Annual Reports

 
Quarterly Reports

 
8-K

  • 8-K (Nov 8, 2013)
  • 8-K (Oct 29, 2013)
  • 8-K (Oct 22, 2013)
  • 8-K (Oct 2, 2013)
  • 8-K (Sep 27, 2013)
  • 8-K (Sep 11, 2013)

 
Other

Allergan Finance LLC 8-K 2011

Documents found in this filing:

  1. 8-K
  2. Ex-99.1
  3. Ex-99.2
  4. Graphic
  5. Graphic
EX-99.2

Exhibit 99.2

Watson Pharmaceuticals, Inc.

Non-GAAP Reconciliation Table - Third Quarter Ended September 30, 2011

(in millions, except per share amounts)

 

            NON-GAAP ADJUSTMENTS        
      GAAP Results     Amortization
Expense (1)
    Acquisition &
Licensing (2)
    Accretion
Expense (3)
    Global Supply
Chain (4)
    Impairments /
Asset Sales (5)
    All Other (6)     Non-GAAP
Results
 

Net revenues

   $ 1,081.6      $ —        $ —        $ —        $ —        $ —        $ (2.4   $ 1,079.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Expenses:

                

Cost of Goods Sold (excludes amortization, presented below)

     603.2        —          (7.9     —          (2.7     —          —          592.6   

Research and development

     73.4        —          (1.0     —          (0.4     —          —          72.0   

Selling and marketing

     104.4        —          —          —          —          —          —          104.4   

General and administrative

     85.2        —          (0.6     —          (0.2     —          —          84.4   

Amortization

     71.8        (71.8     —          —          —          —          —          (0.0

Loss on asset sales and impairments, net

     3.8        —          —          —          —          (3.8     —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     941.8        (71.8     (9.5     —          (3.3     (3.8     —          853.4   

Operating Income

     139.8        71.8        9.5        —          3.3        3.8        (2.4     225.8   

Other (expense) income:

                

Interest income

     0.3        —          —          —          —          —          —          0.3   

Interest expense

     (24.4     —          —          11.0        —          —          —          (13.4

Other income

     2.9        0.2        —          (0.2     —            (2.7     0.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other (expense) income, net

     (21.2     0.2        —          10.8        —          —          (2.7     (12.9

Income before income taxes and noncontrolling interest

     118.6        72.0        9.5        10.8        3.3        3.8        (5.1     212.9   

Provision for income taxes

     50.9        17.8        2.3        0.8        1.0        (0.1     1.9        74.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Income

     67.7        54.2        7.2        10.0        2.3        3.9        (7.0     138.3   

Loss attributable to noncontrolling Interest

     0.4        —          —          —          —          —          —          0.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to common shareholders

   $ 68.1      $ 54.2      $ 7.2      $ 10.0      $ 2.3      $ 3.9      $ (7.0   $ 138.7   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share

   $ 0.54                  $ 1.09   

Diluited weighted average shares outstanding

     126.9                    126.9   

Explanation of reconciling items to arrive at non-GAAP financial results:

 

1. Includes amortization expense of acquired intangible assets, such as product rights, and amortization of the excess purchase price of an equity method investments recorded in other income.
2. Consists of inventory step-up amortization of $7.3 in Cost of Goods Sold; fair value adjustments of certain contingent oblgations relating to the acquisition of our progesterone business from Columbia Labs of $0.6 and $1.0 in Cost of Goods Sold and Research and Development, respectively; Specifar related acquisition costs of $0.5 in General and Administrative; and, other acquisition and licensing expenses of $0.1 in General and Administrative.
3. Amount in interest expense represents a non-cash fair value adjustment related to the Company’s preferred stock of $4.2 and an adjustment to the fair value of contingent liabilities associated with the acquisitions of Arrow Group, the progesterone business from Columbia Labs and Specifar of $3.4, $2.0 and $1.4, respectively. These adjustments are based upon the passage of time and are classified as interest expense. Amount in other income represents a non-cash adjustment to the fair value of a contingent asset associated with the acquisition of Specifar of $0.2.
4. Represents amounts attributable to our global supply chain initiative to improve efficiencies within our Generics segment. The costs relate to manufacturing operations in Canada, India and Corona, CA and R&D facilities in Canada and Corona, CA. Amounts in Cost of Goods Sold include: $0.8 accelerated depreciation; $0.9 severance and retention; and $1.0 product transfer costs. Amounts in R&D include: $0.2 severance and retention; and $0.2 accelerated depreciation. Amounts in G&A include $0.2 severance and retention.
5. Includes loss on sale of an equity method investment of $2.4 and an impairment of equity method investment of $1.8, offset by gains on asset sales of $0.4.
6. Amount in Net Revenues includes $2.4 payment received relating to a divested business. Amount in Other Income includes $2.1 gain from the reversal of a reserve established in connection with a product divestiture that is no longer required and $0.6 relating to the revaluation of securities issued by an equity method investee.
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki