Bergen Brunswig Reports Second Quarter Results.Business Editors ORANGE, Calif.--(BUSINESS WIRE)--April 26, 2000 Bergen Brunswig Corporation (NYSE NYSE See: New York Stock Exchange :BBC BBC in full British Broadcasting Corp. Publicly financed broadcasting system in Britain. A private company at its founding in 1922, it was replaced by a public corporation under royal charter in 1927. ) today announced results for the period ended March 31, 2000 -- the Company's second quarter of fiscal 2000. For the second quarter, revenues, excluding bulk shipments, increased 14% to a record $4.9 billion, which compares to $4.3 billion last year. Excluding the PharMerica acquisition, which was closed in April, 1999, revenues increased 10%. Earnings before interest, depreciation and amortization (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) increased $5.0 million to $98.2 million. Net income was $17.3 million for the quarter compared to $38.4 million for the same period a year ago. 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 were $.13 compared to $.35 for the second quarter last year. Weighted average 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. shares outstanding were 134.6 million in fiscal 2000 versus 109.6 million for the second quarter last year. For the six months ended March 31, 2000 revenues, excluding bulk shipments, increased 18% to a record $9.7 billion which compares to $8.3 billion last year. Excluding the PharMerica acquisition, revenues increased 14%. EBITDA increased 18% to $185.9 million, year-over-year. Net income was $31.9 million for the first half of fiscal 2000 compared to $66.3 million for the same period a year ago. Diluted earnings per share were $.24 for the six months compared to $.62 for the first six months of fiscal 1999. Weighted average diluted shares outstanding were 134.5 million for the first six months of fiscal 2000 versus 107.3 million for the first half of fiscal 1999. As previously discussed, year-over-year earnings comparisons are negative due to lower than expected results at Stadtlander, 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. industry trends that have impacted PharMerica and lower Drug Company gross margins occasioned by competitive pressures and lower than previously experienced buy-side benefits. As previously disclosed, the Company did not participate fully in seasonal buying activity during the fiscal 2000 second quarter due to limited availability When customers of the PSTN make telephone calls, they commonly make use of a telecommunications network called a switched-circuit network. In a switched-circuit network, devices known as switches are used to connect the caller to the callee. of funds preceding the refinancing Refinancing An extension and/or increase in amount of existing debt. of its 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. The Company has now successfully completed the refinancing of the $600 million and $400 million revolving bank loans that were due April 2000 and March 2001, respectively. Robert E. Martini, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bergen Brunswig Corporation stated, "We are pleased to have completed the refinancing, thereby eliminating maturity concerns and providing ample borrowing capacity. Now that our refinancing is in place, we are taking full advantage of investment-buying opportunities." Segment Review Pharmaceutical Distribution Segment This segment, comprised of Bergen Brunswig Drug Company (BBDC BBDC Brantley Capital Corporation (Cleveland, OH) BBDC before bottom dead center (referring to a piston in a engine) BBDC Banting and Best Diabetes Centre BBDC Beijing Benz-DaimlerChrysler Automotive Co, Ltd ), ASD ASD abbr. atrial septal defect ASD Atrial septal defect, see there Specialty Healthcare (ASD) and BBC Purchasing Corporation (RightPak), increased revenues 10% in the second quarter to $4.4 billion and 13% to $8.8 billion for the six months. Revenue growth for the quarter reflects lower January sales resulting from increased customer purchases in December due to Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 as well as changes in the customer base compared to the prior year. EBITDA for the Pharmaceutical Distribution Segment was $94.5 million for the quarter and $180.5 million for the six months, a decrease of 5% and an increase of 3%, respectively. The primary reasons for the year-over-year decline were BBDC's lower buy-side gross margin benefit, customer mix, and sell-side margin erosion due to industry-wide competitive pressures. However, operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: on a LIFO (Last In-First Out) A queueing method in which the next item to be retrieved is the item most recently placed in the queue. Contrast with FIFO. LIFO - stack basis increased over the quarter ended December 31, 1999 from 1.74% to 1.93%. BBDC Continuing to demonstrate strength among regional chain customers, BBDC announced this quarter an exclusive three-year agreement with Navarro Discount Pharmacies in Florida. The contract, which follows last quarter's agreements with Fred's, Duane Reade Duane Reade is a chain of drugstores/convenience stores, primarily located in New York City. History Founded in 1960, the chain started with three stores, named after the location of the company's warehouse between Duane and Reade Streets on Broadway in lower Manhattan. and SaveMart, further validates Bergen's success in developing the right mix of retail programs and e-commerce strategies for this important and growing business segment. During the quarter, the Drug Company consolidated its Louisville drug distribution business into existing BBDC distribution centers in Nashville and South Bend South Bend, city (1990 pop. 105,511), seat of St. Joseph co., N Ind., on the great south bend of the St. Joseph River, in a farming and mint-growing region; inc. as a city 1865. . This action will provide increased operating efficiencies at these divisions. BBDC's existing 130,000 square foot Louisville distribution facility will be solely utilized for internet fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. . With six major internet retailers, the Internet Fulfillment Center (IFC (Internet Foundation Classes) A class library from Netscape that provides an application framework and graphical user interface (GUI) routines for Java programmers. IFC was later made part of the Java Foundation Classes (JFC). See JFC, AFC and AWT. See also ICF. ) is currently shipping 25,000 direct-to-consumer orders per week. This new venture is on target for the first six months. On-line shopping for OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). and HBA (Host Bus Adapter) See host adapter. products is now available at myGNP.com, with revenue sharing revenue sharing Funding arrangement in which one government unit grants a portion of its tax income to another government unit. For example, provinces or states may share revenue with local governments, or national governments may share revenue with provinces or states. arrangements in place for participating independent pharmacies An independent pharmacy is a retail pharmacy that is not directly affiliated with any chain pharmacy, such as CVS/pharmacy, Walgreens or Eckerd. However, owners of independent pharmacies will often form alliances with other independents and use their power in numbers to bargain for . This direct-to-consumer internet offering representing the Good Neighbor Pharmacy Good Neighbor Pharmacy is a retailers' cooperative network of over 2,700 independently owned and operated pharmacies. It has a business affiliation with AmerisourceBergen (Bergen Brunswig Drug Company), which sponsors the network and owns the name "Good Neighbor Pharmacy". network enables the independent pharmacy to compete in the "Clicks and Bricks" retail channel. Healthcentral.com, more.com and other e-commerce partners have expanded their product offering through the Internet Fulfillment Center in Louisville. BBDC's central fill initiative, which combines the strengths of PDX PDX Product Data Exchange (file name extension; XML technology) PDX Paradox Files (file name extension) PDX Product Definition Exchange PDX Phone Data Exchange (Proxon) software with Bergen's automated filling and inventory management system, is receiving interest from a combination of both chain and independent customers. Implementation is expected to begin in the second half of fiscal 2000. And finally, the Committed Purchasing Services (CPS (1) (Characters Per Second) The measurement of the speed of a serial printer or the speed of a data transfer between hardware devices or over a communications channel. CPS is equivalent to bytes per second. ) program, previously announced by our Health Systems Division, was successfully launched in February. CPS, which establishes a cooperative pharmaceutical purchasing alliance including Tenet BuyPower, NCS (Network Call Signaling) CableLabs version of MGCP. See MGCP/MEGACO. NCS - Network Computing System: Apollo's RPC system used by DEC and Hewlett-Packard.The protocol has been adopted by OSF. and PharMerica, is designed to provide value for suppliers as well as the providers. CPS is already delivering substantial savings on multi-source products through GPP GPP Government Performance Project GPP General Purpose Processor GPP General Physical Preparedness GPP Gambian People's Party GPP Good Pharmacy Practice GPP Gross Primary Productivity GPP Green Procurement Program GPP Generic Packetized Protocol , with clinical programs being initiated for preferred branded products as they are identified with key manufacturers. ASD ASD produced strong year-over-year growth, delivering 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 growth of 19% on a 19% revenue gain for the quarter. For the six months, ASD's revenues increased 22% with operating earnings increasing 7%. The six month results were not as strong due to high demand for plasma and flu vaccine The flu vaccine is a vaccine to protect against the highly variable influenza virus. The annual flu kills an estimated 36,000 people in the United States. products during the first quarter of fiscal 1999. At ASD, 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. related sales, which account for approximately 55% of ASD's total sales, continued to show strong growth, increasing by 25% from the year ago period. MII 1. (body) MII - A consortium of Microsoft, IBM, and Intel. 2. (storage) MII - A broadcast component video tape format licensed by Panasonic. , the Oncology division's specialty pharmacy, exceeded $1 million in monthly sales for the first time in February and continues to expand with the opening of a west coast pharmacy in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . At the same time, transaction volume at PharmaBid, ASD's recently launched Internet auction site, has been approximately $100,000 per month. PharMerica Segment PharMerica's revenues were $320 million for the second quarter and $629 million for the six months ending March 31, 2000, representing an increase of 12% and 8% over the prior periods, respectively. PharMerica's EBITDA was $19.4 million for the second quarter and $38.4 million for the six months ended March 31, 2000. PharMerica announced the launch of PMSIonline.com, the first phase of a variety of web-based offerings PharMerica is developing for its customer base. PMSIonline.com gives 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. carriers secure online access to products and services and streamlines claims referral processes. It is among the industry's first Internet applications designed to offer user-friendly content, e-commerce opportunities and clinical expertise to assist this business segment. Stadtlander Segment Revenues were $142 million in the second quarter, up 10% from the three months ended March 31, 1999. Stadtlander had negative EBITDA of $2.3 million for the second quarter and $4.9 million for the six months ended March 31, 2000, before the effect of $1.2 million of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs recognized in the second quarter. Stadtlander has dissolved dis·solve v. dis·solved, dis·solv·ing, dis·solves v.tr. 1. To cause to pass into solution: dissolve salt in water. 2. its StadtSolutions venture with PMR PMR 1 Percutaneous myocardial revascularization, see there 2 Perinatal mortality rate 3 Polymyalgia rheumatica 4 Proportionate mortality ratio, see there Corporation and expects an approximate $5 million positive impact on 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. EBITDA through the elimination of duplicative expenses and improved control of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . Stadtlander has also closed three SMI (1) (Storage Management Initiative) The initiative developed by the SNIA in 2003 to create a single standard interface for storage management technologies used by multiple vendors and networking communities. branches in Indianapolis, Portland and Salt Lake City, implemented productivity improvement processes, and reduced labor costs per prescription by 15%. Other Businesses Segment This segment, comprised of Bergen Brunswig Medical Corporation (BBMC), Integrated Commercialization Services (ICS (1) (Internet Connection Sharing) A Windows feature that enables two or more computers to share one Internet connection. First introduced in Windows 98 Second Edition, sharing is accomplished with network address translation (NAT), which is the common method. ), MedNet, MPC (1) (Mobile PC) A handheld or laptop computer. See handheld computer, laptop computer and Ultra-Mobile PC. (2) (MultiPath Channel) See multipath. Corp. and Choice Medical, had EBITDA of $3.5 million in the second quarter and $5.0 million for the six months. Substantially all of this segment's revenues are derived from BBMC. BBMC developed opportunities for operational efficiencies this past quarter by consolidating its Fayetteville and Greensboro distribution centers into a state-of-the-art division in Durham, NC. Additionally, BBMC's Mobile, AL distribution center was relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. to a new, more modern, facility which will facilitate the servicing of new customers in the area. About Bergen Brunswig Bergen Brunswig Corporation, headquartered in Orange County, California Orange County is a county in Southern California, United States. Its county seat is Santa Ana. According to the 2000 Census, its population was 2,846,289, making it the second most populous county in the state of California, and the fifth most populous in the United States. , is a leading supplier of pharmaceuticals, medical-surgical supplies and specialty healthcare products as well as information management solutions and 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" . Bergen's customers include the nation's healthcare providers (hospitals, nursing homes, physicians), drug stores, manufacturers and patients. Through its subsidiaries, Bergen provides product distribution; logistics; pharmacy management programs; and Internet fulfillment strategies designed to reduce costs and improve patient outcomes across the entire healthcare spectrum. Bergen Brunswig press releases are available on the Company's website at www.bergenbrunswig.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Except for historical information, all other information set forth in this press release, such as earnings forecasts and earnings rate projections, consists of "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These "forward-looking statements" are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those projected or implied. Such statements may be identified by the use of forward-looking language such as "may," "will," "should," "expect," "anticipate," "estimate," "believe," "think," "continue," or the negatives or other variations thereof or other similar terminology. Such risks and uncertainties include the risks described in exhibit 99(a) to the Company's 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 the year ended September 30, 1999 and in other reports and exhibits filed with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, the costs and difficulties related to the integration of acquired businesses, the loss or disruption of one or more key customer or supplier relationships, changes in the distribution outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. pattern for pharmaceutical products and/or services, the ability to obtain general financing or financing rates that would be compatible with the Company's business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets , and the costs and other effects of governmental regulation and legal and administrative proceedings An administrative proceeding is a non-judicial determination of fault or guilt and may include in some cases penalties of various forms. A "Captain's Mast", held by a commanding officer of a warship is one such proceeding. . The Company assumes no obligation to update the information in this release.
Bergen Brunswig Corporation
Summary of Consolidated Sales and Earnings
(Unaudited)
(in thousands
except share Second Quarter Ended Six Months Ended
and per share
amounts) March 31, 2000 March 31, 2000
------------------------ -----------------------
2000 1999 2000 1999
------------------------ -----------------------
Net sales
and other
revenues:
Excluding
bulk
shipments
to
customers'
warehouses $ 4,885,854 $ 4,301,945 $ 9,719,034 $ 8,262,051
Bulk
shipments
to
customers'
warehouses 977,041 706,516 2,072,823 1,766,728
----------- ----------- ------------ ----------
Total net
sales
and other
revenues 5,862,895 5,008,461 11,791,857 10,028,779
----------- ----------- ------------ ----------
Costs and
expenses:
Cost of
sales 5,488,529 4,754,824 11,063,004 9,576,514
Distribution,
selling,
general and
administrative
expenses 302,412 171,885 595,260 314,933
----------- ---------- ---------- ----------
Total
costs
and
expenses 5,790,941 4,926,709 11,658,264 9,891,447
----------- ---------- ---------- ---------
Operating
earnings 71,954 81,752 133,593 137,332
Net interest
expense 29,913 17,144 59,256 25,862
----------- ---------- --------- --------
Earnings before
taxes on income
and
distributions
on preferred
securities of
subsidiary trust 42,041 64,608 74,337 111,470
Taxes on income 21,221 26,166 35,340 45,145
----------- ---------- -------- -------
Earnings before
distributions
on preferred
securities of
subsidiary trust 20,820 38,442 38,997 66,325
Distributions
on preferred
securities
of subsidiary
trust, net
of income tax
benefit of
$2,324 and
$4,648,
respectively (3,526) -- (7,052) --
------------ ----------- -------- ----------
Net earnings $ 17,294 $ 38,442 $ 31,945 $ 66,325
======================================================================
Earnings
per share:
Basic $ .13 $ .36 $ .24 $ .63
Diluted $ .13 $ .35 $ .24 $ .62
======================================================================
Average number
of shares:
Basic 134,498 108,027 134,372 105,598
Diluted 134,594 109,625 134,476 107,296
======================================================================
Bergen Brunswig Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
March 31, Sept. 30,
(in thousands) 2000 1999
Assets
Cash and cash equivalents $ 14,163 $ 116,356
Accounts and notes receivable 1,316,084 1,478,990
Inventories 2,234,779 1,813,716
Other current assets 34,966 58,846
--------- ---------
Total current assets 3,599,992 3,467,908
Goodwill- net 1,611,030 1,642,424
Net property and other assets 466,412 425,089
--------- ---------
Total assets $5,677,434 $5,535,421
========= =========
Liabilities and Shareowners' Equity
Accounts payable $2,120,701 $1,693,690
Current portion of long-term obligations 4,900 545,923
Other current liabilities 459,460 458,335
--------- ---------
Total current liabilities 2,585,061 2,697,948
Long-term obligations 1,282,782 1,041,983
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust
holding solely debt securities of the
Company 300,000 300,000
Shareowners' equity 1,509,591 1,495,490
--------- ---------
Total liabilities and shareowners'
equity $5,677,434 $5,535,421
========= =========
Bergen Brunswig Corporation
Summary of Consolidated Sales and Operating Earnings
By Business Segment
(Unaudited)
(dollars in thousands) Second Quarter Ended
March 31, Change
----------------------- --------------------
2000 1999 Amount Percent
----------- ----------- ----------- -------
Net Sales and Other
Revenues:
Pharmaceutical
Distribution $4,415,412 $4,025,786 $389,626 10%
PharMerica, Inc. 320,056 -- 320,056 N/M
Stadtlander Drug
Company, Inc. 142,215 100,099 42,116 N/M
Other Businesses 223,150 219,767 3,383 2%
Corporate 110 196 ( 86) N/M
Intersegment
Eliminations (215,089) (43,903) (171,186) N/M
----------- ----------- ----------- -------
Revenue excluding
bulk shipments 4,885,854 4,301,945 583,909 14%
Bulk shipments of 977,041 706,516 270,525 38%
pharmaceuticals to
customers' warehouses
----------- ----------- ----------- -------
Total $ 5,862,895 $5,008,461 $854,434 17%
=========== =========== =========== =======
Operating Earnings
(Loss):
Pharmaceutical
Distribution $ 86,065 $ 92,152 $ ( 6,087) (7)%
PharMerica, Inc. 8,464 -- 8,464 N/M
Stadtlander Drug
Company, Inc. (7,991) 3,042 (11,033) N/M
Other Businesses 1,784 2,091 (307) (15)%
Corporate (16,368) (15,533) (835) 5 %
----------- ----------- ----------- -------
Total $ 71,954 $ 81,752 $ (9,798) (12)%
=========== =========== =========== =======
Operating Earnings
(Loss) as a Percent of
Revenue Excluding
Bulk Shipments:
Pharmaceutical
Distribution 1.95 % 2.29% (0.34)
PharMerica, Inc. 2.64 % -- N/M
Stadtlander Drug
Company, Inc. (5.62)% 3.04% N/M
Other Businesses 0.80 % 0.95% (0.15)
----------- ----------- -----------
Total 1.47 % 1.90% (0.43)
=========== =========== ===========
Depreciation and
Amortization:
Pharmaceutical
Distribution $ 8,442 $ 6,991 $ 1,451 21%
PharMerica, Inc. 10,909 -- 10,909 N/M
Stadtlander
Drug Company, Inc. 4,463 2,647 1,816 N/M
Other Businesses 1,742 1,435 307 21%
Corporate 704 400 304 76%
----------- ----------- ----------- -------
Total $ 26,260 $ 11,473 $ 14,787 129%
=========== =========== =========== =======
EBITDA:
Pharmaceutical
Distribution $ 94,507 $ 99,143 $(4,636) (5)%
PharMerica, Inc. 19,373 -- 19,373 N/M
Stadtlander Drug
Company, Inc. (3,528) 5,689 (9,217) N/M
Other Businesses 3,526 3,526 -- 0 %
Corporate (15,664) (15,133) (531) 4 %
----------- ----------- ----------- -------
Total $ 98,214 $ 93,225 $ 4,989 5 %
=========== =========== =========== =======
N/M = Not Meaningful
Bergen Brunswig Corporation
Summary of Consolidated Sales and Operating Earnings
By Business Segment
(Unaudited)
(dollars in thousands) Six Months Ended
March 31, Change
-------------------- ------------------
2000 1999 Amount Percent
-------- --------- -------- ---------
Net Sales and Other Revenues:
Pharmaceutical
Distribution $ 8,779,825 $ 7,763,449 $ 1,016,376 13%
PharMerica, Inc. 629,500 - 629,500 N/M
Stadtlander Drug
Company, Inc. 287,248 100,099 187,149 N/M
Other Businesses 456,498 444,025 12,473 3%
Corporate 578 281 297 N/M
Intersegment Eliminations (434,615) (45,803) (388,812) N/M
------------ ------------ ------------
Revenue excluding bulk
shipments 9,719,034 8,262,051 1,456,983 18%
Bulk shipments of
pharmaceuticals to
customers' warehouses 2,072,823 1,766,728 306,095 17%
------------ ------------ ------------
Total $ 11,791,857 $ 10,028,779 $ 1,763,078 18%
============ ============ ============ ====
Operating Earnings (Loss):
Pharmaceutical
Distribution $ 163,782 $ 161,513 $ 2,269 1 %
PharMerica, Inc. 16,233 - 16,233 N/M
Stadtlander Drug
Company, Inc. (14,938) 3,042 (17,980) N/M
Other Businesses 1,704 3,893 (2,189)(56)%
Corporate (33,188) (31,116) (2,072) 7 %
------------ ------------ -----------------
Total $ 133,593 $ 137,332 $ (3,739) (3)%
============ ============ ============ ====
Operating Earnings (Loss)
as a Percent of Revenue
Excluding Bulk Shipments:
Pharmaceutical Distribution 1.87 % 2.08% (0.21)
PharMerica, Inc. 2.58 % N/M
Stadtlander Drug
Company, Inc. (5.20)% 3.04% N/M
Other Businesses 0.37 % 0.88% (0.51)
------------ ------------ ------------
Total 1.37 % 1.66% (0.29)
============ ============= ============
Depreciation and Amortization:
Pharmaceutical
Distribution $ 16,715 $ 13,311 $ 3,404 26%
PharMerica, Inc. 22,145 - 22,145 N/M
Stadtlander Drug
Company, Inc. 8,840 2,647 6,193 N/M
Other Businesses 3,323 2,804 519 19%
Corporate 1,317 822 495 60%
------------ ------------ ------------
Total $ 52,340 $ 19,584 $ 32,756 167%
============ ============ ============ ====
EBITDA:
Pharmaceutical
Distribution $ 180,497 $ 174,824 $ 5,673 3 %
PharMerica, Inc. 38,378 - 38,378 N/M
Stadtlander Drug
Company, Inc. (6,098) 5,689 (11,787) N/M
Other Businesses 5,027 6,697 (1,670)(25)%
Corporate (31,871) (30,294) (1,577) 5 %
------------ ------------ ------------
Total $ 185,933 $ 156,916 $ 29,017 18 %
============ ============ ============ ====
N/M = Not Meaningful
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