Summary

Other Scenarios:

Buyer: PDL BioPharma Inc. (PDLI) Last Price: 11.81 Market Cap.: 1.41B
Target: Chattem Inc. (CHTT) Last Price: 72.05 Market Cap.: 1.35B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Consumer   0
Healthcare 3

- 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)

n/a
Target (Total: 29)

n/a
Buyer
  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  • Therapeutic Antibody Candidates
  • Volociximab/M200 (Chimeric Monoclonal Antibody)
Target
  • Selsun Blue/Selsun Salon (Selenium Sulfide Shampoo)
  • Sun-In
  • Ultraswim
  • ACT

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 3)
  • Seattle Genetics, Inc. (SGEN)
  • ARIUS Research, Inc. (ARI:CA)
  • Highland Distressed Opportunities, Inc (HCD)
Target (Total: 3)
  • Johnson & Johnson (JNJ)
  • Eurand N.V. (EURX)
  • Kelso & Company
Buyer (Total: 12)
  • Genentech, Inc. (DNA)
  • AstraZeneca plc (ADR) (AZN)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Wyeth (WYE)
Target (Total: 4)
  • Wal-Mart Stores, Inc. (WMT)
  • Walgreen Company (WAG)
  • The Kroger Co. (KR)
  • Shoppers Drug Mart Corporation (SC:CA)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 887 465
Revenue Per Employee 504,271.4 996,056.6
Total Revenue 111.9 116.7
Total Expenses 60.2 78.1
Other Revenue 0.0 0.0
Cost of Revenue 0.0 32.6
SG&A Expense 16.6 45.4
Research & Development 40.4 0.0
Other Operating Expense 0.0 0.0
Operating Income 51.7 38.6
Unusual Income 3.3 0.0
LT Debt to Capital 95.2 67.69
Fwd P/E 14.23 18.03
Fwd P/Rev 4.53 2.94
Book Value 27.1 230.9
Curr Portion of LTD/Cap Lease 0.8 3.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

PDL BioPharma Inc. is a biopharmaceutical company focused on the discovery and development of novel antibodies in oncology and immunologic diseases. It receives royalties and other revenues through licensing agreements with various biotechnology and pharmaceutical companies based on its antibody humanization technology platform. These licensing agreements have contributed to the development by the Company?s licensees of nine marketed products. The Company has several investigational compounds in clinical development for severe or life-threatening diseases, two of which it is developing in collaboration with Biogen Idec MA, Inc. (Biogen Idec). Its products include Daclizumab, Volociximab, HuLuc63, PDL192 and Nuvion. In March 2008, the Company closed the sale of the Cardiovascular Assets, which included Cardene, to EKR Therapeutics, Inc (EKR). However, the Company continues to perform development work for new formulations and presentations of Cardene pursuant to an agreement with EKR.

Target

Chattem, Inc. (Chattem) is a marketer and manufacturer of a portfolio of branded over-the-counter (OTC) healthcare products, toiletries and dietary supplements, in such categories as medicated skin care products, topical pain care, oral care, internal OTC, medicated dandruff shampoos, dietary supplements and other OTC and toiletry products. The Company?s portfolio of products includes brands, such as Icy Hot, Aspercreme and Capzasin (topical pain care); Gold Bond Balmex and Cortizone-10 - medicated skin care; ACT and Herpecin-L - oral care; Selsun Blue and Selsun Blue Naturals - medicated dandruff shampoos, and Bullfrog, UltraSwim and Sun-In - other OTC and toiletry products.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 100 70.84
Operating Margin % 16.92 28.99
Quick Ratio 7.43 1.64
Current Ratio 7.86 2.9
Coverage Ratio 0.09 -0.21
Total Assets 654.1 786.9
Return on Equity % 181.72 28.9
Return on Assets % 7.53 8.48
Cash+ ST Inv. Per Share 3.12 0.61
Total Debt 537.8 493.0
Total Debt to Equity % 1,984.63 213.53
Total Debt to Tangible Equity % 2,850.51 n/a
Debt to Asset % 82.22 62.65

Product Summary

Sector Buyer Target
Consumer  
Consumer Products and Services  
Personal Care and Cleaning Products
Companies engaged in the manufacturing of personal care products, such as cosmetics, fragrances, skin lotion, shampoo and other toiletries; and household cleaning products, such as window/surface cleaner, and table polish.
  
Healthcare
Biopharmaceuticals
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.
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.
  
Musculoskeletal System
The Musculoskeletal System Subsector includes therapeutics that treat disorders of the bones, joints, ligaments, tendons, and soft tissue involved with them.
  
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.
  
Medical Devices  
Orthopedics
The Orthopedics Subsector includes medical devices that diagnose and treat musculoskeletal diseases involving muscles, bones and joints.
  
Nutritional Health  
Dietary/Naturopathic Supplements
The Dietary/Naturopathic Subsector includes nutritional biochemicals and nutrients derived from natural sources that are intended to support health.
  
Outsourced Services  
Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
  

- 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
Consumer  
Consumer Products and Services  
Personal Care and Cleaning Products  
Hair Care
Companies engaged in the manufacturing of hair care products, such as shampoo, conditioner, hair dye, hair spray, styling gel, and mousse. Also includes hair accessories, such as pins, clips, and curlers.

Target Products:

  • Selsun Blue/Selsun Salon (Selenium Sulfide Shampoo)
  • Sun-In
  • Ultraswim
  
Oral Care
Oral Care products, including Toothpaste, Mouthwash, and denture adhesive.

Target Products:

  • ACT
  
Skin Care
Companies engaged in the manufacturing of skin care products, such as suntan lotion, skin lotion, sanitizer, shaving cream, and moisturizer. Also includes manufacturers of non-electrical shaving equipment.

Target Products:

  • Gold Bond
  • Mudd
  • Bullfrog
  
Healthcare
Biopharmaceuticals
Dermatology  
Lesion/Scaling Disorders  
Dermatitis  
Seborrheic (Dandruff)  
Anti-Mitotic Agents
Therapeutics that block the mitotic division of cells.

Target Products:

  • Selsun Blue/Selsun Salon (Selenium Sulfide Shampoo)
  
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.

Target Products:

  • Cortizone-10 (Hydrocortisone)
  
Diaper Rash  
Zinc Oxide
Therapeutics that treat diaper rash by forming a protective barrier against the skin.

Target Products:

  • Balmex (Zinc Oxide)
  
Digestive System
Gastrointestinal Tract Disorders
Intestinal Disorders
Diarrhea  
Antiperistaltic Agents
Therapeutics that treat diarrhea by inhibiting the wavelike motion of the digestive tract.

Target Products:

  • Kaopectate Series (Bismuth Subsalicylate)
  
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)
  
Stomatognathic Disorders  
Aphthous (Canker Sores)  
Sodium Channel Blocking Agents
Therapeutics that treat canker sores by blocking sodium channels which in turn block the passage of neural impulses.

Target Products:

  • Benzodent (Benzocaine)
  
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
Arthritis  
Rheumatoid Arthritis (RA)  
Analgesics  
Substance P Inhibitors
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking the action of a pain mediator.

Target Products:

  • Arthritis Hot (Menthol/Methyl Salicylate)
  • Capzasin-P (Capsaicin)
  • Capzasin-HP (Capsaicin)
  • Aspercreme (Trolamine Salicylate)
  
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:

  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  
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
  
Infectious Diseases  
Viral  
DNA Viruses  
Herpesvirus  
Herpes Labialis (Cold Sores)  
Viral Fusion Inhibitors
Therapeutics that treat cold sores by inhibiting fusion of viral material into human cell plasma membranes.

Target Products:

  • Herpecin-L
  
Musculoskeletal System  
Skeletal Disorders  
Joint Disorders  
Osteoarthritis (OA)  
Substance P Inhibitors
Therapeutics that treat inflammation by preventing the accumulation of Substance P at the inflammation sites.

Target Products:

  • Arthritis Hot (Menthol/Methyl Salicylate)
  • Aspercreme (Trolamine Salicylate)
  • Capzasin-HP (Capsaicin)
  • Capzasin-P (Capsaicin)
  
Rheumatoid Arthritis (RA)  
Analgesics  
Substance P Inhibitors
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking the action of a pain mediator.

Target Products:

  • Arthritis Hot (Menthol/Methyl Salicylate)
  • Capzasin-P (Capsaicin)
  • Capzasin-HP (Capsaicin)
  
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:

  • Daclizumab (Monoclonal Antibody)
  
Psychiatric Disorders  
Sleep Disorders  
Insomnia  
Antihistamines
Therapeutics that treat insomnia by preventing the functions of histamine on tissues.

Target Products:

  • Unisom SleepGels (Diphenhydramine Hydrochloride)
  • Unisom Sleeptabs (Doxylamine Succinate)
  
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:

  • Volociximab/M200 (Chimeric Monoclonal Antibody)
  • PDL192 (Humanized Monoclonal Antibody)
  • Elotuzumab/Previously HuLuc63 (Anti-CS1 Monoclonal 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
  
Pain Management  
Anesthesia  
Local  
Sodium Channel Blocking Agents
Therapeutics that treat pain by blocking the movement of sodium ions and thus the initiation and conduction of nerve impulses across the neuronal membrane.

Target Products:

  • Benzodent (Benzocaine)
  
Non-Narcotics  
Analgesics Combinations  
Analgesics/Antipyretics
Therapeutics that treat pain and fever by inhibiting the action of prostaglandins.

Target Products:

  • Pamprin Max (Acetaminophen/Aspiin/Caffeine)
  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • PAMPRIN Cramp (Acetaminophen/ Magnesium Salicylate/ Pamabrom)
  • Sportscreme (Trolamine Salicylate)
  • Flexall (Salicylate/Menthol/Camphor)
  • Gold Bond
  • Icy Hot Gel/Cream/Balm/Stick (Methyl Salicylate/Menthol)
  • Aspercreme (Trolamine Salicylate)
  • Pamprin Multi-Symptom (Acetaminophen/ Pamabrom/ Pyrilamine Maleate)
  • Pamprin All Day (Naproxen sodium)
  
Substance P Inhibitors
Therapeutics that treat pain by inhibiting the accumulation of Substance P at the inflammation site.

Target Products:

  • Arthritis Hot (Menthol/Methyl Salicylate)
  • Aspercreme (Trolamine Salicylate)
  
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:

  • Daclizumab (Monoclonal Antibody)
  
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:

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

Buyer Products:

  • Zenapax (Daclizumab)
  
Medical Devices  
Orthopedics  
Treatment  
Braces/Supports  
Active
Braces that can be worn during physical activity to support ankle, elbow, arm, knee, shoulder and wrist.

Target Products:

  • Icy Hot Pro-Therapy Series
  
Pain Management  
General Purpose  
Cold Therapy
Devices that use cold temperatures to ease pain associated with musculoskeletal injuries.

Target Products:

  • Icy Hot Pro-Therapy Series
  
Patches
Patch like devices which deliver controlled release pain medication subcutaneously.

Target Products:

  • Capzaisin Back And Body Patch
  • Icy Hot Patch/Sleeve (Menthol)
  • Icy Hot Pro-Therapy Series
  
Nutritional Health  
Dietary/Naturopathic Supplements  
General Health
Products consisting of dietary/naturopathic supplements that are intended to support general health.

Target Products:

  • Chattem Inc.
  
Weight Management
Products consisting of dietary/naturopathic supplements that are intended to manage obesity, overweight and underweight.

Target Products:

  • Chattem Inc.
  
Women`s Health
Products consisting of dietary/naturopathic supplements that are intended to support women's health.

Target Products:

  • Chattem Inc.
  
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
  

- 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
  GlaxoSmithKline plc (ADR) n/a 118,471.320 13.48 11.40 2.90 2.55 57.50
Buyer
  GlaxoSmithKline plc (ADR) n/a 118,471.320 13.48 11.40 2.90 2.55 57.50
Genentech, Inc. n/a 102,018.015 33.12 29.97 8.38 7.75 9.60
Baxter International Inc. n/a 42,109.657 22.81 20.52 3.56 3.42 7.73
Hospira, Inc. n/a 6,220.164 23.04 15.71 1.74 1.69 26.95
Medarex inc. n/a 875.199 n/a -23.00 15.95 17.92 2.70
Sangamo Biosciences, Inc. n/a 389.794 n/a -13.53 36.43 29.44 6.66
Dyax Corp. n/a 281.403 n/a -4.22 10.31 11.00 n/a
Nuvelo, Inc. n/a 25.723 n/a -0.76 1.69 1.79 0.50
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
Target
  The Procter & Gamble Company n/a 212,331.856 17.84 17.65 2.54 2.41 n/a
Johnson & Johnson n/a 197,487.034 16.67 15.62 3.11 3.03 11.46
GlaxoSmithKline plc (ADR) n/a 118,471.320 13.48 11.40 2.90 2.55 57.50
NBTY, Inc. n/a 1,949.431 10.59 11.97 0.94 0.91 3.23
Helen of Troy Limited n/a 699.390 12.28 12.16 1.06 1.04 4.17
Prestige Brands Holdings, Inc. n/a 449.966 13.48 12.24 1.40 1.37 n/a
AVANIR Pharmaceuticals n/a 72.728 n/a n/a 8.42 n/a 2.15

- 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
  Seattle Genetics, Inc. n/a 862.546 n/a -10.88 29.18 25.57 6.95
ARIUS Research, Inc. n/a 115.719 n/a n/a 48.69 n/a 21.58
Highland Distressed Opportunities, Inc n/a 91.241 n/a 6.27 2.65 7.05 0.71
Target
  Johnson & Johnson n/a 197,487.034 16.67 15.62 3.11 3.03 11.46
Eurand N.V. n/a 789.820 n/a -72.50 6.00 5.02 11.77
Kelso & Company 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
  Genentech, Inc. 68.00% 102,018.015 33.12 29.97 8.38 7.75 9.60
AstraZeneca plc (ADR) 14.00% 67,210.863 11.73 9.68 2.17 2.09 n/a
Roche Holding Ltd. (ADR) n/a 141,891.535 16.26 15.18 3.47 3.22 5.94
Wyeth n/a 54,417.359 12.14 11.63 2.36 2.33 3.57
Bristol Myers Squibb Co. n/a 42,541.949 19.39 12.95 2.06 2.05 9.14
Cardinal Health, Inc. n/a 19,354.761 14.88 13.91 0.21 0.20 12.72
McKesson Corporation n/a 15,704.882 15.86 14.16 0.15 0.15 6.20
Biogen Idec Inc. n/a 14,103.466 20.47 13.76 3.90 3.52 6.93
AmerisourceBergen Corp. n/a 6,425.614 28.79 14.33 0.09 0.09 n/a
Elan Corporation, plc (ADR) n/a 6,151.444 n/a -27.19 7.19 5.71 n/a
Seattle Genetics, Inc. n/a 862.546 n/a -10.88 29.18 25.57 6.95
Progenics Pharmaceuticals, Inc. n/a 431.232 n/a -12.75 5.68 4.63 3.11
Target
  Wal-Mart Stores, Inc. 33.00% 239,541.682 17.84 17.08 0.60 0.57 4.74
Walgreen Company n/a 34,240.068 16.23 16.03 0.59 0.58 3.08
The Kroger Co. n/a 17,597.458 14.31 14.27 0.24 0.23 6.45
Shoppers Drug Mart Corporation n/a 11,769.063 22.46 n/a 1.34 n/a 14.26

- 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
  Roche Holding Ltd. (ADR) n/a 141,891.535 16.26 15.18 3.47 3.22 5.94
Genentech, Inc. n/a 102,018.015 33.12 29.97 8.38 7.75 9.60
Wyeth n/a 54,417.359 12.14 11.63 2.36 2.33 3.57
Eli Lilly & Co. n/a 51,663.008 13.58 11.70 2.62 2.56 4.17
Bristol Myers Squibb Co. n/a 42,541.949 19.39 12.95 2.06 2.05 9.14
Cardinal Health, Inc. n/a 19,354.761 14.88 13.91 0.21 0.20 12.72
Biogen Idec Inc. n/a 14,103.466 20.47 13.76 3.90 3.52 6.93
Elan Corporation, plc (ADR) n/a 6,151.444 n/a -27.19 7.19 5.71 n/a
Seattle Genetics, Inc. n/a 862.546 n/a -10.88 29.18 25.57 6.95
Exelixis, Inc. n/a 595.310 n/a -3.64 5.20 4.97 n/a
Progenics Pharmaceuticals, Inc. n/a 431.232 n/a -12.75 5.68 4.63 3.11
ARIUS Research, Inc. n/a 115.719 n/a n/a 48.69 n/a 21.58
Pierre Fabre Medicament n/a n/a n/a n/a n/a n/a n/a
Target
  Wal-Mart Stores, Inc. n/a 239,541.682 17.84 17.08 0.60 0.57 4.74
Johnson & Johnson n/a 197,487.034 16.67 15.62 3.11 3.03 11.46
Pfizer Inc. n/a 124,775.801 13.80 7.88 2.55 2.58 4.99
Walgreen Company n/a 34,240.068 16.23 16.03 0.59 0.58 3.08
The Kroger Co. n/a 17,597.458 14.31 14.27 0.24 0.23 6.45
Shoppers Drug Mart Corporation n/a 11,769.063 22.46 n/a 1.34 n/a 14.26
Perrigo Company n/a 3,232.888 23.81 17.96 1.77 1.54 5.00
Kelso & Company 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 280.2 447.1 727.3
Other Revenue 0.0 0.0 0.0
Total Revenue 280.2 447.1 727.3
Cost of Revenue 0.0 130.4 130.4
SG&A Expense 76.4 186.2 262.6
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 188.1 0.0 188.1
Interest Expense 0.0 0.0 0.0
Other Operating Expense -49.7 0.0 -49.7
Unusual Expense (Income) 18.0 0.9 18.9
Total Expenses 232.8 317.5 550.3
Operating Income 47.4 129.6 177.0
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 4.0 -26.8 -22.8
Other, Net 0.0 0.0 0.0
Income Before Taxes 51.4 102.8 154.2
Income Taxes 2.2 36.0 38.2
Income After Taxes 49.2 66.7 116.0
Net Income - Excl. Xord. Items 49.2 66.7 116.0
Discontinued Operations -98.6 0.0 -98.6
Net Income - Incl. Xord. Items -49.3 66.7 17.4
Income Avail. to Common -49.3 66.7 17.4
Share Items
Basic Avg. Shares Outstanding 118.8 19.1 137.9
Basic EPS - Excl. Xord. Items 0.41 3.49 0.84
Basic EPS - Incl. Xord. Items n/a 3.49 0.13
Full Dilution Adjustment 1.9 0.0 1.9
Fully Diluted Shares Outstanding 152.5 19.5 172.0
F.D. EPS - Excl. Xord. Items 0.32 3.42 0.67
F.D. EPS - Incl. Xord. Items n/a 3.42 0.10
Balance Sheet
Assets
Cash and Equivalents 461.6 12.0 473.6
ST Investments 13.8 0.0 13.8
Accounts Receivable 0.0 55.4 55.4
Inventory 0.0 42.4 42.4
Prepayments and Advances 0.0 2.2 2.2
Other Current Assets 27.6 7.0 34.6
Current Assets 503.0 119.1 622.1
Accum D&A 0.0 0.0 0.0
PPE, Net 130.9 32.6 163.4
Goodwill & Intangibles 8.2 613.3 621.6
Other Assets 0.0 0.0 0.0
Other LT Assets 12.0 18.7 30.7
Total Assets 654.1 786.9 1,441.1
Liabilities
Accounts Payable 1.9 12.4 14.3
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 53.1 19.3 72.4
ST Debt 0.0 6.3 6.3
Curr Port of LTD & Cap Lease Oblg 0.8 3.0 3.8
Other (Current) Liabilities 8.2 0.0 8.2
Current Liab. 64.0 41.0 105.0
LT Debt 537.1 483.7 1,020.7
Total LT Debt 537.1 483.7 1,020.7
Deferred Taxes 0.0 29.1 29.1
Other LT Liab. 26.0 2.2 28.2
Total Liabilities 627.0 556.1 1,183.1
Shareholders Equity
Common Stock 1.2 31.1 32.3
Additional Paid in Capital 645.7 0.0 645.7
Retained Earnings -619.3 200.5 -418.7
Unrealized Gain (Loss) 0.0 -0.0 -0.0
Other Equity -0.5 -0.8 -1.3
Total Equity 27.1 230.9 258.0
Total Liab. & Equity 654.1 786.9 1,441.1
Shares Outstanding 119.4 19.0 138.4
Cash Flow
Operating Cash Flow
CF Net Income -49.3 66.7 17.4
CF Depreciation 30.2 8.8 39.0
CF Amortization 15.6 0.0 15.6
CF Deferred Taxes 0.0 15.0 15.0
Other Non-Cash Items 41.7 0.2 41.9
Change in Working Capital -9.6 -16.0 -25.6
Total Cash From Operating Activities 28.6 74.6 103.2
Investing Cash Flow (not calculated)
Capital Expenditures -43.4 408.8 365.4
Other Investing Cash Flows 727.6 -417.5 310.2
Total Cash From Investing Activities 684.2 -8.7 675.5
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 24.2 -25.8 -1.6
Purchase and Retirement of Debt -6.2 -77.9 -84.1
Other Financing Cash Flow -474.6 6.7 -467.9
Total Cash From Financing Activities -456.6 -67.0 -523.5
Exchange Rate Effects 0.0 0.3 0.3
Net Change in Cash 256.2 -0.7 255.5
Cash Taxes Paid 0.2 11.5 11.6
Cash Interest Paid 12.4 25.1 37.6