Summary

Other Scenarios:

Buyer: ImClone Systems Incorporated (IMCL) Last Price: 69.95 Market Cap.: 6.22B
Target: OSI Pharmaceuticals, Inc. (OSIP) Last Price: 35.68 Market Cap.: 2.06B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 848
Biopharmaceuticals 369
Endocrinology/Metabolism   12
Immunology   4
Neurology   38
Oncology 79
Weight Management   1
Medical Devices   225
Medical Supplies   18

- 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: 14)
  • IMC-1121B (VEGFR-2 Monoclonal Antibody)
  • Erbitux (Cetuximab)
  • IMC-11F8 (EGFR Inhibitor Monoclonal Antibody)
  • IMC-A12 (VEGFR-2/IGF-1R Modulator)
Target (Total: 13)
  • Tarceva (Erlotinib)
  • Novantrone (Mitoxantrone Hydrochloride)
  • OSI-930 (c-kit/VEGFR-2 Inhibitor)
  • OSI-027 (mTOR Inhibitor)
Buyer

n/a
Target
  • PSN010 (Glucokinase Activators)
  • PSN357 (Glycogen Phosphlorylase Inhibitor)
  • PSN821 (G-Protein Coupled Receptor 119) Agonist
  • Novantrone (Mitoxantrone Hydrochloride)

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 8)
  • Johnson & Johnson (JNJ)
  • Sanofi-Aventis SA (ADR) (SNY)
  • Medarex inc. (MEDX)
  • Dyax Corp. (DYAX)
Target (Total: 6)
  • Wyeth (WYE)
  • Gilead Sciences, Inc. (GILD)
  • ISIS Pharmaceuticals, Inc. (ISIS)
  • Nektar Therapeutics (NKTR)
Buyer (Total: 3)
  • Bristol Myers Squibb Co. (BMY)
  • Merck KGaA (MRK:F)
  • Repligen Corporation (RGEN)
Target (Total: 5)
  • Novartis AG (ADR) (NVS)
  • Genentech, Inc. (DNA)
  • Merck & Co., Inc. (MRK)
  • Bristol Myers Squibb Co. (BMY)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,128 488
Revenue Per Employee 585,913.2 774,137.3
Total Revenue 165.1 94.6
Total Expenses 149.9 58.5
Other Revenue 0.0 0.0
Cost of Revenue 107.5 2.5
SG&A Expense 24.3 22.3
Research & Development 0.0 33.1
Other Operating Expense 0.0 0.0
Operating Income 15.2 36.1
Unusual Income 18.1 0.0
LT Debt to Capital 0 66.57
Fwd P/E 59.15 16.75
Fwd P/Rev 9.11 5.51
Book Value 897.0 208.4
Curr Portion of LTD/Cap Lease 600.0 0.0

Individual Company Summary

Focused

Buyer

Sector Pure-Play (): Healthcare > Biopharmaceuticals > Oncology

Target

Focused (): Healthcare > Biopharmaceuticals > Oncology

Business Description

Buyer

ImClone Systems Incorporated (ImClone) is a biopharmaceutical company that develops a portfolio of targeted biologic treatments designed to address the medical needs of patients with cancer. The Company focuses on two systems for treating cancer: growth factor blockers and angiogenesis inhibitors. Its commercially available product, ERBITUX (cetuximab), is an antibody approved by the United States Food and Drug Administration (FDA). On March 1, 2006, the FDA approved ERBITUX for use in combination with radiation therapy for the treatment of locally or regionally advanced squamous cell carcinoma of the head and neck (SCCHN) and as a single agent in recurrent or metastatic SCCHN. In addition to developing and commercializing ERBITUX, the Company has also advanced a number of investigational agents to various stages of clinical development, including those targeting angiogenesis and growth signaling mechanisms, which can be used to treat various kinds of cancer and other diseases.

Target

OSI Pharmaceuticals, Inc. (OSI) is a biotechnology company primarily focused on the discovery, development and commercialization of molecular targeted therapies addressing unmet medical needs in oncology, diabetes and obesity. The Company's primary focus is oncology and its flagship product is Tarceva (erlotinib), a small molecule inhibitor of the epidermal growth factor receptor (EGFR). OSI Pharmaceuticals, Inc. also has research and development programs in diabetes and obesity, which are conducted through Prosidion Limited, the Company's United Kingdom subsidiary. In October 2007, Roche Holding Ltd. and OSI Pharmaceuticals, Inc. announced that Tarceva (erlotinib) has been approved in Japan for the treatment of patients with nonresectable, recurrent and advanced non-small cell lung cancer (NSCLC), which is aggravated following chemotherapy.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 39.33 97.25
Operating Margin % -4.03 34.33
Quick Ratio 1.37 9.81
Current Ratio 1.58 10.34
Coverage Ratio -0.93 0.02
Total Assets 1,829.7 729.8
Return on Equity % -6.79 58.14
Return on Assets % -3.33 16.6
Cash+ ST Inv. Per Share 11.33 7.53
Total Debt 600.0 415.0
Total Debt to Equity % 66.89 199.11
Total Debt to Tangible Equity % 66.89 260.52
Debt to Asset % 32.79 56.86

Product Summary

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

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Healthcare
Biopharmaceuticals
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:

  • PSN010 (Glucokinase Activators)
  • PSN357 (Glycogen Phosphlorylase Inhibitor)
  
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:

  • PSN821 (G-Protein Coupled Receptor 119) Agonist
  
Immunology  
Autoimmune Disorders  
Multiple Sclerosis (MS)  
Topoisomerase II Inhibitors
Therapeutics that treat a neurodegenerative disease characterized by the gradual accumulation of plaques on the nerve sheaths an enzyme that inhibits the proliferation of cells.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Neurology  
Neuromuscular Disorders  
Multiple Sclerosis (MS)  
Topoisomerase II Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting a key enzyme involved with cell division.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Oncology
Breast Cancer  
Metastatic  
Monoclonal Antibodies
Therapeutics that bind to specific receptors on the surface of breast cancer cells and inhibit the cancer cells' growth and induce their death.

Buyer Products:

  • IMC-1121B (VEGFR-2 Monoclonal Antibody)
  
Digestive System
Colon Cancer/Colorectal Cancer
Metastatic
Epidermal Growth Factor Receptor Tyrosine Kinase (EGFR-TK) Inhibitors
Therapeutics that treat and manage colorectal cancer by blocking the action of tyrosine kinase enzyme through switching off the signals from the epidermal growth factor receptors, which promote cell growth.

Target Products:

  • Tarceva (Erlotinib)
  
Monoclonal Antibodies
Therapeutics that treat colorectal cancer by binding to specific structures on the surface of the tumor and eliciting a reaction, which results in tumor degeneration.

Buyer Products:

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

Target Products:

  • Tarceva (Erlotinib)
  
Monoclonal Antibodies
Therapeutics that treat pancreatic cancer by binding to specific structures on the surface of the tumor and eliciting a reaction, which results in tumor degeneration.

Buyer Products:

  • Erbitux (Cetuximab)
  
Head/Neck Cancer  
Localized  
Monoclonal Antibodies
Therapeutics that bind to specific receptors on the surface of head and neck cancer cells that inhibit the cancer cells' growth and induce their death.

Buyer Products:

  • Erbitux (Cetuximab)
  
Metastatic  
Monoclonal Antibodies
Therapeutics that treat head/neck cancer by binding to specific structures on the surface of the tumor and eliciting a reaction, which results in tumor degeneration.

Buyer Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Buyer Products:

  • IMC-1121B (VEGFR-2 Monoclonal Antibody)
  • IMC-11F8 (EGFR Inhibitor Monoclonal Antibody)
  • IMC-A12 (VEGFR-2/IGF-1R Modulator)
  • IMC-18F1 (VEGFR-1 Monoclonal Antibody)
  • Erbitux (Cetuximab)
  • IMC-3G3 (Platelet-Derived Growth Factor Receptor Alpha Monoclonal Antibody Inhibitor (PDGFR-Alpha))

Target Products:

  • OSI-930 (c-kit/VEGFR-2 Inhibitor)
  • OSI-027 (mTOR Inhibitor)
  • Avastin (Bevacizumab)/Tarceva (Erlotinib HCl)
  • OSI-906 (Insulin-Like Growth Factor-1 Receptor Inhibitor)
  • CP-868,596 (Platelet-Derived Growth Factor Receptor Inhibitor)
  • Tarceva (Erlotinib)
  • OSI632/Formerly CP 547,632 (VEGFR Inhibitor)
  • Novantrone (Mitoxantrone Hydrochloride)
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:

  • VE (Vascular Specific) Cadherin Inhibitors
  • VEGFR-3 Inhibitor
  • 20D7 (gp75 Antibody)
  • Neurophilin Monoclonal Antibody ?? Preclinical
  • TRP-1 Monoclonal Antibody ? ? Preclinical
  • Macrophage-Stimulating Protein Receptor (RON) Antibody
  • Fibroblast Growth Factor Receptor (FGFR) Antibodies
  • IMC-EB10 (FLT-3 Receptor Antibody)
  
Respiratory System/Thoracic
Lung Cancer
Non Small Cell Lung Cancer (NSCLC)
EGFR-TK Inhibitors/Monoclonal Antibodies
Therapeutics that treat lung cancer by blocking the tyrosine kinase enzyme and by binding to specific structures on the surface of the tumor and eliciting a reaction, which results in tumor degeneration.

Target Products:

  • Avastin (Bevacizumab)/Tarceva (Erlotinib HCl)
  
Epidermal Growth Factor Receptor Tyrosine Kinase (EGFR-TK) Inhibitors
Therapeutics that treat and manage cancers of the lung including squamous cell carcinoma, adenocarcinoma and large cell carcinoma by blocking the tyrosine kinase enzyme by switching off the signals from the epidermal growth factor receptors.

Target Products:

  • Tarceva (Erlotinib)
  
Monoclonal Antibodies
Therapeutics that treat lung cancer by binding to specific structures on the surface of the tumor and eliciting a reaction, which results in tumor degeneration.

Buyer Products:

  • Erbitux (Cetuximab)
  
Urology  
Ovarian Cancer  
Metastatic  
Epidermal Growth Factor Receptor Tyrosine Kinase (EGFR-TK) Inhibitors
Therapeutics that treat and manage ovarian cancers by blocking the action of tyrosine kinase enzyme through switching off the signals from the epidermal growth factor receptors, which promote cell growth.

Target Products:

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

Target Products:

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

Target Products:

  • PSN602 (Serotonin/Norepinephrine Reuptake Inhibitor)
  
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:

  • PSN821 (G-Protein Coupled Receptor 119) Agonist
  
Medical Devices  
Medical Supplies  
Treatment  
Wound Management/First Aid  
Drainage/Hydration
Medical devices designed to irrigate, moisturize and remove excess fluids from wounds and wound surface.

Target Products:

  • Gelclair
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Roche Holding Ltd. (ADR) n/a 108,079.079 12.92 12.42 2.75 2.49 4.72
Pfizer Inc. n/a 105,661.809 10.01 6.07 2.16 2.02 3.91
Novartis AG (ADR) n/a 102,165.127 13.51 11.94 2.41 2.45 3.47
Genentech, Inc. n/a 76,524.954 24.48 22.97 6.04 5.74 6.38
Amgen, Inc. n/a 58,167.701 14.29 11.24 3.88 3.53 10.78
AstraZeneca plc (ADR) n/a 49,320.976 8.06 7.02 1.56 1.57 n/a
Wyeth n/a 45,150.724 10.09 9.05 1.94 1.83 3.02
Onyx Pharmaceuticals, Inc. n/a 1,368.619 66.97 65.92 n/a 10.63 2.75
Regeneron Pharmaceuticals, Inc. n/a 1,111.085 n/a -15.34 4.49 4.66 2.54
MannKind Corporation n/a 353.966 n/a -1.25 17,400.00 69.33 2.17
Ariad Pharmaceuticals, Inc. n/a 88.347 n/a -1.25 14.53 12.35 n/a
Insmed Incorporated n/a 66.173 n/a n/a 6.02 n/a 90.15
Peregrine Pharmaceuticals n/a 49.766 n/a -3.29 8.30 n/a 4.62
Spectrum Pharmaceuticals, Inc. n/a 39.759 n/a -2.33 1.92 3.77 0.86
Progen Pharmaceuticals Limited (USA) n/a 22.578 n/a n/a 31.22 n/a 0.27
YM BioSciences Inc. (USA) n/a 16.301 n/a n/a 2.75 n/a 0.44
Access Pharmaceuticals, Inc. n/a 7.167 n/a -1.08 26.73 4.41 n/a
Threshold Pharmaceuticals, Inc. n/a 5.933 n/a -0.25 4.12 n/a 0.23
Vion Pharmaceuticals, Inc. n/a 2.002 n/a n/a 23.58 n/a n/a
Merck KGaA n/a n/a n/a n/a n/a n/a n/a
Buyer
  Roche Holding Ltd. (ADR) n/a 108,079.079 12.92 12.42 2.75 2.49 4.72
Pfizer Inc. n/a 105,661.809 10.01 6.07 2.16 2.02 3.91
Target
  Johnson & Johnson n/a 161,896.038 12.84 12.32 2.51 2.40 9.43
Roche Holding Ltd. (ADR) n/a 108,079.079 12.92 12.42 2.75 2.49 4.72
Pfizer Inc. n/a 105,661.809 10.01 6.07 2.16 2.02 3.91

- 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
  Johnson & Johnson n/a 161,896.038 12.84 12.32 2.51 2.40 9.43
Sanofi-Aventis SA (ADR) n/a 69,560.263 11.04 7.21 1.92 1.85 n/a
Medarex inc. n/a 571.076 n/a -13.12 10.84 11.76 1.73
Dyax Corp. n/a 151.068 n/a -2.11 5.01 6.07 n/a
Princeton University n/a n/a n/a n/a n/a n/a n/a
Ludwig Institute For Cancer Research n/a n/a n/a n/a n/a n/a n/a
Lonza Group Ltd. n/a n/a n/a n/a n/a n/a n/a
University Of California n/a n/a n/a n/a n/a n/a n/a
Target
  Wyeth n/a 45,150.724 10.09 9.05 1.94 1.83 3.02
Gilead Sciences, Inc. n/a 37,749.731 20.46 20.36 7.55 7.10 9.06
ISIS Pharmaceuticals, Inc. n/a 1,037.922 n/a -87.85 9.33 9.78 31.93
Nektar Therapeutics n/a 345.748 n/a -2.29 2.71 3.26 12.25
Enzon Pharmaceuticals, Inc. n/a 208.585 n/a -12.29 1.06 1.30 n/a
Cadus Corporation n/a 15.773 n/a n/a 157.89 n/a 0.62

- 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
Overlap
  Bristol Myers Squibb Co. 84.30% 37,723.140 9.64 11.41 1.82 1.83 5.48
Buyer
  Bristol Myers Squibb Co. 84.30% 37,723.140 9.64 11.41 1.82 1.83 5.48
Merck KGaA 15.70% n/a n/a n/a n/a n/a n/a
Repligen Corporation n/a 115.383 23.17 22.80 4.32 n/a 1.59
Target
  Novartis AG (ADR) n/a 102,165.127 13.51 11.94 2.41 2.45 3.47
Genentech, Inc. n/a 76,524.954 24.48 22.97 6.04 5.74 6.38
Merck & Co., Inc. n/a 51,586.138 11.38 7.14 2.14 2.09 2.94
Bristol Myers Squibb Co. n/a 37,723.140 9.64 11.41 1.82 1.83 5.48
Eli Lilly & Co. n/a 34,597.478 14.34 7.46 1.70 1.65 3.02

- 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
Overlap
  Genentech, Inc. n/a 76,524.954 24.48 22.97 6.04 5.74 6.38
Bristol Myers Squibb Co. n/a 37,723.140 9.64 11.41 1.82 1.83 5.48
Government - United States n/a n/a n/a n/a n/a n/a n/a
Merck KGaA n/a n/a n/a n/a n/a n/a n/a
Buyer
  Johnson & Johnson n/a 161,896.038 12.84 12.32 2.51 2.40 9.43
Genentech, Inc. n/a 76,524.954 24.48 22.97 6.04 5.74 6.38
Target
  Roche Holding Ltd. (ADR) n/a 108,079.079 12.92 12.42 2.75 2.49 4.72
Pfizer Inc. n/a 105,661.809 10.01 6.07 2.16 2.02 3.91
Novartis AG (ADR) n/a 102,165.127 13.51 11.94 2.41 2.45 3.47
Abbott Laboratories n/a 79,937.503 17.58 15.17 2.78 2.64 27.27
Genentech, Inc. n/a 76,524.954 24.48 22.97 6.04 5.74 6.38
Merck & Co., Inc. n/a 51,586.138 11.38 7.14 2.14 2.09 2.94
Wyeth n/a 45,150.724 10.09 9.05 1.94 1.83 3.02
Gilead Sciences, Inc. n/a 37,749.731 20.46 20.36 7.55 7.10 9.06
Bristol Myers Squibb Co. n/a 37,723.140 9.64 11.41 1.82 1.83 5.48
Eli Lilly & Co. n/a 34,597.478 14.34 7.46 1.70 1.65 3.02
ISIS Pharmaceuticals, Inc. n/a 1,037.922 n/a -87.85 9.33 9.78 31.93
Nektar Therapeutics n/a 345.748 n/a -2.29 2.71 3.26 12.25
Enzon Pharmaceuticals, Inc. n/a 208.585 n/a -12.29 1.06 1.30 n/a
Transgenomic, Inc. n/a 16.233 n/a n/a 0.67 n/a 1.31
Cadus Corporation n/a 15.773 n/a n/a 157.89 n/a 0.62
Catalent Pharma Solutions n/a n/a n/a n/a n/a n/a n/a
Schwarz Pharma, Inc. n/a n/a n/a n/a n/a n/a n/a
Dipharma Francis Srl n/a n/a n/a n/a n/a n/a n/a
AVEO Pharmaceuticals, Inc. 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 645.6 365.3 1,010.8
Other Revenue 0.0 0.0 0.0
Total Revenue 645.6 365.3 1,010.8
Cost of Revenue 391.7 10.1 401.8
SG&A Expense 97.6 95.2 192.8
Depreciation & Amortization 0.0 2.3 2.3
Research & Development 0.0 130.2 130.2
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 182.3 2.2 184.5
Total Expenses 671.6 239.9 911.5
Operating Income -26.0 125.4 99.4
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 24.2 2.4 26.6
Other, Net 0.0 -3.1 -3.1
Income Before Taxes -1.9 124.7 122.9
Income Taxes 59.0 3.6 62.6
Income After Taxes -60.9 121.2 60.2
Net Income - Excl. Xord. Items -60.9 121.2 60.2
Discontinued Operations 0.0 -1.4 -1.4
Net Income - Incl. Xord. Items -60.9 119.8 58.9
Income Avail. to Common -60.9 119.8 58.9
Share Items
Basic Avg. Shares Outstanding 87.8 57.4 145.2
Basic EPS - Excl. Xord. Items n/a 2.11 0.41
Basic EPS - Incl. Xord. Items n/a 2.09 0.41
Full Dilution Adjustment 0.0 1.7 1.7
Fully Diluted Shares Outstanding 90.2 64.6 154.7
F.D. EPS - Excl. Xord. Items n/a 1.88 0.39
F.D. EPS - Incl. Xord. Items n/a 1.86 0.38
Balance Sheet
Assets
Cash and Equivalents 816.8 234.8 1,051.6
ST Investments 204.7 251.5 456.1
Accounts Receivable 90.2 95.6 185.8
Inventory 139.8 20.5 160.2
Prepayments and Advances 2.9 6.5 9.5
Other Current Assets 26.0 4.5 30.4
Current Assets 1,280.3 613.3 1,893.6
PPE 542.0 0.0 542.0
Accum D&A -148.6 0.0 -148.6
PPE, Net 393.3 44.5 437.9
Goodwill & Intangibles 0.0 49.1 49.1
Long Term Investments 84.6 0.0 84.6
Other Assets 0.0 0.0 0.0
Other LT Assets 71.4 22.9 94.3
Total Assets 1,829.7 729.8 2,559.5
Liabilities
Accounts Payable 28.2 0.0 28.2
Payable/Accrued 0.0 44.9 44.9
Accrued Expenses 78.9 0.0 78.9
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 600.0 0.0 600.0
Other (Current) Liabilities 103.8 14.5 118.2
Current Liab. 810.9 59.3 870.2
LT Debt 0.0 415.0 415.0
Total LT Debt 0.0 415.0 415.0
Other LT Liab. 121.8 47.1 169.0
Total Liabilities 932.7 521.4 1,454.1
Shareholders Equity
Common Stock 0.1 0.6 0.7
Additional Paid in Capital 992.4 1,688.3 2,680.7
Retained Earnings -71.5 -1,378.3 -1,449.8
Treasure Stock -28.8 -102.2 -131.0
Other Equity 4.7 0.0 4.7
Total Equity 897.0 208.4 1,105.4
Total Liab. & Equity 1,829.7 729.8 2,559.5
Shares Outstanding 88.6 57.6 146.2
Cash Flow
Operating Cash Flow
CF Net Income -60.9 119.8 58.9
CF Depreciation 33.5 11.6 45.1
CF Deferred Taxes 66.4 0.0 66.4
Other Non-Cash Items 122.7 46.1 168.9
Change in Working Capital -77.3 -56.6 -133.9
Total Cash From Operating Activities 84.4 120.9 205.2
Investing Cash Flow (not calculated)
Capital Expenditures -35.9 -22.8 -58.7
Other Investing Cash Flows 274.7 -68.8 205.9
Total Cash From Investing Activities 238.8 -91.6 147.3
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 81.7 -33.1 48.7
Purchase and Retirement of Debt 0.0 150.0 150.0
Other Financing Cash Flow -2.4 -9.2 -11.6
Total Cash From Financing Activities 79.3 107.7 187.0
Exchange Rate Effects 0.0 -1.5 -1.5
Net Change in Cash 402.5 135.5 538.0
Cash Taxes Paid -0.4 1.7 1.3
Cash Interest Paid 8.2 13.3 21.5