Mylan Announces Third Quarter Results.PITTSBURGH--(BUSINESS WIRE)--Jan. 29, 1998--Mylan Laboratories Inc. (NYSE NYSE See: New York Stock Exchange :MYL MYL Mind Your Language MYL Made You Laugh MYL Miss You Lots MYL Meet You Later MYL Miss You Loads ) announced revenues today for the third quarter of fiscal 1998 which ended Dec. 31, 1997. Total Revenues for the three-month period increased 14 percent to a record high $129,517,000 vs. $113,981,000 last year, and for fiscal '98 year to date they are $365,838,000 against $321,505,000 for the same nine month period in fiscal '97, reflecting the same 14 percent increase. Net earnings rose 22 percent for the quarter to $21,983,000 or 18 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared to $18,081,000 or 15 cents last year. For the nine months year to date, net earnings rose 40 percent to $68,971,000 or 57 cents per share over the previous year's nine months earnings of $49,440,000 or 41 cents per share. The company has not recognized any revenues in the third quarter from the sales of Ranitidine ranitidine /ra·ni·ti·dine/ (rah-ni´ti-den) a histamine H2 receptor antagonist, used as the hydrochloride salt to inhibit gastric acid secretion in the treatment of gastric and duodenal ulcer, gastroesophageal reflux disease, and through Novopharm Novopharm is one of Canada's largest generic pharmaceutical companies, now a part of pharmaceutical giant TEVA. Novopharm was founded by Mr. Leslie Dan, and has facilities in southern Ontario. . Under the terms of Mylan's agreement with Genpharm and Genpharm's agreement with Novopharm, Mylan should have received additional revenues during the third quarter. However, due to disputes relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc interpretation of the Genpharm/Novopharm agreement, and questions regarding the accounting provided by Novopharm, Mylan has not recognized any of the income earned during the December December: see month. quarter since the total amount due is in the process of being determined. When the audit currently underway at Novopharm is completed and the remaining revenues due Mylan are finalized See finalization. , they will be reflected on our earnings statement under "Other Revenue." We expect that to occur in our fourth quarter. -0-
Mylan Laboratories Inc. and Subsidiaries
Comparative Condensed Balance Sheets
Dec. 31, 1997 and 1996
Unaudited
1997 1996
______ ______
(In thousands)
Assets
Current assets:
Cash $ 115,130 $ 154,723
Marketable securities 18,492 12,069
Accounts receivable 108,044 97,081
Inventories 135,601 97,268
Deferred tax benefit 6,778 12,797
Other current assets 14,916 6,364
_________ _________
Total Current Assets 398,961 380,302
Property, plant and equipment - at cost
less accumulated depreciation 145,840 133,257
Investments in and advances to Somerset 28,178 25,299
Deferred tax benefit, non-current 2,625 -
Marketable securities, non-current 21,907 25,137
Intangible and other assets 217,472 216,469
_________ _________
Total Assets $ 814,983 $ 780,464
_________ _________
_________ _________
Working capital $ 332,152 $ 306,287
Current ratio 6.0 to 1 5.1 to 1
Liabilities and Shareholders' Equity
Current liabilities:
Cash dividend payable $ 4,896 $ 4,888
Accounts payable and other
current liabilities 61,913 69,127
_________ _________
Total Current Liabilities 66,809 74,015
Deferred tax liability - 6,538
Long-term obligations 31,996 49,042
Common stock and additional paid-in capital 153,604 148,721
Unrealized gain (loss) on investments 646 (331)
Retained earnings 568,069 504,946
_________ _________
722,319 653,336
Less treasury stock 6,141 2,467
_________ _________
Net Worth 716,178 650,869
_________ _________
Total Liabilities & Shareholders'
Equity $ 814,983 $ 780,464
_________ _________
_________ _________
Book value per share $ 5.86 $ 5.34
_________ _________
_________ _________
Mylan Laboratories Inc. and Subsidiaries
Consolidated Statements of Earnings
For the Three and Nine Months Ended
Dec. 31, 1997 and 1996
Unaudited
Three Months Ended
Dec. 31,
1997 1996
____ ____
Net sales $129,517,000 $113,981,000
Other revenue - -
____________ ____________
Total revenue 129,517,000 113,981,000
Cost and Expenses:
Cost of sales 75,077,000 66,729,000
Research and development 7,891,000 10,775,000
Selling and administrative 21,239,000 19,566,000
____________ ____________
104,207,000 97,070,000
____________ ____________
Equity in earnings of Somerset 1,839,000 4,462,000
Other income 3,923,000 2,505,000
____________ ____________
Earnings before income taxes 31,072,000 23,878,000
Income tax rate 29% 24%
Income taxes 9,089,000 5,797,000
____________ ____________
Net Earnings $ 21,983,000 $ 18,081,000
____________ ____________
____________ ____________
Earnings Per Share $ .18 $ .15
____________ ____________
____________ ____________
Weighted Average Common Shares 122,127,000 121,916,000
____________ ____________
____________ ____________
Nine Months Ended
Dec. 31,
1997 1996
____ ____
Net sales $365,838,000 $321,505,000
Other revenue 26,822,000 -
____________ ____________
Total revenue 392,660,000 321,505,000
Cost and Expenses:
Cost of sales 207,657,000 186,344,000
Research and development 31,707,000 31,561,000
Selling and administrative 72,460,000 60,282,000
____________ ____________
311,824,000 278,187,000
____________ ____________
Equity in earnings of Somerset 8,431,000 14,507,000
Other income 10,186,000 10,266,000
____________ ____________
Earnings before income taxes 99,453,000 68,091,000
Income tax rate 31% 27%
Income taxes 30,482,000 18,651,000
____________ ____________
Net Earnings $ 68,971,000 $ 49,440,000
____________ ____________
____________ ____________
Earnings Per Share $ .57 $ .41
____________ ____________
____________ ____________
Weighted Average Common Shares 122,074,000 121,892,000
____________ ____________
____________ ____________
The company has paid regular quarterly cash dividends of four cents
per share since October 1995.
Mylan's 50 percent share of the net sales of Somerset for the
three months ended Dec. 31, 1997 and 1996 was $12,301,000 and
$19,685,000 respectively and for the nine months ended was
$44,684,000 and $76,052,000 respectively. Somerset's contribution to
our net earnings for the three month and nine month periods was one
cent and six cents in 1997 and three cents and 11 cents in 1996.
CONTACT: Mylan Laboratories Inc. Patricia Sunseri, 412/232-0100 |
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