Merger and Acquisition Scenario

Summary

Other Scenarios:

PDLI - JNJ
PDLI - ELN
JNJ - PPCO
ELN - PPCO

Buyer:	PDL BioPharma Inc. (PDLI)	Last Price:	22.84	Market Cap.:	2.67B
Target:	Penwest Pharmaceuticals (PPCO)	Last Price:	8.55	Market Cap.:	200.03M

Lines of Business Summary:

PDL BioPharma Inc. (PDLI) competes in 1 industry and 14 product/service groups
Penwest Pharmaceuticals (PPCO) competes in 1 industry and 9 product/service groups
A combined entity will have 4% Product/Service Group overlap
PDL BioPharma Inc. (PDLI) has 1 and Penwest Pharmaceuticals (PPCO) has 0 suppliers that rely on a material % of their business. They share 0 in common.
PDL BioPharma Inc. (PDLI) has 5 and Penwest Pharmaceuticals (PPCO) has 1 customers that derive significant revenue from each. They share 0 in common.

Product Summary:

Overlap & Complementary Sectors

Sector	Buyer	Target	# of Focused Companies
Healthcare			931
Biopharmaceuticals			377
Outsourced Services			69

- 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: 8) Humanized Antibody Technology	Target (Total: 12) SyncroDose Geminex TIMERx Gastroretentive Drug Delivery System	Buyer Retavase (Reteplase) Ularitide Nuvion (Visilizumab) Zenapax (Daclizumab)	Target Nifedipine XL PW2132 (Torsemide ER) PW4110 PW4153

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business

Buyer (Total: 8)

Humanized Antibody Technology

Target (Total: 12)

SyncroDose
Geminex
TIMERx
Gastroretentive Drug Delivery System

Buyer

Retavase (Reteplase)
Ularitide
Nuvion (Visilizumab)
Zenapax (Daclizumab)

Target

Nifedipine XL
PW2132 (Torsemide ER)
PW4110
PW4153

Business Relationship Summary:

Top Key Suppliers	Top Key Customers
Buyer (Total: 5) Seattle Genetics, Inc. (SGEN) Johnson & Johnson (JNJ) Akzo Nobel N.V. (ADR) (AKZOY) Pharmaceutical Product Development, Inc. (PPDI)	Target (Total: 2) Mylan Inc. (MYL) DRAXIS Health Inc. (USA) (DRAX)	Buyer (Total: 12) Genentech, Inc. (DNA) Cardinal Health, Inc. (CAH) AmerisourceBergen Corp. (ABC) McKesson Corporation (MCK)	Target (Total: 4) Mylan Inc. (MYL) sanofi-aventis (ADR) (SNY) Endo Pharmaceuticals (ENDP) Merck KGaA

Top Key Suppliers

Top Key Customers

Buyer (Total: 5)

Seattle Genetics, Inc. (SGEN)
Johnson & Johnson (JNJ)
Akzo Nobel N.V. (ADR) (AKZOY)
Pharmaceutical Product Development, Inc. (PPDI)

Target (Total: 2)

Mylan Inc. (MYL)
DRAXIS Health Inc. (USA) (DRAX)

Buyer (Total: 12)

Genentech, Inc. (DNA)
Cardinal Health, Inc. (CAH)
AmerisourceBergen Corp. (ABC)
McKesson Corporation (MCK)

Target (Total: 4)

Mylan Inc. (MYL)
sanofi-aventis (ADR) (SNY)
Endo Pharmaceuticals (ENDP)
Merck KGaA

Key Financial Summary:

Key Metrics

	Buyer	Target
Number of Employees	1,100	75
Revenue Per Employee	503,266.1	35,697.8
Total Revenue	138.0	0.7
Total Expenses	123.1	9.9
Other Revenue	0.0	0.0
Cost of Revenue	18.5	0.1
SG&A Expense	37.2	3.7
Research & Development	67.1	6.0
Other Operating Expense	0.2	0.0
Operating Income	14.9	-9.1
Unusual Income	0.0	0.0
LT Debt to Capital	49.31	25.18
Fwd P/E	58.69	-5.18
Fwd P/Rev	5.52	64.18
Book Value	514.0	32.1
Curr Portion of LTD/Cap Lease	0.7	1.2

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 Delivery Technology > Oral Delivery

PDL BioPharma 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. In September 2006, the Company completed the acquisition of various Cardene product-related rights from Roche to solidify its Cardene brand franchise in the United States. In April 2006, the Company completed the Scientific Advice procedure with the EMEA for its Phase III trial of ularitide.

Target

Penwest Pharmaceuticals Co. (Penwest) develops pharmaceutical products based on drug delivery technologies with a focus on products that address disorders of the nervous system. In June 2006, the United States Food and Drug Administration (FDA), approved for marketing Opana ER, an extended release formulation of oxymorphone hydrochloride that the Company developed with Endo Pharmaceuticals Inc (Endo), using its TIMERx drug delivery technology. Penwest is also developing product candidates designed for the treatment of pain, epilepsy, Parkinson?s disease and spasticity, as well as a product candidate for the treatment of edema resulting from congestive heart failure. The Company conducts its business primarily in North America.

Deal Summary

Key Ratios

	Buyer	Target
Gross Margin %	81.64	85.73
Operating Margin %	-20.63	-1,171.13
Quick Ratio	3.57	6.99
Current Ratio	4.15	7.23
Coverage Ratio	0.15	-0.05
Total Assets	1,183.9	51.4
Return on Equity %	-17.73	-104.45
Return on Assets %	-7.7	-65.22
Cash+ ST Inv. Per Share	2.49	1.62
Total Debt	500.7	12.0
Total Debt to Equity %	97.4	37.41
Total Debt to Tangible Equity %	306.54	41.44
Debt to Asset %	42.29	23.36

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.

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.

Pain Management

The Pain Management Subsector includes therapeutics that treat and management pain.

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.

Outsourced Services

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

Heart Disorders

Angina

Calcium Channel Blocking Agents

Therapeutics that treat chest pains by preventing the entry of calcium into heart muscle cells.

Target Products:

Nifedipine XL

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

Target Products:

PW2132 (Torsemide ER)

Vascular Disorders

Hypertension

Calcium Channel Blocking Agents

Therapeutics that treat high blood pressure by blocking the beta adrenergic receptors of the heart muscle and increasing the excretion of sodium ions, potassium ions, and water through urine.

Target Products:

Nifedipine XL

Digestive System

Gastrointestinal Tract Disorders

Intestinal Disorders

Inflammatory Bowel Disease (IBD)

Ulcerative Colitis

Monoclonal Antibodies

Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Buyer Products:

Nuvion (Visilizumab)

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)

Immunology

Autoimmune Disorders

Inflammatory Bowel Disease (IBD)

Ulcerative Colitis

Monoclonal Antibodies

Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Buyer Products:

Nuvion (Visilizumab)

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:

Zenapax (Daclizumab)
Nuvion (Visilizumab)

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)

Target Products:

PW4110

Research/Preclinical Stage Products

Therapeutics that are being investigated for the treatment of nervous system and mental disorders in very early stages of research where no human subject is involved.

Target Products:

PW4153
PW4159
PW4158

Oncology

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:

HuLuc63 (Monoclonal Antibody)
M200 (Volociximab)

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

Pain Management

Narcotics

Opioids

Therapeutics that treat pain by binding to certain nervous system receptors which alter both the perception of pain as well as the emotional response to pain.

Target Products:

Opana ER (Oxymorphone Hydrochloride Extended Release)

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:

PW4142 (Nalbuphine ER)

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:

Zenapax (Daclizumab)

Renal (Kidney)

Rejection Prophylaxis

Monoclonal Antibodies

Protein-based therapeutics that target specific substances like proteins.

Buyer Products:

Zenapax (Daclizumab)

Outsourced Services

Drug Delivery Technology

Oral Delivery

Hydrogel Based/Polymer Coated

Drug Delivery Technologies used to deliver drugs in a jelly like base which are enclosed using a polymer matrix.

Target Products:

SyncroDose
Geminex
TIMERx

Polymer Coated

Drug Delivery Technologies used to deliver drugs in a polymer based matrix to hold/enclose the drug.

Target Products:

Gastroretentive Drug Delivery System

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

- 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	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Buyer
	GlaxoSmithKline plc (ADR)	n/a	145,898.979	13.21	13.20	3.13	3.18	11.63
	Genentech, Inc.	n/a	81,346.724	31.11	27.75	7.43	6.82	8.93
	Baxter International Inc.	n/a	37,001.064	22.56	20.91	3.42	3.30	8.02
	Hospira, Inc.	n/a	6,472.566	61.84	19.36	2.15	1.91	n/a
	Medarex, Inc.	n/a	1,776.572	n/a	-100.64	37.72	38.72	3.25
	Sangamo Biosciences, Inc.	n/a	623.825	n/a	-26.60	78.18	58.97	16.08
	Dyax Corp.	n/a	262.675	n/a	-3.12	21.97	20.37	77.67
	Immunomedics, Inc.	n/a	172.643	n/a	-9.00	20.30	n/a	8.49
	Nuvelo, Inc.	n/a	113.636	n/a	-5.15	2.34	2.80	1.37
	RegeneRx Biopharmaceuticals, Inc.	n/a	76.348	n/a	n/a	282.76	n/a	6.78
	DOR BioPharma, Inc.	n/a	43.677	n/a	n/a	33.70	n/a	15.89
	Boehringer Ingelheim GmbH	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Target
	Johnson & Johnson	n/a	190,863.999	18.04	16.24	3.34	3.16	13.68
	Elan Corporation, plc (ADR)	n/a	10,448.804	n/a	-34.81	15.97	14.04	n/a
	Biovail Corporation (USA)	n/a	2,858.171	13.02	10.20	2.75	3.44	4.70
	King Pharmaceuticals, Inc.	n/a	2,574.611	8.36	5.85	1.25	1.23	1.90
	K-V Pharmaceutical Company	n/a	1,505.213	31.66	n/a	3.96	n/a	6.07
	Alpharma Inc.	n/a	929.815	16.08	22.14	1.36	1.29	1.93
	Eurand N.V.	n/a	731.542	n/a	-79.52	6.39	6.35	9.57
	Ligand Pharmaceuticals Inc.	n/a	603.788	1.51	2.18	8.33	n/a	12.96
	SkyePharma PLC (ADR)	n/a	256.721	n/a	-4.63	2.48	3.36	n/a
	SCOLR Pharma Inc.	n/a	128.925	n/a	n/a	37.40	n/a	9.30
	BioDelivery Sciences International, Inc.	n/a	66.577	n/a	-2.23	24.06	n/a	n/a
	Elite Pharmaceuticals, Inc.	n/a	49.101	n/a	-4.42	35.58	6.30	3.48
	Purdue Pharma L.P.	n/a	n/a	n/a	n/a	n/a	n/a	n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

	Name	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Buyer
	Seattle Genetics, Inc.	1.60%	868.795	n/a	-18.84	58.02	38.98	11.67
	Johnson & Johnson	n/a	190,863.999	18.04	16.24	3.34	3.16	13.68
	Akzo Nobel N.V. (ADR)	n/a	23,815.440	15.89	15.92	1.41	1.60	4.93
	Pharmaceutical Product Development, Inc.	n/a	4,644.765	28.49	28.15	3.51	3.52	5.51
	ARIUS Research, Inc.	n/a	26.851	n/a	n/a	53.10	n/a	1.96
Target
	Mylan Inc.	n/a	3,903.698	17.63	12.21	2.17	1.39	5.06
	DRAXIS Health Inc. (USA)	n/a	226.270	22.92	26.80	2.63	2.60	2.15

- Defined by the Company - Defined by Others

Key Customers

	Name	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Buyer
	Genentech, Inc.	36.00%	81,346.724	31.11	27.75	7.43	6.82	8.93
	Cardinal Health, Inc.	18.00%	23,811.086	12.33	15.90	0.27	0.25	15.71
	AmerisourceBergen Corp.	14.00%	8,188.940	16.26	17.77	0.13	0.13	15.63
	McKesson Corporation	13.00%	17,480.339	18.13	18.46	0.19	0.18	5.37
	AstraZeneca plc (ADR)	8.00%	77,334.217	12.88	13.12	2.77	2.64	n/a
	Roche Holding Ltd. (ADR)	n/a	158,366.482	21.04	19.17	4.13	4.04	6.18
	Wyeth	n/a	61,719.024	13.82	13.01	2.89	2.78	5.27
	Biogen Idec Inc.	n/a	19,990.682	34.32	26.43	6.89	6.17	22.87
	Elan Corporation, plc (ADR)	n/a	10,448.804	n/a	-34.81	15.97	14.04	n/a
	Seattle Genetics, Inc.	n/a	868.795	n/a	-18.84	58.02	38.98	11.67
	Progenics Pharmaceuticals, Inc.	n/a	624.812	n/a	-19.98	7.54	7.95	5.78
	Chugai Pharmaceutical Co., Ltd.	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Target
	Mylan Inc.	89.10%	3,903.698	17.63	12.21	2.17	1.39	5.06
	sanofi-aventis (ADR)	n/a	120,772.157	22.87	12.33	2.99	3.11	n/a
	Endo Pharmaceuticals	n/a	3,759.637	21.20	16.09	3.80	3.55	4.11
	Merck KGaA	n/a	n/a	n/a	n/a	n/a	n/a	n/a

- Defined by the Company - Defined by Others

Key Partners

	Name	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	190,863.999	18.04	16.24	3.34	3.16	13.68
	Roche Holding Ltd. (ADR)	n/a	158,366.482	21.04	19.17	4.13	4.04	6.18
	Genentech, Inc.	n/a	81,346.724	31.11	27.75	7.43	6.82	8.93
	Eli Lilly & Co.	n/a	66,389.582	30.48	16.82	3.91	3.66	7.32
	Wyeth	n/a	61,719.024	13.82	13.01	2.89	2.78	5.27
	Akzo Nobel N.V. (ADR)	n/a	23,815.440	15.89	15.92	1.41	1.60	4.93
	Cardinal Health, Inc.	n/a	23,811.086	12.33	15.90	0.27	0.25	15.71
	Biogen Idec Inc.	n/a	19,990.682	34.32	26.43	6.89	6.17	22.87
	Kirin Holdings Company, Ltd. (ADR)	n/a	12,997.143	30.53	26.56	0.90	0.80	1.69
	Elan Corporation, plc (ADR)	n/a	10,448.804	n/a	-34.81	15.97	14.04	n/a
	Exelixis, Inc.	n/a	1,159.117	n/a	-11.31	10.47	8.71	n/a
	Seattle Genetics, Inc.	n/a	868.795	n/a	-18.84	58.02	38.98	11.67
	Progenics Pharmaceuticals, Inc.	n/a	624.812	n/a	-19.98	7.54	7.95	5.78
	ARIUS Research, Inc.	n/a	26.851	n/a	n/a	53.10	n/a	1.96
	Aphton Corporation	n/a	0.060	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
	Pierre Fabre Medicament	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Target
	sanofi-aventis (ADR)	n/a	120,772.157	22.87	12.33	2.99	3.11	n/a
	Mylan Inc.	n/a	3,903.698	17.63	12.21	2.17	1.39	5.06
	Endo Pharmaceuticals	n/a	3,759.637	21.20	16.09	3.80	3.55	4.11
	DRAXIS Health Inc. (USA)	n/a	226.270	22.92	26.80	2.63	2.60	2.15
	Pharmaceutics International, Inc.	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	Edison Pharmaceuticals, Inc.	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
	Otsuka 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	465.2	3.0	468.2
Other Revenue	0.0	0.0	0.0
Total Revenue	465.2	3.0	468.2
Cost of Revenue	85.4	0.4	85.8
SG&A Expense	138.5	14.2	152.7
Depreciation & Amortization	0.0	0.0	0.0
Research & Development	259.0	23.7	282.7
Interest Expense	0.0	0.0	0.0
Other Operating Expense	4.5	0.0	4.5
Unusual Expense (Income)	73.8	0.0	73.8
Total Expenses	561.2	38.3	599.5
Operating Income	-96.0	-35.3	-131.3
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng	-14.3	1.8	-12.5
Other, Net	20.3	0.0	20.3
Income Before Taxes	-90.0	-33.5	-123.5
Income Taxes	1.1	0.0	1.1
Income After Taxes	-91.1	-33.5	-124.6
Net Income - Excl. Xord. Items	-91.1	-33.5	-124.6
Net Income - Incl. Xord. Items	-91.1	-33.5	-124.6
Income Avail. to Common	-91.1	-33.5	-124.6
Share Items
Basic Avg. Shares Outstanding	116.1	23.2	139.3
Basic EPS - Excl. Xord. Items	n/a	n/a	-0.89
Basic EPS - Incl. Xord. Items	n/a	n/a	-0.89
Full Dilution Adjustment	0.0	0.0	0.0
Fully Diluted Shares Outstanding	141.9	23.2	165.1
F.D. EPS - Excl. Xord. Items	n/a	n/a	-0.75
F.D. EPS - Incl. Xord. Items	n/a	n/a	-0.75
Balance Sheet
Assets
Cash and Equivalents	205.4	21.0	226.4
ST Investments	147.7	16.6	164.3
Accounts Receivable	11.1	0.6	11.7
Inventory	25.0	0.4	25.4
Prepayments and Advances	0.0	0.9	0.9
Other Current Assets	34.9	0.0	34.9
Current Assets	424.2	39.5	463.7
Accum D&A	0.0	0.0	0.0
PPE, Net	334.7	3.6	338.4
Goodwill & Intangibles	350.7	3.1	353.8
Long Term Investments	54.9	0.0	54.9
Other Assets	0.0	0.0	0.0
Other LT Assets	19.4	5.1	24.5
Total Assets	1,183.9	51.4	1,235.3
Liabilities
Accounts Payable	20.4	1.3	21.7
Payable/Accrued	0.0	0.0	0.0
Accrued Expenses	68.2	2.6	70.8
ST Debt	0.0	0.0	0.0
Curr Port of LTD & Cap Lease Oblg	0.7	1.2	1.9
Other (Current) Liabilities	12.9	0.3	13.2
Current Liab.	102.1	5.5	107.6
LT Debt	500.0	10.8	510.8
Total LT Debt	500.0	10.8	510.8
Other LT Liab.	67.8	3.0	70.8
Total Liabilities	669.9	19.3	689.2
Shareholders Equity
Common Stock	1.2	0.0	1.2
Additional Paid in Capital	1,078.8	220.3	1,299.0
Retained Earnings	-565.0	-188.3	-753.3
Other Equity	-1.0	0.1	-0.8
Total Equity	514.0	32.1	546.1
Total Liab. & Equity	1,183.9	51.4	1,235.3
Shares Outstanding	116.7	23.4	140.1
Cash Flow
Operating Cash Flow
CF Net Income	-91.1	-33.5	-124.6
CF Depreciation	29.4	0.0	29.4
CF Amortization	40.3	0.0	40.3
CF Deferred Taxes	0.0	0.0	0.0
Other Non-Cash Items	99.0	0.0	99.0
Change in Working Capital	3.9	4.5	8.4
Total Cash From Operating Activities	81.5	-29.0	52.5
Investing Cash Flow (not calculated)
Capital Expenditures	-92.2	-2.4	-94.5
Other Investing Cash Flows	-19.6	3.4	-16.1
Total Cash From Investing Activities	-111.7	1.1	-110.7
Financing Cash Flow (not calculated)
Dividends Paid	0.0	0.0	0.0
Purchase Or Sale of Stock	32.0	3.5	35.5
Purchase and Retirement of Debt	-2.1	12.0	9.9
Other Financing Cash Flow	0.0	-0.1	-0.1
Total Cash From Financing Activities	29.9	15.4	45.3
Exchange Rate Effects	0.0	0.0	0.0
Net Change in Cash	-0.3	-12.6	-12.9
Cash Taxes Paid	0.9	0.0	0.9
Cash Interest Paid	12.4	0.0	12.4