Summary

Other Scenarios:

Buyer: OSI Pharmaceuticals, Inc. (OSIP) Last Price: 38.90 Market Cap.: 2.26B
Target: Adams Respiratory Therapeutics, Inc. (ARXT) Last Price: 59.99 Market Cap.: 2.16B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 927
Biopharmaceuticals 379
Medical Devices   252

- 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: 15)
  • PSN9301 (Dipeptidyl Peptidase-IV Inhibitor)
  • PSN357 (Glycogen Phosphlorylase Inhibitor)
  • PSN010 (Glucokinase Activators)
  • GPR119 (G-Protein Coupled Receptor) Agonist
Target (Total: 9)
  • Erdosteine
  • Delsym Orange/Delsym Grape (Dextromethorphan Polistirex)
  • Mucinex DM (Guaifenesin/Dextromethorphan Hydrobromide Extended Release)
  • Maximum Strength DM (Guaifenesin/Dextromethorphan Hydrobromide Extended Release)
Buyer
  • Gelclair
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 6)
  • Gilead Sciences, Inc. (GILD)
  • ISIS Pharmaceuticals, Inc. (ISIS)
  • Phase Forward Incorporated (PFWD)
  • Nektar Therapeutics (NKTR)
Target (Total: 4)
  • Cardinal Health, Inc. (CAH)
  • UCB S.A.
  • MonoSol, LLC
  • Boehringer Ingelheim GmbH
Buyer (Total: 3)
  • Merck & Co., Inc. (MRK)
  • Eli Lilly & Co. (LLY)
  • Bristol Myers Squibb Co. (BMY)
Target (Total: 12)
  • Wal-Mart Stores, Inc. (WMT)
  • CVS Caremark Corporation (CVS)
  • Walgreen Company (WAG)
  • Target Corporation (TGT)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 554 463
Revenue Per Employee 658,891.9 952,726.8
Total Revenue 100.4 110.0
Total Expenses 64.4 63.8
Other Revenue 0.0 0.0
Cost of Revenue 2.1 28.5
SG&A Expense 24.8 29.9
Research & Development 29.5 6.3
Other Operating Expense 0.0 0.0
Operating Income 36.0 46.2
Unusual Income 7.5 0.0
LT Debt to Capital 50.96 0
Fwd P/E 23.66 34.69
Fwd P/Rev 6.69 5.08
Book Value 110.6 307.1
Curr Portion of LTD/Cap Lease 150.0 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Oncology

Target

Focused (): Healthcare > Biopharmaceuticals > Respiratory System > Upper Respiratory Tract Disorders > Coughs/Colds

Business Description

Buyer

OSI Pharmaceuticals, Inc. is a biotechnology company primarily focused on the discovery, development and commercialization of molecular targeted therapies addressing unmet medical needs in oncology, ophthalmology and diabetes. 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. On November 6, 2006, the Company announced its intention to divest its eye disease business.

Target

Adams Respiratory Therapeutics, Inc., is a specialty pharmaceutical company focused on the late-stage development, commercialization and marketing of over-the-counter (OTC), and prescription pharmaceuticals for the treatment of respiratory disorders. The Company markets market six oral-solid OTC products for adults under its Mucinex brand, six products in its Mucinex line of products for children, two Mucinex nasal spray products, and two products under its Delsym brand. In July 2007, the Company expanded the Mucinex franchise with its first nasal spray product, Mucinex Full Force Nasal Spray. In August 2007, it also began to market a second nasal spray product, Mucinex Moisture Smart Nasal Spray.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 88.4 72.99
Operating Margin % -42.87 19.45
Quick Ratio 1.41 2.77
Current Ratio 1.69 4.26
Coverage Ratio -0.05 0
Total Assets 533.1 361.2
Return on Equity % -124.96 14.19
Return on Assets % -25.94 12.07
Cash+ ST Inv. Per Share 4.31 1.79
Total Debt 265.0 0.0
Total Debt to Equity % 239.49 0
Total Debt to Tangible Equity % 403.89 0
Debt to Asset % 49.71 0.00

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.
  
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.
  
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.

Buyer Products:

  • PSN9301 (Dipeptidyl Peptidase-IV Inhibitor)
  • PSN357 (Glycogen Phosphlorylase Inhibitor)
  • PSN010 (Glucokinase Activators)
  
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.

Buyer Products:

  • GPR119 (G-Protein Coupled Receptor) 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.

Buyer 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.

Buyer Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Oncology  
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.

Buyer Products:

  • Tarceva (Erlotinib)
  
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.

Buyer Products:

  • Tarceva (Erlotinib)
  
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.

Buyer 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.

Buyer 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.

Buyer 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.

Buyer 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.

Buyer 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:

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

  • OSI-817 (c-kit/VEGFR-2 Inhibitor)
  • OSI-027 (mTOR Inhibitor)
  
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.

Buyer 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.

Buyer Products:

  • Tarceva (Erlotinib)
  
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.

Buyer 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.

Buyer Products:

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

Target Products:

  • Erdosteine
  
Upper Respiratory Tract Disorders  
Coughs/Colds  
Antitussives
Therapeutics that relieve or prevent coughs.

Target Products:

  • Delsym Orange/Delsym Grape (Dextromethorphan Polistirex)
  
Antitussives/Expectorants
Therapeutics that treat coughs and colds by suppressing coughs and helping ejection of the mucous.

Target Products:

  • Mucinex DM (Guaifenesin/Dextromethorphan Hydrobromide Extended Release)
  • Maximum Strength DM (Guaifenesin/Dextromethorphan Hydrobromide Extended Release)
  
Decongestants/Expectorants
Therapeutics that treat coughs and colds by reducing mucous build up and help in ejection of mucous.

Target Products:

  • Mucinex D (Guaifenesin/Pseudoephedrine HCl Extended Release)
  • Maximum Strength D (Guaifenesin/Pseudoephedrine HCl Extended Release)
  
Expectorants
Therapeutics that treat coughs and colds by helping in the ejection of mucous.

Target Products:

  • Mucinex SE (Guaifenesin Extended Release)
  • Humibid SE (Guaifenesin Extended Release)
  • Mucinex With Codeine (Guaifenesin/Codeine Combination Extended-Release)
  
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.

Buyer Products:

  • GPR119 (G-Protein Coupled Receptor) Agonist
  • PSN602 (Serotonin 1A 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.

Buyer 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
  Novartis AG (ADR) n/a 115,310.846 13.94 14.29 3.03 2.95 4.04
Buyer
  Pfizer Inc. n/a 154,421.887 18.62 9.64 3.18 3.31 n/a
Roche Holding Ltd. (ADR) n/a 152,328.536 19.21 18.12 3.77 3.89 5.64
Novartis AG (ADR) n/a 115,310.846 13.94 14.29 3.03 2.95 4.04
Merck & Co., Inc. n/a 104,018.133 19.33 15.78 4.33 4.44 5.62
Genentech, Inc. n/a 71,389.037 25.77 21.93 6.09 5.57 n/a
Eli Lilly & Co. n/a 57,555.042 25.80 14.54 3.25 3.18 5.48
Bristol Myers Squibb Co. n/a 45,446.398 21.44 15.99 2.43 2.34 9.69
ImClone Systems Incorporated n/a 3,713.153 34.93 43.36 6.50 6.33 4.38
Onyx Pharmaceuticals, Inc. n/a 2,609.354 0.00 -93.52 n/a 48.87 6.02
Regeneron Pharmaceuticals, Inc. n/a 1,448.680 0.00 -12.00 20.51 17.90 9.57
Enzon Pharmaceuticals, Inc. n/a 389.145 5.63 n/a 2.10 2.14 n/a
XOMA Limited n/a 358.654 0.00 -18.60 4.57 4.80 38.77
Target
  The Procter & Gamble Company n/a 202,829.283 19.14 19.01 2.60 2.51 n/a
Johnson & Johnson n/a 178,744.902 16.90 14.37 2.93 2.86 n/a
Novartis AG (ADR) n/a 115,310.846 13.94 14.29 3.03 2.95 4.04
Bayer AG (ADR) n/a 60,061.987 8.29 15.86 1.31 1.43 n/a
Wyeth n/a 54,717.260 12.29 12.14 2.50 2.58 4.38
CVS Caremark Corporation n/a 52,518.244 23.60 18.95 0.79 0.70 n/a
Walgreen Company n/a 33,984.520 16.46 15.98 0.62 0.58 3.26
Schering-Plough Corporation n/a 30,807.112 15.76 14.94 2.65 2.70 2.35
Rite Aid Corporation n/a 1,805.396 0.00 -8.24 0.08 0.08 n/a
Matrixx Initiatives, Inc. n/a 137.966 20.92 16.04 1.49 1.41 2.75
MiddleBrook Pharmaceuticals, Inc. n/a 128.504 0.00 -3.36 14.53 9.94 n/a
Airborne, Inc. n/a n/a n/a n/a n/a 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
  Gilead Sciences, Inc. n/a 40,088.351 24.82 23.51 9.48 8.37 11.59
ISIS Pharmaceuticals, Inc. n/a 1,320.776 0.00 -9.96 23.24 19.23 n/a
Phase Forward Incorporated n/a 776.505 40.85 38.81 6.13 5.80 4.63
Nektar Therapeutics n/a 672.035 0.00 -7.13 2.42 2.58 7.50
Enzon Pharmaceuticals, Inc. n/a 389.145 5.63 n/a 2.10 2.14 n/a
Degussa AG n/a n/a n/a n/a n/a n/a n/a
Target
  Cardinal Health, Inc. n/a 20,399.391 10.40 14.32 0.23 0.22 16.38
UCB S.A. n/a n/a n/a n/a n/a n/a n/a
MonoSol, LLC n/a n/a n/a n/a n/a n/a n/a
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

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
  Merck & Co., Inc. n/a 104,018.133 19.33 15.78 4.33 4.44 5.62
Eli Lilly & Co. n/a 57,555.042 25.80 14.54 3.25 3.18 5.48
Bristol Myers Squibb Co. n/a 45,446.398 21.44 15.99 2.43 2.34 9.69
Target
  Wal-Mart Stores, Inc. 10.00% 192,591.266 15.32 15.73 0.52 0.52 4.00
CVS Caremark Corporation 10.00% 52,518.244 23.60 18.95 0.79 0.70 n/a
Walgreen Company 10.00% 33,984.520 16.46 15.98 0.62 0.58 3.26
Target Corporation n/a 42,871.603 14.59 15.68 0.68 0.69 2.65
Cardinal Health, Inc. n/a 20,399.391 10.40 14.32 0.23 0.22 16.38
Publix Super Markets (OLD) n/a 19,117.951 23.33 n/a 1.02 n/a 5.33
McKesson Corporation n/a 17,478.994 17.80 18.69 0.18 0.18 5.56
The Kroger Co. n/a 17,090.806 13.74 15.26 0.24 0.25 6.52
Safeway Inc. n/a 13,754.216 15.36 15.85 0.33 0.33 3.37
Sears Holdings Corporation n/a 13,626.014 11.22 18.42 0.26 0.28 2.41
AmerisourceBergen Corp. n/a 7,329.741 16.05 16.00 0.11 0.11 2.54
Rite Aid Corporation n/a 1,805.396 0.00 -8.24 0.08 0.08 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
Overlap
  McKesson Corporation n/a 17,478.994 17.80 18.69 0.18 0.18 5.56
Buyer
  Pfizer Inc. n/a 154,421.887 18.62 9.64 3.18 3.31 n/a
Roche Holding Ltd. (ADR) n/a 152,328.536 19.21 18.12 3.77 3.89 5.64
Merck & Co., Inc. n/a 104,018.133 19.33 15.78 4.33 4.44 5.62
Genentech, Inc. n/a 71,389.037 25.77 21.93 6.09 5.57 n/a
Eli Lilly & Co. n/a 57,555.042 25.80 14.54 3.25 3.18 5.48
Wyeth n/a 54,717.260 12.29 12.14 2.50 2.58 4.38
Bristol Myers Squibb Co. n/a 45,446.398 21.44 15.99 2.43 2.34 9.69
Gilead Sciences, Inc. n/a 40,088.351 24.82 23.51 9.48 8.37 11.59
Target
  Wal-Mart Stores, Inc. n/a 192,591.266 15.32 15.73 0.52 0.52 4.00
CVS Caremark Corporation n/a 52,518.244 23.60 18.95 0.79 0.70 n/a
Target Corporation n/a 42,871.603 14.59 15.68 0.68 0.69 2.65
Walgreen Company n/a 33,984.520 16.46 15.98 0.62 0.58 3.26
Cardinal Health, Inc. n/a 20,399.391 10.40 14.32 0.23 0.22 16.38
Publix Super Markets (OLD) n/a 19,117.951 23.33 n/a 1.02 n/a 5.33
McKesson Corporation n/a 17,478.994 17.80 18.69 0.18 0.18 5.56
The Kroger Co. n/a 17,090.806 13.74 15.26 0.24 0.25 6.52
Safeway Inc. n/a 13,754.216 15.36 15.85 0.33 0.33 3.37
Sears Holdings Corporation n/a 13,626.014 11.22 18.42 0.26 0.28 2.41
AmerisourceBergen Corp. n/a 7,329.741 16.05 16.00 0.11 0.11 2.54
Rite Aid Corporation n/a 1,805.396 0.00 -8.24 0.08 0.08 n/a
Lipocine Inc. n/a n/a n/a n/a n/a n/a n/a
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
UCB S.A. n/a n/a n/a n/a n/a n/a n/a
MonoSol, LLC 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 334.3 351.4 685.7
Other Revenue 5.7 0.0 5.7
Total Revenue 340.0 351.4 691.4
Cost of Revenue 39.4 94.9 134.4
SG&A Expense 114.7 162.8 277.4
Depreciation & Amortization 6.4 0.0 6.4
Research & Development 131.0 23.8 154.8
Interest Expense 0.0 -1.1 -1.1
Other Operating Expense 1.1 2.7 3.8
Unusual Expense (Income) 193.2 0.0 193.2
Total Expenses 485.8 283.1 768.8
Operating Income -145.8 68.4 -77.4
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 7.3 0.0 7.3
Other, Net 0.2 0.0 0.2
Income Before Taxes -138.3 68.4 -69.9
Income Taxes 0.0 24.8 24.8
Income After Taxes -138.3 43.6 -94.7
Net Income - Excl. Xord. Items -138.3 43.6 -94.7
Discontinued Operations -29.0 0.0 -29.0
Net Income - Incl. Xord. Items -167.3 43.6 -123.7
Income Avail. to Common -167.3 43.6 -123.7
Share Items
Basic Avg. Shares Outstanding 57.8 35.8 93.6
Basic EPS - Excl. Xord. Items n/a 1.22 -1.01
Basic EPS - Incl. Xord. Items n/a 1.22 -1.32
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 65.2 37.2 102.4
F.D. EPS - Excl. Xord. Items n/a 1.17 -0.92
F.D. EPS - Incl. Xord. Items n/a 1.17 -1.21
Balance Sheet
Assets
Cash and Equivalents 99.3 32.8 132.0
ST Investments 181.9 33.7 215.6
Accounts Receivable 80.7 67.4 148.2
Inventory 22.0 55.9 77.9
Prepayments and Advances 5.7 7.9 13.6
Other Current Assets 42.2 8.1 50.3
Current Assets 431.9 205.8 637.6
PPE 0.0 24.6 24.6
Accum D&A 0.0 -4.2 -4.2
PPE, Net 47.3 20.4 67.7
Goodwill & Intangibles 45.0 125.4 170.4
Other Assets 0.0 0.0 0.0
Other LT Assets 8.8 9.7 18.5
Total Assets 533.1 361.2 894.3
Liabilities
Accounts Payable 0.0 0.0 0.0
Payable/Accrued 50.0 19.1 69.2
Accrued Expenses 0.0 11.6 11.6
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 150.0 0.0 150.0
Other (Current) Liabilities 56.1 17.5 73.7
Current Liab. 256.2 48.3 304.5
LT Debt 115.0 0.0 115.0
Total LT Debt 115.0 0.0 115.0
Deferred Taxes 0.0 2.9 2.9
Other LT Liab. 51.2 2.9 54.2
Total Liabilities 422.4 54.1 476.5
Shareholders Equity
Common Stock 0.6 0.4 1.0
Additional Paid in Capital 1,639.8 492.2 2,132.0
Retained Earnings -1,498.1 -185.4 -1,683.5
Treasure Stock -37.2 0.0 -37.2
Other Equity 5.6 -0.0 5.6
Total Equity 110.6 307.1 417.8
Total Liab. & Equity 533.1 361.2 894.3
Shares Outstanding 57.7 35.9 93.6
Cash Flow
Operating Cash Flow
CF Net Income -167.3 43.6 -123.7
CF Depreciation 17.3 4.7 22.0
CF Deferred Taxes 0.0 -6.9 -6.9
Other Non-Cash Items 232.0 10.9 242.9
Change in Working Capital -19.8 -38.7 -58.5
Total Cash From Operating Activities 62.2 13.6 75.8
Investing Cash Flow (not calculated)
Capital Expenditures -4.5 -8.7 -13.2
Other Investing Cash Flows -34.8 2.9 -31.8
Total Cash From Investing Activities -39.3 -5.8 -45.0
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 15.4 2.6 18.0
Purchase and Retirement of Debt -0.0 -10.2 -10.3
Other Financing Cash Flow 0.0 8.4 8.4
Total Cash From Financing Activities 15.3 0.8 16.1
Exchange Rate Effects 0.7 0.0 0.7
Net Change in Cash 39.0 8.6 47.6
Cash Taxes Paid 0.0 15.9 15.9
Cash Interest Paid 3.6 0.3 3.9