ALPHARMA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Six Months Ended Nine Months Year Ended
Ended June 30, 1999 Ended December 31,
March 31, 1999 September 30, 1999
1999
Reported Restated Reported Restated Reported Restated Reported Restated
Total revenue $156,759 $155,949 $320,598 $318,169 $523,729 $517,995 $742,176 $732,443
Cost of sales 88,367 87,941 178,395 176,998 287,233 283,970 397,890 392,316
Gross profit 68,392 68,008 142,203 141,168 236,496 234,025 344,286 340,127
Selling, general
and 50,071 50,071 102,814 102,814 167,478 167,478 244,775 244,775
administrative
expenses
Operating income 18,321 17,937 39,389 38,354 69,018 66,547 99,511 95,352
Interest expense (7,466) (7,466) (16,323) (16,323) (27,580) (27,580) (39,174) (39,174)
Other, net
943 943 921 921 248 248 1,450 1,450
Income before
provision 11,798 11,414 23,987 22,952 41,686 39,215 61,787 57,628
for income taxes
Provision for 4,362 4,216 8,779 8,386
income taxes 15,215 14,276 22,236 20,656
Net income $7,436 $7,198 $15,208 $14,566 $26,471 $24,939 $39,551 $36,972
Earnings per
common share:
Basic $ 0.27 $ 0.26 $ 0.56 $ 0.53 $ 0.96 $ 0.91 $1.43 $1.33
Diluted $ 0.27 $ 0.26 $ 0.55 $ 0.52 $ 0.93 $ 0.88 $1.34 $1.27
ALPHARMA INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEET
(In thousands)
(Unaudited)
March 31, 1999 June 30, 1999 September 30, 1999 December 31, 1999
Reported Restated Reported Restated Reported Restated Reported Restated
ASSETS:
Accounts $145,844 $145,025 $172,470 $170,090 $192,921 $187,563 $199,207 $189,261
receivable
Inventory 140,492 140,923 152,917 154,283 155,958 159,005 155,338 161,033
Other current 23,492 23,492 35,583 35,583 36,288 36,288 31,578 31,578
assets
Current 309,828 309,440 360,970 359,956 385,167 382,856 386,123 381,872
assets
Non current 565,523 565,523 747,021 747,021 786,574 786,574 778,394 778,394
assets
Total $875,351 $874,963 $1,107,991 $1,106,977 $1,171,741 $1,169,430 $1,164,517 $1,160,266
assets
LIABILITIES AND
EQUITY:
Current $135,482 $135,336 $192,655 $192,262 $181,615 $180,676 $165,856 $164,276
liabilities
Long-term debt 429,334 429,334 601,285 601,285 647,631 647,631 591,784 591,784
Deferred taxes 40,358 40,358 43,200 43,200 44,086 44,086 52,273 52,273
and other
Cumulative (22,245) (22,250) (31,522) (31,501) (15,453) (15,293) (34,109) (34,201)
translation adj.
Stockholders' 292,422 292,185 302,373 301,731 313,862 312,330 388,713 386,134
equity
Total
liabilities & $875,351 $874,963 $1,107,991 $1,106,977 $1,171,741 $1,169,430 $1,164,517 $1,160,266
equity