Genesis Health Ventures Reports Second Quarter Fiscal 2002 Results.Business Editors/Health & Medical Writers KENNETT Kennet or Kennett may refer to: Places
Genesis Health Ventures, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GHVI) today announced its operating results for the quarter ended March 31, 2002. Results of 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 Revenues for the three months ended March 31, 2002 grew 8.8% to $678.9 million compared to $624.2 million in the year earlier period. Revenues for the six months ended March 31, 2002 grew 7.6% to $1.343 billion from $1.247 billion in the comparable period in the prior year. Before certain non-recurring items (see attached reconciliation), income from continuing operations attributed to common shareholders for the three and six months ended March 31, 2002 was $16.6 million ($0.40 per 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. share) and $32.6 million ($0.78 per diluted share), respectively. Including the non-recurring items, income from continuing operations attributed to common shareholders for the three and six months ended March 31, 2002 was $28.7 million ($0.68 per diluted share) and $44.8 million ($1.07 per diluted share), respectively. Before the non-recurring items (see attached reconciliation), 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.
"We are pleased with our operating results for the current quarter," commented Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. R. Walker, Chairman and Chief Executive Officer. "Our strategy of operational leverage through the use of eldercare eld·er·care n. Social and medical programs and facilities intended for the care and maintenance of the aged. networks to serve a more acute customer base resulted in increased margins for both our NeighborCare 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. segment and our rehabilitation rehabilitation: see physical therapy. therapy business. Our market density and our coordinated network of ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. service providers continued to generate new business opportunities, expand current customer relationships and improve the quality mix of our revenues. Our strategy and focus within the inpatient services inpatient service Managed care A service provided to a hospitalized Pt. Cf Outpatient service. segment of enhancing revenue quality mix while controlling the use of nursing agency labor also resulted in strong revenue growth and improved operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: ," said Walker. Walker added, "Our liquidity position at the end of the quarter consisted of approximately $74 million of cash and cash equivalents and our unused $150 million 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. Our cash position increased $14 million during the quarter after funding capital expenditures, working capital and the repayment of approximately $7.0 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). and reorganization costs. We continue to focus our operational efforts on improving receivable collections, reducing investment in working capital and disposing of under performing assets. In addition, we borrowed approximately $42 million from our Delayed Draw Term Loan to finance the repayment of all trade balances owed to NeighborCare Pharmacy's primary supplier of pharmacy products. Prospectively, this transaction should result in reduced pharmacy product acquisition costs, partially offset by an increase in interest expense on the 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. borrowings." As previously announced, the Company emerged from bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most on October October: see month. 2, 2001 and adopted the provisions of fresh-start reporting effective September September: see month. 30, 2001. Under the provisions of fresh-start reporting the terms of the Company's reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. were implemented, assets and liabilities were adjusted to their estimated fair values and a new entity was deemed created for financial reporting purposes. As a consequence, the financial results for the quarter and six months ended March 31, 2002 are generally not comparable to the financial results for the same periods in the prior year. Financial results in the attached financial highlights and consolidated statement of operations See Income statement. labeled "Predecessor Company" refer to periods prior to the adoption of fresh-start reporting, while those labeled "Successor Company" refer to periods following the Company's reorganization. Non-recurring items During the second quarter of 2002, the Company recorded a net gain of $21.7 million resulting from its previously announced award in the HCR Manor Care Manor Care, Inc., through its operating group HCR Manor Care, is a major provider in the United States of both short-term post-acute and long-term care. As of 2007, it had more than 500 skilled nursing and rehabilitation centers, assisted living facilities, outpatient arbitration arbitration Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the . In addition, the Company recorded a charge of $1.7 million in connection with a post bankruptcy confirmation adjustment to a mortgage obligation. Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. On October 1, 2001, the Company adopted the provisions of Statement of Financial Accounting Standards, No. 144 "Accounting for the Impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of Long-Lived long-lived adj. 1. Having a long life: a long-lived aunt. 2. Lasting a long time; persistent: a long-lived rumor. 3. Assets and for Long-Lived Assets to be Disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. Of" ("SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 144"). Under SFAS 144, discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: businesses or assets held for sale are removed from the results of continuing operations. During the six months ended March 31, 2002, the Company sold its ambulance business and either closed or identified for closure three eldercare centers. The results of operations in the current year and prior year periods, along with any costs to exit such businesses in the current year period, have been classified as discontinued operations in the attached financial highlights and consolidated statements of operations. Businesses sold or closed prior to the Company's adoption of SFAS 144 continue to be reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report in the results of continuing operations. Regulatory and Reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. Outlook In recent years, several federal actions have been taken with respect to 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. funding that had a positive impact on the Company's operating results. Under the Balanced Budget Balanced budget A budget in which the income equals expenditure. See: budget. balanced budget A budget in which the expenditures incurred during a given period are matched by revenues. Refinement Act ("BBRA BBRA Balanced Budget Refinement Act of 1999 (USA) BBRA Big Bike Riders Association BBRA Bad Block Relocation Area ") enacted in November November: see month. 1999, beginning April 1, 2000, the federal per diem per diem adj. or n. Latin for "per day," it is short for payment of daily expenses and/or fees of an employee or an agent. rates were increased by 20% for the care of certain higher acuity acuity /acu·i·ty/ (ah-ku´i-te) clarity or clearness, especially of vision. a·cu·i·ty n. Sharpness, clearness, and distinctness of perception or vision. customers and certain covered services covered services, n.pl the services for which payment is provided under the terms of the dental benefits contract. Coxiella burnetii a species that causes Q fever in man. . Also, under the BBRA, beginning October 1, 2000, all federal per diem rates were increased an additional 4%. Under the Benefits Improvement Protection Act of 2000 ("BIPA BIPA Benefits Improvement and Protection Act of 2000 BIPA British Internet Publishers' Alliance BIPA British Indian Psychiatric Association (UK) BIPA Bristol Institute of Public Affairs (UK) ") enacted in December of 2000, the nursing component of the federal per diem rates was increased approximately 16.7% effective April 1, 2001. A number of the provisions of the BBRA and BIPA enactments providing additional funding for Medicare participating skilled nursing facilities skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. on September 30, 2002. Expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. provisions are estimated to, on average, reduce Medicare per diems by $30. If the Company were to experience a $30 per diem reduction in its Medicare rate per patient day, the estimated annual reduction in Medicare revenues would approximate $35 million. The Company believes it is important that the federal government continue these expenditures. However, there can be no assurances that the Medicare funding provisions of either the BBRA or BIPA will be extended or otherwise renewed after their scheduled expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created on September 30, 2002. About Genesis Health Ventures, Inc. Genesis Health Ventures, provides eldercare in the eastern 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. through a network of Genesis ElderCare 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. centers plus 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. support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services nationwide including pharmacy, medical equipment and supplies, rehabilitation, group purchasing, hospitality, consulting and facility management. Statements made in this release, and in our other public filings and releases, which are not historical facts contain "forward-looking" statements (as defined in 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) that involve risks and uncertainties and are subject to change at any time. These 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. may include, but are not limited to statements containing words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "may" and similar expressions. Factors that could cause actual results to differ materially include, but are not limited to, the following: changes in the reimbursement rates or methods of payment from Medicare or Medicaid Medicaid, national health insurance program in the United States for low-income persons; established in 1965 with passage of the Social Security Amendments and now run by the Centers for Medicare and Medicaid Services. , or the implementation of other measures to reduce reimbursement for our services; changes in pharmacy legislation and payment formulas; the expiration of enactments providing for additional government funding; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor payor (payer) n. The one who must make payment on a promissory note. mix and payment methodologies; further consolidation of managed care organizations and other third party payors; competition in our business; 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. regarding our NeighborCare pharmacy operations' provision of service to HCR Manor Care; an increase in insurance costs and potential liability for losses not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by, or in excess of, our insurance; competition for qualified staff in the healthcare industry; our ability to control operating costs operating costs npl → gastos mpl operacionales , return to profitability and generate sufficient cash flow to meet operational and financial requirements; and an economic downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. or changes in the laws affecting our business in those markets in which we operate. The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments
GENESIS HEALTH VENTURES, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
Reconciliation
of earnings
(loss) from
continuing
operations before
non-recurring Successor Predecessor Successor Predecessor
items (in Company Company Company Company
thousands, Three Months Three Months Six Months Six Months
except share Ended Ended Ended Ended
and per March 31, March 31, March 31, March 31,
share amounts) 2002 2001 2002 2001
-------------------------------------------------
Income (loss)
from continuing
operations $ 28,742 $ (36,030) $ 44,832 $ (68,355)
Add back:
Gain from
arbitration
award (21,678) -- (21,678) --
Debt
restructuring
and
reorganization
costs 1,700 13,997 1,700 28,206
Net loss on
sale of
eldercare
centers -- 2,310 -- 540
Tax impact of
items added back 7,791 -- 7,791 --
-------------------------------------------------
Income (loss) from
continuing
operations
before
non-recurring
items $ 16,555 $ (19,723) $ 32,645 $ (39,609)
-------------------------------------------------
Assumed conversion
of preferred stock 630 -- 1,260 --
-------------------------------------------------
Income (loss)
from continuing
operations before
non-recurring
items to calculate
diluted per
share results $ 17,185 $ (19,723) $ 33,905 $ (39,609)
-------------------------------------------------
Income (loss) per
share from
continuing
operations -
diluted $ 0.40 $ (0.41) $ 0.78 $ (0.81)
-------------------------------------------------
Weighted average
shares - diluted 43,300,745 48,641,456 43,230,209 48,641,456
=================================================
Successor Predecessor Successor Predecessor
Company Company Company Company
Reconciliation of Three Months Three Months Six Months Six Months
EBITDA (dollars Ended Ended Ended Ended
in thousands) March 31, March 31, March 31, March 31,
2002 2001 2002 2001
-------------------------------------------------
Income (loss)
before equity in
net earnings
(loss) of
unconsolidated
affiliates and
minority
interests $ 30,002 $ (28,354) $ 46,264 $ (50,774)
Add back:
Income taxes 19,182 -- 29,578 --
Debt
restructuring
and
reorganization
costs 1,700 13,997 1,700 28,206
Interest expense 12,642 31,608 25,701 65,757
Depreciation and
amortization 16,068 26,402 31,797 53,261
Net loss on sale
of eldercare
centers -- 2,310 -- 540
Arbitration award (21,678) -- (21,678) --
-------------------------------------------------
EBITDA before
non-recurring
items $ 57,916 $ 45,963 $ 113,362 $ 96,990
=================================================
GENESIS HEALTH VENTURES, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED), CONTINUED
Successor Predecessor Successor Predecessor
Company Company Company Company
Three Months Three Months Six Months Six Months
Segment Data Ended Ended Ended Ended
(dollars in March 31, March 31, March 31, March 31,
thousands) 2002 2001 2002 2001
-------------------------------------------------
Inpatient
services (1)
Revenue $ 355,416 $ 330,777 $ 706,172 $ 660,807
EBITDA - $ 38,794 22,764 77,883 51,908
EBITDA - % 10.9% 6.9% 11.0% 7.9%
Pharmacy and
medical supplies
Revenue (including
intersegment
revenue) $ 306,682 $ 280,689 606,322 $ 558,433
EBITDA - $ 26,845 21,481 53,099 44,687
EBITDA - % 8.8% 7.6% 8.8% 8.0%
(1) - March 31, 2001 periods were restated to conform to the current
period presentation which considers direct overhead costs in the
calculation of inpatient services EBITDA.
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
Selected Operating March 31, March 31, March 31, March 31,
Statistics 2002 2001 2002 2001
----------------------------------------------------
Occupancy 90.5% 90.6% 90.6% 90.8%
Patient Days:
Private and
other 423,298 456,094 870,988 942,280
Medicare 312,015 288,241 593,661 551,030
Medicaid 1,229,121 1,276,432 2,530,894 2,604,865
----------------------------------------------------
Total Days 1,964,434 2,020,767 3,995,543 4,098,175
====================================================
Per Diems:
Private and
other $ 189.95 $ 176.96 $ 187.28 $ 175.03
Medicare $ 338.35 $ 314.70 $ 339.01 $ 315.36
Medicaid $ 132.99 $ 123.27 $ 131.28 $ 122.61
Nursing labor
costs per
patient day:
Employed labor $ 64.96 $ 59.86 $ 63.39 $ 58.98
Agency labor $ 8.58 $ 8.98 $ 8.89 $ 8.67
----------------------------------------------------
Total $ 73.54 $ 68.84 $ 72.28 $ 67.65
====================================================
Inpatient Beds
(end of period)
Skilled
Nursing -
Owned/Leased 22,613
Assisted
Living -
Owned/Leased 1,559
-----------
Total 24,172
Skilled
Nursing -
Jointly
Owned/Managed 6,057
Assisted
Living -
Jointly
Owned/Managed 1,764
-----------
Total -
(Un-
consolidated) 7,821
Pharmacy beds
served 250,046 252,508 250,375 253,358
Institutional
pharmacy
revenue
per bed $ 1,068.24 $ 948.39 $ 2,114.88 $ 1,904.97
Consolidated
capital
expenditures
(in thousands) $ 8,310 $ 11,692 $ 19,131 $ 23,256
GENESIS HEALTH VENTURES, INC.
UNAUDITED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
Successor Predecessor
Company Company
Three Months Three Months
Ended Ended
March 31, March 31,
2002 2001
------------ -------------
Net revenues:
Inpatient services $ 355,416 $ 330,777
Pharmacy and medical supply
services 280,052 255,601
Other revenue 43,426 37,832
------------ ------------
Total net revenues 678,894 624,210
------------ ------------
Operating expenses:
Salaries, wages and benefits 293,353 269,404
Cost of sales 169,049 151,735
Other operating expenses 151,976 148,164
Gain from arbitration award (21,678) --
Loss on sale of eldercare center -- 2,310
Depreciation and amortization
expense 16,068 26,402
Lease expense 6,600 8,944
Interest expense (contractual
interest for the three months
ended March 31, 2001
was $56,703) 12,642 31,608
------------ ------------
Income (loss) before debt
restructuring and
reorganization costs, income
taxes, equity in net loss of
unconsolidated affiliates and
minority interests 50,884 (14,357)
Debt restructuring and
reorganization costs 1,700 13,997
------------ ------------
Income (loss) before income
taxes, equity in net loss of
unconsolidated affiliates
and minority interests 49,184 (28,354)
Income taxes 19,182 --
------------ ------------
Income (loss) before equity
in net loss of unconsolidated
affiliates and minority
interests 30,002 (28,354)
Equity in net loss of
unconsolidated affiliates (35) (814)
Minority interests (595) 4,387
------------ ------------
Income (loss) from continuing
operations before preferred
stock dividends 29,372 (24,781)
Preferred stock dividends 630 11,249
------------ ------------
Income (loss) from
continuing operations 28,742 (36,030)
Loss from discontinued
operations, net of taxes (3,799) (693)
------------ ------------
Net income (loss) attributed
to common shareholders $ 24,943 $ (36,723)
============ ============
Per Common Share Data:
Basic:
Income (loss) from
continuing operations $ 0.70 $ (0.74)
Loss from discontinued
operations (0.09) (0.01)
Net income (loss) $ 0.61 $ (0.75)
Weighted average shares 41,168,498 48,641,456
Diluted:
Income (loss) from
continuing operations $ 0.68 $ (0.74)
Loss from discontinued
operations (0.09) (0.01)
Net income (loss) $ 0.59 $ (0.75)
Weighted average shares 43,300,745 48,641,456
GENESIS HEALTH VENTURES, INC.
UNAUDITED STATEMENTS OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 2002 AND 2001
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
Successor Predecessor
Company Company
Six Months Six Months
Ended Ended
March 31, March 31,
2002 2001
Net revenues:
Inpatient services $ 706,172 $ 660,807
Pharmacy and medical supply
services 553,446 511,175
Other revenue 83,407 75,337
------------ ------------
Total net revenues 1,343,025 1,247,319
------------ ------------
Operating expenses:
Salaries, wages and benefits 582,788 538,709
Cost of sales 331,696 303,105
Other operating expenses 301,660 290,318
Gain from arbitration award (21,678) --
Gain on sale of eldercare center -- (1,770)
Loss on sale of eldercare center -- 2,310
Depreciation and amortization
expense 31,797 53,261
Lease expense 13,519 18,197
Interest expense (contractual
interest for the six months ended
March 31, 2001 was $116,113) 25,701 65,757
------------ ------------
Income (loss) before debt
restructuring and reorganization
costs, income taxes, equity in
net earnings (loss) of
unconsolidated affiliates and
minority interests 77,542 (22,568)
Debt restructuring and
reorganization costs 1,700 28,206
------------ ------------
Income (loss) before income
taxes, equity in net
earnings (loss) of
unconsolidated affiliates
and minority interests 75,842 (50,774)
Income taxes 29,578 --
------------ ------------
Income (loss) before equity
in net earnings (loss) of
unconsolidated affiliates
and minority interests 46,264 (50,774)
Equity in net earnings
(loss) of unconsolidated
affiliates 580 (1,030)
Minority interests (752) 6,198
------------ ------------
Income (loss) from
continuing operations
before preferred stock
dividends 46,092 (45,606)
Preferred stock dividends 1,260 22,749
------------ ------------
Income (loss) from
continuing operations 44,832 (68,355)
Loss from discontinued
operations, net of taxes (4,290) (1,179)
------------ ------------
Net income (loss)
attributed to common
shareholders $ 40,542 $ (69,534)
============ ============
Per Common Share Data:
Basic:
Income (loss) from
continuing operations $ 1.09 $ (1.41)
Loss from discontinued
operations (0.10) (0.02)
Net income (loss) $ 0.99 $ (1.43)
Weighted average
shares 41,102,279 48,641,456
Diluted:
Income (loss) from
continuing operations $ 1.07 $ (1.41)
Loss from discontinued
operations (0.10) (0.02)
Net income (loss) $ 0.97 $ (1.43)
Weighted average shares 43,230,209 48,641,456
GENESIS HEALTH VENTURES, INC.
SELECTED BALANCE SHEET AND OTHER INFORMATION
MARCH 31, 2002 AND SEPTEMBER 30, 2001
March 31, Sept. 30,
(Balance sheet information, in thousands) 2002 2001
--------- ---------
Cash and cash equivalents $ 74,300 $ 32,139
Accounts receivable, net 390,796 399,816
Total debt (current and long-term) 693,689 644,509
Redeemable preferred stock 43,860 42,600
Shareholders' equity $879,491 $834,858
----------------------------------------------------------------------
Debt to cash flow (pro
forma last twelve months) 3.03
Net debt to cash flow (pro
forma last twelve months) 2.71
Interest coverage ratio (pro
forma last twelve months) 4.45
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