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). Fiscal First Quarter Highlights --Diluted earnings per share from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $0.66, down 31 percent. --Operating Revenue of $12.2 billion, flat. --Cash flow from operations of $122.7 million. --Record low interest expense of $22.1 million. --Record low total debt to total capital ratio of 22.5 percent. "We were disappointed with our financial performance for the quarter," said R. David Yost David Harold Yost (born January 7, 1969) is an American actor known for his role on the television series Mighty Morphin Power Rangers. Biography Early life , AmerisourceBergen's Chief Executive Officer. "However, despite a tough transitional year, we are building positive momentum. Our disciplined working capital management delivered excellent cash generation and the strongest balance sheet in our history. Operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. in pharmaceutical distribution was flat, despite the loss of two large customers which accounted for 14 percent of operating revenue in the first quarter of fiscal 2004. We remain enthusiastic about our future and see excellent opportunities as we expand our specialty business, complete our new distribution network, gain new generic opportunities and look to fully participate in the growth generated by the Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. Modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, Act in 2006." Discussion of Results AmerisourceBergen's operating revenue was $12.2 billion in the first quarter of fiscal 2005 compared to $12.3 billion for the same period last year. Bulk deliveries in the quarter increased 32 percent to $1.4 billion. Consolidated 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 the quarter declined 35 percent to $137.1 million primarily due to reduced buy-side profits in the pharmaceutical distribution segment and continued competitive pressure in the PharMerica PharMerica is a publicly-traded Fortune 1000 company formed in January 2007 from the merger of Kindred Healthcare's pharmacy business with a subsidiary of AmerisourceBergen. segment. In addition, an $18.8 million gain from the settlement of two drug manufacturer antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. cases, less a $5.1 million charge for facility consolidations and employee 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 , had a net positive impact on consolidated operating income in the fiscal 2005 first quarter. Operating income in the first quarter of fiscal 2004 included a charge for facility consolidations and employee severance of $1.6 million and benefited from a $17.5 million recovery of a debt from a former customer. Interest expense in the first quarter of fiscal 2005 was a record low $22.1 million compared to $31.5 million in the prior year's first quarter, a 30 percent decrease driven by debt reduction. During the quarter, AmerisourceBergen completed a new, five-year, $700 million senior unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, replacing a $1.0 billion secured revolving credit facility. The Company also redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. the remaining $180 million term loan under its previous credit agreement. In addition, AmerisourceBergen amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. its $1.05 billion securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. program for the Company's trade receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . In both refinancings the Company significantly improved terms. The early retirement of the term loan resulted in a charge of $1.0 million in the fiscal 2005 December quarter. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of from continuing operations were $0.66 in the first quarter of fiscal 2005, compared to $0.95 in the previous fiscal year's first quarter. Discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. in the December quarter reflect the $6.4 million loss, net of tax, from the sale and operation of the Company's Rita Ann ANN, Scotch law. Half a year's stipend over and above what is owing for the incumbency due to a minister's relict, or child, or next of kin, after his decease. Wishaw. Also, an abbreviation of annus, year; also of annates. In the old law French writers, ann or rather an, signifies a year. cosmetics cosmetics, preparations externally applied to change or enhance the beauty of skin, hair, nails, lips, and eyes. The use of body paint for ornamental and religious purposes has been common among primitive peoples from prehistoric times (see body-marking). distribution business. Cash generated from operations in the first quarter of FY2005 was $122.7 million compared to cash usage of $454.4 million in the prior year's first quarter. The Company's total debt to total capital ratio was a record low 22.5 percent. "With difficult market and industry conditions, both our segments were challenged this quarter," said Kurt Kurt is a given name. Its principal English variant is Curt, while others include Cord, Curd, and Kort. It originated as a short form of Curtis, Konrad (Conrad), and Kunibert. J. Hilzinger, AmerisourceBergen's President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Significant activities are underway to improve performance and better position us for the year ahead. "During first quarter 2005, we continued to focus on expanded offerings in the pharmaceutical supply channel. Our Specialty Group was again a bright spot. Our market-leading oncology oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors. on·col·o·gy n. businesses had another strong quarter and commercialization services continued to expand. Our Technology and Packaging groups began a number of new initiatives. "In the Drug Corporation, we continued to build and gain benefits from our new distribution center network. The program remains on schedule and on budget. Our new Sacramento, California “Sacramento” redirects here. For other uses, see Sacramento (disambiguation). Sacramento is the capital of the State of California and the county seat of Sacramento County. , and Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. , facilities are fully operational and the Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , facility opens this spring. Coupled with our new warehouse management system, the new network will drive additional cost savings and improved customer service in the future." "In our PharMerica segment, we continue to face a difficult competitive environment. Continued pricing and reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. pressure were not offset by a significant reduction in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as operating income in the quarter was down. However, our new customer-facing technology is winning new customers in our long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. business, and we continue our more than $30 million of technology investments in the segment," said Hilzinger. Segment Review AmerisourceBergen operates in two segments: Pharmaceutical Distribution (which includes the operations of AmerisourceBergen Drug Corporation, Specialty, Packaging, and Technology groups) and PharMerica (which includes the long-term care pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. and workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. businesses). Intersegment sales of $225.3 million in the first quarter of fiscal 2005 from AmerisourceBergen Drug Corporation to PharMerica, which are included in the Pharmaceutical Distribution segment operating revenue, are eliminated for consolidated reporting purposes. Pharmaceutical Distribution Segment Operating revenue of $12.0 billion in the first quarter of fiscal 2005 was essentially flat compared to the same quarter in the previous fiscal year. Strong, above-market growth by the Specialty Group and at-market growth within the Drug Corporation offset the impact of the prior year's loss of the Department of Veterans Affairs Veterans Affairs is a term of the business that deals with the relation between a government and its veteran communities, usually administered by the designated government agency. (VA) and AdvancePCS AdvancePCS Inc. was a large prescription benefit plan administrator from the USA. The company merged with Caremark Rx in the beginning of 2005 and is now known under that name. contracts. The two contract losses accounted for 14 percent of segment operating revenue in the first quarter of fiscal 2004. Lower than anticipated pharmaceutical price increases, fewer product deals from manufacturers, reduced alternate source purchases and a strong competitive environment, including the VA impact, also reduced gross profit and operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in the quarter. Pharmaceutical Distribution customer mix in the first quarter of fiscal 2005 was 55 percent institutional and 45 percent retail. Operating revenue from retail customers grew faster than operating revenue from institutional customers, which includes mail order and alternate site facilities, hospitals and specialty pharmaceutical customers. AmerisourceBergen Specialty Group  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . continued its excellent performance with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. operating revenue of more than $5.5 billion. The Group continues to build on its leadership position in the distribution of products and services to physicians in numerous disease states, including its industry leading position in oncology. The Group also continues to grow its manufacturer services businesses, including third party logistics, reimbursement consulting and physician education. AmerisourceBergen Packaging Group, which includes product packaging for manufacturers and repackaging for healthcare providers, added new product packaging contracts to its growing pipeline and is delivering new compliance packaging solutions to the marketplace. The Company's Technology Group, which provides pharmacy automation and patient safety solutions to healthcare providers, continued to build its order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. . PharMerica PharMerica's operating revenue for the first quarter of fiscal 2005 was $385.6 million, compared with $402.4 million in the previous year's first quarter, down 4 percent. Operating income for the first quarter of fiscal 2005 was $23.5 million, down 17 percent from $28.5 million for the same quarter last year. Lower operating revenue and operating income reflected the competitive environment in both the long-term care and workers' compensation businesses. Looking Ahead "Our expectations and assumptions for fiscal 2005 remain unchanged," said Yost. "We anticipate operating revenue and operating income to be essentially flat for the remainder of fiscal 2005, and diluted earnings per share from continuing operations for fiscal 2005 of between $4.00 and $4.10. The September September: see month. quarter is expected to post a diluted earnings per share from continuing operations increase of 15 percent or more over the same quarter in 2004. Our guidance is based on low double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth for the U.S. pharmaceutical market, including approximately 5 percent in price appreciation in the remainder of the fiscal year, Specialty Group growing with the market, the impact of completing our $500 million share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program and the expectation that the Board of Directors will approve an additional $300 million share repurchase to buy back the shares recently issued in connection with the convertible debt redemption." Conference Call The Company will host a conference call to discuss its results at 11:00 a.m. Eastern Standard Time on January January: see month. 25, 2005. Participating in the conference call will be: R. David Yost, Chief Executive Officer; Kurt J. Hilzinger, President and Chief Operating Officer; and Michael D. DiCandilo, Senior Vice President and Chief Financial Officer.
To access the live conference call via telephone:
Dial in: (612) 288-0329, 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
2:30 p.m. January 25, 2005 until 11:59 p.m. February 1, 2005. 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: 765507
(320) 365-3844 from outside the U.S., access code: 765507
To access the archived webcast:
Go to the Quarterly Webcasts section on the Investor Relations
page at http://www.amerisourcebergen.com.
About AmerisourceBergen AmerisourceBergen (NYSE:ABC) is one of the largest pharmaceutical services companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . 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, bedside medication safety systems, and pharmaceutical packaging to pharmacy services for skilled nursing and assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. facilities, reimbursement and pharmaceutical consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" , and physician education. With more than $48 billion in operating revenue, AmerisourceBergen is headquartered in Valley Forge, PA, and employs more than 14,000 people. AmerisourceBergen is ranked #22 on the Fortune 500 list. For more information, go to www.amerisourcebergen.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release may contain certain "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 changes in circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Actual results may vary materially from the expectations contained in the forward-looking statements. Forward-looking statements may include statements addressing AmerisourceBergen's future financial and operating results. The following factors, among others, could cause actual results to differ materially from those described in any forward-looking statements: competitive pressures; the loss of one or more key customer relationships; customer insolvencies; changes in customer mix; changes in pharmaceutical manufacturers' pricing and distribution policies or practices; regulatory changes; changes in U.S. government policies (including changes in government policies pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to drug reimbursement); changes in market interest rates; and other economic, business, competitive, regulatory and/or operational factors affecting the business of AmerisourceBergen generally. More detailed information about these and other risk factors is set forth in AmerisourceBergen's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for fiscal 2004. AmerisourceBergen is under no obligation to (and expressly disclaims any such obligation to) update or alter any forward looking statements whether as a result of new information, future events or otherwise.
AMERISOURCEBERGEN CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share data)
(unaudited)
Three Three
Months Ended % of Months Ended % of
December 31, Operating December 31, Operating %
2004 Revenue 2003 Revenue Change
------------ --------- ------------ --------- ------
Revenue:
Operating
revenue $12,204,315 100.00% $12,252,737 100.00% 0%
Bulk deliveries
to customer
warehouses 1,434,727 1,089,434 32%
------------ ------------
Total revenue 13,639,042 13,342,171 2%
Cost of goods
sold 13,178,143 12,817,121 3%
------------ ------------
Gross profit 460,899 3.78% 525,050 4.29% -12%
Operating
expenses:
Distribution,
selling and
administrative 297,551 2.44% 295,383 2.41% 1%
Depreciation
and
amortization 21,154 0.17% 16,716 0.14% 27%
Facility
consolidations
and employee
severance 5,133 0.04% 1,553 0.01% 231%
------------ ------------
Operating income 137,061 1.12% 211,398 1.73% -35%
Other (income)
loss (1,058) -0.01% 2,587 0.02% N/A
Interest expense 22,076 0.18% 31,507 0.26% -30%
Loss on early
retirement of
debt 1,015 0.01% -
------------ ------------
Income from
continuing
operations
before taxes 115,028 0.94% 177,304 1.45% -35%
Income taxes 44,171 0.36% 68,263 0.56% -35%
------------ ------------
Income from
continuing
operations 70,857 0.58% 109,041 0.89% -35%
Loss from
discontinued
operations, net
of tax benefit (6,408) (567)
------------ ------------
Net income $64,449 0.53% $108,474 0.89% -41%
============ ============
Earnings per
share:
Basic
Continuing
operations $0.67 $0.98 -32%
Discontinued
operations (0.06) (0.01)
------------ ------------
Net income $0.61 $0.97 -37%
============ ============
Diluted
Continuing
operations $0.66 $0.95 -31%
Discontinued
operations (0.06) (0.01)
------------ ------------
Net income $0.60 $0.94 -36%
============ ============
Weighted average
common shares
outstanding:
Basic 105,561 111,709
Diluted 111,607 118,029
AMERISOURCEBERGEN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
ASSETS
December 31, September 30,
2004 2004
------------- -------------
Current assets:
Cash and cash equivalents $529,539 $871,343
Accounts receivable, net 2,210,474 2,260,973
Merchandise inventories 5,185,239 5,135,830
Prepaid expenses and other 22,170 27,243
------------- -------------
Total current assets 7,947,422 8,295,389
Long-term assets 3,362,848 3,358,614
------------- -------------
Total assets $11,310,270 $11,654,003
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $5,017,561 $4,947,037
Current portion of long-term debt 101,395 281,360
Other current liabilities 796,769 875,511
------------- -------------
Total current liabilities 5,915,725 6,103,908
Long-term debt, less current portion 1,123,966 1,157,111
Other liabilities 58,155 53,939
Stockholders' equity 4,212,424 4,339,045
------------- -------------
Total liabilities and stockholders'
equity $11,310,270 $11,654,003
============= =============
AMERISOURCEBERGEN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Three
Months Ended Months Ended
December 31, December 31,
2004 2003
------------ ------------
Operating Activities:
Net income $64,449 $108,474
Non-cash items 51,686 29,811
Changes in operating assets and
liabilities 6,598 (592,683)
------------ ------------
Net cash provided by (used in) operating
activities 122,733 (454,398)
------------ ------------
Investing Activities:
Capital expenditures (79,182) (51,516)
Proceeds from sale-leaseback transactions 20,732 -
Proceeds from sale of discontinued
operations 3,560 -
Other (763) (123)
------------ ------------
Net cash used in investing activities (55,653) (51,639)
------------ ------------
Financing Activities:
Long-term debt repayments (180,000) (15,000)
Exercise of stock options 30,084 6,577
Cash dividends on common stock (2,628) (2,802)
Purchase of treasury stock (253,191) -
Deferred financing costs and other (3,149) 451
------------ ------------
Net cash used in financing activities (408,884) (10,774)
------------ ------------
Decrease in cash and cash equivalents (341,804) (516,811)
Cash and cash equivalents at beginning of
period 871,343 800,036
------------ ------------
Cash and cash equivalents at end of period $529,539 $283,225
============ ============
AMERISOURCEBERGEN CORPORATION
SUMMARY SEGMENT INFORMATION
(dollars in thousands)
(unaudited)
Three Months Ended December 31,
-----------------------------------
Operating Revenue 2004 2003 % Change
--------------------------------- -----------------------------------
Pharmaceutical Distribution $12,043,974 $12,077,582 0%
PharMerica 385,621 402,440 -4%
Intersegment eliminations (225,280) (227,285) 1%
------------ ------------
Operating revenue $12,204,315 $12,252,737 0%
============ ============
Three Months Ended December 31,
-----------------------------------
Operating Income 2004 2003 % Change
--------------------------------- -----------------------------------
Pharmaceutical Distribution $99,847 $184,458 -46%
PharMerica 23,522 28,493 -17%
Facility consolidations and
employee severance (5,133) (1,553) -231%
Gain on litigation settlement 18,825 - N/A
------------ ------------
Operating income $137,061 $211,398 -35%
============ ============
Percentages of operating revenue:
Pharmaceutical Distribution
Gross profit 2.78% 3.32%
Operating expenses 1.95% 1.79%
Operating income 0.83% 1.53%
PharMerica
Gross profit 27.69% 30.96%
Operating expenses 21.59% 23.88%
Operating income 6.10% 7.08%
AmerisourceBergen Corporation
Gross profit 3.78% 4.29%
Operating expenses 2.65% 2.56%
Operating income 1.12% 1.73%
AMERISOURCEBERGEN CORPORATION
EARNINGS PER SHARE
(In thousands, except per share data)
(unaudited)
Basic earnings per share is computed on the basis of the weighted
average number of shares of common stock outstanding during the
periods presented. Diluted earnings per share is computed on the basis
of the weighted average number of shares of common stock outstanding
during the period plus the dilutive effect of stock options.
Additionally, the diluted earnings per share calculation considers the
convertible subordinated notes as if converted and, therefore, the
effect of interest expense related to those notes is added back to net
income in determining income from continuing operations available to
common stockholders.
Three Months Ended
December 31,
2004 2003
--------- ---------
Income from continuing operations $70,857 $109,041
Interest expense - convertible subordinated notes,
net of income taxes 2,511 2,530
--------- ---------
Income from continuing operations available to
common stockholders $73,368 $111,571
========= =========
Weighted average common shares outstanding - basic 105,561 111,709
Effect of dilutive securities:
Options to purchase common stock 423 656
Convertible subordinated notes 5,623 5,664
--------- ---------
Weighted average common shares outstanding -
diluted 111,607 118,029
========= =========
Earnings per share:
Basic
Continuing operations $0.67 $0.98
Discontinued operations (0.06) (0.01)
--------- ---------
Net income $0.61 $0.97
========= =========
Diluted
Continuing operations $0.66 $0.95
Discontinued operations (0.06) (0.01)
--------- ---------
Net income $0.60 $0.94
========= =========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion