Mylan Laboratories Reports Fourth Quarter and Fiscal Year 2001 Financial Results.Business Editors & Health/Medical Writers PITTSBURGH--(BUSINESS WIRE)--May 8, 2001 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 ) today reported its financial results for the three months and fiscal year ended March 31, 2001. Fourth quarter earnings 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 were $0.33 and fiscal 2001 earnings per diluted share were $1.04, excluding the FTC FTC See Federal Trade Commission (FTC). 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. settlement. Fourth quarter fiscal 2001 net revenues increased by 15.8% to $248.6 million compared to net revenues of $214.7 million in the prior year's fourth quarter. The $33.9 million increase in net revenues consisted of increases of $23.7 million and $10.2 million in net revenues in the generic Generic Describes the characteristics and/or experience of the total universe of a coupon of MBS sector type; that is, in contrast to a specific pool or collateral group, as in a specific CMO issue. and brand businesses, respectively. Net earnings for the fourth quarter of fiscal 2001 were $42.1 million compared to $44.8 million in the prior year's fourth quarter. Earnings per diluted share were $0.33 in the fourth quarter of fiscal 2001 compared to $0.34 in the prior year's fourth quarter. Net revenues for the fiscal year increased by 7.2% in fiscal 2001 to a record $846.7 million compared to $790.1 in fiscal 2000. The $56.6 million year-over-year increase was due to a $33.6 million increase in generic net revenues and a $23.0 million increase in brand net revenues. Excluding the FTC litigation settlement, net earnings for the fiscal year ended March 31, 2001 were $131.2 million compared to $154.2 million for fiscal 2000. Earnings per diluted share were $1.04 for fiscal year 2001, compared to earnings per diluted share of $1.18 for the prior fiscal year. Inclusive of inclusive of prep. Taking into consideration or account; including. the FTC litigation settlement, fiscal 2001 net earnings were $37.1 million and earnings per diluted share were $0.29. "We are very pleased with our record net revenue performance for the fiscal year, which was driven by significant growth in both our generic and our brand pharmaceuticals businesses," said 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. Milan Puskar. "This top-line growth, combined with sequential One after the other in some consecutive order such as by name or number. fiscal 2001 quarterly improvements in operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. margins and net earnings, contributed to a successful year for Mylan and one that keeps us firmly on track for achieving our fiscal 2002 financial goals." Puskar concluded, "Mylan enters its 40th year as a diversified diversified (di·verˑ·s pharmaceutical company with an increasingly well-balanced well-bal·anced adj. 1. Evenly proportioned, balanced, or regulated. 2. Mentally stable; sensible or sound. well-balanced Adjective sensible and emotionally stable Adj. revenue mix from our long established generic business and growing brand business."
MYLAN LABORATORIES INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
For the Three and Twelve Months Ended March 31, 2001, and 2000
(In Thousands Except Per Share Amounts)
Unaudited
Three Months Ended Twelve Months Ended
March 31, March 31,
-------------------- --------------------
2001 2000 2001 2000
--------- --------- --------- ---------
Net Revenues $ 248,648 $ 214,684 $ 846,696 $ 790,145
Cost of Sales 136,490 106,905 464,521 369,377
--------- --------- --------- ---------
Gross Profit 112,158 107,779 382,175 420,768
Research and Development 14,771 13,470 64,385 49,121
Selling and
Administrative 39,714 36,499 151,212 148,688
--------- --------- --------- ---------
54,485 49,969 215,597 197,809
Litigation Settlement - - (147,000) -
Equity in Loss
of Somerset (726) (1,574) (1,477) (4,193)
Other Income 8,775 14,337 39,912 23,977
--------- --------- --------- ---------
Earnings Before
Income Taxes 65,722 70,573 58,013 242,743
Income Taxes 23,660 25,780 20,885 88,497
--------- --------- --------- ---------
Net Earnings $ 42,062 $ 44,793 $ 37,128 $ 154,246
========= ========= ========= =========
Earnings per
common share:
Basic $ 0.34 $ 0.35 $ 0.30 $ 1.19
========= ========= ========= =========
Diluted $ 0.33 $ 0.34 $ 0.29 $ 1.18
========= ========= ========= =========
Weighted average
common shares:
Basic 124,908 129,331 125,785 129,220
========= ========= ========= =========
Diluted 125,633 130,415 126,746 130,224
========= ========= ========= =========
In July 2000, the Company reached a tentative settlement with the
Federal Trade Commission, State Attorneys General and certain private
parties with regard to lawsuits filed against the Company relating to
pricing issues and raw material contracts on two of its products. Net
earnings for the twelve months ended March 31, 2001, excluding the
$147,000,000 before tax effect of the settlement, were $131,208,000,
or $1.04 per diluted share.
The Company has paid regular quarterly cash dividends of $.04 per
share since October 1995.
MYLAN LABORATORIES INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
March 31, 2001, and 2000
(In Thousands Except Per Share Amounts)
Unaudited
2001 2000
----------- -----------
Assets
Current Assets:
Cash $ 229,183 $ 203,493
Marketable Securities 55,715 99,557
Accounts Receivable 232,599 197,760
Inventories 161,810 148,673
Deferred Tax Benefit 59,474 30,792
Deposit - Litigation Settlement 135,000 -
Other Current Assets 5,443 6,471
----------- -----------
Total Current Assets 879,224 686,746
Property, Plant and Equipment, net of
Accumulated Depreciation 168,396 168,000
Investment in and Advances to Somerset 27,621 29,461
Intangibles and Other Assets 390,732 457,023
----------- -----------
Total Assets $ 1,465,973 $ 1,341,230
=========== ===========
Working Capital 588,037 598,976
Current Ratio 3.0 to 1 7.8 to 1
Liabilities and Shareholders' Equity
Current Liabilities:
Trade Accounts Payable $ 48,928 $ 17,981
Litigation Settlement 147,000 -
Other Current Liabilities 95,259 69,789
----------- -----------
Total Current Liabilities 291,187 87,770
Deferred Tax Liability 18,905 19,108
Long-term Obligations 23,345 30,630
Common Stock and Additional Paid-in Capital 388,332 381,532
Retained Earnings 840,741 823,570
Accumulated Other Comprehensive Earnings 2,983 6,936
----------- -----------
1,232,056 1,212,038
Less Treasury Stock 99,520 8,316
----------- -----------
Total Shareholders' Equity 1,132,536 1,203,722
----------- -----------
Total Liabilities and Shareholders' Equity $ 1,465,973 $ 1,341,230
=========== ===========
Book Value per Diluted Share $ 8.94 $ 9.24
=========== ===========
MYLAN LABORATORIES INC & SUBSIDIARIES
SEGMENT RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2001, AND 2000
(Amounts in Thousands)
Three Months Ended
March 31,
------------------------
2001 2000
----------- -----------
Consolidated
Net Revenues $ 248,648 $ 214,684
Cost of Sales 136,490 106,905
----------- -----------
Gross Profit 112,158 107,779
Research & Dev. 14,771 13,470
Selling & Admin. 39,714 36,499
----------- -----------
Operating Income $ 57,673 $ 57,810
=========== ===========
Generic Segment
Net Revenues $ 207,560 $ 183,834
Cost of Sales 119,850 92,881
----------- -----------
Gross Profit 87,710 90,953
Research & Dev. 8,622 10,506
Selling & Admin. 11,137 12,509
----------- -----------
Operating Income $ 67,951 $ 67,938
=========== ===========
Brand Segment
Net Revenues $ 41,088 $ 30,850
Cost of Sales 16,640 14,024
----------- -----------
Gross Profit 24,448 16,826
Research & Dev. 6,149 2,964
Selling & Admin. 18,136 11,357
----------- -----------
Operating Income $ 163 $ 2,505
=========== ===========
Corporate Expense $ 10,441 $ 12,633
=========== ===========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion