Summary

Other Scenarios:

Buyer: PDL BioPharma Inc. (PDLI) Last Price: 32.80 Market Cap.: 3.75B
Target: Abgenix, Inc. (ABGX) Last Price: 22.50 Market Cap.: 2.07B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 858
Biopharmaceuticals 312
Cardiovascular System   19
Heart Disorders   0
Phase I/Phase II Clinical Stage Products   0
Vascular Disorders   1
Dermatology   6
Phase I/Phase II Clinical Stage Products   0
Digestive System   5
Phase I/Phase II Clinical Stage Products   0
Endocrinology/Metabolism 10
Phase I/Phase II Clinical Stage Products   0
Research/Preclinical Stage Products   0
Immunology   10
Phase I/Phase II Clinical Stage Products   0
Research/Preclinical Stage Products   0
Neurology   29
Phase I/Phase II Clinical Stage Products   0
Oncology 71
Digestive System   0
Phase I/Phase II Clinical Stage Products 0
Research/Preclinical Stage Products   0
Ophthalmology   5
Research/Preclinical Stage Products   0
Respiratory System   6
Phase I/Phase II Clinical Stage Products   0
Transplantation   0
Phase I/Phase II Clinical Stage Products   0
Renal (Kidney)   0
Urology   4
Phase I/Phase II Clinical Stage Products   0
Outsourced Services 70
Drug Discovery Services 18
Lead Discovery/Validation/Optimization 8

- 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: 11)
  • Humanized Antibody Technology
Target (Total: 5)
  • Catalytic Antibody (CAb) Technology
  • XenoMouse/XenoMax
Buyer
  • Retavase (Reteplase)
  • Ularitide
  • Cardene I.V. (Nicardipine Hydrochloride)
  • Nuvion (Visilizumab)
Target
  • ABX-PTH (ABX10241)
  • Panitumumab (ABX-EGF)
  • ABX-MA1 (MUC18 Targeting Antibody)

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 6)
  • ARIUS Research, Inc. (ARI:CA)
  • Johnson & Johnson (JNJ)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Akzo Nobel N.V. (ADR) (AKZOY)
Target (Total: 3)
  • EMC Corporation (EMC)
  • Digital Realty Trust, Inc. (DLR)
  • Lexicon Genetics Incorporated (LEXG)
Buyer (Total: 25)
  • Genentech, Inc. (DNA)
  • MedImmune, Inc. (MEDI)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Roche Holding Ltd. (ADR) (RHHBY)
Target (Total: 6)
  • Pfizer Inc. (PFE)
  • Amgen, Inc. (AMGN)
  • Chiron Corporation (CHIR)
  • Human Genome Sciences (HGSI)

Key Financial Summary:

Metric Buyer Target
Number of Employees 977 440
Revenue Per Employee 342,378.8 69,244.2
Total Revenue 83.7 7.6
Total Expenses 118.8 50.2
Other Revenue 0.0 0.0
Cost of Revenue 16.8 0.0
SG&A Expense 28.1 6.3
Research & Development 47.0 36.3
Other Operating Expense 0.0 0.0
Operating Income -35.1 -42.6
Unusual Income 26.9 6.7
Gross Margin % 79.95 100
Metric Buyer Target
Operating Margin % -41.98 -561.06
Total Assets 1,166.0 650.3
Return on Equity % -25.93 -226.53
Cash+ ST Inv. Per Share 2.55 3.67
Total Debt 500.7 449.9
Curr Portion of LTD/Cap Lease 0.7 0.0
Total Debt to Equity 95.17 587.51
LT Debt to Capital 48.73 85.45
Fwd P/E 75.74 -13.07
Fwd P/Rev 8.64 50.88
Book Value 526.1 26.7

Individual Company Summary

Focused

Buyer

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

Target

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

Business Description

Buyer

PDL BioPharma Inc., formerly Protein Design Labs, Inc., is a biopharmaceutical company focused on discovering, developing and commercializing therapies for severe or life threatening illnesses. The Company markets and sells products in the acute care hospital setting in the United States and Canada, and receives royalties through licensing agreements with a number of biotechnology and pharmaceutical companies based on its antibody humanization technology platform. The Company's product development pipeline includes six investigational compounds in Phase II or Phase III clinical development for hepatorenal syndrome, inflammation and autoimmune diseases, cardiovascular disorders and cancer. On March 23, 2005, the Company completed the acquisition of all of the outstanding stock of ESP Pharma Holding Company, Inc. (ESP Pharma), a privately held hospital-focused company.

Target

Abgenix, Inc. (Abgenix) is a biopharmaceutical company that is focused on the discovery, development and manufacture of human therapeutic antibodies for the treatment of range of disease conditions, including cancer, inflammation and metabolic disease. The Company has its XenoMouse technology, a technology using genetically modified mice, to generate human antibodies. Abgenix also owns a technology that enables the rapid identification of antibodies with desired function and characteristics, known as SLAM technology. In its XenoMax technology, Abgenix uses SLAM technology to select and isolate antibodies with particular function and characteristics from antibody-producing cells generated by XenoMouse animals.

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.
  
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.
  
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.
Ophthalmology
The Ophthalmology Subsector includes therapeutics that treat eye disorders, infections, inflammations and irritations.
  
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.
  
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
Outsourced Services
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  
Heart Disorders  
Myocardial Infarction (MI)  
Thrombolytic Agents
Therapeutics that treat the ineffective pumping of the heart by dissolving blood clots in blood vessels.

Buyer Products:

  • Retavase (Reteplase)
  
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.

Buyer Products:

  • Ularitide
  
Vascular Disorders  
Hypertension  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)/Calcium Channel Blockers
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system and preventing the entry of calcium into heart muscle cells.

Buyer Products:

  • Cardene I.V. (Nicardipine Hydrochloride)
  
Dermatology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skin disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Nuvion (Visilizumab)
  • HuZAF (Fontolizumab)
  
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.

Buyer Products:

  • Nuvion (Visilizumab)
  • HuZAF (Fontolizumab)
  
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:

  • ABX-PTH (ABX10241)
  
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:

  • F200 (Anti-a5B1 Integrin Antibody Fragment)
  
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.

Buyer Products:

  • Nuvion (Visilizumab)
  • HuZAF (Fontolizumab)
  • Zenapax (Daclizumab)
  
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.

Buyer Products:

  • Therapeutic Antibody Candidates
  
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.

Buyer Products:

  • Zenapax (Daclizumab)
  
Oncology
Digestive System  
Colon Cancer/Colorectal Cancer  
Metastatic  
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.

Target Products:

  • Panitumumab (ABX-EGF)
  
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:

  • M200 (Volociximab)

Target Products:

  • Panitumumab (ABX-EGF)
  • ABX-MA1 (MUC18 Targeting Antibody)
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:

  • Therapeutic Antibody Candidates
  
Ophthalmology  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of eye disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • F200 (Anti-a5B1 Integrin Antibody Fragment)
  
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.

Buyer Products:

  • Zenapax (Daclizumab)
  
Transplantation  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the management of rejection and infection in early stages of clinical research where human subject is involved.

Buyer Products:

  • Nuvion (Visilizumab)
  
Renal (Kidney)  
Rejection Prophylaxis  
Monoclonal Antibodies
Protein-based therapeutics that target specific substances like proteins.

Buyer Products:

  • Zenapax (Daclizumab)
  
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.

Buyer Products:

  • Terlipressin
  
Outsourced Services
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:

  • Humanized Antibody Technology

Target Products:

  • Catalytic Antibody (CAb) Technology
  • XenoMouse/XenoMax

- 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 115,193.225 22.11 17.99 3.54 3.27 3.49
Genentech, Inc. n/a 89,058.664 69.71 45.11 13.43 10.18 15.96
Medarex, Inc. n/a 1,480.167 n/a -8.18 28.76 32.36 9.21
Crucell N.V. (ADR) n/a 1,163.652 n/a -39.21 25.26 23.15 7.04
Cambridge Antibody Tech. Group plc (ADR) n/a 715.177 34.65 -32.71 2.00 11.60 2.46
Dyax Corp. n/a 220.801 n/a -6.12 11.12 10.95 5.66
Immunomedics, Inc. n/a 163.853 n/a n/a 63.36 n/a -11.48
Sangamo Biosciences, Inc. n/a 151.224 n/a -12.24 60.86 19.22 4.00
DOR BioPharma, Inc. n/a 16.702 n/a n/a 5.22 n/a 11.32
Buyer
  Novartis AG (ADR) n/a 115,193.225 22.11 17.99 3.54 3.27 3.49
Genentech, Inc. n/a 89,058.664 69.71 45.11 13.43 10.18 15.96
Target
  Pfizer Inc. n/a 183,180.689 22.76 12.54 3.57 3.58 13.02
Johnson & Johnson n/a 176,242.819 16.98 16.04 3.49 3.32 6.86
GlaxoSmithKline plc (ADR) n/a 152,153.571 18.73 18.09 4.05 4.06 26.96
Novartis AG (ADR) n/a 115,193.225 22.11 17.99 3.54 3.27 3.49
Genentech, Inc. n/a 89,058.664 69.71 45.11 13.43 10.18 15.96
Wyeth n/a 65,323.495 17.80 16.11 3.48 3.24 8.29
Bristol Myers Squibb Co. n/a 48,325.722 16.11 20.79 2.52 2.56 10.83
Kirin Brewery Company, Ltd. (ADR) n/a 12,948.776 29.95 29.93 0.93 n/a 1.82
Shire plc (ADR) n/a 7,745.341 n/a 30.49 4.84 4.51 11.19
ImClone Systems Incorporated n/a 2,837.531 30.65 17.84 7.40 4.49 11.28
OSI Pharmaceuticals, Inc. n/a 1,824.150 n/a -114.82 10.47 3.57 149.07
Medarex, Inc. n/a 1,480.167 n/a -8.18 28.76 32.36 9.21
Crucell N.V. (ADR) n/a 1,163.652 n/a -39.21 25.26 23.15 7.04
Alexion Pharmaceuticals, Inc. n/a 1,110.229 n/a -9.39 702.42 525.06 17.93

- 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
  ARIUS Research, Inc. 100.00% 19.512 n/a n/a 91.35 n/a -23.45
Johnson & Johnson n/a 176,242.819 16.98 16.04 3.49 3.32 6.86
Roche Holding Ltd. (ADR) n/a 128,435.552 28.50 28.56 4.64 n/a 7.32
Akzo Nobel N.V. (ADR) n/a 15,075.950 17.29 16.57 0.99 0.97 4.60
Exelixis, Inc. n/a 1,006.049 n/a -10.63 13.24 9.69 -27.01
Seattle Genetics, Inc. n/a 218.967 n/a -6.13 22.45 21.79 2.90
Target
  EMC Corporation n/a 32,246.604 28.73 21.43 3.34 2.86 4.23
Digital Realty Trust, Inc. n/a 770.827 107.22 16.58 3.69 2.83 1.99
Lexicon Genetics Incorporated n/a 357.659 n/a -5.50 4.73 4.37 6.02

- 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
  Progenics Pharmaceuticals, Inc. n/a 674.188 n/a -15.88 71.07 36.20 5.98
Buyer
  Genentech, Inc. 51.00% 89,058.664 69.71 45.11 13.43 10.18 15.96
MedImmune, Inc. 30.00% 9,344.639 n/a 90.29 7.51 6.91 7.49
GlaxoSmithKline plc (ADR) n/a 152,153.571 18.73 18.09 4.05 4.06 26.96
Roche Holding Ltd. (ADR) n/a 128,435.552 28.50 28.56 4.64 n/a 7.32
Abbott Laboratories n/a 65,345.450 19.54 16.85 2.93 2.98 14.67
Wyeth n/a 65,323.495 17.80 16.11 3.48 3.24 8.29
Eli Lilly & Co. n/a 62,488.056 31.52 17.91 4.27 4.06 5.79
Biogen Idec Inc n/a 16,207.054 100.15 23.37 6.69 6.11 5.79
Elan Corporation, plc (ADR) n/a 6,192.195 n/a -18.22 12.63 10.27 -9.55
Millennium Pharmaceuticals, Inc. n/a 3,149.765 n/a n/a 5.64 6.50 6.02
Medarex, Inc. n/a 1,480.167 n/a -8.18 28.76 32.36 9.21
Tanox, Inc. n/a 872.438 n/a -48.50 19.52 16.52 4.09
Progenics Pharmaceuticals, Inc. n/a 674.188 n/a -15.88 71.07 36.20 5.98
InterMune, Inc. n/a 621.606 n/a -13.62 5.63 6.40 20.65
Seattle Genetics, Inc. n/a 218.967 n/a -6.13 22.45 21.79 2.90
Merck KGaA n/a n/a n/a n/a n/a n/a n/a
Fujisawa Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Mochida Pharmaceutical Co., Ltd n/a n/a n/a n/a n/a n/a n/a
Target
  Pfizer Inc. n/a 183,180.689 22.76 12.54 3.57 3.58 13.02
Amgen, Inc. n/a 85,783.962 23.58 20.06 6.90 6.01 13.80
Chiron Corporation n/a 9,031.647 48.85 24.59 4.70 4.12 5.58
Human Genome Sciences n/a 1,428.351 n/a -5.62 74.71 62.60 3.43
Progenics Pharmaceuticals, Inc. n/a 674.188 n/a -15.88 71.07 36.20 5.98
CuraGen Corporation n/a 278.815 n/a -3.80 11.85 7.57 6.33

- 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 89,058.664 69.71 45.11 13.43 10.18 15.96
Human Genome Sciences n/a 1,428.351 n/a -5.62 74.71 62.60 3.43
Progenics Pharmaceuticals, Inc. n/a 674.188 n/a -15.88 71.07 36.20 5.98
Chugai Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Celltech Group plc (ADR) n/a n/a n/a n/a n/a n/a n/a
Buyer
  Johnson & Johnson n/a 176,242.819 16.98 16.04 3.49 3.32 6.86
Roche Holding Ltd. (ADR) n/a 128,435.552 28.50 28.56 4.64 n/a 7.32
Target
  Pfizer Inc. n/a 183,180.689 22.76 12.54 3.57 3.58 13.02
Genentech, Inc. n/a 89,058.664 69.71 45.11 13.43 10.18 15.96
Amgen, Inc. n/a 85,783.962 23.58 20.06 6.90 6.01 13.80
AstraZeneca PLC (ADR) n/a 79,202.861 17.10 17.60 3.31 3.39 7.28
Genzyme Corporation n/a 17,463.118 38.96 24.59 6.39 5.45 8.43
Chiron Corporation n/a 9,031.647 48.85 24.59 4.70 4.12 5.58
MDS Inc. (USA) n/a 2,574.189 53.03 n/a 2.00 n/a 3.25
Medarex, Inc. n/a 1,480.167 n/a -8.18 28.76 32.36 9.21
Human Genome Sciences n/a 1,428.351 n/a -5.62 74.71 62.60 3.43
Progenics Pharmaceuticals, Inc. n/a 674.188 n/a -15.88 71.07 36.20 5.98
Cell Genesys, Inc. n/a 364.257 n/a -4.08 79.46 23.19 3.62
Dendreon Corporation n/a 335.268 n/a -3.42 1,592.29 624.92 1.99
CuraGen Corporation n/a 278.815 n/a -3.80 11.85 7.57 6.33
ImmunoGen, Inc. n/a 178.581 n/a -9.93 5.58 5.94 2.23
Japan Tobacco, Inc. n/a n/a n/a n/a n/a n/a n/a
Microscience Ltd. n/a n/a n/a n/a n/a n/a n/a
Sosei Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Chugai Pharmaceutical Co., Ltd. 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 279.7 18.3 298.0
Other Revenue 0.0 0.0 0.0
Total Revenue 279.7 18.3 298.0
Cost of Revenue 60.3 0.0 60.3
SG&A Expense 82.4 22.3 104.7
Depreciation & Amortization 0.0 4.6 4.6
Research & Development 172.0 137.0 309.1
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 130.1 58.8 189.0
Total Expenses 444.8 222.7 667.5
Operating Income -165.1 -204.4 -369.5
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -10.2 -2.6 -12.8
Other, Net 9.6 0.0 9.6
Income Before Taxes -165.7 -207.0 -372.7
Income Taxes 0.9 0.0 0.9
Income After Taxes -166.6 -207.0 -373.5
Net Income - Excl. Xord. Items -166.6 -207.0 -373.5
Net Income - Incl. Xord. Items -166.6 -207.0 -373.5
Income Avail. to Common -166.6 -207.0 -373.5
Share Items
Basic Avg. Shares Outstanding 111.6 90.7 202.3
Basic EPS - Excl. Xord. Items -1.63 -2.30 -1.85
Basic EPS - Incl. Xord. Items -1.63 -2.30 -1.85
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 111.6 90.7 202.3
F.D. EPS - Excl. Xord. Items -1.63 -2.30 -1.85
F.D. EPS - Incl. Xord. Items -1.63 -2.30 -1.85
Balance Sheet
Assets
Cash and Equivalents 183.4 31.4 214.8
ST Investments 101.6 301.4 403.0
Accounts Receivable 52.0 7.9 59.8
Inventory 17.7 0.0 17.7
Prepayments and Advances 0.0 12.8 12.8
Other Current Assets 27.5 0.0 27.5
Current Assets 382.2 353.5 735.7
Accum D&A 0.0 0.0 0.0
PPE, Net 266.1 197.6 463.7
Goodwill & Intangibles 455.0 65.2 520.3
Long Term Investments 48.9 0.0 48.9
Other Assets 0.0 0.0 0.0
Other LT Assets 13.8 33.9 47.7
Total Assets 1,166.0 650.3 1,816.3
Liabilities
Accounts Payable 2.7 6.4 9.1
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 56.9 31.8 88.7
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.7 0.0 0.7
Other (Current) Liabilities 14.6 2.6 17.2
Current Liab. 74.9 40.8 115.7
LT Debt 500.0 449.9 949.9
Total LT Debt 500.0 449.9 949.9
Other LT Liab. 65.0 83.0 148.1
Total Liabilities 639.9 573.7 1,213.6
Shareholders Equity
Redeemable Preferred 0.0 49.9 49.9
Common Stock 1.1 0.0 1.1
Additional Paid in Capital 969.1 990.0 1,959.1
Retained Earnings -440.1 -959.2 -1,399.3
Other Equity -4.1 -4.1 -8.2
Total Equity 526.1 76.6 602.6
Total Liab. & Equity 1,166.0 650.3 1,816.3
Shares Outstanding 112.1 91.3 203.3
Cash Flow
Operating Cash Flow
CF Net Income -166.6 -207.0 -373.5
CF Depreciation 15.1 26.0 41.1
CF Amortization 37.6 4.6 42.1
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 115.7 33.7 149.4
Change in Working Capital 29.8 55.1 84.8
Total Cash From Operating Activities 31.5 -87.6 -56.1
Investing Cash Flow
Capital Expenditures -41.3 -6.8 -48.1
Other Investing Cash Flows -279.5 -21.2 -300.7
Total Cash From Investing Activities -320.8 -28.0 -348.8
Financing Cash Flow
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 139.9 11.6 151.5
Purchase and Retirement of Debt 241.3 -13.5 227.9
Other Financing Cash Flow 0.0 0.0 0.0
Total Cash From Financing Activities 381.2 -1.8 379.4
Exchange Rate Effects 0.0 0.0 0.0
Net Change in Cash 92.0 -117.5 -25.5
Cash Taxes Paid 0.4 0.0 0.4
Cash Interest Paid 6.1 8.1 14.2