Summary

Other Scenarios:

Buyer: Cambridge Antibody Tech. Group plc (ADR) (CATGY) Last Price: 24.41 Market Cap.: 1.29B
Target: Penwest Pharmaceuticals (PPCO) Last Price: 18.58 Market Cap.: 427.08M

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 868
Biopharmaceuticals 326
Outsourced Services 67

- 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: 17)
  • Ribosome Display Technology
  • CAT Phage Display Technology
Target (Total: 14)
  • Geminex
  • SyncroDose
  • TIMERx
  • Gastroretentive Drug Delivery System
Buyer
  • CAT-213 (Anti-Eotaxin1 Antibody)
  • Humira (Adalimumab)
  • LymphoStat-B (Belimumab)
  • ABT-874 (Anti-Interleukin-12 Monoclonal Antibody)
Target
  • Procardia XL (Nifedipine)
  • PW2132
  • PW2101
  • PW4102

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 3)
  • XOMA Limited (XOMA)
  • Dyax Corp. (DYAX)
  • Lonza Group Ltd.
Target (Total: 2)
  • Mylan Laboratories Inc. (MYL)
  • DRAXIS Health Inc. (USA) (DRAX)
Buyer (Total: 13)
  • Pfizer Inc. (PFE)
  • Merck & Co., Inc. (MRK)
  • Amgen, Inc. (AMGN)
  • Abbott Laboratories (ABT)
Target (Total: 5)
  • Mylan Laboratories Inc. (MYL)
  • sanofi-aventis (ADR) (SNY)
  • Schering AG (ADR) (SHR)
  • Endo Pharmaceuticals (ENDP)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 284 72
Revenue Per Employee 364,728.6 61,597.3
Total Revenue 25.9 1.1
Total Expenses 26.2 9.1
Other Revenue 0.0 0.0
Cost of Revenue 2.6 0.0
SG&A Expense 7.2 3.8
Research & Development 16.4 5.2
Other Operating Expense 0.0 0.0
Operating Income -0.3 -8.0
Unusual Income 0.0 0.0
LT Debt to Capital 0 0
Fwd P/E n/a -12.98
Fwd P/Rev n/a 75.96
Book Value 341.9 57.5
Curr Portion of LTD/Cap Lease 0.5 0.0

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Outsourced Services > Drug Discovery Services > Lead Discovery/Validation/Optimization > Lead Biologics > Antibodies

Target

Focused (): *Healthcare > Outsourced Services > Drug Delivery Technology > Oral Delivery

Business Description

Buyer

Cambridge Antibody Technology Group plc (CAT) is a biopharmaceutical company focused on the discovery and drug development of human monoclonal antibodies as new treatments for human disease. CAT has an advanced platform technology for rapidly isolating human monoclonal antibodies using Phage Display and Ribosome Display systems. CAT has phage antibody libraries, incorporating more than 100 billion distinct antibodies. These libraries form the basis for CAT's capability to develop a portfolio of antibody-based drugs.

Target

Penwest Pharmaceuticals Co. (Penwest) develops pharmaceutical products based on drug delivery technologies. The Company is focusing its development efforts principally on products that address disorders of the nervous system. The advanced product in Penwest's drug development pipeline is oxymorphone ER, an extended release formulation of oxymorphone that it is developing with Endo Pharmaceuticals Inc. (Endo). Penwest is also developing several additional product candidates designed for the treatment of depression, pain, epilepsy and Parkinson's disease, as well as a product candidate designed for the treatment of edema resulting from congestive heart failure. The Company conducts its business primarily in North America.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 94.81 98.8
Operating Margin % 4.69 -405.42
Quick Ratio 12.64 13.94
Current Ratio 12.64 14.23
Coverage Ratio 0.79 -0.09
Total Assets 408.0 64.3
Return on Equity % 10.61 -38.25
Return on Assets % 8.89 -34.2
Cash+ ST Inv. Per Share 5.66 2.34
Total Debt 0.5 0.0
Total Debt to Equity % 0.14 0
Total Debt to Tangible Equity % 0.14 0
Debt to Asset % 0.11 0.00

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Allergies
The Allergies Subsector includes therapeutics that treat exaggerated immune reaction induced by exposure to a foreign substance.
  
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
  
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
  
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Musculoskeletal System
The Musculoskeletal System Subsector includes therapeutics that treat disorders of the bones, joints, ligaments, tendons, and soft tissue involved with them.
  
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.
  
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.
Outsourced Services
Drug Delivery Technology
The Drug Delivery Technology Subsector includes companies that develop novel delivery methods for therapeutics.
  
Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
  

- 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
Allergies  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for treatment of allergic reactions in early stages of clinical research where human subject is involved.

Buyer Products:

  • CAT-213 (Anti-Eotaxin1 Antibody)
  
Cardiovascular System  
Heart Disorders  
Angina  
Calcium Channel Blocking Agents
Therapeutics that treat chest pains by preventing the entry of calcium into heart muscle cells.

Target Products:

  • Procardia XL (Nifedipine)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in early stages of clinical research where human subject is involved.

Target Products:

  • PW2132
  
Vascular Disorders  
Hypertension  
Beta Adrenergic Receptor Blocking Agents (Beta Blockers)
Therapeutics that treat high blood pressure by blocking the beta adrenergic receptors of the heart muscle.

Target Products:

  • PW2101
  
Calcium Channel Blocking Agents
Therapeutics that treat high blood pressure by blocking the beta adrenergic receptors of the heart muscle and increasing the excretion of sodium ions, potassium ions, and water through urine.

Target Products:

  • Procardia XL (Nifedipine)
  
Dermatology  
Lesion/Scaling Disorders  
Psoriasis  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat psoriasis by blocking the action of tumor necrosis factor.

Buyer Products:

  • Humira (Adalimumab)
  
Digestive System  
Gastrointestinal Tract Disorders  
Intestinal Disorders  
Inflammatory Bowel Disease (IBD)  
Crohn`s Disease  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat Crohn's Disease by inhibiting the action of Tumor Necrosis Factor (TNF), a key component of the inflammation process.

Buyer Products:

  • Humira (Adalimumab)
  
Immunology  
Autoimmune Disorders  
Arthritis  
Psoriatic Arthritis  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat chronic inflammation of the joints coupled with red, scaly skin patches by blocking the action of tumor necrosis factor.

Buyer Products:

  • Humira (Adalimumab)
  
Rheumatoid Arthritis (RA)  
Immunotherapy  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat chronic inflammation of the joints by blocking the action of tumor necrosis factor.

Buyer Products:

  • Humira (Adalimumab)
  
Inflammatory Bowel Disease (IBD)  
Crohn`s Disease  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat inflammation of the gastrointestinal tract by blocking the action of tumor necrosis factor.

Buyer Products:

  • Humira (Adalimumab)
  
Lupus Erythematosus  
Systemic (SLE)  
Monoclonal Antibodies
Therapeutics that treat systemic lupus by binding to certain receptors on antigens associated with the disease, thus modulating the immune reaction.

Buyer Products:

  • LymphoStat-B (Belimumab)
  
Multiple Sclerosis (MS)  
Immunomodulators
Therapeutics that treat a neurodegenerative disease characterized by the gradual accumulation of plaques on the nerve sheaths by altering the immune mechanisms.

Buyer Products:

  • ABT-874 (Anti-Interleukin-12 Monoclonal Antibody)
  
Psoriasis  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)  
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.

Buyer Products:

  • LymphoStat-B (Belimumab)
  • J695 (Interleukin-12 Inhibitor)
  • GC-1008
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • CAM-3001 (Human anti-GMCSF Receptor Antibody)
  
Infectious Diseases  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in early stages of clinical research where human subject is involved.

Buyer Products:

  • ABthrax
  
Musculoskeletal System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • MYO-029
  • LymphoStat-B (Belimumab)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • CAM-3001 (Human anti-GMCSF Receptor Antibody)
  
Skeletal Disorders  
Joint Disorders  
Ankylosing Spondylitis  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat ankylosing spondylitis by blocking the effect of TNF-alpha, a pro-inflammatory molecule.

Buyer Products:

  • Humira (Adalimumab)
  
Psoriatic Arthritis  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat chronic inflammation of the joints by blocking the action of tumor necrosis factor.

Buyer Products:

  • Humira (Adalimumab)
  
Rheumatoid Arthritis (RA)  
Immunotherapy  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat chronic inflammation of the joints by blocking the action of tumor necrosis factor.

Buyer Products:

  • Humira (Adalimumab)
  
Neurology
Neuromuscular Disorders  
Multiple Sclerosis (MS)  
Immunomodulators
Therapeutics that treat multiple sclerosis by changing the actions of the immune system.

Buyer Products:

  • ABT-874 (Anti-Interleukin-12 Monoclonal Antibody)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in early stages of clinical research where human subject is involved.

Target Products:

  • PW4102
  • PW4112
  • PW4123
  • PW4110
  
Oncology  
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.

Buyer Products:

  • HGS-ETR1
  • HGS-ETR2
  • MT201 (Adecatumumab)
  • CAT-3888
  
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.

Buyer Products:

  • CAT-8015
  • GC-1008
  
Pain Management  
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:

  • Opana ER (Oxymorphone Hydrochloride Extended Release)
  
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:

  • PW4142
  
Respiratory System
Lower Respiratory Tract Disorders (Lung Disorders)  
Asthma  
Acute Treatments  
Bronchodilators  
Beta Adrenergic Receptor Agonists
Therapeutics that cause dilation of the lung passages by supporting the actions of the adrenergic transmitters like epinephrine and norepinephrine.

Target Products:

  • PW3101 (Albuterol)
  
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:

  • GC-1008
  • CAT-354 (Monoclonal Antibody)
  
Outsourced Services
Drug Delivery Technology  
Oral Delivery  
Hydrogel Based/Polymer Coated
Drug Delivery Technologies used to deliver drugs in a jelly like base which are enclosed using a polymer matrix.

Target Products:

  • Geminex
  • SyncroDose
  • TIMERx
  
Polymer Coated
Drug Delivery Technologies used to deliver drugs in a polymer based matrix to hold/enclose the drug.

Target Products:

  • Gastroretentive Drug Delivery System
  
Drug Discovery Services  
Lead Discovery/Validation/Optimization  
Lead Biologics  
Antibodies
Biological lead compounds which have a specific amino acid sequence that only interacts with specific substances to cause an immunological response.

Buyer Products:

  • Ribosome Display Technology
  • CAT Phage Display Technology
  

- 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
  Johnson & Johnson n/a 188,897.919 17.28 17.57 3.68 3.58 6.88
Wyeth n/a 69,516.689 18.36 16.49 3.57 3.47 7.36
Buyer
  Johnson & Johnson n/a 188,897.919 17.28 17.57 3.68 3.58 6.88
Roche Holding Ltd. (ADR) n/a 150,344.647 33.36 23.55 5.44 n/a 8.09
Genentech, Inc. n/a 87,121.576 46.86 43.67 10.30 9.74 n/a
Amgen, Inc. n/a 85,709.210 30.55 20.08 6.47 6.12 51.51
Wyeth n/a 69,516.689 18.36 16.49 3.57 3.47 7.36
Schering-Plough Corporation n/a 33,048.316 44.97 29.80 3.31 3.24 4.45
Kirin Brewery Company, Ltd. (ADR) n/a 13,145.535 27.53 n/a 0.91 n/a 1.93
PDL BioPharma Inc. n/a 2,340.724 n/a -293.14 6.58 5.69 22.37
Medarex, Inc. n/a 1,482.058 n/a -8.18 26.46 29.06 4.02
Crucell N.V. (ADR) n/a 1,366.228 n/a -26.36 18.77 8.50 3.55
Target
  Johnson & Johnson n/a 188,897.919 17.28 17.57 3.68 3.58 6.88
Wyeth n/a 69,516.689 18.36 16.49 3.57 3.47 7.36
Elan Corporation, plc (ADR) n/a 6,681.560 n/a -20.27 12.38 11.32 n/a
Biovail Corporation (USA) n/a 2,590.961 7.07 7.04 2.54 2.50 6.90
Andrx Corporation n/a 1,815.723 195.98 45.50 1.81 1.67 2.39
Alpharma Inc. n/a 1,271.430 8.22 16.86 2.08 1.98 1.82
K-V Pharmaceutical Company n/a 1,168.410 24.58 n/a 3.07 n/a 4.71
Ligand Pharmaceuticals Inc. n/a 849.615 n/a -24.04 4.40 n/a n/a
SkyePharma PLC (ADR) n/a 358.038 n/a n/a 3.77 n/a n/a
SCOLR Pharma Inc. n/a 212.290 n/a n/a 277.32 n/a 9.96
Elite Pharmaceuticals, Inc. n/a 41.694 n/a n/a 70.82 n/a 5.27
BioDelivery Sciences International, Inc. n/a 27.319 n/a -1.73 84.07 9.52 76.74
Purdue Pharma L.P. 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
  XOMA Limited n/a 198.717 n/a -4.77 8.41 5.71 n/a
Dyax Corp. n/a 144.143 n/a -3.64 9.27 10.08 2.77
Lonza Group Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Mylan Laboratories Inc. n/a 4,460.763 20.54 16.34 3.46 3.17 6.67
DRAXIS Health Inc. (USA) n/a 191.015 25.84 20.06 2.40 2.17 2.14

- 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
  Pfizer Inc. n/a 201,171.124 18.55 13.82 4.25 4.26 9.45
Merck & Co., Inc. n/a 94,008.730 16.91 17.31 4.20 4.37 5.36
Amgen, Inc. n/a 85,709.210 30.55 20.08 6.47 6.12 51.51
Abbott Laboratories n/a 71,699.980 22.88 18.51 3.24 3.17 43.06
Wyeth n/a 69,516.689 18.36 16.49 3.57 3.47 7.36
Genzyme Corporation n/a 17,587.984 49.12 30.69 5.74 5.47 5.84
Human Genome Sciences n/a 1,650.812 n/a -7.51 68.16 47.70 5.45
Enzon Pharmaceuticals, Inc. n/a 363.902 n/a 16.60 2.19 1.96 n/a
XOMA Limited n/a 198.717 n/a -4.77 8.41 5.71 n/a
Dyax Corp. n/a 144.143 n/a -3.64 9.27 10.08 2.77
Micromet Inc. n/a 83.873 n/a -2.03 2.27 7.97 59.02
Chugai Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
MorphoSys AG n/a n/a n/a n/a n/a n/a n/a
Target
  Mylan Laboratories Inc. 63.00% 4,460.763 20.54 16.34 3.46 3.17 6.67
sanofi-aventis (ADR) n/a 121,213.010 26.58 13.12 3.19 3.31 n/a
Schering AG (ADR) n/a 21,924.829 28.97 27.86 3.11 n/a 6.29
Endo Pharmaceuticals n/a 4,560.709 20.96 21.61 4.96 4.97 6.73
E Merck 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
  Pfizer Inc. n/a 201,171.124 18.55 13.82 4.25 4.26 9.45
GlaxoSmithKline plc (ADR) n/a 156,242.625 16.44 16.25 3.66 3.59 17.17
AstraZeneca PLC (ADR) n/a 96,135.520 17.57 16.49 3.86 3.79 9.33
Merck & Co., Inc. n/a 94,008.730 16.91 17.31 4.20 4.37 5.36
Amgen, Inc. n/a 85,709.210 30.55 20.08 6.47 6.12 51.51
Abbott Laboratories n/a 71,699.980 22.88 18.51 3.24 3.17 43.06
Wyeth n/a 69,516.689 18.36 16.49 3.57 3.47 7.36
Genzyme Corporation n/a 17,587.984 49.12 30.69 5.74 5.47 5.84
Human Genome Sciences n/a 1,650.812 n/a -7.51 68.16 47.70 5.45
Crucell N.V. (ADR) n/a 1,366.228 n/a -26.36 18.77 8.50 3.55
Enzon Pharmaceuticals, Inc. n/a 363.902 n/a 16.60 2.19 1.96 n/a
XOMA Limited n/a 198.717 n/a -4.77 8.41 5.71 n/a
Stratagene Corporation n/a 144.324 1,896.35 30.95 1.12 1.55 6.15
Dyax Corp. n/a 144.143 n/a -3.64 9.27 10.08 2.77
Micromet Inc. n/a 83.873 n/a -2.03 2.27 7.97 59.02
Chugai Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
MorphoSys AG n/a n/a n/a n/a n/a n/a n/a
Scripps Health n/a n/a n/a n/a n/a n/a n/a
Target
  sanofi-aventis (ADR) n/a 121,213.010 26.58 13.12 3.19 3.31 n/a
Schering AG (ADR) n/a 21,924.829 28.97 27.86 3.11 n/a 6.29
Endo Pharmaceuticals n/a 4,560.709 20.96 21.61 4.96 4.97 6.73
Mylan Laboratories Inc. n/a 4,460.763 20.54 16.34 3.46 3.17 6.67
DRAXIS Health Inc. (USA) n/a 191.015 25.84 20.06 2.40 2.17 2.14
Prism Pharmaceuticals, Inc. n/a n/a n/a n/a n/a n/a n/a
E Merck 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 400.2 6.0 406.2
Other Revenue 0.0 0.0 0.0
Total Revenue 400.2 6.0 406.2
Cost of Revenue 20.8 0.1 20.8
SG&A Expense 16.8 12.8 29.6
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 70.5 17.3 87.8
Interest Expense 0.0 0.0 0.0
Other Operating Expense 273.4 0.0 273.4
Total Expenses 381.5 30.2 411.7
Operating Income 18.8 -24.2 -5.5
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 14.8 2.2 17.0
Gain/Loss On Sale Of Assets 2.8 0.0 2.8
Other, Net 0.0 0.0 0.0
Income Before Taxes 36.3 -22.0 14.3
Income Taxes 0.0 0.0 0.0
Income After Taxes 36.3 -22.0 14.3
Net Income - Excl. Xord. Items 36.3 -22.0 14.3
Net Income - Incl. Xord. Items 36.3 -22.0 14.3
Income Avail. to Common 36.3 -22.0 14.3
Share Items
Basic Avg. Shares Outstanding 52.2 22.8 75.0
Basic EPS - Excl. Xord. Items 0.69 n/a 0.19
Basic EPS - Incl. Xord. Items 0.69 n/a 0.19
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 54.1 22.8 76.9
F.D. EPS - Excl. Xord. Items 0.67 n/a 0.19
F.D. EPS - Incl. Xord. Items 0.67 n/a 0.19
Balance Sheet
Assets
Cash and Equivalents 157.3 33.6 190.9
ST Investments 149.2 19.8 168.9
Accounts Receivable 35.3 1.0 36.4
Inventory 0.0 0.2 0.2
Prepayments and Advances 0.0 0.9 0.9
Other Current Assets 0.0 0.0 0.0
Current Assets 341.8 55.5 397.3
Accum D&A 0.0 0.0 0.0
PPE, Net 23.4 2.8 26.3
Goodwill & Intangibles 19.5 3.2 22.7
Long Term Investments 23.3 0.0 23.3
Other Assets 0.0 0.0 0.0
Other LT Assets 0.0 2.8 2.8
Total Assets 408.0 64.3 472.3
Liabilities
Accounts Payable 13.4 1.6 15.0
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 0.0 2.0 2.0
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.5 0.0 0.5
Other (Current) Liabilities 13.2 0.3 13.5
Current Liab. 27.0 3.9 30.9
LT Debt 0.0 0.0 0.0
Total LT Debt 0.0 0.0 0.0
Deferred Taxes 5.6 0.0 5.6
Other LT Liab. 33.5 2.9 36.5
Total Liabilities 66.2 6.8 73.0
Shareholders Equity
Common Stock 10.0 0.0 10.1
Additional Paid in Capital 587.3 212.4 799.7
Retained Earnings -255.5 -154.8 -410.3
Other Equity 0.0 -0.1 -0.1
Total Equity 341.9 57.5 399.3
Total Liab. & Equity 408.0 64.3 472.3
Shares Outstanding 52.7 22.9 75.7
Cash Flow
Operating Cash Flow
CF Net Income 2.0 -22.0 -20.0
CF Depreciation 2.5 0.0 2.5
CF Amortization 0.4 0.0 0.4
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 2.1 -3.2 -1.1
Change in Working Capital -24.1 2.8 -21.2
Total Cash From Operating Activities -17.2 -22.3 -39.5
Investing Cash Flow (not calculated)
Capital Expenditures -15.8 -1.1 -16.8
Other Investing Cash Flows 121.5 25.5 147.0
Total Cash From Investing Activities 105.8 24.4 130.2
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock -126.1 9.4 -116.7
Purchase and Retirement of Debt 0.2 0.0 0.2
Other Financing Cash Flow 142.9 0.0 142.9
Total Cash From Financing Activities 17.0 9.4 26.4
Exchange Rate Effects 0.0 0.0 0.0
Net Change in Cash 105.6 11.5 117.2
Cash Taxes Paid 0.0 0.0 0.0
Cash Interest Paid 0.6 0.0 0.6