Merger and Acquisition Scenario

Summary

Other Scenarios:

ARXT - JNJ
ARXT - NVS
JNJ - ALO
NVS - ALO

Buyer:	Adams Respiratory Therapeutics, Inc. (ARXT)	Last Price:	37.38	Market Cap.:	1.33B
Target:	Alpharma Inc. (ALO)	Last Price:	25.44	Market Cap.:	1.10B

Lines of Business Summary:

Adams Respiratory Therapeutics, Inc. (ARXT) competes in 1 industry and 5 product/service groups
Alpharma Inc. (ALO) competes in 1 industry and 13 product/service groups
A combined entity will have 0% Product/Service Group overlap
Adams Respiratory Therapeutics, Inc. (ARXT) has 4 and Alpharma Inc. (ALO) has 0 customers that derive significant revenue from each. They share 0 in common.

Product Summary:

Overlap & Complementary Sectors

Sector	Buyer	Target	# of Focused Companies
*Healthcare			926
Biopharmaceuticals			372
Nutritional Health			28
Outsourced Services			65
Veterinary Products and Services			6

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business	Sample Products in Complementary Lines of Business
Buyer (Total: 9) Erdosteine Delsym (Dextromethorphan Polistirex) Mucinex DM (Guaifenesin/Dextromethorphan Hydrobromide Extended Release) Maximum Strength DM (Guaifenesin/Dextromethorphan Hydrobromide Extended Release)	Target (Total: 12) Triple Antibiotic Cream (Bacitracin Zinc/Neomycin/Polymyxin B Sulfate) Bacitracin Zinc Tolnaftate M-Zole 7 Dual Pack (Miconazole)	Buyer n/a	Target Alpharma Inc. Alpharma Active Pharmaceutical Ingredients Manufacturing Alpharma Animal Health Division

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business

Buyer (Total: 9)

Erdosteine
Delsym (Dextromethorphan Polistirex)
Mucinex DM (Guaifenesin/Dextromethorphan Hydrobromide Extended Release)
Maximum Strength DM (Guaifenesin/Dextromethorphan Hydrobromide Extended Release)

Target (Total: 12)

Triple Antibiotic Cream (Bacitracin Zinc/Neomycin/Polymyxin B Sulfate)
Bacitracin Zinc
Tolnaftate
M-Zole 7 Dual Pack (Miconazole)

Buyer

n/a

Target

Alpharma Inc.
Alpharma Active Pharmaceutical Ingredients Manufacturing
Alpharma Animal Health Division

Business Relationship Summary:

Top Key Suppliers	Top Key Customers
Buyer (Total: 3) Cardinal Health, Inc. (CAH) UCB S.A. Boehringer Ingelheim GmbH	Target (Total: 7) Bayer AG (ADR) (BAY) Koninklijke DSM N.V. (ADR) (RDSMY) Cambrex Corporation (CBM) Applix, Inc. (APLX)	Buyer (Total: 4) Wal-Mart Stores, Inc. (WMT) CVS Caremark Corporation (CVS) Walgreen Company (WAG) McKesson Corporation (MCK)	Target (Total: 3) Alcon, Inc. (ACL) MGi Pharma, Inc. (MOGN) Enzon Pharmaceuticals, Inc. (ENZN)

Top Key Suppliers

Top Key Customers

Buyer (Total: 3)

Cardinal Health, Inc. (CAH)
UCB S.A.
Boehringer Ingelheim GmbH

Target (Total: 7)

Bayer AG (ADR) (BAY)
Koninklijke DSM N.V. (ADR) (RDSMY)
Cambrex Corporation (CBM)
Applix, Inc. (APLX)

Buyer (Total: 4)

Wal-Mart Stores, Inc. (WMT)
CVS Caremark Corporation (CVS)
Walgreen Company (WAG)
McKesson Corporation (MCK)

Target (Total: 3)

Alcon, Inc. (ACL)
MGi Pharma, Inc. (MOGN)
Enzon Pharmaceuticals, Inc. (ENZN)

Key Financial Summary:

Key Metrics

	Buyer	Target
Number of Employees	496	1,400
Revenue Per Employee	1,604,854.0	481,550.8
Total Revenue	84.0	168.1
Total Expenses	80.2	151.1
Other Revenue	0.0	0.0
Cost of Revenue	23.7	71.6
SG&A Expense	52.6	63.2
Research & Development	5.0	18.4
Other Operating Expense	0.0	0.0
Operating Income	3.8	17.0
Unusual Income	0.0	-2.1
LT Debt to Capital	0	28.91
Fwd P/E	38.94	19.11
Fwd P/Rev	4.32	1.54
Book Value	274.8	737.8
Curr Portion of LTD/Cap Lease	0.0	0.0

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Respiratory System > Upper Respiratory Tract Disorders > Coughs/Colds

Target

Focused (): *Healthcare > Biopharmaceuticals

Adams Respiratory Therapeutics, Inc. is a specialty pharmaceutical company focused on late-stage development, commercialization and marketing of over-the-counter (OTC) and prescription pharmaceuticals for the treatment of respiratory disorders. The Company markets three OTC products under its Mucinex brand, one product under its Humibid brand, two products under Delsym brand and four products under Children's Mucinex line of products. In June 2006, the Company acquired the United States marketing and sales rights to Delsym from UCB, Inc. (UCB). Delsym is an OTC 12-hour liquid cough suppressant.

Target

Alpharma Inc. is a global specialty pharmaceutical company that develops, manufactures and markets pharmaceutical products for humans and animals. It has three business segments. The Pharmaceuticals segment (formerly known as Branded Pharmaceuticals) markets one branded pharmaceutical prescription product that is contract manufactured by a third party, which is a pain medication sold under the trademark KADIAN. The Active Pharmaceutical Ingredients segment develops, manufactures and markets a line of fermentation-based active pharmaceutical ingredients and one chemically synthesized active pharmaceutical ingredient that are used, primarily by third parties, in the manufacture of finished dose pharmaceutical products. The Animal Health segment develops, registers, manufactures and markets medicated feed additives, and water soluble vitamins type substances for food producing animals, which include poultry, cattle and swine. On March 31, 2006, Alpharma sold ParMed Pharmaceuticals Inc.

Deal Summary

Key Ratios

	Buyer	Target
Gross Margin %	73.22	57.64
Operating Margin %	17.66	12.91
Quick Ratio	2.7	3.48
Current Ratio	4.2	4.5
Coverage Ratio	0	0.16
Total Assets	314.7	1,232.6
Return on Equity %	13.8	8.78
Return on Assets %	12.05	5.26
Cash+ ST Inv. Per Share	1.9	9.33
Total Debt	0.0	300.0
Total Debt to Equity %	0	40.66
Total Debt to Tangible Equity %	0	64.94
Debt to Asset %	0.00	24.34

Product Summary

Sector

Buyer

Target

*Healthcare

Biopharmaceuticals

Infectious Diseases

The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.

Pain Management

The Pain Management Subsector includes therapeutics that treat and management pain.

Respiratory System

The Respiratory System Subsector includes therapeutics that treat disorders affecting both the upper and lower respiratory tract, including the nose, throat, larynx, trachea, bronchi, and lungs.

Nutritional Health

Dietary/Naturopathic Supplements

The Dietary/Naturopathic Subsector includes nutritional biochemicals and nutrients derived from natural sources that are intended to support health.

Outsourced Services

Development/Manufacturing Services

The Development/Manufacturing Services Subsector includes companies that provide research, development, manufacturing, sales and marketing to biopharmaceutical and medical device companies.

Veterinary Products and Services

Veterinary Pharmaceuticals

The Veterinary Pharmaceuticals Subsector includes companies that manufacture veterinary pharmaceuticals and vaccines for the prevention and treatment of veterinary diseases.

Target Products:

Alpharma Animal Health Division

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector

Buyer

Target

*Healthcare

Biopharmaceuticals

Infectious Diseases

Bacterial

Antibacterial Agents

Narrow Spectrum

Dermatology

Skin/Soft Tissue Infections

Aminoglycosides/Polypeptides

Therapeutics that treat dermal infections by inhibiting bacterial cell wall synthesis.

Target Products:

Triple Antibiotic Cream (Bacitracin Zinc/Neomycin/Polymyxin B Sulfate)

Ophthalmology

Ocular Infections

Polypeptides

Therapeutics that treat bacterial infections of the eye by damaging the cell membrane.

Target Products:

Bacitracin Zinc

Mycological (Fungal)

Antifungal Agents

Narrow Spectrum

Dermatology

Tinea Corporis (Ringworm)

Thiocarbamates

Therapeutics that treat fungal infections of the skin characterized by scaly, red rings by stunting the growth of the branching filaments.

Target Products:

Tolnaftate

Tinea Cruris (Jock Itch)

Thiocarbamates

Therapeutics that treat fungal infections of the groin and perineum by stunting the growth of the branching filaments.

Target Products:

Tolnaftate

Tinea Pedis

Thiocarbamates

Therapeutics that treat fungal infections of the feet by stunting the growth of the branching filaments.

Target Products:

Tolnaftate

Urology

Vaginal Candidiasis

Azoles

Imidazoles

Therapeutics that treat fungal infections of the female reproductive organ caused by yeast by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

M-Zole 7 Dual Pack (Miconazole)
M-Zole 3 Combination Pack (Miconazole)

Pain Management

Anesthesia

General (Systemic)

Adjunctive

Opioids

Therapeutics that treat pain by binding to certain nervous system receptors which alters both the perception of pain as well as the emotional response to pain.

Target Products:

Kadian (Morphine Sulphate Extended Release)

Narcotics

Opioids

Therapeutics that treat pain by binding to certain nervous system receptors which alter both the perception of pain as well as the emotional response to pain.

Target Products:

Kadian (Morphine Sulphate Extended Release)
Kadian NT (Abuse Resistant Morphine Sulphate/Naltrexone))

Non-Narcotics

Non-Steroidal Anti-Inflammatory Drugs (NSAID)

Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)

Therapeutics that treat pain by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

Ibuprofen Oral Suspension

Phase I/Phase II Clinical Stage Products

Therapeutics that are being investigated for the treatment of pain in early stages of clinical research where human subject is involved.

Target Products:

Abuse Deterrent Oxycodone

Respiratory System

Phase I/Phase II Clinical Stage Products

Therapeutics that are being investigated for the treatment of respiratory disorders in early stages of clinical research where human subject is involved.

Buyer Products:

Erdosteine

Upper Respiratory Tract Disorders

Coughs/Colds

Antitussives

Therapeutics that relieve or prevent coughs.

Buyer Products:

Delsym (Dextromethorphan Polistirex)

Antitussives/Expectorants

Therapeutics that treat coughs and colds by suppressing coughs and helping ejection of the mucous.

Buyer Products:

Mucinex DM (Guaifenesin/Dextromethorphan Hydrobromide Extended Release)
Maximum Strength DM (Guaifenesin/Dextromethorphan Hydrobromide Extended Release)

Decongestants/Expectorants

Therapeutics that treat coughs and colds by reducing mucous build up and help in ejection of mucous.

Buyer Products:

Maximum Strength D (Guaifenesin/Pseudoephedrine HCl Extended Release)
Mucinex D (Guaifenesin/Pseudoephedrine HCl Extended Release)

Expectorants

Therapeutics that treat coughs and colds by helping in the ejection of mucous.

Buyer Products:

Guaifenesin Combination Extended-Release Product
Mucinex SE (Guaifenesin Extended Release)
Humibid SE (Guaifenesin Extended Release)

Nutritional Health

Dietary/Naturopathic Supplements

General Health

Products consisting of dietary/naturopathic supplements that are intended to support general health.

Target Products:

Alpharma Inc.

Outsourced Services

Development/Manufacturing Services

Contract Manufacturing Organizations (CMO)

Pharmaceuticals

Final Dosage Forms

Contract Manufacturing Organizations (CMO) that produce large quantities of drug products in final dosage forms ready to be sold to end users.

Target Products:

Alpharma Active Pharmaceutical Ingredients Manufacturing

Veterinary Products and Services

Veterinary Pharmaceuticals

The Veterinary Pharmaceuticals Subsector includes companies that manufacture veterinary pharmaceuticals and vaccines for the prevention and treatment of veterinary diseases.

Target Products:

Alpharma Animal Health Division

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

	Name	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Overlap
	Johnson & Johnson	n/a	173,127.270	16.36	15.01	3.03	2.92	n/a
	Novartis AG (ADR)	n/a	124,169.978	20.39	16.22	3.27	3.33	5.49
Buyer
	The Procter & Gamble Company	n/a	197,815.402	20.16	20.65	2.64	2.58	n/a
	Johnson & Johnson	n/a	173,127.270	16.36	15.01	3.03	2.92	n/a
Target
	Johnson & Johnson	n/a	173,127.270	16.36	15.01	3.03	2.92	n/a
	Novartis AG (ADR)	n/a	124,169.978	20.39	16.22	3.27	3.33	5.49
	Abbott Laboratories	n/a	77,064.208	40.02	18.18	3.20	3.20	n/a
	Eli Lilly & Co.	n/a	62,395.048	28.65	16.48	3.68	3.58	n/a
	Bristol Myers Squibb Co.	n/a	56,365.380	36.11	20.87	3.18	3.00	15.42
	Teva Pharmaceutical Industries Ltd (ADR)	n/a	33,646.920	17.74	19.04	3.82	3.73	24.81
	Endo Pharmaceuticals	n/a	4,441.277	25.46	19.61	4.63	4.30	5.27
	King Pharmaceuticals, Inc.	n/a	4,078.925	11.52	9.66	2.02	2.03	3.48
	Bausch & Lomb Inc.	n/a	3,512.859	163.40	29.46	1.51	1.44	12.74
	Biovail Corporation (USA)	n/a	3,092.357	13.05	11.03	2.83	3.76	5.53
	Perrigo Company	n/a	1,714.123	25.47	21.40	1.20	1.22	4.76
	XenoPort, Inc.	n/a	1,074.236	n/a	-71.98	41.55	17.19	13.02
	Acura Pharmaceuticals, Inc.	n/a	756.244	n/a	n/a	n/a	n/a	n/a
	Penwest Pharmaceuticals	n/a	297.393	n/a	-8.83	88.08	85.25	8.25
	Taro Pharmaceutical Industries Ltd.	n/a	269.772	47.52	n/a	0.91	0.85	1.14
	DepoMed, Inc.	n/a	105.858	n/a	-2.67	8.79	3.90	n/a
	BioDelivery Sciences International, Inc.	n/a	71.160	n/a	-1.96	25.68	n/a	n/a
	Elite Pharmaceuticals, Inc.	n/a	49.114	n/a	n/a	42.90	3.72	14.16
	DOV Pharmaceutical, Inc.	n/a	6.953	n/a	n/a	0.21	n/a	0.45
	Livzon Pharmaceutical Group Co., Ltd.	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	Phibro Animal Health Corporation	n/a	n/a	n/a	n/a	n/a	n/a	n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

	Name	Dir	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Buyer
	Cardinal Health, Inc.		n/a	25,156.014	18.64	19.24	0.29	0.29	7.27
UCB S.A.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Boehringer Ingelheim GmbH		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Target
	Bayer AG (ADR)		n/a	52,005.822	10.04	14.83	1.28	1.22	n/a
Koninklijke DSM N.V. (ADR)		n/a	9,163.700	13.57	n/a	0.78	n/a	1.40
Cambrex Corporation		n/a	381.298	2.16	31.91	0.82	n/a	0.87
Applix, Inc.		n/a	213.412	21.36	37.43	3.74	3.51	10.02
PDI, Inc.		n/a	152.364	35.55	-6.98	0.78	n/a	1.29
Kaken Pharmaceutical Co., Ltd.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Actavis Group hf.		n/a	n/a	n/a	n/a	n/a	n/a	n/a

Name

Dir

Percent

Market Cap.

P/E Ratio (TTM)

Fwd P/E

P/R Ratio (TTM)

Fwd P/Rev

Price To Tang. Book Value

Buyer

Cardinal Health, Inc.

n/a

25,156.014

18.64

19.24

0.29

7.27

UCB S.A.

n/a

Boehringer Ingelheim GmbH

n/a

Target

Bayer AG (ADR)

n/a

52,005.822

10.04

14.83

1.28

1.22

n/a

Koninklijke DSM N.V. (ADR)

n/a

9,163.700

13.57

n/a

0.78

n/a

1.40

Cambrex Corporation

n/a

381.298

2.16

31.91

0.82

n/a

0.87

Applix, Inc.

n/a

213.412

21.36

37.43

3.74

3.51

10.02

PDI, Inc.

n/a

152.364

35.55

-6.98

0.78

n/a

1.29

Kaken Pharmaceutical Co., Ltd.

n/a

Actavis Group hf.

n/a

- Defined by the Company - Defined by Others

Key Customers

	Name	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Buyer
	Wal-Mart Stores, Inc.	10.00%	188,757.262	16.42	14.86	0.53	0.51	4.16
	CVS Caremark Corporation	10.00%	54,963.528	38.32	18.73	1.17	0.72	25.06
	Walgreen Company	10.00%	44,267.033	21.52	21.52	0.84	0.83	4.06
	McKesson Corporation	10.00%	16,611.381	18.19	17.84	0.18	0.17	6.25
Target
	Alcon, Inc.	n/a	41,512.710	29.68	26.47	8.20	7.61	20.37
	MGi Pharma, Inc.	n/a	2,022.287	n/a	66.97	5.72	5.14	n/a
	Enzon Pharmaceuticals, Inc.	n/a	323.855	n/a	-41.50	1.78	1.85	n/a

- Defined by the Company - Defined by Others

Key Partners

	Name	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Buyer
	Wal-Mart Stores, Inc.	n/a	188,757.262	16.42	14.86	0.53	0.51	4.16
	CVS Caremark Corporation	n/a	54,963.528	38.32	18.73	1.17	0.72	25.06
	Target Corporation	n/a	52,877.435	18.33	17.14	0.87	0.82	3.37
	Walgreen Company	n/a	44,267.033	21.52	21.52	0.84	0.83	4.06
	Cardinal Health, Inc.	n/a	25,156.014	18.64	19.24	0.29	0.29	7.27
	Sears Holdings Corporation	n/a	20,769.436	13.61	17.28	0.39	0.42	2.67
	The Kroger Co.	n/a	18,670.019	16.28	16.05	0.28	0.28	5.95
	McKesson Corporation	n/a	16,611.381	18.19	17.84	0.18	0.17	6.25
	Safeway Inc.	n/a	13,686.576	15.66	15.67	0.33	0.33	3.58
	AmerisourceBergen Corp.	n/a	8,852.815	17.95	18.57	0.14	0.14	6.36
	Rite Aid Corporation	n/a	4,248.448	365.86	-43.00	0.24	0.19	4.87
	Boehringer Ingelheim GmbH	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	UCB S.A.	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	Albertsons LLC	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	MonoSol, LLC	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Target
	Bayer AG (ADR)	n/a	52,005.822	10.04	14.83	1.28	1.22	n/a
	Alcon, Inc.	n/a	41,512.710	29.68	26.47	8.20	7.61	20.37
	Teva Pharmaceutical Industries Ltd (ADR)	n/a	33,646.920	17.74	19.04	3.82	3.73	24.81
	Koninklijke DSM N.V. (ADR)	n/a	9,163.700	13.57	n/a	0.78	n/a	1.40
	MGi Pharma, Inc.	n/a	2,022.287	n/a	66.97	5.72	5.14	n/a
	Cambrex Corporation	n/a	381.298	2.16	31.91	0.82	n/a	0.87
	Enzon Pharmaceuticals, Inc.	n/a	323.855	n/a	-41.50	1.78	1.85	n/a
	Actavis Group hf.	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	Kaken Pharmaceutical Co., Ltd.	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	Tris Pharma, Inc.	n/a	n/a	n/a	n/a	n/a	n/a	n/a

- Defined by the Company - Defined by Others

Financials

	Buyer	Target	Combined Entity
Income Statement
Operating Items
Revenue	337.6	662.9	1,000.5
Other Revenue	0.0	0.0	0.0
Total Revenue	337.6	662.9	1,000.5
Cost of Revenue	90.4	280.8	371.2
SG&A Expense	163.6	252.1	415.6
Depreciation & Amortization	0.0	0.0	0.0
Research & Development	25.6	54.8	80.4
Interest Expense	-4.3	0.0	-4.3
Other Operating Expense	2.7	0.0	2.7
Unusual Expense (Income)	0.0	-10.3	-10.3
Total Expenses	278.0	577.4	855.3
Operating Income	59.6	85.6	145.2
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng	0.0	13.7	13.7
Other, Net	0.0	-0.8	-0.8
Income Before Taxes	59.6	99.9	159.5
Income Taxes	21.7	35.1	56.8
Income After Taxes	37.9	64.8	102.7
Net Income - Excl. Xord. Items	37.9	64.8	102.7
Discontinued Operations	0.0	-3.7	-3.7
Net Income - Incl. Xord. Items	37.9	61.1	99.0
Income Avail. to Common	37.9	61.1	99.0
Share Items
Basic Avg. Shares Outstanding	35.5	42.3	77.8
Basic EPS - Excl. Xord. Items	1.07	1.53	1.32
Basic EPS - Incl. Xord. Items	1.07	1.44	1.27
Full Dilution Adjustment	0.0	0.0	0.0
Fully Diluted Shares Outstanding	37.2	42.8	80.0
F.D. EPS - Excl. Xord. Items	1.02	1.51	1.28
F.D. EPS - Incl. Xord. Items	1.02	1.43	1.24
Dividends Per Common Share	0.00	0.09	0.09
Balance Sheet
Assets
Cash and Equivalents	37.7	399.9	437.6
ST Investments	33.0	0.0	33.0
Accounts Receivable	35.2	106.9	142.2
Inventory	42.9	118.4	161.3
Prepayments and Advances	6.2	29.1	35.3
Other Current Assets	9.9	0.0	9.9
Current Assets	164.9	654.4	819.4
Accum D&A	0.0	0.0	0.0
PPE, Net	18.5	237.2	255.7
Goodwill & Intangibles	125.5	275.9	401.4
Other Assets	0.0	0.0	0.0
Other LT Assets	5.8	65.0	70.8
Total Assets	314.7	1,232.6	1,547.3
Liabilities
Accounts Payable	19.6	44.9	64.5
Payable/Accrued	0.0	0.0	0.0
Accrued Expenses	16.4	100.6	117.0
ST Debt	0.0	0.0	0.0
Other (Current) Liabilities	3.2	0.0	3.2
Current Liab.	39.2	145.5	184.7
LT Debt	0.0	300.0	300.0
Total LT Debt	0.0	300.0	300.0
Deferred Taxes	0.0	23.0	23.0
Other LT Liab.	0.7	26.3	26.9
Total Liabilities	39.9	494.8	534.7
Shareholders Equity
Common Stock	0.4	11.1	11.5
Additional Paid in Capital	485.7	1,121.4	1,607.1
Retained Earnings	-211.3	-140.7	-352.0
Treasure Stock	0.0	-315.0	-315.0
Other Equity	0.0	61.1	61.1
Total Equity	274.8	737.8	1,012.6
Total Liab. & Equity	314.7	1,232.6	1,547.3
Shares Outstanding	35.6	43.4	78.9
Cash Flow
Operating Cash Flow
CF Net Income	37.9	61.1	99.0
CF Depreciation	2.8	46.4	49.2
CF Deferred Taxes	-1.7	28.9	27.2
Other Non-Cash Items	10.1	1.5	11.6
Change in Working Capital	-20.0	-59.9	-79.9
Total Cash From Operating Activities	29.1	78.0	107.1
Investing Cash Flow (not calculated)
Capital Expenditures	-138.3	-39.6	-177.9
Other Investing Cash Flows	1.6	0.0	1.6
Total Cash From Investing Activities	-136.7	-39.6	-176.3
Financing Cash Flow (not calculated)
Dividends Paid	0.0	-7.4	-7.4
Purchase Or Sale of Stock	3.0	-300.0	-297.0
Purchase and Retirement of Debt	0.0	295.6	295.6
Other Financing Cash Flow	8.7	3.8	12.5
Total Cash From Financing Activities	11.7	-8.1	3.6
Exchange Rate Effects	0.0	3.2	3.2
Net Change in Cash	-95.9	33.5	-62.4
Cash Taxes Paid	10.7	-37.6	-26.9
Cash Interest Paid	0.0	-4.8	-4.8