Bergen Brunswig Reports Third Quarter Results; Revenues From Continuing Operations Increase 16% to a Record $4.8 Billion.Business Editors and Health/Medical Writers ORANGE, Calif.--(BW HealthWire)--July 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 June 30, 2000 -- the Company's third quarter of fiscal 2000. Bergen recently announced the proposed sale of two of its business segments: Bergen Brunswig Medical Corporation (BBMC) and Stadtlander Operating Company operating company A business that engages in transactions with outsiders. (Stadtlander). The two segments have been classified as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and are not included in the financial results 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 discussed below. For the third quarter, revenues from continuing operations, excluding bulk shipments, increased 16% to a record $4.8 billion, which compares to $4.1 billion last year. Excluding PharMerica, which was acquired in April 1999, revenues increased 15%. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
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 $.15 compared to $.28 for the third 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 134.5 million in fiscal 2000 versus 127.0 million for the third quarter last year. For the nine months ended June 30, 2000 revenues from continuing operations, excluding bulk shipments, increased 17% to $13.9 billion which compares to $11.9 billion last year. Excluding the PharMerica acquisition, revenues increased 14%. EBITDA increased 15% to $279.3 million, year-over-year. Earnings from continuing operations were $64.3 million for the first nine months of fiscal 2000 compared to $100.6 million for the same period a year ago. Diluted earnings per share from continuing operations were $.48 for the nine months compared to $.88 for the first nine months of fiscal 1999. Weighted average diluted shares outstanding were 134.5 million for the first nine months of fiscal 2000 versus 113.9 million for the first nine months of fiscal 1999. The BBMC and Stadtlander divestitures are expected to close before the end of fiscal 2000. Cash proceeds from these sales, combined with their resulting tax benefits and the anticipated sale of the Corrections Division of the Stadtlander business are expected to net the Company approximately $440 million over fiscal 2000 and fiscal 2001. "The sale of these two divisions will benefit Bergen in a number of ways," commented Robert E. Martini, Bergen's chairman of the board 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. . "Consistent with our strategy to evaluate and monetize Monetize 1. To convert into money. 2. To convert from securities into currency that can be used to purchase goods and services. Notes: For example, you'll often hear Internet marketers talk about "monetizing website visitors. non-performing assets, these dispositions will enable us to pay down debt, reduce interest expense, improve our financial position and reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. into predictable high-return opportunities. Additionally, we expect to further enhance shareholder value as we return our focus to our core expertise in drug distribution at both Bergen Brunswig Drug Company and PharMerica." 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 ) including RightPak, and ASD ASD abbr. atrial septal defect ASD Atrial septal defect, see there Specialty Healthcare (ASD), increased revenues 15% in the third quarter to $4.6 billion and 14% to $13.4 billion for the nine months. EBITDA for the pharmaceutical distribution segment was $100.4 million for the quarter and $280.9 million for the nine months, an increase of 4% for the quarter and 3% for the nine months. BBDC BBDC produced a 15% revenue increase for the quarter reporting a record $4.3 billion. For the nine months, revenues were $12.5 billion, a 13% increase over the prior year. As announced in conjunction with the sale of Stadtlander to CVS' ProCare division, BBDC will enter into a five-year agreement to provide both branded and generic pharmaceuticals to CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. ProCare. The contract is expected to produce approximately $2.5 billion in sales for Bergen over its term, of which approximately half represents incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. business. The Drug Company also signed a new prime vendor agreement with Group Health Cooperative Group Health Cooperative, based in Seattle, Washington, is a consumer-governed nonprofit healthcare system. Established in 1947, it today provides coverage and care for about 540,000 people in Washington and Idaho and is one of the largest private employers in Washington. in the state of Washington. The 42 month contract is expected to produce approximately $350 million in incremental business over its lifetime. Additionally, in a move that significantly expands Bergen's exclusive wholesale supplier agreement with Longs Drug Stores, Bergen will provide all generic purchasing for Longs' 417 stores through its generic purchasing program (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 ). There are several internet initiatives currently progressing: As of August 1, consumers nationally will be able to order, refill refill noun A second allotment of a prescription agent obtained from a pharmacy, which is allowed by the original prescription verb Pharmacology To obtain more of a particular drug, after the initially prescribed amount of the agent has been used or or transfer prescriptions at their local GNP GNP See: Gross National Product 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. through myGNP.com, a custom designed internet-based prescription ordering system. myGNP.com offers both the patient and the pharmacist pharmacist /phar·ma·cist/ (fahr´mah-sist) one who is licensed to prepare and sell or dispense drugs and compounds, and to make up prescriptions. phar·ma·cist n. secure online access to the patient's prescription request. BBDC's "iBergen.com" web site, which was launched only five weeks ago to the hospital market segment at ASHP ASHP American Society of Hospital Pharmacists. , has 150 customers on-line, with another 125 awaiting installation. The site, which provides increased efficiencies for customers in the areas of product information, reporting and catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. order entry, is currently operational through three Bergen divisions, with all Bergen divisions expected to be participating by the end of the fourth quarter. InterLinx(TM), the proprietary reporting and order entry system that powers iBergen, received the NWDA's Technology Award in June. Demonstrations of the iBergen web site for the retail segment were greeted with enthusiasm by many of the more than 4,200 attendees at BBDC's fourth annual Healthcare Congress and Manufacturers' Exposition exposition or exhibition, term frequently applied to an organized public fair or display of industrial and artistic productions, designed usually to promote trade and to reflect cultural progress. held recently in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . The event, which had a 20% increase in pharmacist attendance over last year, also featured the industry's first Branded Rx Summit. The Summit provided a setting for one-on-one information exchange between pharmacy retailers and major drug manufacturers. Lastly, management completed a facilities system upgrade at our RightPak repackaging operation. This will enable RightPak to provide more services and products to its customers while enhancing efficiency and operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: at BBDC. ASD ASD delivered a 14% revenue gain for the quarter to $308 million and 19% to $903 million for the nine months, relative to the prior year. Growth was primarily driven by the unit's 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. Division, which exceeded financial expectations and continues to expand, opening 77 new accounts in the quarter. MII 1. (body) MII - A consortium of Microsoft, IBM, and Intel. 2. (storage) MII - A broadcast component video tape format licensed by Panasonic. , the division's chemotherapy chemotherapy (kē'mōthĕr`əpē), treatment of disease with chemicals or drugs. One chemotherapeutic approach is the development of selectively toxic substances, i.e. mixing pharmacy, also continues to expand, opening its third pharmacy operation. Additionally, ASD's specialty pharmacy unit, launched last year as "ASD Direct" and focusing primarily on hemophilia hemophilia (hē'məfĭl`ēə,–fēl`yə), genetic disease in which the clotting ability of the blood is impaired and excessive bleeding results. products, is undergoing rapid growth and is expanding to include other injectables. Finally, BAAN ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. , ASD's new operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. , continues to be installed on time and on budget and is expected to provide new information management opportunities and eliminate redundancies between various ASD divisions as it is implemented over the next four months. PharMerica Segment PharMerica's revenues were $320.9 million for the third quarter and $950.4 million for the nine months ending June 30, 2000, representing an increase of 13% and 10% over the prior periods, respectively, including the months prior to Bergen's acquisition of PharMerica in April 1999. PharMerica's EBITDA was $9.2 million for the third quarter and $47.6 million for the nine months ended June 30, 2000. New credit policies and guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. implemented at PharMerica have improved the quality of receivables on all new revenues. These initiatives have resulted in an improvement in cash collected, a reduction in 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 balances over 120 days old and a four-day reduction in Days Sales Outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). (DSO See CSO. ). Management continues to aggressively assess and evaluate the adequacy of the allowance for doubtful accounts Allowance for Doubtful Accounts An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Notes: It is standard practice for a company to have funds set aside for money that cannot be collected. for PharMerica's accounts receivable. Additional scrutiny and conservatism have resulted in an increase in PharMerica's bad debt expense of $7 million quarter to quarter. PharMerica, which was consolidated from a number of smaller pharmacies This article is a list of major pharmacies (also known as chemists and drugstores) by country. Australia Pharmacies in Australia are mostly independently-owned by pharmacists, often operated as franchises of retail brands offered by the three major , has been operating under a number of different and disparate pharmacy management systems. Currently, a new, company-wide pharmacy system is being implemented which provides increased visibility into the nature of account balances and will assist management in improving the quality of receivables. At the same time, management is encouraged by PharMerica's PMSI PMSI Purchase-Money Security Interest (generally a lien resulting from a purchase such as a car loan) PMSI Physician Micro Systems, Inc. PMSI Programme de Médicalisation des Systèmes d'Information Hospitaliers PMSI Popular Mortgage Servicing, Inc. 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. and catastrophic care business. PMSI's mail order pharmacy and Durable Medical Equipment Durable medical equipment is a term of art used to describe certain Medicare benefits, that is, whether Medicare may pay for the item. The item is defined by Title XVIII the Social Security Act: Word used to describe an investor's attitude. Bullish refers to an optimistic outlook, while bearish means a pessimistic outlook. bullish on this segment of its business. Discontinued Operations and Dispositions The disposition of BBMC and Stadtlander produced a loss in the third quarter of $251.0 million. Included in this loss are the estimated operating results for these two businesses from July 1, 2000 to the expected closing dates in the fourth quarter as well as allocated interest expense. The net operating results of these businesses from the prior quarters are classified as discontinued operations, and reflect allocated interest expense, and are net of taxes. These businesses reported aggregate net losses of $8.2 million in the third quarter and $20.9 million for the nine months. Including the discontinued operations and the dispositions, there was a consolidated net loss of $239.4 million for the quarter, and $207.5 million for the nine months. This represents a diluted loss per share of $1.78 for the quarter and $1.54 per share for the nine months. 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 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. 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 disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. 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 Third Quarter Ended Nine Months Ended
share and per share June 30, June 30,
amounts) ------------------- -------------------
2000 1999 2000 1999
------------------- -------------------
Net sales and other
revenues:
Excluding bulk
shipments to
customers'
warehouses $4,805,443 $4,148,248 $13,888,268 $11,920,283
Bulk shipments to
customers'
warehouses 993,010 1,061,103 3,109,046 2,839,032
------------------------------------------------
Total net sales
and other
revenues 5,798,453 5,209,351 16,997,314 14,759,315
------------------------------------------------
Costs and expenses:
Cost of sales 5,479,143 4,940,049 16,062,786 14,126,732
Distribution,
selling, general
and administrative
expenses 245,607 186,109 717,079 421,414
------------------------------------------------
Total costs
and expenses 5,724,750 5,126,158 16,779,865 14,548,146
------------------------------------------------
Operating earnings
from continuing
operations 73,703 83,193 217,449 211,169
Net interest
expense 31,974 17,865 80,627 37,449
------------------------------------------------
Earnings from
continuing
operations
before taxes
on income and
distributions
on preferred
securities of
subsidiary trust 41,729 65,328 136,822 173,720
Taxes on income
from continuing
operations 18,490 28,012 61,935 71,739
------------------------------------------------
Earnings from
continuing
operations
before
distributions
on preferred
securities of
subsidiary trust 23,239 37,316 74,887 101,981
Distributions on
preferred
securities of
subsidiary trust,
net of income
tax benefit (3,526) (1,350) (10,578) (1,350)
------------------------------------------------
Earnings from
continuing
operations 19,713 35,966 64,309 100,631
Discontinued
operations, net
of income tax
benefit:
Loss from
operations (8,199) (3,181) (20,850) (1,521)
Loss on
dispositions (250,962) - (250,962) -
------------------------------------------------
Net earnings (loss) $(239,448) $32,785 $(207,503) $99,110
------------------------------------------------
Earnings (loss)
per share:
Basic:
Continuing
operations $.15 $.29 $.48 $.89
Discontinued
operations:
Loss from
operations (.06) (.03) (.15) (.01)
Loss on
dispositions (1.87) - (1.87) -
------------------------------------------------
Net earnings (loss) $(1.78) $.26 $(1.54) $.88
------------------------------------------------
Diluted:
Continuing
operations $.15 $.28 $.48 $.88
Discontinued
operations:
Loss from
operations (.06) (.02) (.15) (.01)
Loss on
dispositions (1.87) - (1.87) -
------------------------------------------------
Net earnings (loss) $(1.78) $.26 $(1.54) $.87
------------------------------------------------
Weighted average
number of shares
outstanding:
Basic 134,507 125,935 134,417 112,377
Diluted 134,519 127,007 134,491 113,866
------------------------------------------------
Bergen Brunswig Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
June 30, September 30,
(in thousands) 2000 1999
----------------------------------------------------------------------
Assets
Cash and cash equivalents $ 91,472 $ 116,356
Accounts and notes receivable 1,123,819 1,478,990
Inventories 2,073,715 1,813,716
Other current assets 73,918 58,846
Net assets of discontinued
operations 297,815 -
----------------------------------------------------------------------
Total current assets 3,660,739 3,467,908
Goodwill- net 1,178,390 1,642,424
Net property and other assets 429,887 425,089
----------------------------------------------------------------------
Total assets $ 5,269,016 $ 5,535,421
----------------------------------------------------------------------
Liabilities and
Shareowners' Equity
Accounts payable $ 1,884,911 $ 1,693,690
Current portion of
long-term obligations 275,289 545,923
Other current liabilities 438,540 458,335
----------------------------------------------------------------------
Total current liabilities 2,598,740 2,697,948
Long-term obligations 1,101,084 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 1,269,192 1,495,490
----------------------------------------------------------------------
Total liabilities and
shareowners' equity $5,269,016 $5,535,421
----------------------------------------------------------------------
Bergen Brunswig Corporation
Summary of Consolidated Sales and Operating Earnings
From Continuing Operations
By Business Segment
(Unaudited)
(dollars in thousands) Third Quarter Ended
June 30, Change
-----------------------------------------
2000 1999 Amount Percent
------------------ -------------------
Net Sales and Other
Revenues:
Pharmaceutical
Distribution $4,651,583 $4,053,444 $598,139 15%
PharMerica 320,929 188,157 132,772 N/M
Other Businesses 6,985 5,939 1,046 18%
Corporate - 295 (295) N/M
Intersegment
Eliminations (174,054) (99,587) (74,467) N/M
---------- ---------- ----------
Revenue excluding
bulk shipments 4,805,443 4,148,248 657,195 16%
Bulk shipments of
pharmaceuticals to
customers' warehouses 993,010 1,061,103 (68,093) (6)%
---------- ---------- ----------
Total $5,798,453 $5,209,351 $589,102 11%
---------- ---------- ----------
Operating Earnings (Loss):
Pharmaceutical
Distribution $92,136 $89,398 $2,738 3%
PharMerica (1,683) 7,652 (9,335) N/M
Other Businesses (1,493) (1,370) (123) (9)%
Corporate (15,257) (12,487) (2,770) (22)%
---------- ---------- ----------
Total $73,703 $83,193 $(9,490) (11)%
---------- ---------- ----------
Operating Earnings (Loss)
as a Percent of Revenue
Excluding Bulk Shipments:
Pharmaceutical
Distribution 1.98% 2.21% (0.23)
PharMerica (0.52)% 4.07% (4.59)
Other Businesses (21.37)% (23.07)% 1.70
---------- ---------- ----------
Total 1.53% 2.01% (0.48)
---------- ---------- ----------
Depreciation and
Amortization:
Pharmaceutical
Distribution $8,311 $7,317 $994 14%
PharMerica 10,910 7,424 3,486 N/M
Other Businesses 587 593 (6) (1)%
Corporate 663 423 240 57%
---------- ---------- ----------
Total $20,471 $15,757 $4,714 30%
EBITDA:
Pharmaceutical
Distribution $100,447 $96,715 $3,732 4%
PharMerica 9,227 15,076 (5,849) N/M
Other Businesses (906) (777) (129) (17)%
Corporate (14,594) (12,064) (2,530) (21)%
---------- ---------- ----------
Total $94,174 $98,950 $(4,776) (5)%
---------- ---------- ----------
N/M = Not Meaningful
Bergen Brunswig Corporation
Summary of Consolidated Sales and Operating Earnings
From Continuing Operations
By Business Segment
(Unaudited)
(dollars in thousands) Nine Months Ended
June 30, Change
-----------------------------------------
2000 1999 Amount Percent
------------------ -------------------
Net Sales and Other
Revenues:
Pharmaceutical
Distribution $13,431,408 $11,816,893 $1,614,515 14%
PharMerica 950,429 188,157 762,272 N/M
Other Businesses 20,007 17,914 2,093 12%
Corporate 573 576 (3) N/M
Intersegment
Eliminations (514,149) (103,257) (410,892) N/M
---------- ---------- ----------
Revenue excluding
bulk shipments 13,888,268 11,920,283 1,967,985 17%
Bulk shipments of
pharmaceuticals to
customers' warehouses 3,109,046 2,839,032 270,014 10%
---------- ---------- ----------
Total $16,997,314 $14,759,315 $2,237,999 15%
----------- ----------- ----------
Operating Earnings
(Loss):
Pharmaceutical
Distribution $255,918 $250,911 $5,007 2%
PharMerica 14,550 7,652 6,898 N/M
Other Businesses (4,574) (3,791) (783) (21)%
Corporate (48,445) (43,603) (4,842) (11)%
---------- ---------- ----------
Total $217,449 $211,169 $6,280 3%
---------- ---------- ----------
Operating Earnings (Loss)
as a Percent of Revenue
Excluding Bulk Shipments:
Pharmaceutical
Distribution 1.91% 2.12% (0.21)
PharMerica 1.53% 4.07% (2.54)
Other Businesses (22.86)% (21.16)% (1.70)
---------- ---------- ----------
Total 1.57% 1.77% (0.20)
Depreciation and
Amortization:
Pharmaceutical
Distribution $25,026 $20,628 $4,398 21%
PharMerica 33,055 7,424 25,631 N/M
Other Businesses 1,797 1,646 151 9%
Corporate 1,980 1,245 735 59%
---------- ---------- ----------
Total $61,858 $30,943 $30,915 100%
---------- ---------- ----------
EBITDA:
Pharmaceutical
Distribution $280,944 $271,539 $9,405 3%
PharMerica 47,605 15,076 32,529 N/M
Other Businesses (2,777) (2,145) (632) (29)%
Corporate (46,465) (42,358) (4,107) (10)%
---------- ---------- ----------
Total $279,307 $242,112 $37,195 15%
---------- ---------- ----------
N/M = Not Meaningful
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