Summary

Other Scenarios:

Buyer: Endo Pharmaceuticals (ENDP) Last Price: 31.30 Market Cap.: 4.16B
Target: Neurocrine Biosciences, Inc. (NBIX) Last Price: 52.74 Market Cap.: 1.99B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 861
Biopharmaceuticals 315

- 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.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 30)
  • Symmetrel (Amantadine Hydrochloride)
  • Endo Generics Butalbital/Aspirin/Codeine/Caffeine
  • Frova (Frovatriptan Succinate)
  • Endo Generics Carbidopa/Levodopa
Target (Total: 21)
  • Urocortin 2
  • CRF R1 Antagonist
  • NBI-6024 (Altered Peptide Ligand)
  • NBI-5788 (Altered Peptide Ligand)
Buyer

n/a
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 6)
  • Vernalis plc (ADR) (VNLS)
  • United Parcel Service (UPS)
  • Ventiv Health, Inc. (VTIV)
  • Penwest Pharmaceuticals (PPCO)
Target (Total: 2)
  • Pfizer Inc. (PFE)
  • Open Text Corporation (USA) (OTEX)
Buyer (Total: 1)
  • EpiCept Corporation (EPCT)
Target (Total: 5)
  • Pfizer Inc. (PFE)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Wyeth (WYE)
  • Eli Lilly & Co. (LLY)

Key Financial Summary:

Metric Buyer Target
Number of Employees 710 564
Revenue Per Employee 1,158,345.0 139,496.5
Total Revenue 205.0 19.5
Total Expenses 178.0 47.1
Other Revenue 0.0 8.2
Cost of Revenue 48.7 0.0
SG&A Expense 100.2 19.3
Research & Development 25.2 27.7
Other Operating Expense 0.0 0.0
Operating Income 27.0 -27.6
Unusual Income 0.0 0.0
Gross Margin % 76.23 100
Metric Buyer Target
Operating Margin % 13.18 -141.68
Total Assets 1,343.0 477.4
Return on Equity % 9.22 -27.6
Cash+ ST Inv. Per Share 4.36 7.08
Total Debt 0.0 57.9
Curr Portion of LTD/Cap Lease 0.0 5.5
Total Debt to Equity 0 15.1
LT Debt to Capital 0 12.01
Fwd P/E 18.31 76.40
Fwd P/Rev 4.74 9.57
Book Value 911.3 383.8

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Pain Management

Target

Focused (): *Healthcare > Biopharmaceuticals > Neurology

Business Description

Buyer

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

Neurocrine Biosciences, Inc. discovers, develops and intends to commercialize drugs for the treatment of neurological and endocrine-related diseases and disorders. The Company's product candidates address pharmaceutical markets in the world, including insomnia, anxiety, depression, various female and male health disorders, multiple sclerosis, diabetes and other neurological and endocrine related diseases and disorders. The Company has nine programs in various stages of research and development, including seven programs in clinical development. While the Company independently develops many of its product candidates, it has entered into collaborations for three of its programs. The Company's lead clinical development program, indiplon, is a drug for the treatment of insomnia. It has submitted two New Drug Applications (NDAs) to the United States Food and Drug Administration (FDA) with respect to indiplon.

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
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.
  
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.
Obstetrics/Gynecology
The Obstetrics/Gynecology Subsector includes therapeutics that treat female genital disorders, pregnancy, and childbirth.
  
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.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
Weight Management
The Weight Management Subsectors includes herapeutics that treat and manage weight disorders.
  

- 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  
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:

  • Urocortin 2
  
Digestive System  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of digestive disorders in very early stages of research where no human subject is involved.

Target Products:

  • CRF R1 Antagonist
  
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:

  • NBI-6024 (Altered Peptide Ligand)
  
Immunology  
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:

  • NBI-5788 (Altered Peptide Ligand)
  
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.

Target Products:

  • CCR7
  
Infectious Diseases  
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  
Tension Type  
Barbiturates/Non-Steroidal Anti-Inflammatory Drugs (NSAID)/Opioids/Stimulants
Therapeutics that treat pain by depressing neural activity, preventing inflammation and fever, altering the perception of and emotional response to pain, and stimulating the central nervous system.

Buyer Products:

  • Endo Generics Butalbital/Aspirin/Codeine/Caffeine
  
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
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 inhibiting the degradation of neurotransmitters.

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)
  
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:

  • NBI-75043
  • NBI-34041 (CRF R1 Antagonist)
  • NBI-5788 (Altered Peptide Ligand)
  • CRF R1 Antagonist
  
Psychiatric Disorders
Schizophrenia  
Monoaminergic Antagonists
Therapeutics that treat schizophrenia by blocking the serotonin and dopamine receptors.

Buyer Products:

  • Moban (Molindone Hydrochloride)
  
Sleep Disorders  
Insomnia  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat insomnia by enhancing the inhibitory action of gamma-aminobutyric acid.

Target Products:

  • Indiplon Immediate Release Capsule
  • Indiplon Modified Release Tablet
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in very early stages of research where no human subject is involved.

Target Products:

  • Adenosine 2A Receptor Antagonists
  • Sleep Program
  • Excitatory Amino Acid Transporters
  • CRF R2 Antagonist
  • MC-4 (Melanin Concentrating Hormone Antagonist)
  • Melanocortin Receptor Agonist
  
Obstetrics/Gynecology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of female reproductive disorders in early stages of clinical research where human subject is involved.

Target Products:

  • D2 Receptor Agonist
  • NBI-56418 (GnRH Antagonist)
  • NBI-42902 (GnRH Antagonist)
  
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:

  • NBI-42902 (GnRH Antagonist)
  • NBI-3001 (IL-4 Fusion Toxin)
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:

  • Nubain (Nalbuphine Hydrochloride)
  • Numorphan (Oxymorphone 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 Endodan (Aspirin/Oxycodone)
  • Endo Generics Endocet (Acetaminophen/Oxycodone)
  • Zydone (Hydrocodone Bitartrate/Acetaminophen)
  
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:

  • Transdermal Fentanyl Patch
  • Depodur (Morphine Sulfate/Liposome)
  • DUROS Chronogesic (Sufentanil)
  • Rapinyl (Sublingual Fentanyl)
  • Nubain (Nalbuphine Hydrochloride)
  • Numorphan (Oxymorphone Hydrochloride)
  • EN3203 (Oxymorphone Hydrochloride Immediate-Release)
  • Endo Generics Hydromorphone Hydrochloride
  • EN3218 (Oxycodone Extended-Release)
  • EN3202 (Oxymorphone Hydrochloride Extended-Release)
  • Endo Generics Morphine Sulfate Extended-Release Tablets
  
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:

  • Ketoprofen Patch
  • LidoPAIN BP
  • Lidoderm (Lidocaine)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of pain in very early stages of research where no human subject is involved.

Target Products:

  • Fractalkine
  
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)
  
Antihistamines/Decongestants/Opioids
Therapeutics that treat coughs and colds by suppressing histamine-related inflammation, preventing congestion and altering both the perception and emotional response to pain.

Buyer Products:

  • Hycomine (Chlorpheniramine Maleate/Phenylephrine Hydrochloride/Acetaminophen/Hydrocodone Bitartrate)
  
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  
Substance Abuse  
Withdrawal  
Narcotics  
Opioid Antagonists
Therapeutics that treat narcotic addiction by blocking the effect of opioids.

Buyer Products:

  • Narcan (Naloxone Hydrocloride)
  
Urology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of urological disorders in early stages of clinical research where human subject is involved.

Target Products:

  • D2 Receptor Agonist
  • NBI-56418 (GnRH Antagonist)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of urological disorders in very early stages of research where no human subject is involved.

Target Products:

  • MC-4 (Melanin Concentrating Hormone Antagonist)
  
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:

  • MC-4 (Melanin Concentrating Hormone Antagonist)
  • Melanocortin Receptor Antagonist
  • Melanocortin Receptor Agonist
  

- 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 179,521.061 15.19 12.28 3.53 3.54 10.09
Abbott Laboratories n/a 63,215.948 18.80 16.88 2.86 2.88 13.96
Elan Corporation, plc (ADR) n/a 6,801.639 n/a -18.73 13.03 10.07 -10.61
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
Buyer
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
Johnson & Johnson n/a 174,197.162 16.24 15.99 3.44 3.30 6.17
Target
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
GlaxoSmithKline plc (ADR) n/a 165,878.661 17.69 17.38 3.93 3.96 18.50
Roche Holding Ltd. (ADR) n/a 139,217.584 30.89 23.81 5.03 4.59 7.93
sanofi-aventis (ADR) n/a 133,880.824 47.13 13.63 3.72 3.79 n/a
Merck & Co., Inc. n/a 74,838.163 15.73 14.38 3.39 3.62 4.33
Wyeth n/a 65,776.529 17.72 15.66 3.46 3.25 7.34
Abbott Laboratories n/a 63,215.948 18.80 16.88 2.86 2.88 13.96
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
Bristol Myers Squibb Co. n/a 47,761.793 14.99 20.69 2.47 2.53 10.22
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,262.693 n/a 19.68 4.32 2.88 -38.67
Schering AG (ADR) n/a 20,873.552 25.05 25.69 2.96 n/a 5.77
Biogen Idec Inc n/a 15,803.911 65.79 23.81 6.46 6.14 5.09
Forest Laboratories, Inc. n/a 12,768.375 18.73 16.73 4.31 4.03 n/a
Serono S.A. (ADR) n/a 10,241.916 15.98 15.03 3.86 3.69 4.86
Elan Corporation, plc (ADR) n/a 6,801.639 n/a -18.73 13.03 10.07 -10.61
King Pharmaceuticals n/a 4,396.073 44.83 12.63 2.33 2.45 4.68
Arena Pharmaceuticals, Inc. n/a 630.127 n/a -6.94 27.12 16.57 4.46
Somaxon Pharmaceuticals, Inc. n/a 344.847 n/a -7.54 n/a 3.12 3.69
Vanda Pharmaceuticals Inc. n/a 224.011 n/a n/a n/a n/a 10.43

- 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
  Vernalis plc (ADR) 8.70% 264.707 n/a n/a 10.22 n/a -22.81
United Parcel Service n/a 87,705.526 22.66 20.66 2.06 1.87 6.52
Ventiv Health, Inc. n/a 816.928 18.09 22.11 1.47 1.15 -21.41
Penwest Pharmaceuticals n/a 451.488 n/a -14.02 72.87 73.08 n/a
SkyePharma PLC (ADR) n/a 446.438 n/a n/a 3.68 n/a -4.03
Noven Pharmaceuticals, Inc. n/a 425.056 42.58 26.87 8.09 7.15 3.04
Target
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
Open Text Corporation (USA) n/a 713.679 393.02 15.40 1.73 1.75 8.73

- 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 67.579 n/a n/a 81.53 n/a -2.34
Target
  Pfizer Inc. 90.80% 179,521.061 15.19 12.28 3.53 3.54 10.09
GlaxoSmithKline plc (ADR) 9.20% 165,878.661 17.69 17.38 3.93 3.96 18.50
Wyeth n/a 65,776.529 17.72 15.66 3.46 3.25 7.34
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
Taisho Pharmaceuticals Co. Ltd. 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
  Novartis AG (ADR) n/a 134,315.876 23.67 18.30 4.01 3.68 3.98
United Parcel Service n/a 87,705.526 22.66 20.66 2.06 1.87 6.52
Tyco International Ltd. n/a 55,558.504 15.08 15.01 1.42 1.37 12.00
Ventiv Health, Inc. n/a 816.928 18.09 22.11 1.47 1.15 -21.41
Penwest Pharmaceuticals n/a 451.488 n/a -14.02 72.87 73.08 n/a
SkyePharma PLC (ADR) n/a 446.438 n/a n/a 3.68 n/a -4.03
Noven Pharmaceuticals, Inc. n/a 425.056 42.58 26.87 8.09 7.15 3.04
DURECT Corporation n/a 278.797 n/a -10.22 9.76 10.61 8.65
Target
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
GlaxoSmithKline plc (ADR) n/a 165,878.661 17.69 17.38 3.93 3.96 18.50
Wyeth n/a 65,776.529 17.72 15.66 3.46 3.25 7.34
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
Biosite Incorporated n/a 819.734 15.51 20.96 2.78 2.61 2.67
DOV Pharmaceutical, Inc. n/a 165.879 n/a -2.70 19.18 10.02 -8.59
Pharmacopeia Drug Discovery, Inc. n/a 78.860 n/a -7.47 3.87 3.76 2.24
Deltagen, Inc. n/a 23.311 n/a n/a 3.48 n/a 2.40
Taisho Pharmaceuticals Co. Ltd. n/a n/a n/a n/a n/a n/a n/a
Almirall Prodesfarma, S.A. n/a n/a n/a n/a n/a n/a n/a
Oregon Health Sciences University n/a n/a n/a n/a n/a n/a n/a
Memorial Sloan-Kettering Cancer Center n/a n/a n/a n/a n/a n/a n/a
University Of Michigan n/a n/a n/a n/a n/a n/a n/a
Wisconsin Alumni Research Foundation n/a n/a n/a n/a n/a n/a n/a
The Salk Institute for Biological Studies n/a n/a n/a n/a n/a n/a n/a
Mount Sinai Medical Center n/a n/a n/a n/a n/a n/a n/a
University of Virginia 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 887.5 102.3 989.7
Other Revenue 0.0 29.2 29.2
Total Revenue 887.5 131.5 1,019.0
Cost of Revenue 205.5 0.0 205.5
SG&A Expense 257.8 56.1 313.9
Depreciation & Amortization 15.9 0.0 15.9
Research & Development 82.7 108.8 191.5
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 567.4 164.8 732.2
Operating Income 320.0 -33.3 286.7
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 13.7 4.1 17.8
Other, Net 0.0 0.0 0.0
Income Before Taxes 333.7 -29.3 304.5
Income Taxes 124.7 0.0 124.7
Income After Taxes 209.0 -29.3 179.8
Net Income - Excl. Xord. Items 209.0 -29.3 179.8
Net Income - Incl. Xord. Items 209.0 -29.3 179.8
Income Avail. to Common 209.0 -29.3 179.8
Share Items
Basic Avg. Shares Outstanding 132.9 37.4 170.2
Basic EPS - Excl. Xord. Items 1.58 -0.78 1.06
Basic EPS - Incl. Xord. Items 1.58 -0.78 1.06
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 133.8 37.4 171.1
F.D. EPS - Excl. Xord. Items 1.57 -0.81 1.05
F.D. EPS - Incl. Xord. Items 1.57 -0.81 1.05
Balance Sheet
Assets
Cash and Equivalents 583.9 101.5 685.4
ST Investments 0.0 163.0 163.0
Accounts Receivable 237.8 5.9 243.7
Inventory 54.7 0.0 54.7
Other Current Assets 78.4 4.3 82.7
Current Assets 954.8 274.7 1,229.5
Accum D&A 0.0 0.0 0.0
PPE, Net 36.0 97.4 133.3
Goodwill & Intangibles 289.2 0.0 289.2
Note Receivable 49.9 0.0 49.9
Other Assets 0.0 0.0 0.0
Other LT Assets 13.1 105.3 118.4
Total Assets 1,343.0 477.4 1,820.4
Liabilities
Accounts Payable 0.0 0.0 0.0
Payable/Accrued 0.0 16.8 16.8
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.0 5.5 5.5
Other (Current) Liabilities 413.0 10.4 423.4
Current Liab. 413.0 32.8 445.8
LT Debt 0.0 0.0 0.0
Capitalized Lease Obligations 0.0 52.4 52.4
Total LT Debt 0.0 52.4 52.4
Other LT Liab. 18.6 8.4 27.0
Total Liabilities 431.7 93.6 525.2
Shareholders Equity
Common Stock 0.0 0.0 0.0
Additional Paid in Capital 0.0 711.0 711.0
Retained Earnings 0.0 -326.0 -326.0
Other Equity 911.3 -1.2 910.1
Total Equity 911.3 383.8 1,295.2
Total Liab. & Equity 1,343.0 477.4 1,820.4
Shares Outstanding 132.9 37.7 170.6
Cash Flow
Operating Cash Flow
CF Net Income 202.3 -29.3 173.0
CF Depreciation 15.5 10.3 25.8
CF Deferred Taxes -30.9 0.0 -30.9
Other Non-Cash Items 213.2 -14.1 199.1
Change in Working Capital 17.7 7.9 25.6
Total Cash From Operating Activities 417.8 -25.2 392.6
Investing Cash Flow
Capital Expenditures -25.0 -6.4 -31.4
Other Investing Cash Flows -10.8 64.8 54.0
Total Cash From Investing Activities -35.8 58.4 22.6
Financing Cash Flow
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 10.2 30.1 40.3
Purchase and Retirement of Debt -2.5 -6.5 -8.9
Other Financing Cash Flow -110.5 0.1 -110.4
Total Cash From Financing Activities -102.8 23.7 -79.1
Exchange Rate Effects 0.0 0.0 0.0
Net Change in Cash 279.2 56.9 336.1
Cash Taxes Paid 17.0 0.0 17.0
Cash Interest Paid 0.9 4.5 5.3