ALPHARMA INC.
Consolidated Statement of Income (Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999(1) 2000(2) 1999(1)
Total revenue $252,634 $199,829 $662,751 $517,995
Cost of sales 139,461 106,972 360,460 283,970
Gross profit 113,173 92,857 302,291 234,025
Selling, general & 71,757 64,664 203,147 167,478
admin. exp.
Operating income 41,416 28,193 99,144 66,547
Interest expense (11,324) (11,257) (35,237) (27,580)
Other, net
(511) (673) (4,420) 248
Income before income 29,581 16,263 59,487 39,215
taxes
Provision for income 9,286 5,890 19,783 14,276
taxes
Net income $ 20,295 $ 10,373 $ 39,704 $24,939
Avge common shares
outstanding:
Basic 37,615 27,555 33,255 27,439
Diluted (3) 50,343 34,692 45,780 34,558
Earnings per common
share:
Basic $ 0.54 $ 0.38 $1.19 $ 0.91
Diluted $ 0.48 $ 0.35 $1.11 $ 0.88
(1) Restated
(2) Includes one-time charges in the 2nd quarter of $6,130 pre-
tax ($4,026 after tax) or $.09 per share related to the
acquisition and interim financing of Roche MFA. The $6,130 of
charges increased cost of sales by $1,000, selling, general and
administrative expenses by $400 and other, net by $4,730.
(3) Includes shares assumed issued under the if-converted method
for the convertible notes.
Consolidated Condensed Balance Sheet
(In thousands)
September 30, December
2000 31,1999
(unaudited) (Restated)
Current assets $ 611,342 $ 381,872
Non-current assets 993,810 778,394
Total assets $1,605,152 $1,160,266
Current liabilities $ 196,845 $ 164,276
Long-term debt:
Senior 159,997 225,110
Convertible subordinated 371,826 366,674
notes
Deferred taxes and other 53,668 52,273
Stockholders' equity 822,816 351,933
Total liabilities and $1,605,152 $1,160,266
stockholders' equity
