Summary

Other Scenarios:

Buyer: PDL BioPharma Inc. (PDLI) Last Price: 20.88 Market Cap.: 2.40B
Target: Emisphere Technologies Inc. (EMIS) Last Price: 8.88 Market Cap.: 248.77M

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 872
Biopharmaceuticals 329
Outsourced Services 66

- 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: 10)
  • Humanized Antibody Technology
Target (Total: 12)
  • Emisphere Eligen Technology
Buyer
  • Retavase (Reteplase)
  • Ularitide
  • HuZAF (Fontolizumab)
  • Nuvion (Visilizumab)
Target
  • Oral Cromolyn Sodium
  • Oral Low Molecular Weight Heparin (LMWH)
  • Oral Unfractionated Heparin (UFH)
  • Oral Recombinant Human Growth Hormone (rhGH)

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 6)
  • Johnson & Johnson (JNJ)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Akzo Nobel N.V. (ADR) (AKZOY)
  • Human Genome Sciences (HGSI)
Target (Total: 0)

n/a
Buyer (Total: 30)
  • Genentech, Inc. (DNA)
  • MedImmune, Inc. (MEDI)
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
Target (Total: 2)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Novartis AG (ADR) (NVS)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 977 118
Revenue Per Employee 426,982.1 174,478.0
Total Revenue 104.3 5.2
Total Expenses 112.5 8.6
Other Revenue 0.0 0.0
Cost of Revenue 21.5 0.0
SG&A Expense 25.3 2.8
Research & Development 62.6 4.9
Other Operating Expense 2.2 -0.0
Operating Income -8.2 -3.4
Unusual Income 0.9 0.0
LT Debt to Capital 48.16 92.42
Fwd P/E -295.43 -8.14
Fwd P/Rev 5.73 71.00
Book Value 538.2 1.9
Curr Portion of LTD/Cap Lease 0.6 0.5

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 > Molecular Complex

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

Emisphere Technologies, Inc. (Emisphere) is a biopharmaceutical company specializing in the oral delivery of therapeutic macromolecules and other compounds that are not yet deliverable by oral means. The Company's oral drug delivery technology, the eligen technology, is based upon synthetic chemical compounds known as EMISPHERE delivery agents (or carriers) that facilitate or enable the transport of therapeutic macromolecules and poorly absorbed small molecules across biological membranes, such as the membranes of the small intestine. Emisphere has demonstrated oral delivery in humans of the therapeutic macromolecules and poorly absorbed small molecules: unfractionated heparin, low molecular weight heparin, insulin, PTH 1-34, rhGH, cromolyn, salmon calcitonin and a small molecule for the treatment of bone disease. The Company has also demonstrated oral delivery of over 50 other compounds in laboratory animals.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 76.56 100
Operating Margin % -31.74 -370.99
Quick Ratio 5.89 2.02
Current Ratio 6.36 2.08
Coverage Ratio 0.1 0.77
Total Assets 1,180.4 42.8
Return on Equity % -20.97 -2,553.72
Return on Assets % -9.56 -115.5
Cash+ ST Inv. Per Share 3.56 1.34
Total Debt 500.6 24.1
Total Debt to Equity % 93.02 1,244.36
Total Debt to Tangible Equity % 478.46 120,330
Debt to Asset % 42.41 56.28

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Allergies
The Allergies Subsector includes therapeutics that treat exaggerated immune reaction induced by exposure to a foreign substance.
  
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.
  
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.
  
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.
  
Weight Management
The Weight Management Subsectors includes herapeutics that treat and manage weight disorders.
  
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
Allergies  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for treatment of allergic reactions in early stages of clinical research where human subject is involved.

Target Products:

  • Oral Cromolyn Sodium
  
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

Target Products:

  • Oral Low Molecular Weight Heparin (LMWH)
Vascular Disorders  
Deep Vein Thrombosis (DVT)  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that prevent or treat clots in blood vessels by preventing blood clots from forming.

Target Products:

  • Oral Unfractionated Heparin (UFH)
  
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:

  • HuZAF (Fontolizumab)
  • Nuvion (Visilizumab)
  
Digestive System  
Liver Disorders  
Cirrhosis  
Complications  
Hepatorenal Syndrome  
Antidiuretic Agents
Therapeutics that treat Hepatorenal Syndrome by increasing vasoconstriction (narrowing blood vessels), thereby reduces blood flow in the splanchnic area to lower portal blood pressure.

Buyer Products:

  • Terlipressin
  
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:

  • Oral Recombinant Human Growth Hormone (rhGH)
  • Oral Insulin
  
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)

Target Products:

  • Oral Glucagon-Like Peptides (GLPs)
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
  
Infectious Diseases  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in very early stages of research where no human subject is involved.

Target Products:

  • Oral Anthrax Antigen
  
Musculoskeletal System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in early stages of clinical research where human subject is involved.

Target Products:

  • Oral Recombinant Parathyroid Hormone (rPTH)
  • Oral Salmon Calcitonin
  
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  
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)
  
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)

Target Products:

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

Buyer Products:

  • Zenapax (Daclizumab)
  
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.

Target Products:

  • Oral Ciliary Neutrophic Growth Factor (CNTF)
  • Oral PYY//3-36// Program
  
Outsourced Services
Drug Delivery Technology  
Oral Delivery  
Molecular Complex
Drug Delivery Technologies used to deliver drugs using a substance with the drugs embedded in it.

Target Products:

  • Emisphere Eligen Technology
  
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 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 154,111.279 15.40 16.42 3.52 3.62 15.36
Buyer
  Johnson & Johnson n/a 199,398.736 18.02 18.45 3.82 3.78 n/a
GlaxoSmithKline plc (ADR) n/a 154,111.279 15.40 16.42 3.52 3.62 15.36
Genentech, Inc. n/a 88,932.663 47.83 42.47 10.51 9.85 n/a
Baxter International Inc. n/a 30,231.656 24.05 21.39 2.99 2.95 4.77
Hospira, Inc. n/a 5,804.372 26.29 19.08 2.20 2.19 4.86
Medarex, Inc. n/a 1,587.134 n/a -9.01 28.33 32.03 4.31
Crucell N.V. (ADR) n/a 1,376.261 n/a -26.50 18.91 8.55 3.57
The Medicines Company n/a 1,284.690 294.31 93.48 6.92 6.02 6.43
Nuvelo, Inc. n/a 965.913 n/a -11.95 406.85 100.77 7.27
Tanox, Inc. n/a 599.091 n/a -41.00 11.11 12.38 2.84
Target
  Pfizer Inc. n/a 198,473.286 15.73 13.44 4.11 4.18 n/a
GlaxoSmithKline plc (ADR) n/a 154,111.279 15.40 16.42 3.52 3.62 15.36
Novartis AG (ADR) n/a 142,354.711 20.75 19.67 3.93 3.89 3.69
sanofi-aventis (ADR) n/a 117,673.763 57.81 13.43 3.15 3.26 n/a
Eli Lilly & Co. n/a 64,466.653 19.95 18.19 4.21 4.18 n/a
Bristol Myers Squibb Co. n/a 48,553.923 21.89 23.59 2.59 2.70 n/a
Nektar Therapeutics n/a 1,314.334 n/a -10.51 8.30 7.14 7.46
MannKind Corporation n/a 982.591 n/a -4.79 9,899.85 80.55 8.37
Nastech Pharmaceutical n/a 353.953 n/a -18.26 17.14 9.54 6.12
Unigene Laboratories n/a 226.327 n/a n/a 15.70 n/a n/a
BioDelivery Sciences International, Inc. n/a 27.876 n/a -1.79 85.79 9.82 78.30
Access Pharmaceuticals, Inc. n/a 3.886 n/a n/a n/a n/a n/a
Nobex Corporation n/a n/a n/a n/a n/a n/a n/a
Biocon Limited 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
  Johnson & Johnson n/a 199,398.736 18.02 18.45 3.82 3.78 n/a
Roche Holding Ltd. (ADR) n/a 150,603.416 33.42 23.50 5.45 n/a 8.26
Akzo Nobel N.V. (ADR) n/a 16,063.531 10.35 15.15 0.94 0.83 3.77
Human Genome Sciences n/a 1,735.064 n/a -7.57 71.64 48.67 5.73
Seattle Genetics, Inc. n/a 262.211 n/a -6.58 26.92 26.04 2.71
ARIUS Research, Inc. n/a 27.621 n/a n/a 11.07 n/a 1.42

- 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
  Roche Holding Ltd. (ADR) 3.30% 150,603.416 33.42 23.50 5.45 n/a 8.26
Buyer
  Genentech, Inc. 17.50% 88,932.663 47.83 42.47 10.51 9.85 n/a
MedImmune, Inc. 6.70% 7,595.382 n/a 377.50 6.12 5.65 7.54
Cardinal Health, Inc. 5.60% 26,140.058 26.14 17.82 0.32 0.30 7.76
McKesson Corporation 5.60% 15,236.009 19.94 18.78 0.17 0.16 3.83
AmerisourceBergen Corp. 4.70% 9,419.104 25.79 22.14 0.16 0.16 5.69
Roche Holding Ltd. (ADR) 3.30% 150,603.416 33.42 23.50 5.45 n/a 8.26
GlaxoSmithKline plc (ADR) n/a 154,111.279 15.40 16.42 3.52 3.62 15.36
Merck & Co., Inc. n/a 100,297.736 19.75 18.41 4.49 4.66 n/a
Abbott Laboratories n/a 72,830.558 22.98 19.08 3.27 3.27 n/a
Wyeth n/a 69,974.213 17.18 16.60 3.52 3.51 n/a
Eli Lilly & Co. n/a 64,466.653 19.95 18.19 4.21 4.18 n/a
Biogen Idec Inc n/a 15,124.990 432.26 22.32 6.05 5.72 5.05
Elan Corporation, plc (ADR) n/a 6,402.804 n/a -19.54 11.98 11.24 n/a
Millennium Pharmaceuticals, Inc. n/a 3,717.673 n/a -93.25 7.93 7.49 6.66
Human Genome Sciences n/a 1,735.064 n/a -7.57 71.64 48.67 5.73
Medarex, Inc. n/a 1,587.134 n/a -9.01 28.33 32.03 4.31
InterMune, Inc. n/a 763.432 n/a -12.46 7.34 8.09 n/a
Progenics Pharmaceuticals, Inc. n/a 673.727 n/a -29.05 19.28 12.18 6.47
Tanox, Inc. n/a 599.091 n/a -41.00 11.11 12.38 2.84
Seattle Genetics, Inc. n/a 262.211 n/a -6.58 26.92 26.04 2.71
UCB S.A. 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
Target
  Roche Holding Ltd. (ADR) 80.40% 150,603.416 33.42 23.50 5.45 n/a 8.26
Novartis AG (ADR) 16.20% 142,354.711 20.75 19.67 3.93 3.89 3.69

- 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
  Roche Holding Ltd. (ADR) n/a 150,603.416 33.42 23.50 5.45 n/a 8.26
Buyer
  Johnson & Johnson n/a 199,398.736 18.02 18.45 3.82 3.78 n/a
Roche Holding Ltd. (ADR) n/a 150,603.416 33.42 23.50 5.45 n/a 8.26
Merck & Co., Inc. n/a 100,297.736 19.75 18.41 4.49 4.66 n/a
Genentech, Inc. n/a 88,932.663 47.83 42.47 10.51 9.85 n/a
Abbott Laboratories n/a 72,830.558 22.98 19.08 3.27 3.27 n/a
Wyeth n/a 69,974.213 17.18 16.60 3.52 3.51 n/a
Eli Lilly & Co. n/a 64,466.653 19.95 18.19 4.21 4.18 n/a
Cardinal Health, Inc. n/a 26,140.058 26.14 17.82 0.32 0.30 7.76
Akzo Nobel N.V. (ADR) n/a 16,063.531 10.35 15.15 0.94 0.83 3.77
Biogen Idec Inc n/a 15,124.990 432.26 22.32 6.05 5.72 5.05
Elan Corporation, plc (ADR) n/a 6,402.804 n/a -19.54 11.98 11.24 n/a
Human Genome Sciences n/a 1,735.064 n/a -7.57 71.64 48.67 5.73
Exelixis, Inc. n/a 945.005 n/a -8.24 12.75 9.04 n/a
Progenics Pharmaceuticals, Inc. n/a 673.727 n/a -29.05 19.28 12.18 6.47
Seattle Genetics, Inc. n/a 262.211 n/a -6.58 26.92 26.04 2.71
ARIUS Research, Inc. n/a 27.621 n/a n/a 11.07 n/a 1.42
Aphton Corporation n/a 0.536 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
Morphotek Inc. n/a n/a n/a n/a n/a n/a n/a
Orphan Therapeutics, LLC n/a n/a n/a n/a n/a n/a n/a
Target
  Roche Holding Ltd. (ADR) n/a 150,603.416 33.42 23.50 5.45 n/a 8.26
Novartis AG (ADR) n/a 142,354.711 20.75 19.67 3.93 3.89 3.69
Genta Incorporated n/a 122.183 n/a -1.77 194.47 240.83 4.01
Government - United States 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 355.9 7.5 363.4
Other Revenue 0.0 0.0 0.0
Total Revenue 355.9 7.5 363.4
Cost of Revenue 83.4 0.0 83.4
SG&A Expense 112.4 11.8 124.2
Depreciation & Amortization 0.0 4.1 4.1
Research & Development 220.8 19.3 240.1
Interest Expense 0.0 0.0 0.0
Other Operating Expense 3.3 0.0 3.3
Unusual Expense (Income) 48.9 0.2 49.0
Total Expenses 468.8 35.3 504.1
Operating Income -112.9 -27.8 -140.8
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -11.1 -21.6 -32.7
Other, Net 12.2 0.0 12.2
Income Before Taxes -111.8 -49.4 -161.2
Income Taxes 1.0 0.0 1.0
Income After Taxes -112.9 -49.4 -162.2
Net Income - Excl. Xord. Items -112.9 -49.4 -162.2
Net Income - Incl. Xord. Items -112.9 -49.4 -162.2
Income Avail. to Common -112.9 -49.4 -162.2
Share Items
Basic Avg. Shares Outstanding 113.5 26.0 139.5
Basic EPS - Excl. Xord. Items n/a n/a -1.16
Basic EPS - Incl. Xord. Items n/a n/a -1.16
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 113.5 26.0 139.5
F.D. EPS - Excl. Xord. Items n/a n/a -1.16
F.D. EPS - Incl. Xord. Items n/a n/a -1.16
Balance Sheet
Assets
Cash and Equivalents 205.8 16.8 222.6
ST Investments 198.9 18.0 216.8
Accounts Receivable 19.9 0.0 19.9
Inventory 19.7 0.0 19.7
Prepayments and Advances 0.0 1.1 1.1
Other Current Assets 13.8 0.0 13.8
Current Assets 458.0 35.8 493.9
PPE 0.0 29.0 29.0
Accum D&A 0.0 -24.7 -24.7
PPE, Net 266.8 4.2 271.0
Goodwill & Intangibles 433.6 1.9 435.5
Long Term Investments 9.7 0.0 9.7
Other Assets 0.0 0.0 0.0
Other LT Assets 12.3 0.8 13.1
Total Assets 1,180.4 42.8 1,223.2
Liabilities
Accounts Payable 7.6 0.0 7.6
Payable/Accrued 0.0 2.9 2.9
Accrued Expenses 46.3 0.0 46.3
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.6 0.5 1.1
Other (Current) Liabilities 17.4 13.8 31.2
Current Liab. 72.0 17.2 89.2
LT Debt 500.0 23.6 523.6
Total LT Debt 500.0 23.6 523.6
Deferred Taxes 5.1 0.0 5.1
Other LT Liab. 65.1 0.1 65.1
Total Liabilities 642.2 40.8 683.0
Shareholders Equity
Common Stock 1.1 0.3 1.4
Additional Paid in Capital 1,012.1 386.8 1,398.9
Retained Earnings -473.7 -381.2 -854.9
Treasure Stock 0.0 -4.0 -4.0
Other Equity -1.3 -0.0 -1.3
Total Equity 538.2 1.9 540.2
Total Liab. & Equity 1,180.4 42.8 1,223.2
Shares Outstanding 113.9 28.0 141.9
Cash Flow
Operating Cash Flow
CF Net Income -112.9 -49.4 -162.2
CF Depreciation 24.1 3.8 27.9
CF Amortization 45.5 0.2 45.8
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 48.7 22.5 71.2
Change in Working Capital 71.6 -0.9 70.7
Total Cash From Operating Activities 77.1 -23.7 53.4
Investing Cash Flow (not calculated)
Capital Expenditures -34.9 -0.2 -35.1
Other Investing Cash Flows -21.5 -12.0 -33.5
Total Cash From Investing Activities -56.4 -12.2 -68.6
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 148.6 34.1 182.7
Purchase and Retirement of Debt -0.2 12.6 12.4
Other Financing Cash Flow 0.0 0.0 0.0
Total Cash From Financing Activities 148.4 46.7 195.1
Exchange Rate Effects 0.0 0.0 0.0
Net Change in Cash 169.1 10.7 179.8
Cash Taxes Paid 0.4 0.0 0.4
Cash Interest Paid 6.1 0.5 6.6