Merger and Acquisition Scenario

Summary

Buyer:	Endo Pharmaceuticals (ENDP)	Last Price:	33.97	Market Cap.:	4.53B
Target:	Protherics PLC (ADR) (PTIL)	Last Price:	14.24	Market Cap.:	3.45B

Lines of Business Summary:

Endo Pharmaceuticals (ENDP) competes in 1 industry and 17 product/service groups
Protherics PLC (ADR) (PTIL) competes in 1 industry and 7 product/service groups
A combined entity will have 2% Product/Service Group overlap
Endo Pharmaceuticals (ENDP) has 2 and Protherics PLC (ADR) (PTIL) has 0 suppliers that rely on a material % of their business. They share 0 in common.

Product Summary:

Overlap & Complementary Sectors

Sector	Buyer	Target	# of Focused Companies
*Healthcare			866
Biopharmaceuticals			322
Veterinary Products and Services			7

- 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: 27) Symmetrel (Amantadine Hydrochloride) Frova (Frovatriptan Succinate) Endo Generics Carbidopa/Levodopa Endo Generics Selegiline Hydrochloride	Target (Total: 7) Angiotensin Vaccine CytoFab Prolarix CroFab [(Crotalidae Polyvalent Immune Fab (Ovine)]	Buyer n/a	Target Protherics Enfer TSE Diagnostic Kit

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business

Buyer (Total: 27)

Symmetrel (Amantadine Hydrochloride)
Frova (Frovatriptan Succinate)
Endo Generics Carbidopa/Levodopa
Endo Generics Selegiline Hydrochloride

Target (Total: 7)

Angiotensin Vaccine
CytoFab
Prolarix
CroFab [(Crotalidae Polyvalent Immune Fab (Ovine)]

Buyer

n/a

Target

Protherics Enfer TSE Diagnostic Kit

Business Relationship Summary:

Top Key Suppliers	Top Key Customers
Buyer (Total: 7) DURECT Corporation (DRRX) Vernalis plc (ADR) (VNLS) United Parcel Service (UPS) SAP AG (ADR) (SAP)	Target (Total: 1) Symbion Health Limited (SYHTY)	Buyer (Total: 1) EpiCept Corporation (EPCT)	Target (Total: 0) n/a

Top Key Suppliers

Top Key Customers

Buyer (Total: 7)

DURECT Corporation (DRRX)
Vernalis plc (ADR) (VNLS)
United Parcel Service (UPS)
SAP AG (ADR) (SAP)

Target (Total: 1)

Symbion Health Limited (SYHTY)

Buyer (Total: 1)

EpiCept Corporation (EPCT)

Target (Total: 0)

n/a

Key Financial Summary:

Key Metrics

	Buyer	Target
Number of Employees	710	214
Revenue Per Employee	1,288,149.0	125,374.4
Total Revenue	228.0	13.2
Total Expenses	138.8	24.4
Other Revenue	0.0	0.0
Cost of Revenue	50.4	6.8
SG&A Expense	64.3	9.3
Research & Development	19.8	8.2
Other Operating Expense	0.0	0.0
Operating Income	89.2	-11.2
Unusual Income	0.0	0.0
LT Debt to Capital	0	12.91
Fwd P/E	21.28	n/a
Fwd P/Rev	4.93	n/a
Book Value	972.4	49.5
Curr Portion of LTD/Cap Lease	0.0	1.2

Key Ratios

	Buyer	Target
Gross Margin %	76.75	36.24
Operating Margin %	36.14	-53.83
Quick Ratio	2.16	1.83
Current Ratio	2.49	2.47
Coverage Ratio	0.05	0
Total Assets	1,395.3	113.0
Return on Equity %	22.38	-36
Return on Assets %	15.6	-15.78
Cash+ ST Inv. Per Share	4.57	1.91
Total Debt	0.0	8.6
Total Debt to Equity %	0	17.33
Total Debt to Tangible Equity %	0	28.38
Debt to Asset %	0.00	7.59

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Pain Management

Target

Focused (): *Healthcare > Biopharmaceuticals

Endo Pharmaceuticals Holdings Inc. through it's wholly owned subsidiary, Endo Pharmaceuticals Inc. (Endo), is engaged in the sales, marketing, research and development of branded and generic pharmaceutical products primarily in the United States. Its portfolio of branded products includes Lidoderm, Percocet, Percodan, Frova, DepoDur and Zydone. The Company concentrates on generics that have one or more barriers to market entry, such as complex formulation, regulatory or legal challenges or difficulty in raw material sourcing. Its late-stage branded products pipeline includes two filed new drug applications (NDAs), three products in Phase III clinical trials and four products in Phase II clinical trials. During the year ended December 31, 2005, the branded products and the generic portfolio comprised approximately 71% and 29%, respectively, of the Company's net sales.

Target

Protherics PLC is a biopharmaceutical company engaged in the development, manufacture and sale of pharmaceutical products for the treatment of human diseases. The Company's core technology is focused on immunotherapeutics and oncology. Immunotherapeutics encompasses the use of antibodies to combat the effects of disease or poisoning. Protherics PLC has manufacturing facilities in Wales, Australia and Salt Lake City, Utah. On December 7, 2005, the Company licensed CytoFab, its product developed for the treatment of sepsis, to AstraZeneca Ireland Operations, a branch in Ireland of AstraZeneca UK Limited (AstraZeneca).

Product Summary

Sector

Buyer

Target

*Healthcare

Biopharmaceuticals

Cardiovascular System

The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.

Infectious Diseases

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

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.

Toxicology

The Toxicology Subsector includes therapeutics that treat harmful effects from exposure to toxic substances; narcotics, nicotine and alcohol withdrawal therapeutics are also included in this sector.

Veterinary Products and Services

Veterinary Diagnostics

The Veterinary Diganostics Subsector includes companies that manufacture veterinary diagnostics for the detection and monitoring of veterinary diseases.

Target Products:

Protherics Enfer TSE Diagnostic Kit

- 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

Cardiovascular System

Research/Preclinical Stage Products

Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in very early stages of research where no human subject is involved.

Target Products:

Angiotensin Vaccine

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.

Target Products:

CytoFab

Viral

RNA Viruses

Orthomyxovirus

Influenza A

Viral Uncoating Inhibitors

Therapeutics that treat viral infections of the respiratory tract caused by Influenza A virus by preventing the removal of the protective shield around the viral genome, thus preventing the release of viral DNA into the host.

Buyer Products:

Symmetrel (Amantadine Hydrochloride)

Neurology

Neurological Disorders

Headaches

Vascular (Migraine)

Acute Treatments

Selective Serotonin Receptor Agonists (Triptans)

Therapeutics that treat vascular/migraine headaches by stimulating the receptor that binds with the neurotransmitter, serotonin.

Buyer Products:

Frova (Frovatriptan Succinate)

Neuromuscular Disorders

Parkinson`s Disease (PD)

Adjunctive Treatments

Dopamine Receptor Agonists

Therapeutics that assist in the treatment of the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by stimulating dopamine receptors on neurons.

Buyer Products:

Endo Generics Carbidopa/Levodopa

Monoamine Oxidase (MAO) Inhibitors

Buyer Products:

Endo Generics Selegiline Hydrochloride

Serotonin/Dopamine Reuptake Inhibitors

Therapeutics that treat the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by blocking the reabsorption of serotonin and dopamine in the brain.

Buyer Products:

Symmetrel (Amantadine Hydrochloride)

Psychiatric Disorders

Schizophrenia

Monoaminergic Antagonists

Therapeutics that treat schizophrenia by blocking the serotonin and dopamine receptors.

Buyer Products:

Moban (Molindone Hydrochloride)

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:

Rapinyl (Sublingual Fentanyl)

Target Products:

Prolarix

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.

Buyer Products:

Numorphan (Oxymorphone Hydrochloride)
Nubain (Nalbuphine Hydrochloride)

Local

Sodium Channel Blocking Agents

Therapeutics that treat pain by blocking the movement of sodium ions and thus the initiation and conduction of nerve impulses across the neuronal membrane.

Buyer Products:

Synera Patch (Lidocaine/Tetracaine)
Lidoderm (Lidocaine)

Narcotics

Analgesics/Opioids

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

Buyer Products:

Percocet (Acetaminophen/Oxycodone)
Percodan (Aspirin/Oxycodone)
Endo Generics Endocet (Acetaminophen/Oxycodone)
Zydone (Hydrocodone Bitartrate/Acetaminophen)
Endo Generics Aspirin/Oxycodone

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.

Buyer Products:

Endo Generics Morphine Sulfate Extended-Release Tablets
Opana IR (Oxymorphone Hydrochloride Immediate-Release)
Depodur (Morphine Sulfate/Liposome)
DUROS Chronogesic (Sufentanil)
Numorphan (Oxymorphone Hydrochloride)
Opana ER (Oxymorphone Hydrochloride Extended-Release)
Nubain (Nalbuphine Hydrochloride)
Rapinyl (Sublingual Fentanyl)
Oxycodone Hydrochloride ER

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.

Buyer Products:

Ketoprofen Patch

Sodium Channel Blocking Agents

Therapeutics that treat pain by blocking the movement of sodium ions and thus the initiation and conduction of nerve impulses across the neuronal membrane.

Buyer Products:

Synera Patch (Lidocaine/Tetracaine)

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.

Buyer Products:

Transdermal Sufentanil Patch
LidoPAIN BP
Lidoderm (Lidocaine)

Respiratory System

Upper Respiratory Tract Disorders

Coughs/Colds

Anticholinergic Agents/Opioids

Therapeutics that treat coughs and colds by relieving pain and fever as well as suppressing cough.

Buyer Products:

Hycodan (Hydrocodone Bitartrate/Homatropine Methylbromide)

Expectorants/Opioids

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

Buyer Products:

Hycotuss (Guaifenesin/Hydrocodone Bitartrate)

Toxicology

Animal Poisoning

Snakes

Immunoglobulins

Therapeutics that treat snake bites with target specific proteins that neutralize the poison.

Target Products:

CroFab [(Crotalidae Polyvalent Immune Fab (Ovine)]

Chemical Poisoning

Digoxin

Digoxin Binding Agents

Therapeutics that treat toxicity due to ingestion of excessive digoxin by competitively binding to digoxin, making them unavailable for binding at their site of action on cells in the body.

Target Products:

DigiFab [Digoxin Immune Fab (Ovine)]

Methotrexate

Carboxypeptidase

Therapeutics that treat methotrexate toxicity by catalyzing its carboxyl groups.

Target Products:

Voraxaze

Substance Abuse

Withdrawal

Narcotics

Opioid Antagonists

Therapeutics that treat narcotic addiction by blocking the effect of opioids.

Buyer Products:

Narcan (Naloxone Hydrocloride)

Veterinary Products and Services

Veterinary Diagnostics

The Veterinary Diganostics Subsector includes companies that manufacture veterinary diagnostics for the detection and monitoring of veterinary diseases.

Target Products:

Protherics Enfer TSE Diagnostic Kit

- 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
Buyer
	Pfizer Inc.	n/a	197,233.738	18.27	13.50	4.17	4.14	9.26
	Johnson & Johnson	n/a	188,429.910	17.37	17.41	3.67	3.55	6.86
	Abbott Laboratories	n/a	74,862.543	24.11	19.57	3.39	3.36	44.96
	Tyco International Ltd.	n/a	53,228.745	15.99	14.73	1.37	1.31	11.32
	Teva Pharmaceutical Industries Ltd (ADR)	n/a	26,074.362	1,055.64	15.89	3.97	3.09	-846.57
	Elan Corporation, plc (ADR)	n/a	6,415.669	n/a	-19.55	11.89	10.65	-9.44
	Watson Pharmaceuticals, Inc.	n/a	2,616.806	42.67	20.81	1.50	1.40	2.49
	Alpharma Inc.	n/a	1,177.128	7.50	15.65	1.93	1.84	1.68
	New River Pharmaceuticals, Inc.	n/a	963.193	n/a	-55.09	35.91	22.77	963,193.25
	Ligand Pharmaceuticals Inc.	n/a	755.913	n/a	-29.37	3.91	n/a	-2.07
	Pain Therapeutics, Inc.	n/a	387.262	n/a	96.44	18.98	6.59	5.84
	Impax Laboratories Inc.	n/a	371.378	739.66	6.46	3.30	1.68	6.33
	POZEN Inc.	n/a	291.769	n/a	-12.38	10.51	28.69	11.89
	Acura Pharmaceuticals, Inc.	n/a	280.406	n/a	n/a	n/a	n/a	-32.95
	DURECT Corporation	n/a	234.723	n/a	-9.67	8.26	9.91	7.26
	AVANIR Pharmaceuticals	n/a	215.078	n/a	-3.88	8.35	11.37	6.78
	Gentium S.p.A. (ADR)	n/a	150.204	n/a	n/a	32.11	n/a	8.49
	EpiCept Corporation	n/a	55.672	n/a	n/a	66.44	n/a	-4.93
	Pharmos Corporation	n/a	33.174	n/a	-2.53	n/a	n/a	0.78
	BioDelivery Sciences International, Inc.	n/a	31.779	n/a	n/a	39.25	n/a	-7.91
	Purdue Pharma L.P.	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	Javelin Pharmaceuticals Inc.	n/a	n/a	n/a	-9.27	n/a	n/a	n/a
	Boehringer Ingelheim GmbH	n/a	n/a	n/a	n/a	n/a	n/a	n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

	Name	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Buyer
	DURECT Corporation	26.00%	234.723	n/a	-9.67	8.26	9.91	7.26
	Vernalis plc (ADR)	22.50%	251.103	n/a	n/a	9.70	n/a	-21.63
	United Parcel Service	n/a	76,838.756	19.21	18.42	1.68	1.63	5.59
	SAP AG (ADR)	n/a	58,670.780	28.15	26.37	5.10	4.97	11.64
	Noven Pharmaceuticals, Inc.	n/a	537.299	53.42	35.38	10.54	8.45	3.84
	Penwest Pharmaceuticals	n/a	456.947	n/a	-13.10	76.48	75.97	n/a
	SkyePharma PLC (ADR)	n/a	350.500	n/a	n/a	3.00	n/a	-2.89
Target
	Symbion Health Limited	n/a	1,495.227	24.73	n/a	0.51	n/a	5.19

- 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
	EpiCept Corporation		n/a	55.672	n/a	n/a	66.44	n/a	-4.93

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

EpiCept Corporation

n/a

55.672

n/a

66.44

n/a

-4.93

- 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
	Novartis AG (ADR)		n/a	134,289.621	23.59	18.57	3.84	3.66	3.61
United Parcel Service		n/a	76,838.756	19.21	18.42	1.68	1.63	5.59
Tyco International Ltd.		n/a	53,228.745	15.99	14.73	1.37	1.31	11.32
inVentiv Health Inc.		n/a	842.790	14.77	21.66	1.28	1.17	-20.21
Noven Pharmaceuticals, Inc.		n/a	537.299	53.42	35.38	10.54	8.45	3.84
Penwest Pharmaceuticals		n/a	456.947	n/a	-13.10	76.48	75.97	n/a
SkyePharma PLC (ADR)		n/a	350.500	n/a	n/a	3.00	n/a	-2.89
Vernalis plc (ADR)		n/a	251.103	n/a	n/a	9.70	n/a	-21.63
DURECT Corporation		n/a	234.723	n/a	-9.67	8.26	9.91	7.26
EpiCept Corporation		n/a	55.672	n/a	n/a	66.44	n/a	-4.93
ProEthic Pharmaceuticals, Inc.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Teikoku Seiyaku Pharmaceuticals		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Hind Healthcare Inc.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Orexo AB		n/a	n/a	n/a	n/a	n/a	n/a	n/a
ZARS, Inc.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Target
	AstraZeneca PLC (ADR)		n/a	98,768.323	18.17	16.47	3.97	3.83	9.59
Altana AG (ADR)		n/a	7,780.441	13.43	13.22	1.75	n/a	4.21
Symbion Health Limited		n/a	1,495.227	24.73	n/a	0.51	n/a	5.19
Beacon Pharmaceuticals Ltd.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Cancer Research UK		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Enfer Scientific Ltd.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Swedish Orphan AB		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

Novartis AG (ADR)

n/a

134,289.621

23.59

18.57

3.84

3.66

3.61

United Parcel Service

n/a

76,838.756

19.21

18.42

1.68

1.63

5.59

Tyco International Ltd.

n/a

53,228.745

15.99

14.73

1.37

1.31

11.32

inVentiv Health Inc.

n/a

842.790

14.77

21.66

1.28

1.17

-20.21

Noven Pharmaceuticals, Inc.

n/a

537.299

53.42

35.38

10.54

8.45

3.84

Penwest Pharmaceuticals

n/a

456.947

n/a

-13.10

76.48

75.97

n/a

SkyePharma PLC (ADR)

n/a

350.500

n/a

3.00

n/a

-2.89

Vernalis plc (ADR)

n/a

251.103

n/a

9.70

n/a

-21.63

DURECT Corporation

n/a

234.723

n/a

-9.67

8.26

9.91

7.26

EpiCept Corporation

n/a

55.672

n/a

66.44

n/a

-4.93

ProEthic Pharmaceuticals, Inc.

n/a

Teikoku Seiyaku Pharmaceuticals

n/a

Hind Healthcare Inc.

n/a

Orexo AB

n/a

ZARS, Inc.

n/a

Target

AstraZeneca PLC (ADR)

n/a

98,768.323

18.17

16.47

3.97

3.83

9.59

Altana AG (ADR)

n/a

7,780.441

13.43

13.22

1.75

n/a

4.21

Symbion Health Limited

n/a

1,495.227

24.73

n/a

0.51

n/a

5.19

Beacon Pharmaceuticals Ltd.

n/a

Cancer Research UK

n/a

Enfer Scientific Ltd.

n/a

Swedish Orphan AB

n/a

- Defined by the Company - Defined by Others

Financials

	Buyer	Target	Combined Entity
Income Statement
Operating Items
Revenue	919.1	33.3	952.4
Other Revenue	0.0	0.0	0.0
Total Revenue	919.1	33.3	952.4
Cost of Revenue	213.7	21.2	234.9
SG&A Expense	266.0	17.3	283.3
Depreciation & Amortization	16.5	0.0	16.5
Research & Development	85.3	12.7	97.9
Interest Expense	0.0	0.0	0.0
Other Operating Expense	0.0	0.0	0.0
Unusual Expense (Income)	5.5	0.0	5.5
Total Expenses	586.9	51.2	638.1
Operating Income	332.2	-17.9	314.2
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng	17.2	-0.1	17.2
Other, Net	0.0	0.0	0.0
Income Before Taxes	349.4	-18.0	331.4
Income Taxes	131.8	-0.1	131.7
Income After Taxes	217.6	-17.8	199.8
Net Income - Excl. Xord. Items	217.6	-17.8	199.8
Net Income - Incl. Xord. Items	217.6	-17.8	199.8
Income Avail. to Common	217.6	-17.8	199.8
Share Items
Basic Avg. Shares Outstanding	133.1	25.1	158.1
Basic EPS - Excl. Xord. Items	1.64	n/a	1.26
Basic EPS - Incl. Xord. Items	1.64	n/a	1.26
Full Dilution Adjustment	0.0	0.0	0.0
Fully Diluted Shares Outstanding	133.9	25.1	159.0
F.D. EPS - Excl. Xord. Items	1.62	n/a	1.26
F.D. EPS - Incl. Xord. Items	1.62	n/a	1.26
Balance Sheet
Assets
Cash and Equivalents	612.7	47.8	660.5
Accounts Receivable	259.7	9.8	269.5
Inventory	61.8	20.5	82.3
Prepayments and Advances	7.8	0.0	7.8
Other Current Assets	63.5	0.0	63.5
Current Assets	1,005.5	78.1	1,083.6
Accum D&A	0.0	0.0	0.0
PPE, Net	34.7	15.2	49.9
Goodwill & Intangibles	295.0	19.3	314.3
Note Receivable	50.9	0.0	50.9
Other Assets	0.0	0.0	0.0
Other LT Assets	9.3	0.4	9.6
Total Assets	1,395.3	113.0	1,508.3
Liabilities
Accounts Payable	106.8	29.6	136.3
Payable/Accrued	0.0	0.0	0.0
Accrued Expenses	178.2	0.0	178.2
ST Debt	0.0	0.1	0.1
Curr Port of LTD & Cap Lease Oblg	0.0	1.2	1.2
Other (Current) Liabilities	118.5	0.8	119.3
Current Liab.	403.5	31.6	435.1
LT Debt	0.0	5.1	5.1
Capitalized Lease Obligations	0.0	2.3	2.3
Total LT Debt	0.0	7.3	7.3
Deferred Taxes	16.6	0.0	16.6
Other LT Liab.	2.8	24.6	27.4
Total Liabilities	422.8	63.5	486.3
Shareholders Equity
Common Stock	1.3	9.7	11.1
Additional Paid in Capital	671.3	163.1	834.4
Retained Earnings	299.2	-122.9	176.2
Other Equity	0.6	-0.4	0.2
Total Equity	972.4	49.5	1,022.0
Total Liab. & Equity	1,395.3	113.0	1,508.3
Shares Outstanding	133.1	25.9	159.0
Cash Flow
Operating Cash Flow
CF Net Income	217.6	-17.9	199.7
CF Depreciation	16.5	2.6	19.1
CF Amortization	0.0	0.2	0.2
CF Deferred Taxes	-17.1	0.0	-17.1
Other Non-Cash Items	256.5	1.6	258.1
Change in Working Capital	-12.9	37.1	24.1
Total Cash From Operating Activities	460.5	23.6	484.1
Investing Cash Flow (not calculated)
Capital Expenditures	-22.9	-3.7	-26.6
Other Investing Cash Flows	-20.6	1.3	-19.3
Total Cash From Investing Activities	-43.5	-2.4	-45.9
Financing Cash Flow (not calculated)
Dividends Paid	0.0	0.0	0.0
Purchase Or Sale of Stock	10.3	15.1	25.4
Purchase and Retirement of Debt	-2.7	-1.1	-3.8
Other Financing Cash Flow	-88.2	-0.7	-89.0
Total Cash From Financing Activities	-80.6	13.0	-67.7
Exchange Rate Effects	0.0	0.0	0.0
Net Change in Cash	336.4	34.2	370.6
Cash Taxes Paid	0.4	0.1	0.5
Cash Interest Paid	1.1	0.7	1.8