ALPHARMA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Three Months Three Months Three Months
Ended Ended Ended Ended
March 31, 1999 June 30, 1999 September 30, December 31,
1999 1999
Reported Restated Reported Restated Reported Restated Reported Restated
Total revenue $156,759 $155,949 $163,839 $162,216 $203,131 $199,829 $218,447 $214,448
Cost of sales 88,367 87,941 90,028 89,057 108,838 106,972 110,657 108,346
Gross profit 68,392 68,008 73,811 73,159 94,293 92,857 107,790 106,102
Selling, general
and 50,071 50,071 52,743 52,743 64,664 64,664 77,297 77,297
administrative
expenses
Operating income 18,321 17,937 21,068 20,416 29,629 28,193 30,493 28,805
Interest expense (7,466) (7,466) (8,857) (8,857) (11,257) (11,257) (11,594) (11,594)
Other, net 1,202 1,202
943 943 (22) (22) (673) (673)
Income before
provision 11,798 11,414 12,189 11,537 17,699 16,263 20,101 18,413
for income taxes
Provision for 4,362 4,216 4,417 4,169 6,436 5,890 6,380
income taxes 7,021
Net income $7,436 $7,198 $7,772 $7,368 $11,263 $10,373 $13,080 $12,033
Earnings per
common share:
Basic $ 0.27 $ 0.26 $ 0.28 $0.27 $ 0.41 $0.38 $0.46 $0.42
Diluted $ 0.27 $ 0.26 $ 0.28 $0.26 $ 0.38 $0.35 $0.41 $ 0.38
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 assets 309,828 309,440 360,970 359,956 385,167 382,856 386,123 381,872
Non current 565,523 565,523 747,021 747,021 786,574 786,574 778,394 778,394
assets
Total assets $875,351 $874,963 $1,107,991 $1,106,977 $1,171,741 $1,169,430 $1,164,517 $1,160,266
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