Summary

Other Scenarios:

Buyer: Medicis Pharmaceutical Corporation (MRX) Last Price: 31.00 Market Cap.: 1.73B
Target: BioMarin Pharmaceutical Inc. (BMRN) Last Price: 18.04 Market Cap.: 1.73B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 908
Biopharmaceuticals 366
Medical Devices   247
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: 16)
  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Dynacin (Minocycline Hydrochloride)
  • Solodyn Extended Release Tablet (Minocycline HCl)
  • Ziana Gel (Clindamycin/Tretinoin)
Target (Total: 9)
  • 6R-BH4 (Sapropterin Dihydrochloride)
  • Aldurazyme (Laronidase)
  • Naglazyme (Galsulfase)
  • Kuvan (Sapropterin Dihydrohchloride)/FormerlyPhenoptin
Buyer
  • Perlane (Hyaluronic Acid)
  • Restylane (Hyaluronic Acid)
Target
  • Synapse Technologies NeuroTrans Brain Delivery

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 4)
  • sanofi-aventis (ADR) (SNY)
  • Patheon, Inc. (PTI:CA)
  • Q-Med, Inc. (QMED)
  • Contract Pharmaceuticals Limited
Target (Total: 1)
  • Medicis Pharmaceutical Corporation (MRX)
Buyer (Total: 4)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • BioMarin Pharmaceutical Inc. (BMRN)
  • Taro Pharmaceutical Industries Ltd. (TAROF)
Target (Total: 2)
  • Healthcare At Home
  • AmerisourceBergen Corp. (ABC)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 391 410
Revenue Per Employee 978,208.3 223,421.9
Total Revenue 95.1 22.8
Total Expenses 86.2 33.5
Other Revenue 0.0 4.5
Cost of Revenue 10.5 4.1
SG&A Expense 62.3 16.3
Research & Development 8.0 18.2
Other Operating Expense 0.0 0.0
Operating Income 8.9 -10.7
Unusual Income 0.0 -6.2
LT Debt to Capital 45.94 59.35
Fwd P/E 26.71 -83.09
Fwd P/Rev 3.82 14.75
Book Value 533.1 164.7
Curr Portion of LTD/Cap Lease 0.0 6.8

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Dermatology

Target

Focused (): *Healthcare > Biopharmaceuticals > Endocrinology/Metabolism > Intermediary Metabolism Disorders

Business Description

Buyer

Medicis Pharmaceutical Corporation (Medicis) is an independent specialty pharmaceutical company focused primarily on helping patients attain a healthy and youthful appearance and self-image through the development and marketing in the United States of products for the treatment of dermatological, aesthetic and podiatric conditions. It also markets products in Canada for the treatment of dermatological and aesthetic conditions. It offers a range of products addressing various conditions or aesthetic improvements, including facial wrinkles, acne, fungal infections, rosacea, hyperpigmentation, photoaging, psoriasis, skin and skin-structure infections, seborrheic dermatitis and cosmesis (improvement in the texture and appearance of skin). It offers 17 branded products, including OMNICEF (cefdinir), RESTYLANE (hyaluronic acid), SOLODYN (minocycline HCl, USP), TRIAZ (benzoyl peroxide), VANOS (fluocinonide) Cream 0.1%, and ZIANA (clindamycin phosphate 1.2% and tretinoin 0.025%) Gel.

Target

BioMarin Pharmaceutical Inc. develops and commercializes biopharmaceuticals for serious diseases and medical conditions. Its product portfolio is comprised of two products and multiple investigational product candidates. The products include Naglazyme (galsulfase) and Aldurazyme (laronidase). Aldurazyme is being marketed in the United States, European Union, Japan and in other countries for the treatment of mucopolysaccharidosis I (MPS I). In June 2006, the food and drug administration (FDA) granted marketing approval for Orapred ODT, the orally disintegrating tablet form of prednisolone. In January 2006, the European Commission granted marketing approval for Naglazyme in the European Union. In March 2006, the Company entered into a sublicense agreement with a third party for the continued sale and commercialization of the Orapred product line. Through the sublicense, the third party acquired exclusive rights to market these products in North America.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 89.15 88.06
Operating Margin % -9.91 -29.67
Quick Ratio 6.77 7.43
Current Ratio 7.53 8.26
Coverage Ratio -0.61 0.01
Total Assets 1,084.0 449.8
Return on Equity % 4.12 -17.03
Return on Assets % 2.03 -6.24
Cash+ ST Inv. Per Share 8.99 2.9
Total Debt 453.1 247.2
Total Debt to Equity % 84.98 150.1
Total Debt to Tangible Equity % 148.43 186.04
Debt to Asset % 41.79 54.97

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
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.
  
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.
  
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.
  
Wound Management
The Wound Management Subsector includes therapeutics that treat cuts, abrasions, and burns from trauma or diseases.
  
Medical Devices  
Plastic/Reconstructive Surgery
The Plastic/Reconstructive Surgery Subsector includes medical devices that treat and modify a patient's external appearance.
  
Outsourced Services  
Drug Delivery Technology
The Drug Delivery Technology Subsector includes companies that develop novel delivery methods for therapeutics.
  

- 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:

  • 6R-BH4 (Sapropterin Dihydrochloride)
  
Dermatology  
Acne  
Rosacea  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat chronic inflammatory disorder of the face characterized by redness and pimple formation by inhibiting bacterial folic acid synthesis.

Buyer Products:

  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  
Vulgaris  
Antibacterial Agents  
Tetracyclines
Therapeutics that treat acne caused by bacterial infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Buyer Products:

  • Dynacin (Minocycline Hydrochloride)
  • Solodyn Extended Release Tablet (Minocycline HCl)
  
Antibacterial Agents/Retinoids
Therapeutics that treat acne by preventing bacterial growth and helping in cell differentiation.

Buyer Products:

  • Ziana Gel (Clindamycin/Tretinoin)
  
Keratolytic Agents
Therapeutics that soften, separate, and cause the shedding of skin.

Buyer Products:

  • Triaz (Benzoyl Peroxide)
  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat bacterial infections of the skin by inhibiting a bacterial enzyme responsible for synthesis of folic acid.

Buyer Products:

  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  
Aging Disorders  
Wrinkles  
Acetylcholine Inhibitors
Therapeutics that treat wrinkling through prevention of muscle contractions that can result in the formation of facial lines.

Buyer Products:

  • Reloxin (Botulinum Toxin Type A)
  
Lesion/Scaling Disorders  
Dermatitis  
Atopic (Eczema)  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat atopic dermatoses by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Buyer Products:

  • Synalar (Fluocinolone Acetonide)
  
Seborrheic (Dandruff)  
Antifungal Agents  
Imidazoles
Therapeutics that treat and prevent skin diseases caused by fungi.

Buyer Products:

  • Loprox (Ciclopirox)
  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat bacterial infections of the skin by inhibiting a bacterial enzyme responsible for synthesis of folic acid.

Buyer Products:

  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  
Dermatoses  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Buyer Products:

  • Vanos (Fluocinonide)
  • Lidex (Fluocinonide)
  
Pruritus  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Buyer Products:

  • Vanos (Fluocinonide)
  
Psoriasis  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Buyer Products:

  • Synalar (Fluocinolone Acetonide)
  
Pigmentation Disorders  
Hyperpigmentation  
Enzymatic Oxidation Inhibitors
Therapeutics that treat disorders characterized by darkening of the skin by inhibiting metabolic processes of pigment producing skin cells.

Buyer Products:

  • Esoterica (Hydroquinone)
  
Endocrinology/Metabolism
Intermediary Metabolism Disorders
Lysosomal Storage Diseases  
Hurler Disease  
Enzyme Replacement Therapy
Therapeutics that treat Hurler's Disease by providing the missing enzyme that contributes to the disease symptoms.

Target Products:

  • Aldurazyme (Laronidase)
  
Maroteaux-Lamy Syndrome/Mucopolysaccharidosis VI  
Enzyme Replacement Therapy
Therapeutics that treat Maroteaux-Lamy Syndrome/Mucopolysaccharidosis VI by providing the missing enzyme that contributes to the disease symptoms.

Target Products:

  • Naglazyme (Galsulfase)
  
Scheie Disease  
Enzyme Replacement Therapy
Therapeutics that treat Scheie's Disease by providing the missing enzyme that contributes to the disease symptoms.

Target Products:

  • Aldurazyme (Laronidase)
  
Phenylketonuria (PKU)  
Enzyme Cofactors
Therapeutics that treat Phenylketonuria (PKU) by providing the missing enzyme cofactors that contribute to the disease symptoms.

Target Products:

  • Kuvan (Sapropterin Dihydrohchloride)/FormerlyPhenoptin
  
Urea Cycle Disorders  
Glutamine Acetylyzing Agents
Therapeutics that conjugate with glutamine to help excrete nitrogen waste.

Buyer Products:

  • Ammonul (Sodium Phenylacetate, Sodium Benzoate)
  • Buphenyl (Sodium Phenylbutyrate)
  
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:

  • Phenylase (Phenylalanine Ammonia Lyase)
  
Hematology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of hematological disorders in early stages of clinical research where human subject is involved.

Target Products:

  • 6R-BH4 (Sapropterin Dihydrochloride)
  
Immunology  
Autoimmune Disorders  
Psoriasis  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat a chronic autoimmune disease characterized by softening, separating, causing the shedding of the horny layer of the skin with a steroidal compound.

Buyer Products:

  • Synalar (Fluocinolone Acetonide)
  • Vanos (Fluocinonide)
  
Infectious Diseases  
Bacterial  
Antibacterial Agents  
Broad Spectrum  
Antibiotics  
Cephalosporin Derivatives
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Buyer Products:

  • Omnicef (Cefdinir)
  
Tetracyclines
Therapeutics that treat a wide variety of infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Buyer Products:

  • Dynacin (Minocycline Hydrochloride)
  
Mycological (Fungal)  
Antifungal Agents  
Narrow Spectrum  
Dermatology  
Tinea Corporis (Ringworm)  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the skin characterized by scaly, red rings by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Loprox (Ciclopirox)
  
Tinea Cruris (Jock Itch)  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the groin and perineum by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Loprox (Ciclopirox)
  
Tinea Pedis  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the feet by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Loprox (Ciclopirox)
  
Tinea Versicolor  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of skin exposed to the sun characterized by patches of depigmentation by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Loprox (Ciclopirox)
  
Respiratory System  
Lower Respiratory Tract Disorders (Lung Disorders)  
Asthma  
Prophylactic Treatments  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat asthma by reducing inflammation in the lung passages with steroids.

Target Products:

  • Orapred (Prednisolone Sodium Phosphate Oral Solution)
  • Orapred ODT (Prednisolone Sodium Phosphate Orally Disintegrating Tablet)
  
Wound Management  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of wounds in early stages of clinical research where human subject is involved.

Target Products:

  • Vibrilase (Vibriolysin)
  
Medical Devices  
Plastic/Reconstructive Surgery  
Treatment  
Wrinkle Removal  
Hyaluronic Acid  
Outsourced Services  
Drug Delivery Technology  
Parenteral/Injectable Delivery  
Carrier Protein/Vector Based
Drug Delivery Technology used to deliver drugs using a carrier or vector protein.

Target Products:

  • Synapse Technologies NeuroTrans Brain Delivery
  

- 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
  Shire plc (ADR) n/a 13,990.911 42.42 37.53 7.31 6.28 7.20
Buyer
  Johnson & Johnson n/a 179,963.150 17.44 15.42 3.25 2.98 15.39
sanofi-aventis (ADR) n/a 113,757.479 20.79 11.62 2.82 2.91 n/a
Bristol Myers Squibb Co. n/a 62,092.452 39.78 22.63 3.51 3.22 16.99
Allergan, Inc. n/a 17,560.146 48.62 26.47 5.28 4.77 286.00
Shire plc (ADR) n/a 13,990.911 42.42 37.53 7.31 6.28 7.20
Cytyc Corporation n/a 5,110.424 86.66 33.23 8.03 6.81 n/a
Warner Chilcott Ltd. n/a 4,627.958 n/a 19.17 5.74 5.35 n/a
Biovail Corporation (USA) n/a 4,076.580 17.20 13.66 3.73 4.73 7.30
Valeant Pharmaceuticals International n/a 1,643.914 n/a 23.59 1.78 1.75 n/a
Sciele Pharma Inc. n/a 859.335 17.50 14.76 2.78 2.30 8.17
XOMA Limited n/a 410.874 n/a -10.40 11.37 7.58 n/a
Obagi Medical Products, Inc. n/a 402.464 53.33 25.39 4.80 3.81 39.22
Bradley Pharmaceuticals, Inc. n/a 363.111 30.29 31.83 2.46 2.40 183.76
CollaGenex Pharmaceutical, Inc n/a 278.395 n/a -15.19 7.54 4.35 4.85
Taro Pharmaceutical Industries Ltd. n/a 235.139 41.42 19.09 0.79 0.75 0.99
Barrier Therapeutics, Inc. n/a 191.779 n/a -3.84 21.34 7.19 5.20
Artes Medical, Inc. n/a 128.417 n/a -5.66 89.09 9.34 3.40
DFB Pharmaceuticals, Inc. n/a n/a n/a n/a n/a n/a n/a
Nestle S.A. n/a n/a n/a 17.74 n/a n/a n/a
Groupe L'Oreal n/a n/a n/a n/a n/a n/a n/a
Stiefel Laboratories, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  Shire plc (ADR) n/a 13,990.911 42.42 37.53 7.31 6.28 7.20
StemCells, Inc. n/a 184.903 n/a n/a 3,362.45 n/a 3.77

- 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
  sanofi-aventis (ADR) n/a 113,757.479 20.79 11.62 2.82 2.91 n/a
Patheon, Inc. n/a 373.694 n/a n/a 0.52 n/a 1.77
Q-Med, Inc. n/a 67.276 n/a -6.87 5.16 1.81 5.36
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
Target
  Medicis Pharmaceutical Corporation n/a 1,731.159 78.75 26.71 4.69 3.82 5.67

- 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
  McKesson Corporation 56.80% 17,700.993 19.39 18.54 0.19 0.18 5.65
Cardinal Health, Inc. 19.30% 26,879.236 19.91 20.51 0.31 0.31 7.76
BioMarin Pharmaceutical Inc. n/a 1,728.266 n/a -83.09 18.54 14.75 13.01
Taro Pharmaceutical Industries Ltd. n/a 235.139 41.42 19.09 0.79 0.75 0.99
Target
  Healthcare At Home 15.30% n/a n/a n/a n/a n/a n/a
AmerisourceBergen Corp. 2.00% 9,540.709 19.35 19.39 0.15 0.14 6.85

- 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
  sanofi-aventis (ADR) n/a 113,757.479 20.79 11.62 2.82 2.91 n/a
Abbott Laboratories n/a 83,179.438 53.69 19.30 3.68 3.72 n/a
Cardinal Health, Inc. n/a 26,879.236 19.91 20.51 0.31 0.31 7.76
McKesson Corporation n/a 17,700.993 19.39 18.54 0.19 0.18 5.65
BioMarin Pharmaceutical Inc. n/a 1,728.266 n/a -83.09 18.54 14.75 13.01
Patheon, Inc. n/a 373.694 n/a n/a 0.52 n/a 1.77
Taro Pharmaceutical Industries Ltd. n/a 235.139 41.42 19.09 0.79 0.75 0.99
Q-Med, Inc. n/a 67.276 n/a -6.87 5.16 1.81 5.36
Ipsen S.A. n/a n/a n/a n/a n/a n/a n/a
AAIPharma Inc. n/a n/a n/a n/a n/a n/a n/a
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
Dow Pharmaceutical Sciences, Inc. n/a n/a n/a n/a n/a n/a n/a
Astellas Pharma Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  Genzyme Corporation n/a 16,067.290 397.50 24.03 4.81 4.63 5.04
Medicis Pharmaceutical Corporation n/a 1,731.159 78.75 26.71 4.69 3.82 5.67
Sciele Pharma Inc. n/a 859.335 17.50 14.76 2.78 2.30 8.17
Merck Serono S.A. (ADR) 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 369.2 59.0 428.2
Other Revenue 0.0 34.3 34.3
Total Revenue 369.2 93.2 462.4
Cost of Revenue 40.1 11.1 51.2
SG&A Expense 217.9 54.4 272.3
Depreciation & Amortization 22.6 4.4 27.0
Research & Development 72.6 72.6 145.2
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 52.6 -21.6 30.9
Total Expenses 405.8 120.9 526.7
Operating Income -36.6 -27.7 -64.2
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 22.1 -0.4 21.8
Other, Net 0.0 0.0 0.0
Income Before Taxes -14.4 -28.0 -42.5
Income Taxes -36.4 0.0 -36.4
Income After Taxes 22.0 -28.0 -6.1
Net Income - Excl. Xord. Items 22.0 -28.0 -6.1
Net Income - Incl. Xord. Items 22.0 -28.0 -6.1
Income Avail. to Common 22.0 -28.0 -6.1
Share Items
Basic Avg. Shares Outstanding 55.6 94.6 150.2
Basic EPS - Excl. Xord. Items 0.40 n/a -0.04
Basic EPS - Incl. Xord. Items 0.40 n/a -0.04
Full Dilution Adjustment 1.7 0.0 1.7
Fully Diluted Shares Outstanding 71.7 94.6 166.3
F.D. EPS - Excl. Xord. Items 0.31 n/a -0.04
F.D. EPS - Incl. Xord. Items 0.31 n/a -0.04
Dividends Per Common Share 0.12 0.00 0.12
Balance Sheet
Assets
Cash and Equivalents 83.9 98.3 182.2
ST Investments 560.6 175.8 736.4
Accounts Receivable 18.0 14.5 32.5
Inventory 30.8 27.4 58.3
Other Current Assets 43.7 4.6 48.3
Current Assets 737.0 320.6 1,057.7
PPE 0.0 85.3 85.3
Accum D&A 0.0 -28.8 -28.8
PPE, Net 7.5 56.5 64.0
Goodwill & Intangibles 227.9 31.8 259.7
Long Term Investments 0.0 31.6 31.6
Other Assets 0.0 0.0 0.0
Other LT Assets 111.7 9.2 120.9
Total Assets 1,084.0 449.8 1,533.8
Liabilities
Accounts Payable 51.4 0.7 52.1
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 0.0 21.1 21.1
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.0 6.8 6.8
Other (Current) Liabilities 46.5 10.2 56.6
Current Liab. 97.9 38.8 136.7
LT Debt 453.1 240.4 693.5
Total LT Debt 453.1 240.4 693.5
Other LT Liab. 0.0 5.8 5.8
Total Liabilities 550.9 285.0 836.0
Shareholders Equity
Common Stock 1.0 0.1 1.1
Additional Paid in Capital 615.2 765.5 1,380.7
Retained Earnings 259.2 -600.9 -341.7
Treasure Stock -342.9 0.0 -342.9
Other Equity 0.7 -0.0 0.7
Total Equity 533.1 164.7 697.8
Total Liab. & Equity 1,084.0 449.8 1,533.8
Shares Outstanding 55.8 95.6 151.4
Cash Flow
Operating Cash Flow
CF Net Income 22.0 -28.0 -6.1
CF Depreciation 22.6 12.5 35.1
CF Deferred Taxes -57.1 0.0 -57.1
Other Non-Cash Items 91.2 -6.9 84.4
Change in Working Capital 17.5 -28.4 -10.9
Total Cash From Operating Activities 96.3 -50.8 45.5
Investing Cash Flow (not calculated)
Capital Expenditures -8.0 -27.0 -34.9
Other Investing Cash Flows -274.3 -149.0 -423.3
Total Cash From Investing Activities -282.2 -176.0 -458.2
Financing Cash Flow (not calculated)
Dividends Paid -6.6 0.0 -6.6
Purchase Or Sale of Stock 27.7 10.8 38.6
Purchase and Retirement of Debt 0.0 0.0 0.0
Other Financing Cash Flow 3.0 0.0 3.0
Total Cash From Financing Activities 24.1 -16.5 7.6
Exchange Rate Effects -0.1 -0.0 -0.1
Net Change in Cash -161.9 -243.4 -405.2
Cash Taxes Paid 35.7 0.0 35.7
Cash Interest Paid 0.0 9.6 9.6