Summary

Other Scenarios:

Buyer: Crucell N.V. (ADR) (CRXL) Last Price: 22.65 Market Cap.: 1.47B
Target: DepoMed, Inc. (DEPO) Last Price: 4.94 Market Cap.: 234.50M

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 908
Biopharmaceuticals 366
Outsourced Services 65

- 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: 29)
  • Crucell Manufacturing Services
  • SBL Vaccin AB
  • PER.C6 (Human Fetal Cell Line)
  • MAbstract Phage Antibody Display Technology
Target (Total: 8)
  • AcuForm Oral Drug Delivery Technology
Buyer
  • PER.C6 Factor V
  • Berna Biotech Aerugen
  • Berna Biotech Vivotif (Typhoid Vaccine Live Oral Ty21a)
  • Quinvaxem
Target
  • Furosemide GR
  • GERD Program
  • Glumetza (Metformin GR)
  • Gabapentin GR

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 5)
  • Merck & Co., Inc. (MRK)
  • AstraZeneca plc (ADR) (AZN)
  • XOMA Limited (XOMA)
  • Cambrex Corporation (CBM)
Target (Total: 1)
  • Biovail Corporation (USA) (BVF)
Buyer (Total: 33)
  • Pfizer Inc. (PFE)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • GlaxoSmithKline plc (ADR) (GSK)
  • sanofi-aventis (ADR) (SNY)
Target (Total: 5)
  • Esprit Pharma Holding Company, Inc.
  • King Pharmaceuticals, Inc. (KG)
  • Biovail Corporation (USA) (BVF)
  • LG Electronics (LGLD:GB)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,073 105
Revenue Per Employee 178,296.4 153,580.8
Total Revenue 47.3 3.8
Total Expenses 73.9 15.1
Other Revenue 5.0 0.0
Cost of Revenue 32.4 0.3
SG&A Expense 19.3 6.2
Research & Development 22.3 8.6
Other Operating Expense 0.0 0.0
Operating Income -26.6 -11.3
Unusual Income 0.0 0.0
LT Debt to Capital 5.27 0
Fwd P/E -33.32 -5.64
Fwd P/Rev 4.83 8.56
Book Value 638.0 -49.5
Curr Portion of LTD/Cap Lease 0.0 0.0

Individual Company Summary

Focused

Buyer

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

Target

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

Business Description

Buyer

Crucell N.V. is engaged in developing, producing and marketing vaccines worldwide to combat infectious diseases. The Company also leverages its technologies to develop antibodies and therapeutic protein products. During the year ended December 31, 2006, Crucell N.V. acquired Berna Biotech AG, SBL Vaccin AB, and assets and liabilities of Berna Products Corp. The Company is developing vaccines against the West Nile virus, Ebola, HIV, malaria, and tuberculosis, and antibody products against rabies are also undergoing clinical phase trials. In April 2006, it sold Rhein Biotech GmbH to Dynavax Technologies Corporation. In 2006, it sold the veterinary division of the Berna Biotech Group, which included the companies Dr. E. Gräub AG, Switzerland and Berna Veterinary AG, Switzerland, to the German Vetinvest GmbH. On December 28, 2006, it acquired the remaining 7.3% minority interest of Rhein Biotech N.V. In September 2006, Quinvaxem paediatric vaccine was launched.

Target

Depomed, Inc. (Depomed) is a specialty pharmaceutical company engaged in the development and commercialization of products that are based on its oral drug delivery technologies. Depomed has developed two commercial products: GLUMETZA (metformin hydrochloride extended release tablets), which is a once-daily treatment for adults with type 2 diabetes that it jointly commercializes in the United States with King Pharmaceuticals, Inc. and ProQuin XR (ciprofloxacin hydrochloride extended release tablets), which is a once-daily treatment for uncomplicated urinary tract infections that Esprit Pharma, Inc. markets in the United States. Depomed has also developed Gabapentin GR, an extended release form of gabapentin. In addition, the Company has other product candidates in earlier stages of development, including a treatment for gastroesophageal reflux disease.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 36.47 84.77
Operating Margin % -63.03 -369.97
Quick Ratio 2.54 1.44
Current Ratio 4.07 1.84
Coverage Ratio -0.01 0
Total Assets 815.2 37.0
Return on Equity % -19.23 n/a
Return on Assets % -15.05 -115.66
Cash+ ST Inv. Per Share 2.92 0.61
Total Debt 61.3 0.0
Total Debt to Equity % 9.6 0
Total Debt to Tangible Equity % 14.27 n/a
Debt to Asset % 7.52 0.00

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.
  
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
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.
  
Outsourced Services
Development/Manufacturing Services
The Development/Manufacturing Services Subsector includes companies that provide research, development, manufacturing, sales and marketing to biopharmaceutical and medical device companies.
  
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
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:

  • Furosemide GR
  
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:

  • GERD Program
  
Endocrinology/Metabolism  
Diabetes  
Non-Insulin Dependent Diabetes Mellitus (NIDDM)/Type 2 Diabetes  
Biguanides
Therapeutics that treat abnormally high blood glucose levels by decreasing the production of glucose in the liver, decreasing intestinal absorption of glucose and increasing peripheral uptake and utilization of glucose.

Target Products:

  • Glumetza (Metformin GR)
  
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:

  • Gabapentin GR
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of endocrinology disorders in very early stages of research where no human subject is involved.

Target Products:

  • Metformin/Sulfonylurea GR
  
Hematology  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of hematological disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • PER.C6 Factor V
  
Infectious Diseases
Bacterial
Antibacterial Agents  
Narrow Spectrum  
Urology  
Urinary Tract Infections (UTI)  
Antibacterial Agents (Antibiotics)  
Quinolones/Fluoroquinolones
Therapeutics that treat bacterial infections of the urethra, urinary bladder, ureters, and kidneys by promoting breakage of bacterial DNA strands.

Target Products:

  • Proquin XR (Ciprofloxacin Extended-Release)
  
Vaccines  
Bacterial  
Single Target  
Pseudomonas
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to Pseudomonas .

Buyer Products:

  • Berna Biotech Aerugen
  
Typhoid Fever
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to pathogens that cause typhoid fever.

Buyer Products:

  • Berna Biotech Vivotif (Typhoid Vaccine Live Oral Ty21a)
  
Bacterial/Viral
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to a bacterial or viral pathogen.

Buyer Products:

  • Quinvaxem
  • Berna Biotech DTPw-HepB
  
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:

  • Ebola Vaccine
  • HIV Vaccine
  • Malaria Vaccine Program
  • PER.C6 Pandemic Flu Vaccine
  • H9N2 Avian Influenza Vaccine
  • Rabies Monoclonal Antibody
  • Tuberculosis (TB) Vaccine Program
  • PER.C6 Seasonal Influenza Vaccine
  • AdVac Malaria Vaccine
  • PER.C6 West Nile Virus Vaccine Program
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in very early stages of research where no human subject is involved.

Buyer Products:

  • Marburg Vaccine Program
  • Alphavirus Vectors
  • SIV Vaccine
  • Malaria Vaccine Program
  • SARS Antibody Program
  • Japanese Encephalitis Vaccine
  • Staphylococcus/Enterococcus Monoclonal Antibodies
  • Recombinant Pediatric Malaria Vaccine
  • Lassa Vaccine Program
  • Hepatitis C Vaccine
  
Viral  
Vaccines  
Bacterial/Viral
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to a bacterial and viral pathogens.

Buyer Products:

  • Quinvaxem
  • Berna Biotech DTPw-HepB
  
Neurology  
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:

  • Gabapentin GR
  
Oncology  
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:

  • NeuGene Antisense Compound
  
Pain Management  
Non-Narcotics  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat pain by inhibiting the reuptake of GABA, which increases the levels of GABA in the synapses.

Target Products:

  • Gabapentin GR
  
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:

  • Gabapentin GR
  
Outsourced Services
Development/Manufacturing Services  
Contract Manufacturing Organizations (CMO)  
Pharmaceuticals  
Biologics
Active Ingredient Contract Manufacturing Organizations (CMO) that manufacture antibodies, proteins, and genetic materials.

Buyer Products:

  • Crucell Manufacturing Services
  • SBL Vaccin AB
  
Drug Delivery Technology  
Oral Delivery  
Polymer Coated
Drug Delivery Technologies used to deliver drugs in a polymer based matrix to hold/enclose the drug.

Target Products:

  • AcuForm Oral Drug Delivery Technology
  
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:

  • PER.C6 (Human Fetal Cell Line)
  • MAbstract Phage Antibody Display Technology
  
Proteins
Biological based lead compounds composed of amino acids.

Buyer Products:

  • PER.C6 (Human Fetal Cell Line)
  • AdVac
  
Target Discovery/Validation  
Services
Drug discovery services that discover and validate drug targets for the development of novel biopharmaceutical drugs.

Buyer Products:

  • MAbstract Phage Antibody 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 179,963.150 17.44 15.42 3.25 2.98 15.39
GlaxoSmithKline plc (ADR) n/a 147,509.658 13.61 13.29 3.20 3.23 13.91
Merck & Co., Inc. n/a 107,193.319 23.21 17.00 4.66 4.63 6.63
Wyeth n/a 76,902.793 17.76 16.39 3.68 3.55 7.16
Buyer
  Johnson & Johnson n/a 179,963.150 17.44 15.42 3.25 2.98 15.39
GlaxoSmithKline plc (ADR) n/a 147,509.658 13.61 13.29 3.20 3.23 13.91
Target
  Pfizer Inc. n/a 181,913.371 9.77 12.05 3.71 3.81 6.48
Johnson & Johnson n/a 179,963.150 17.44 15.42 3.25 2.98 15.39
GlaxoSmithKline plc (ADR) n/a 147,509.658 13.61 13.29 3.20 3.23 13.91
Merck & Co., Inc. n/a 107,193.319 23.21 17.00 4.66 4.63 6.63
Abbott Laboratories n/a 83,179.438 53.69 19.30 3.68 3.72 n/a
Wyeth n/a 76,902.793 17.76 16.39 3.68 3.55 7.16
Bristol Myers Squibb Co. n/a 62,092.452 39.78 22.63 3.51 3.22 16.99
Bayer AG (ADR) n/a 58,900.185 11.37 17.48 1.45 1.33 n/a
Schering-Plough Corporation n/a 45,471.048 36.41 24.26 4.13 3.88 5.89
Teva Pharmaceutical Industries Ltd (ADR) n/a 32,986.239 17.39 18.51 3.74 3.60 24.33
Barr Pharmaceuticals, Inc. n/a 5,667.418 n/a 16.50 3.03 2.25 n/a
Mylan Laboratories Inc. n/a 4,489.333 20.66 10.63 2.79 2.10 6.57
Biovail Corporation (USA) n/a 4,076.580 17.20 13.66 3.73 4.73 7.30
Alpharma Inc. n/a 1,164.954 19.07 20.53 1.76 1.66 2.52
XenoPort, Inc. n/a 1,127.551 n/a -42.04 43.61 17.48 13.67
Sciele Pharma Inc. n/a 859.335 17.50 14.76 2.78 2.30 8.17
Flamel Technologies S.A. (ADR) n/a 566.178 n/a 201.36 20.55 4.87 8.32
SkyePharma PLC (ADR) n/a 415.644 n/a -15.63 4.09 3.22 n/a
Isolagen, Inc. n/a 125.156 n/a n/a 27.16 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
  Merck & Co., Inc. n/a 107,193.319 23.21 17.00 4.66 4.63 6.63
AstraZeneca plc (ADR) n/a 80,661.840 13.06 13.13 2.96 2.81 8.53
XOMA Limited n/a 410.874 n/a -10.40 11.37 7.58 n/a
Cambrex Corporation n/a 389.326 2.21 32.21 0.83 n/a 0.89
Micromet Inc. n/a 81.911 n/a -2.59 3.12 5.45 26.42
Target
  Biovail Corporation (USA) n/a 4,076.580 17.20 13.66 3.73 4.73 7.30

- 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 181,913.371 9.77 12.05 3.71 3.81 6.48
Roche Holding Ltd. (ADR) n/a 155,002.470 23.70 20.19 4.44 3.95 6.66
GlaxoSmithKline plc (ADR) n/a 147,509.658 13.61 13.29 3.20 3.23 13.91
sanofi-aventis (ADR) n/a 113,757.479 20.79 11.62 2.82 2.91 n/a
Merck & Co., Inc. n/a 107,193.319 23.21 17.00 4.66 4.63 6.63
Abbott Laboratories n/a 83,179.438 53.69 19.30 3.68 3.72 n/a
Eli Lilly & Co. n/a 64,232.194 27.49 16.73 3.96 3.63 7.04
Novo Nordisk A/S (ADR) n/a 37,190.275 29.60 22.24 5.19 5.05 7.08
Koninklijke DSM N.V. (ADR) n/a 9,386.299 13.90 n/a 0.80 n/a 1.48
Millipore Corporation n/a 4,156.243 46.64 22.49 3.06 2.68 n/a
Invitrogen Corporation n/a 3,467.097 n/a 21.17 2.74 2.84 n/a
Enzon Pharmaceuticals, Inc. n/a 345.446 n/a -43.50 1.89 1.93 n/a
GenVec, Inc. n/a 181.821 n/a -9.37 11.43 10.35 7.09
Micromet Inc. n/a 81.911 n/a -2.59 3.12 5.45 26.42
TapImmune Inc. n/a 7.844 n/a n/a n/a n/a n/a
The Aeras Global TB Vaccine Foundation n/a n/a n/a n/a n/a n/a n/a
Talecris Biotherapeutics, Inc. n/a n/a n/a n/a n/a n/a n/a
NeoTropiX, Inc. n/a n/a n/a n/a n/a n/a n/a
Israel Ministry of Agriculture n/a n/a n/a n/a n/a n/a n/a
Government - Netherlands n/a n/a n/a n/a n/a n/a n/a
Target
  Esprit Pharma Holding Company, Inc. 48.20% n/a n/a n/a n/a n/a n/a
King Pharmaceuticals, Inc. n/a 5,080.382 14.34 11.70 2.51 2.46 4.33
Biovail Corporation (USA) n/a 4,076.580 17.20 13.66 3.73 4.73 7.30
LG Electronics n/a n/a n/a n/a n/a n/a n/a
Madaus AG 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 181,913.371 9.77 12.05 3.71 3.81 6.48
Roche Holding Ltd. (ADR) n/a 155,002.470 23.70 20.19 4.44 3.95 6.66
GlaxoSmithKline plc (ADR) n/a 147,509.658 13.61 13.29 3.20 3.23 13.91
Novartis AG (ADR) n/a 129,466.663 23.72 16.80 3.39 3.47 3.20
sanofi-aventis (ADR) n/a 113,757.479 20.79 11.62 2.82 2.91 n/a
Merck & Co., Inc. n/a 107,193.319 23.21 17.00 4.66 4.63 6.63
Abbott Laboratories n/a 83,179.438 53.69 19.30 3.68 3.72 n/a
AstraZeneca plc (ADR) n/a 80,661.840 13.06 13.13 2.96 2.81 8.53
Genentech, Inc. n/a 79,093.064 32.98 28.62 7.80 6.89 9.43
Eli Lilly & Co. n/a 64,232.194 27.49 16.73 3.96 3.63 7.04
Novo Nordisk A/S (ADR) n/a 37,190.275 29.60 22.24 5.19 5.05 7.08
Koninklijke DSM N.V. (ADR) n/a 9,386.299 13.90 n/a 0.80 n/a 1.48
Sigma-Aldrich Corporation n/a 5,674.186 19.90 19.30 3.07 2.84 6.07
Invitrogen Corporation n/a 3,467.097 n/a 21.17 2.74 2.84 n/a
SAIC, Inc. n/a 2,039.911 5.59 21.45 0.24 0.23 3.68
Medarex, Inc. n/a 1,801.051 n/a -59.75 38.24 39.36 3.23
XOMA Limited n/a 410.874 n/a -10.40 11.37 7.58 n/a
Target
  Shire plc (ADR) n/a 13,990.911 42.42 37.53 7.31 6.28 7.20
King Pharmaceuticals, Inc. n/a 5,080.382 14.34 11.70 2.51 2.46 4.33
Biovail Corporation (USA) n/a 4,076.580 17.20 13.66 3.73 4.73 7.30
Patheon, Inc. n/a 373.694 n/a n/a 0.52 n/a 1.77
AVI BioPharma, Inc. n/a 153.376 n/a -6.53 261.88 8.86 5.41
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
LG Electronics n/a n/a n/a n/a n/a n/a n/a
Madaus AG 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 203.0 12.0 215.1
Other Revenue 14.9 0.0 14.9
Total Revenue 217.9 12.0 229.9
Cost of Revenue 138.4 1.8 140.3
SG&A Expense 77.3 25.0 102.2
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 98.7 29.8 128.5
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 40.8 0.0 40.8
Total Expenses 355.2 56.6 411.8
Operating Income -137.3 -44.5 -181.9
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 1.9 0.0 1.9
Other, Net 0.0 1.8 1.8
Income Before Taxes -138.0 -42.7 -180.7
Income Taxes -15.4 0.1 -15.3
Income After Taxes -122.7 -42.8 -165.5
Minority Interest (IS) -0.7 0.0 -0.7
Net Income - Excl. Xord. Items -123.4 -42.8 -166.2
Discontinued Operations 0.5 0.0 0.5
Net Income - Incl. Xord. Items -122.9 -42.8 -165.7
Preferred Dividends 0.0 -0.7 -0.7
Income Avail. to Common -122.9 -43.4 -166.3
Share Items
Basic Avg. Shares Outstanding 64.8 42.1 106.9
Basic EPS - Excl. Xord. Items n/a n/a -1.55
Basic EPS - Incl. Xord. Items n/a n/a -1.55
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 64.8 42.1 106.9
F.D. EPS - Excl. Xord. Items n/a n/a -1.55
F.D. EPS - Incl. Xord. Items n/a n/a -1.55
Balance Sheet
Assets
Cash and Equivalents 189.3 5.2 194.5
ST Investments 0.0 20.6 20.6
Accounts Receivable 44.1 1.1 45.1
Inventory 103.1 4.4 107.5
Prepayments and Advances 0.0 3.3 3.3
Other Current Assets 37.5 0.0 37.5
Current Assets 373.9 34.5 408.4
Accum D&A 0.0 0.0 0.0
PPE, Net 184.3 2.3 186.5
Goodwill & Intangibles 208.6 0.0 208.6
Long Term Investments 23.1 0.0 23.1
Other Assets 0.0 0.0 0.0
Other LT Assets 25.3 0.2 25.5
Total Assets 815.2 37.0 852.2
Liabilities
Accounts Payable 36.2 4.6 40.8
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 0.0 5.6 5.6
ST Debt 25.8 0.0 25.8
Other (Current) Liabilities 29.9 8.5 38.4
Current Liab. 91.9 18.7 110.6
LT Debt 35.5 0.0 35.5
Total LT Debt 35.5 0.0 35.5
Deferred Taxes 42.9 0.0 42.9
Other LT Liab. 6.9 55.8 62.7
Total Liabilities 177.2 74.5 251.7
Shareholders Equity
Preferred Stock 0.0 12.0 12.0
Common Stock 20.9 145.5 166.4
Additional Paid in Capital 0.0 0.0 0.0
Retained Earnings 634.5 -195.0 439.5
Other Equity -17.5 -0.0 -17.5
Total Equity 638.0 -37.5 600.5
Total Liab. & Equity 815.2 37.0 852.2
Shares Outstanding 64.9 42.1 107.0
Cash Flow
Operating Cash Flow
CF Net Income -122.2 -42.8 -165.0
CF Depreciation 21.1 1.2 22.3
CF Amortization 13.3 0.0 13.3
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 52.4 2.5 55.0
Change in Working Capital -43.7 9.2 -34.6
Total Cash From Operating Activities -79.1 -29.8 -108.9
Investing Cash Flow (not calculated)
Capital Expenditures -46.6 -0.6 -47.2
Other Investing Cash Flows -14.9 26.0 11.1
Total Cash From Investing Activities -61.5 25.4 -36.1
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 108.3 1.4 109.8
Purchase and Retirement of Debt -15.5 0.0 -15.5
Other Financing Cash Flow 0.0 0.0 0.0
Total Cash From Financing Activities 92.8 1.4 94.3
Exchange Rate Effects -2.8 0.0 -2.8
Net Change in Cash -50.5 -3.0 -53.5
Cash Taxes Paid 0.2 0.1 0.2
Cash Interest Paid 3.0 0.0 3.0