EXHIBIT 99.1
West Pharmaceutical Services, Inc. | ||||||||||||||||||||
($ Millions) | ||||||||||||||||||||
Presented "as if" 2010 business unit realignments were effective in 2009, in order to facilitate comparative analyses of 2010 segment results to the comparable prior-year periods | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
2009 Consolidated Results | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
March 31 | June 30 | Sept 30 | Dec 31 | Dec 31 | ||||||||||||||||
Net Sales: | ||||||||||||||||||||
Pharmaceutical Packaging Systems | $ | 176.4 | $ | 190.1 | $ | 189.9 | $ | 219.6 | $ | 776.0 | ||||||||||
Pharmaceutical Delivery Systems | 67.5 | 72.1 | 70.2 | 75.2 | 285.0 | |||||||||||||||
Eliminations | (1.5 | ) | (1.2 | ) | (1.2 | ) | (1.4 | ) | (5.3 | ) | ||||||||||
Consolidated Net Sales | 242.4 | 261.0 | 258.9 | 293.4 | 1,055.7 | |||||||||||||||
Gross Profit: | ||||||||||||||||||||
Pharmaceutical Packaging Systems | 56.4 | 62.9 | 59.2 | 72.4 | 250.9 | |||||||||||||||
Pharmaceutical Delivery Systems | 12.9 | 15.8 | 12.5 | 11.5 | 52.7 | |||||||||||||||
Consolidated Gross Profit | 69.3 | 78.7 | 71.7 | 83.9 | 303.6 | |||||||||||||||
Research and Development Expense: | ||||||||||||||||||||
Pharmaceutical Packaging Systems | (2.0 | ) | (2.1 | ) | (2.4 | ) | (2.5 | ) | 9.0 | ) | ||||||||||
Pharmaceutical Delivery Systems | (2.3 | ) | (2.6 | ) | (2.7 | ) | (3.3 | ) | (10.9 | ) | ||||||||||
Consolidated Research and Development | (4.3 | ) | (4.7 | ) | (5.1 | ) | (5.8 | ) | (19.9 | ) | ||||||||||
Selling, General and Administrative Expense: | ||||||||||||||||||||
Pharmaceutical Packaging Systems | (25.6 | ) | (25.6 | ) | (25.7 | ) | (26.2 | ) | (103.1 | ) | ||||||||||
Pharmaceutical Delivery Systems | (7.2 | ) | (8.3 | ) | (8.1 | ) | (8.1 | ) | (31.7 | ) | ||||||||||
General Corporate Costs and Other | (10.1 | ) | (11.2 | ) | (10.5 | ) | (11.1 | ) | (42.9 | ) | ||||||||||
Consolidated S,G&A Expense | (42.9 | ) | (45.1 | ) | (44.3 | ) | (45.4 | ) | (177.7 | ) | ||||||||||
Operating Profit: | ||||||||||||||||||||
Pharmaceutical Packaging Systems | 28.9 | 35.4 | 30.9 | 43.1 | 138.3 | |||||||||||||||
Pharmaceutical Delivery Systems | 3.1 | 5.0 | 1.6 | 0.2 | 9.9 | |||||||||||||||
General Corporate Costs | (4.6 | ) | (4.9 | ) | (3.7 | ) | (5.8 | ) | (19.0 | ) | ||||||||||
Stock-based Compensation Expense | (1.4 | ) | (2.3 | ) | (2.5 | ) | (1.3 | ) | (7.5 | ) | ||||||||||
U.S. Pension Expense | (4.1 | ) | (4.1 | ) | (4.3 | ) | (4.2 | ) | (16.7 | ) | ||||||||||
Other Unallocated (Charges) Income | (0.7 | ) | (0.4 | ) | 3.9 | (10.3 | ) | (7.5 | ) | |||||||||||
Consolidated Operating Profit | 21.2 | 28.7 | 25.9 | 21.7 | 97.5 | |||||||||||||||
Interest Expense, net | (3.6 | ) | (3.4 | ) | (3.5 | ) | (3.9 | ) | (14.4 | ) | ||||||||||
Income Tax Expense | (2.5 | ) | (6.1 | ) | (6.0 | ) | 1.1 | (13.5 | ) | |||||||||||
Equity in Net Income of Affiliates | 0.3 | 0.5 | 0.8 | 1.4 | 3.0 | |||||||||||||||
Net Income Attributable to Common Shareholders | $ | 15.4 | $ | 19.7 | $ | 17.2 | $ | 20.3 | $ | 72.6 | ||||||||||
The changes reflected in these tables relate solely to the composition of the Company's business segments, and have no impact on 2009 consolidated and per-share results included in the Company's earnings releases and forms 10Q and 10K. |
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West Pharmaceutical Services, Inc. | ||||||||||||||||||||
($ Millions) | ||||||||||||||||||||
Presented "as if" 2010 business unit realignments were effective in 2009, in order to facilitate comparative analyses of 2010 segment results to the comparable prior-year periods | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
2009 New Segment Results - Summary | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
March 31 | June 30 | Sept 30 | Dec 31 | Dec 31 | ||||||||||||||||
Pharmaceutical Packaging Systems | ||||||||||||||||||||
Net Sales | $ | 176.4 | $ | 190.1 | $ | 189.9 | $ | 219.6 | $ | 776.0 | ||||||||||
Gross Profit | $ | 56.4 | $ | 62.9 | $ | 59.2 | $ | 72.4 | $ | 250.9 | ||||||||||
Gross Margin % | 32.0 | % | 33.1 | % | 31.2 | % | 33.0 | % | 32.3 | % | ||||||||||
Research and Development Expense | (2.0 | ) | (2.1 | ) | (2.4 | ) | (2.5 | ) | (9.0 | ) | ||||||||||
Selling, General and Administrative Expense | (25.6 | ) | (25.6 | ) | (25.7 | ) | (26.2 | ) | (103.1 | ) | ||||||||||
Operating Profit | $ | 28.9 | $ | 35.4 | $ | 30.9 | $ | 43.1 | $ | 138.3 | ||||||||||
% of Sales | 16.4 | % | 18.6 | % | 16.3 | % | 19.6 | % | 17.8 | % | ||||||||||
Pharmaceutical Delivery Systems | ||||||||||||||||||||
Net Sales | $ | 67.5 | $ | 72.1 | $ | 70.2 | $ | 75.2 | $ | 285.0 | ||||||||||
Gross Profit | $ | 12.9 | $ | 15.8 | $ | 12.5 | $ | 11.5 | $ | 52.7 | ||||||||||
Gross Margin % | 19.1 | % | 21.9 | % | 17.8 | % | 15.3 | % | 18.5 | % | ||||||||||
Research and Development Expense | (2.3 | ) | (2.6 | ) | (2.7 | ) | (3.3 | ) | (10.9 | ) | ||||||||||
Selling, General and Administrative Expense | (7.2 | ) | (8.3 | ) | (8.1 | ) | (8.1 | ) | (31.7 | ) | ||||||||||
Operating Profit | $ | 3.1 | $ | 5.0 | $ | 1.6 | $ | 0.2 | $ | 9.9 | ||||||||||
% of Sales | 4.6 | % | 6.9 | % | 2.3 | % | 0.3 | % | 3.5 | % | ||||||||||
The changes reflected in these tables relate solely to the composition of the Company's business segments, and have no impact on 2009 consolidated and per-share results included in the Company's earnings releases and forms 10Q and 10K. |
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