Summary

Other Scenarios:

Buyer: Adams Respiratory Therapeutics, Inc. (ARXT) Last Price: 46.05 Market Cap.: 1.60B
Target: OSI Pharmaceuticals, Inc. (OSIP) Last Price: 26.93 Market Cap.: 1.53B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 862
Biopharmaceuticals 315
Medical Devices   248

- 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: 7)
  • Erdosteine
  • Mucinex DM (Guaifenesin/Dextromethorphan Hydrobromide Extended Release)
  • Maximum Strength DM (Guaifenesin/Dextromethorphan Hydrobromide Extended Release)
  • Mucinex D (Guaifenesin/Pseudoephedrine HCl Extended Release)
Target (Total: 16)
  • OSI-461 cGMP (cGMP-PDEs Inhibitor)
  • PSN9301 (Dipeptidyl Peptidase-IV Inhibitor)
  • PSN105/PSN010 (Glucokinase Activators)
  • PSN357 (Glycogen Phosphlorylase Inhibitor)
Buyer

n/a
Target
  • Gelclair

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 1)
  • Cardinal Health, Inc. (CAH)
Target (Total: 5)
  • Gilead Sciences, Inc. (GILD)
  • Nektar Therapeutics (NKTR)
  • ISIS Pharmaceuticals, Inc. (ISIS)
  • Phase Forward Incorporated (PFWD)
Buyer (Total: 12)
  • Wal-Mart Stores, Inc. (WMT)
  • Walgreen Company (WAG)
  • CVS Corporation (CVS)
  • McKesson Corporation (MCK)
Target (Total: 8)
  • Pfizer Inc. (PFE)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Merck & Co., Inc. (MRK)
  • Wyeth (WYE)

Key Financial Summary:

Metric Buyer Target
Number of Employees 176 655
Revenue Per Employee 1,693,573.0 707,647.9
Total Revenue 76.0 116.4
Total Expenses 48.4 133.0
Other Revenue 0.0 13.1
Cost of Revenue 16.2 23.6
SG&A Expense 28.4 40.3
Research & Development 3.8 43.7
Other Operating Expense -0.1 20.5
Operating Income 27.6 -16.5
Unusual Income 0.0 0.0
Gross Margin % 78.73 79.77
Metric Buyer Target
Operating Margin % 36.37 -14.2
Total Assets 239.4 1,029.6
Return on Equity % 32.65 -12.84
Cash+ ST Inv. Per Share 4.17 2.74
Total Debt 0.0 265.3
Curr Portion of LTD/Cap Lease 0.0 0.3
Total Debt to Equity 0 46.65
LT Debt to Capital 0 31.78
Fwd P/E 33.91 -170.00
Fwd P/Rev 6.57 3.15
Book Value 212.2 568.7

Individual Company Summary

Focused

Buyer

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

Target

Focused (): *Healthcare > Biopharmaceuticals > Oncology

Business Description

Buyer

Adams Respiratory Therapeutics, Inc. is a specialty pharmaceutical company focused on the late-stage development, commercialization and marketing of over the counter (OTC) and prescription pharmaceuticals for the treatment of respiratory disorders. During the fiscal year ended June 30, 2005, the Company marketed two OTC products, Mucinex SE and Mucinex DM, under its Mucinex brand. Mucinex SE is a long-acting, single-ingredient guaifenesin product. Guaifenesin is an expectorant that thins bronchial secretions and makes coughs more productive. Mucinex DM combines long-acting guaifenesin with the cough suppressant, dextromethorphan. In February 2005, Adams Respiratory Therapeutics, Inc. acquired the Humibid trademark and transferred its AlleRx product line in exchange for the Humibid name.

Target

OSI Pharmaceuticals, Inc. (OSI) is a biotechnology company primarily focused on the discovery, development and commercialization of molecular targeted therapies addressing unmet medical needs in oncology, ophthalmology and diabetes. In November 2004, the Company launched its flagship anti-cancer product, Tarceva (erlotinib), in the United States, which is a small molecule inhibitor of the epidermal growth factor receptor (HER1/EGFR). Tarceva was approved for sale in the European Union (EU) for the treatment of non-small cell lung cancer (NSCLC) in September 2005. In November 2005, OSI completed its acquisition of Eyetech Pharmaceuticals, Inc. (Eyetech).

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
  
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
  
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
  
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
  
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
  
Ophthalmology
The Ophthalmology Subsector includes therapeutics that treat eye disorders, infections, inflammations and irritations.
  
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.
  
Weight Management
The Weight Management Subsectors includes herapeutics that treat and manage weight disorders.
  
Medical Devices  
Medical Supplies
The Medical Supplies Subsector includes basic and consumable products that are widely used in healthcare settings.
  

- 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
Digestive System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of digestive disorders in early stages of clinical research where human subject is involved.

Target Products:

  • OSI-461 cGMP (cGMP-PDEs Inhibitor)
  
Endocrinology/Metabolism  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of endocrinology disorders in early stages of clinical research where human subject is involved.

Target Products:

  • PSN9301 (Dipeptidyl Peptidase-IV Inhibitor)
  • PSN105/PSN010 (Glucokinase Activators)
  • PSN357 (Glycogen Phosphlorylase Inhibitor)
  
Immunology  
Autoimmune Disorders  
Multiple Sclerosis (MS)  
Topoisomerase II Inhibitors
Therapeutics that treat a neurodegenerative disease characterized by the gradual accumulation of plaques on the nerve sheaths an enzyme that inhibits the proliferation of cells.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in early stages of clinical research where human subject is involved.

Target Products:

  • OSI-461 cGMP (cGMP-PDEs Inhibitor)
  
Neurology  
Neuromuscular Disorders  
Multiple Sclerosis (MS)  
Topoisomerase II Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting a key enzyme involved with cell division.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Oncology  
Digestive System  
Pancreatic Cancer  
Metastatic  
Epidermal Growth Factor Receptor Tyrosine Kinase (EGFR-TK) Inhibitors
Therapeutics that treat and manage cancers of the pancreas by blocking the action of tyrosine kinase enzyme through switching off the signals from the epidermal growth factor receptors, which promote cell growth.

Target Products:

  • Tarceva (Erlotinib)
  
Hematology  
Leukemia  
Myeloid  
Acute  
Erythroleukemic  
Topoisomerase II Inhibitors
Therapeutics that treat and manage rapidly progressing cancers affecting immature red blood cells by inhibiting a specific enzyme needed for transcription and replication of DNA.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Monocytic  
Topoisomerase II Inhibitors
Therapeutics that treat and manage cancers affecting mononuclear cells by inhibiting a specific enzyme needed for transcription and replication of DNA.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Myeloblastic  
Topoisomerase II Inhibitors
Therapeutics that treat and manage rapidly progressing cancers affecting immature cells of the bone marrow by inhibiting a specific enzyme needed for transcription and replication of DNA.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Myelogenous (AML)  
Topoisomerase II Inhibitors
Therapeutics that treat and manage rapidly progressing cancers of the myelogenous cells by inhibiting a specific enzyme needed for transcription and replication of DNA.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Promyelocytic (APL)  
Topoisomerase II Inhibitors
Therapeutics that treat and manage promyelocytic leukemia by inhibiting a specific enzyme needed for transcription and replication of DNA.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer in early stages of clinical research where human subject is involved.

Target Products:

  • OSI-930
  • Novantrone (Mitoxantrone Hydrochloride)
  • CP 547,632 (VEGFR Inhibitor)
  • OSI-461 cGMP (cGMP-PDEs Inhibitor)
  • CP-724,714 (Her2-neu Inhibitor)
  • Tarceva (Erlotinib)
  • CP-868,596 (Platelet-Derived Growth Factor Receptor Inhibitor)
  • OSI-7904L (Thymidylate Synthase Inhibitor)
  • Avastin (Bevacizumab)/Tarceva (Erlotinib HCl)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer and are currently in an early research or preclinical stage of development.

Target Products:

  • OSI-817
  
Respiratory System/Thoracic  
Lung Cancer  
Non Small Cell Lung Cancer (NSCLC)  
Epidermal Growth Factor Receptor Tyrosine Kinase (EGFR-TK) Inhibitors
Therapeutics that treat and manage cancers of the lung including squamous cell carcinoma, adenocarcinoma and large cell carcinoma by blocking the tyrosine kinase enzyme by switching off the signals from the epidermal growth factor receptors.

Target Products:

  • Tarceva (Erlotinib)
  
Urology  
Prostate Cancer  
Palliative Agents  
Topoisomerase II Inhibitors
Therapeutics that treat and manage cancer of the prostate gland by inhibiting a specific enzyme needed for transcription and replication of DNA but are not curative.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Ophthalmology  
Degenerative Disorders  
Edema  
Vascular Endothelial Growth Factor Inhibitors (VEGF)
Therapeutics that treat macular edema by binding to the vascular endothelial growth factor (VEGF) and inhibiting the formation of blood vessels in the eye.

Target Products:

  • Macugen (Pegaptanib Sodium)
  
Macular Degeneration (AMD)  
Vascular Endothelial Growth Factor Inhibitors (VEGF)
Therapeutics that treat macular degeneration by binding to the vascular endothelial growth factor (VEGF) and inhibiting the formation of blood vessels in the eye.

Target Products:

  • Macugen (Pegaptanib Sodium)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of eye disorders in early stages of clinical research where human subject is involved.

Target Products:

  • Macugen (Pegaptanib Sodium)
  
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/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:

  • Mucinex D (Guaifenesin/Pseudoephedrine HCl Extended Release)
  • Maximum Strength D (Guaifenesin/Pseudoephedrine HCl Extended Release)
  
Expectorants
Therapeutics that treat coughs and colds by helping in the ejection of mucous.

Buyer Products:

  • Mucinex SE (Guaifenesin Extended Release)
  • Humibid (Guaifenesin Extended Release)
  
Weight Management  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of weight disorders in very early stages of research where no human subject is involved.

Target Products:

  • Prosidion Obesity Reserach (Appetite Targets/GPCR Agonist Program/CB-1 Antagonist)
  
Medical Devices  
Medical Supplies  
Treatment  
Wound Management/First Aid  
Drainage/Hydration
Medical devices designed to irrigate, moisturize and remove excess fluids from wounds and wound surface.

Target Products:

  • Gelclair
  

- 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 Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Pfizer Inc. n/a 174,538.441 14.77 11.83 3.43 3.41 9.81
Novartis AG (ADR) n/a 131,150.266 23.11 18.21 3.91 3.64 3.89
Buyer
  The Procter & Gamble Company n/a 177,691.607 19.13 20.87 2.75 2.62 -7.78
Johnson & Johnson n/a 177,365.467 16.53 16.34 3.50 3.37 6.28
Target
  Pfizer Inc. n/a 174,538.441 14.77 11.83 3.43 3.41 9.81
GlaxoSmithKline plc (ADR) n/a 164,239.196 17.45 16.80 3.88 3.95 18.25
Roche Holding Ltd. (ADR) n/a 136,112.366 30.20 23.01 4.92 4.44 7.76
Novartis AG (ADR) n/a 131,150.266 23.11 18.21 3.91 3.64 3.89
sanofi-aventis (ADR) n/a 130,853.994 46.07 12.96 3.64 3.73 n/a
Genentech, Inc. n/a 84,321.772 60.17 42.66 11.78 9.12 13.98
AstraZeneca PLC (ADR) n/a 83,665.560 16.66 14.48 3.43 3.30 7.93
Amgen, Inc. n/a 79,821.136 21.26 19.06 6.23 5.65 24.54
Merck & Co., Inc. n/a 75,121.885 15.79 14.64 3.41 3.68 4.35
Eli Lilly & Co. n/a 57,647.976 27.84 16.17 3.88 3.70 4.93
Bristol Myers Squibb Co. n/a 47,525.835 14.92 20.29 2.46 2.48 10.17
Alcon, Inc. n/a 31,077.612 31.85 24.98 6.98 6.60 15.00
Allergan, Inc. n/a 14,604.924 n/a 26.63 6.07 5.01 45.57
ImClone Systems Incorporated n/a 3,370.862 11.50 18.21 6.21 5.23 6.42
Bausch & Lomb Inc. n/a 2,691.140 17.81 16.10 1.14 1.06 4.72
Onyx Pharmaceuticals, Inc. n/a 840.524 n/a -10.13 n/a 48.18 4.05
QLT Inc. (USA) n/a 686.842 n/a 14.15 3.01 3.45 1.63
Regeneron Pharmaceuticals, Inc. n/a 682.841 n/a -5.44 10.01 10.38 6.67
Alnylam Pharmaceuticals, Inc. n/a 474.351 n/a -11.45 83.00 22.94 4.11
GPC Biotech AG (ADR) n/a 465.235 n/a n/a 40.38 n/a 3.36
Sirna Therapeutics, Inc. n/a 363.698 n/a -14.20 75.55 27.68 8.70

- 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 28,235.018 30.46 21.76 0.36 0.35 7.50
Target
  Gilead Sciences, Inc. n/a 24,998.584 26.97 25.12 10.91 9.11 7.38
Nektar Therapeutics n/a 1,763.460 n/a -14.12 13.91 10.64 8.15
ISIS Pharmaceuticals, Inc. n/a 519.564 n/a -7.40 13.80 12.33 -10.35
Phase Forward Incorporated n/a 454.850 113.01 47.04 5.05 4.21 10.75
Degussa AG n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Customers

  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
  Wal-Mart Stores, Inc. 10.00% 197,199.954 17.36 16.17 0.61 0.60 4.88
Walgreen Company 10.00% 41,617.687 25.96 23.75 0.94 0.87 4.40
CVS Corporation 10.00% 23,422.837 18.57 18.57 0.62 0.57 3.81
McKesson Corporation 10.00% 14,783.292 19.48 18.56 0.17 0.16 3.77
Target Corporation n/a 42,685.628 17.43 15.57 0.79 0.71 2.97
Cardinal Health, Inc. n/a 28,235.018 30.46 21.76 0.36 0.35 7.50
Sears Holdings Corporation n/a 25,335.785 24.16 20.40 0.47 0.46 4.13
The Kroger Co. n/a 14,390.818 15.03 14.04 0.24 0.22 6.55
Safeway Inc. n/a 10,536.841 18.35 14.71 0.27 0.26 3.97
Albertson's, Inc. n/a 9,489.980 21.22 19.40 0.24 0.23 3.66
AmerisourceBergen Corp. n/a 9,120.146 26.70 20.89 0.16 0.16 4.80
Rite Aid Corporation n/a 2,374.674 1.87 442.00 0.14 0.13 3.13
Target
  Pfizer Inc. n/a 174,538.441 14.77 11.83 3.43 3.41 9.81
Roche Holding Ltd. (ADR) n/a 136,112.366 30.20 23.01 4.92 4.44 7.76
Merck & Co., Inc. n/a 75,121.885 15.79 14.64 3.41 3.68 4.35
Wyeth n/a 65,884.209 17.75 15.89 3.46 3.30 7.35
BASF AG (ADR) n/a 41,457.508 10.71 11.10 0.72 0.79 2.26
Vertex Pharmaceuticals Incorporated n/a 3,332.546 n/a -15.48 19.45 14.69 14.31
Cold Spring Harbor Laboratory (CSHL) n/a n/a n/a n/a n/a n/a n/a
R.W. Johnson Pharmaceutical Research Institute n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Partners

  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
  Wal-Mart Stores, Inc. n/a 197,199.954 17.36 16.17 0.61 0.60 4.88
Target Corporation n/a 42,685.628 17.43 15.57 0.79 0.71 2.97
Walgreen Company n/a 41,617.687 25.96 23.75 0.94 0.87 4.40
Cardinal Health, Inc. n/a 28,235.018 30.46 21.76 0.36 0.35 7.50
Sears Holdings Corporation n/a 25,335.785 24.16 20.40 0.47 0.46 4.13
Target
  Pfizer Inc. n/a 174,538.441 14.77 11.83 3.43 3.41 9.81
Roche Holding Ltd. (ADR) n/a 136,112.366 30.20 23.01 4.92 4.44 7.76
Genentech, Inc. n/a 84,321.772 60.17 42.66 11.78 9.12 13.98
Merck & Co., Inc. n/a 75,121.885 15.79 14.64 3.41 3.68 4.35
Wyeth n/a 65,884.209 17.75 15.89 3.46 3.30 7.35
BASF AG (ADR) n/a 41,457.508 10.71 11.10 0.72 0.79 2.26
Gilead Sciences, Inc. n/a 24,998.584 26.97 25.12 10.91 9.11 7.38
Celgene Corporation n/a 13,653.146 443.32 104.41 22.52 15.92 23.20
Serono S.A. (ADR) n/a 10,034.144 15.66 14.62 3.78 3.59 4.76
Vertex Pharmaceuticals Incorporated n/a 3,332.546 n/a -15.48 19.45 14.69 14.31
Nektar Therapeutics n/a 1,763.460 n/a -14.12 13.91 10.64 8.15
ISIS Pharmaceuticals, Inc. n/a 519.564 n/a -7.40 13.80 12.33 -10.35
Enzon Pharmaceuticals, Inc. n/a 322.525 n/a 49.33 1.99 1.79 -2.51
SGX Pharmaceuticals, Inc. n/a 83.776 n/a -2.11 3.87 3.48 48.68
National Cancer Institute (NCI) n/a n/a n/a n/a n/a n/a n/a
Structural GenomiX n/a n/a n/a n/a n/a n/a n/a
Archemix Corporation n/a n/a n/a n/a n/a n/a n/a
Cold Spring Harbor Laboratory (CSHL) n/a n/a n/a n/a n/a n/a n/a
Degussa AG n/a n/a n/a n/a n/a n/a n/a
R.W. Johnson Pharmaceutical Research Institute 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 225.4 246.8 472.3
Other Revenue 0.0 24.7 24.7
Total Revenue 225.4 271.6 497.0
Cost of Revenue 45.1 42.0 87.1
SG&A Expense 99.4 115.7 215.0
Depreciation & Amortization 0.0 18.7 18.7
Research & Development 14.2 142.7 156.9
Interest Expense -3.1 0.0 -3.1
Other Operating Expense -0.1 32.8 32.7
Unusual Expense (Income) 0.0 64.4 64.4
Total Expenses 155.4 416.3 571.7
Operating Income 70.0 -144.7 -74.8
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 0.0 5.1 5.1
Other, Net 0.0 -2.8 -2.8
Income Before Taxes 70.0 -142.5 -72.5
Income Taxes 27.0 0.0 27.0
Income After Taxes 43.0 -142.5 -99.5
Net Income - Excl. Xord. Items 43.0 -142.5 -99.5
Net Income - Incl. Xord. Items 43.0 -142.5 -99.5
Preferred Dividends -82.0 0.0 -82.0
Income Avail. to Common -39.0 -142.5 -181.5
Share Items
Basic Avg. Shares Outstanding 34.4 56.8 91.2
Basic EPS - Excl. Xord. Items -10.89 -2.65 -1.09
Basic EPS - Incl. Xord. Items -10.89 -2.65 -1.09
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 36.8 56.8 93.6
F.D. EPS - Excl. Xord. Items -11.03 -2.65 -1.06
F.D. EPS - Incl. Xord. Items -11.03 -2.65 -1.06
Balance Sheet
Assets
Cash and Equivalents 133.6 100.6 234.2
ST Investments 19.7 55.0 74.7
Accounts Receivable 41.5 152.7 194.2
Inventory 2.1 62.9 65.0
Prepayments and Advances 9.9 13.1 22.9
Other Current Assets 5.4 8.5 13.9
Current Assets 212.1 392.9 605.0
PPE 4.8 0.0 4.8
Accum D&A -0.6 0.0 -0.6
PPE, Net 4.2 64.0 68.3
Goodwill & Intangibles 5.3 560.7 566.0
Other Assets 0.0 0.0 0.0
Other LT Assets 17.7 12.0 29.7
Total Assets 239.4 1,029.6 1,269.0
Liabilities
Accounts Payable 11.3 72.0 83.3
Payable/Accrued 0.0 40.6 40.6
Accrued Expenses 11.8 0.0 11.8
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.0 0.3 0.3
Other (Current) Liabilities 2.0 10.6 12.6
Current Liab. 25.1 123.4 148.5
LT Debt 0.0 265.0 265.0
Total LT Debt 0.0 265.0 265.0
Other LT Liab. 2.0 72.5 74.5
Total Liabilities 27.1 460.9 488.0
Shareholders Equity
Common Stock 0.3 0.6 0.9
Additional Paid in Capital 461.1 1,593.0 2,054.0
Retained Earnings -249.2 -989.3 -1,238.5
Treasure Stock 0.0 -37.2 -37.2
Other Equity 0.0 1.7 1.7
Total Equity 212.2 568.7 781.0
Total Liab. & Equity 239.4 1,029.6 1,269.0
Shares Outstanding 34.7 56.8 91.6
Cash Flow
Operating Cash Flow
CF Net Income 43.0 -142.5 -99.5
CF Depreciation 1.3 31.0 32.3
CF Deferred Taxes 3.0 0.0 3.0
Other Non-Cash Items 6.1 73.5 79.7
Change in Working Capital -12.5 -44.0 -56.6
Total Cash From Operating Activities 40.8 -82.0 -41.2
Investing Cash Flow
Capital Expenditures -3.7 -30.6 -34.3
Other Investing Cash Flows -35.6 13.2 -22.3
Total Cash From Investing Activities -39.3 -17.4 -56.6
Financing Cash Flow
Dividends Paid -45.0 0.0 -45.0
Purchase Or Sale of Stock 115.2 -3.2 112.0
Purchase and Retirement of Debt 0.0 114.5 114.5
Other Financing Cash Flow 15.6 -16.1 -0.5
Total Cash From Financing Activities 85.8 95.2 181.0
Exchange Rate Effects 0.0 -1.2 -1.2
Net Change in Cash 87.3 -5.4 82.0
Cash Taxes Paid 7.7 0.0 7.7
Cash Interest Paid 0.0 4.9 4.9