<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
For the fiscal year ended DECEMBER 31, 1996
------------------------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the transition period from ____________ to ___________
Commission File Number 33-27835-01 (AmeriSource Health Corporation)
---------------
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
AMERISOURCE CORPORATION
EMPLOYEE INVESTMENT PLAN
300 CHESTER FIELD PARKWAY
MALVERN, PA 19355
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
AMERISOURCE HEALTH CORPORATION
300 CHESTER FIELD PARKWAY
MALVERN, PA 19355
<PAGE>
AmeriSource Corporation
Employee Investment Plan
Financial Statements and Supplemental Schedules
Years ended December 31, 1996 and 1995
Contents
<TABLE>
<CAPTION>
<S> <C>
Report of Independent Auditors............................................. 1
Audited Financial Statements
Statement of Assets Available for Benefits,
With Fund Information, December 31, 1996.................................. 2
Statement of Assets Available for Benefits,
With Fund Information, December 31, 1995.................................. 3
Statement of Changes in Assets Available for Benefits,
With Fund Information, Year ended December 31, 1996....................... 4
Statement of Changes in Assets Available for Benefits,
With Fund Information, Year ended December 31, 1995....................... 5
Notes to Financial Statements.............................................. 6
Supplemental Schedules
Line 27a--Schedule of Assets Held for Investment Purposes.................. 11
Line 27d--Schedule of Reportable Transactions.............................. 12
</TABLE>
<PAGE>
Report of Independent Auditors
Trustees of the AmeriSource Corporation
Employee Investment Plan
We have audited the accompanying statements of assets available for benefits of
the AmeriSource Corporation Employee Investment Plan as of December 31, 1996 and
1995, and the related statements of changes in assets available for benefits for
the years then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for benefits of the Plan at December
31, 1996 and 1995, and the changes in its assets available for benefits for the
years then ended, in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment purposes as of December31, 1996 and reportable
transactions for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the basic financial statements. The Fund Information in
the statements of assets available for benefits and the statements of changes in
assets available for benefits is presented for purposes of additional analysis
rather than to present the assets available for benefits and changes in assets
available for benefits of each fund. The supplemental schedules and Fund
Information have been subjected to the auditing procedures applied in our audits
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
April 18, 1997
1
<PAGE>
AmeriSource Corporation
Employee Investment Plan
Statement of Assets Available for Benefits, With Fund Information
December 31, 1996
<TABLE>
<CAPTION>
Fidelity Fidelity Fidelity Fidelity Fidelity
Magellan Equity- Intermediate OTC Asset
Fund Income Fund Bond Fund Portfolio Manager
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments:
At fair value:
Shares of registered
investment companies $13,290,541 $5,763,742 $2,200,487 $1,041,900 $572,849
Common stock funds - - - - -
---------------------------------------------------------------------------
Total investments 13,290,541 5,763,742 2,200,487 1,041,900 572,849
Receivables:
Participants' contribution 66,899 31,570 13,534 10,515 7,648
Employer's contribution 382,574 170,312 72,789 58,628 34,884
---------------------------------------------------------------------------
Total receivables 449,473 201,882 86,323 69,143 42,532
---------------------------------------------------------------------------
Assets available for benefits $13,740,014 $5,965,624 $2,286,810 $1,111,043 $615,381
===========================================================================
<CAPTION>
Fidelity
Retirement AmeriSource IKON Unisource
Money Market Corporation Corporation Corporation
Portfolio Stock Fund Stock Fund Stock Fund Total
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments:
At fair value:
Shares of registered
investment companies $5,028,971 $ - $ - $ - $ 27,898,490
Common stock funds - 1,155,955 6,196,296 1,222,756 8,575,007
------------------------------------------------------------------------------
Total investments 5,028,971 1,155,955 6,196,296 1,222,756 36,473,497
Receivables:
Participants' contribution 28,927 15,592 - - 174,685
Employer's contribution 166,459 81,810 - - 967,456
------------------------------------------------------------------------------
Total receivables 195,386 97,402 - - 1,142,141
------------------------------------------------------------------------------
Assets available for benefits $5,224,357 $ 1,253,357 $ 6,196,296 $ 1,222,756 $ 37,615,638
===============================================================================
</TABLE>
See accompanying notes.
3
<PAGE>
AmeriSource Corporation
Employee Investment Plan
Statement of Assets Available for Benefits, With Fund Information
December 31, 1995
<TABLE>
<CAPTION>
Fidelity Fidelity Fidelity Fidelity Fidelity
Magellan Equity- Intermediate OTC Asset
Fund Income Fund Bond Fund Portfolio Manager
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments:
At fair value:
Shares of registered
investment companies $12,648,231 $4,300,140 $2,306,963 $523,916 $443,348
Common stock funds - - - - -
------------------------------------------------------------------------
Total investments 12,648,231 4,300,140 2,306,963 523,916 443,348
Receivables:
Participants' contribution 74,457 24,030 13,991 5,154 4,903
Employer's contribution 483,151 162,817 91,842 37,045 30,765
------------------------------------------------------------------------
Total receivables 557,608 186,847 105,833 42,199 35,668
------------------------------------------------------------------------
Assets available for benefits $13,205,839 $4,486,987 $2,412,796 $566,115 $479,016
========================================================================
<CAPTION>
Fidelity Alco
Retirement Standard
Money Market Corporation
Portfolio Stock Fund Total
-----------------------------------------------
<S> <C> <C> <C>
Assets
Investments:
At fair value:
Shares of registered
investment companies $4,778,806 $ - $25,001,404
Common stock funds - 6,182,820 6,182,820
-----------------------------------------------
Total investments 4,778,806 6,182,820 31,184,224
Receivables:
Participants' contribution 31,263 - 153,798
Employer's contribution 205,472 - 1,011,092
-----------------------------------------------
Total receivables 236,735 - 1,164,890
-----------------------------------------------
Assets available for benefits $5,015,541 $6,182,820 $32,349,114
===============================================
</TABLE>
See accompanying notes.
4
<PAGE>
AmeriSource Corporation
Employee Investment Plan
Statements of Changes in Assets Available for Benefits, With Fund Information
Year ended December 31, 1996
<TABLE>
<CAPTION>
Fidelity Fidelity Fidelity Fidelity Fidelity
Magellan Equity- Intermediate OTC Asset
Fund Income Fund Bond Fund Portfolio Manager
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (662,878) $ 614,609 $ (77,236) $ 52,887 $ 16,231
Interest and dividends 2,081,557 356,412 151,710 118,354 42,828
-----------------------------------------------------------------------------
1,418,679 971,021 74,474 171,241 59,059
Contributions:
Participants 901,211 411,333 160,723 122,417 103,348
Employer 382,574 170,312 72,790 58,628 34,884
-----------------------------------------------------------------------------
1,283,785 581,645 233,513 181,045 138,232
-----------------------------------------------------------------------------
Total additions 2,702,464 1,552,666 307,987 352,286 197,291
Deductions from net assets attributed
to:
Benefits paid to participants 1,191,204 444,602 188,500 42,860 26,490
-----------------------------------------------------------------------------
Net increase prior to
interfund transfers 1,511,260 1,108,064 119,487 309,426 170,801
Interfund transfers (net) (977,085) 370,573 (245,473) 235,502 (34,436)
-----------------------------------------------------------------------------
Net increase (decrease) 534,175 1,478,637 (125,986) 544,928 136,365
Assets available for benefits:
Beginning of year 13,205,839 4,486,987 2,412,796 566,115 479,016
-----------------------------------------------------------------------------
End of year $13,740,014 $5,965,624 $2,286,810 $1,111,043 $615,381
=============================================================================
<CAPTION>
Fidelity
Retirement AmeriSource IKON Unisource
Money Market Corporation Corporation Corporation
Portfolio Stock Fund Stock Fund Stock Fund Total
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ - $ 350,985 $ 1,953,709 $ 71,305 $ 2,319,612
Interest and dividends 249,330 - - - 3,000,191
------------------------------------------------------------------------------
249,330 350,985 1,953,709 71,305 5,319,803
Contributions:
Participants 363,180 141,536 - - 2,203,748
Employer 166,458 81,810 - - 967,456
------------------------------------------------------------------------------
529,638 223,346 - - 3,171,204
------------------------------------------------------------------------------
Total additions 778,968 574,331 1,953,709 71,305 8,491,007
Deductions from net assets attributed
to:
Benefits paid to participants 773,808 14,619 542,400 - 3,224,483
------------------------------------------------------------------------------
Net increase prior to
interfund transfers 5,160 559,712 1,411,309 71,305 5,266,524
Interfund transfers (net) 203,656 693,645 (1,397,833) 1,151,451 -
------------------------------------------------------------------------------
Net increase (decrease) 208,816 1,253,357 13,476 1,222,756 5,266,524
Assets available for benefits:
Beginning of year 5,015,541 - 6,182,820 - 32,349,114
------------------------------------------------------------------------------
End of year $ 5,224,357 $1,253,357 $ 6,196,296 $1,222,756 $37,615,638
==============================================================================
</TABLE>
See accompanying notes.
5
<PAGE>
AmeriSource Corporation
Employee Investment Plan
Statements of Changes in Assets Available for Benefits, With Fund Information
Year ended December 31, 1995
<TABLE>
<CAPTION>
Fidelity Fidelity Fidelity Fidelity
Magellan Equity- Intermediate OTC
Fund Income Fund Bond Fund Portfolio
--------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value
of investments $ 2,567,799 $ 751,539 $ 121,561 $107,615
Interest and dividends 728,307 243,401 136,872 30,439
--------------------------------------------------------------
3,296,106 994,940 258,433 138,054
Contributions:
Participants 828,501 332,341 224,568 55,446
Employer 483,151 162,817 91,842 37,045
--------------------------------------------------------------
1,311,652 495,158 316,410 92,491
--------------------------------------------------------------
Total additions 4,607,758 1,490,098 574,843 230,545
Deductions from net assets attributed
to:
Benefits paid to participants 743,677 308,140 196,980 77,411
--------------------------------------------------------------
Net increase (decrease) prior to
interfund transfers 3,864,081 1,181,958 377,863 153,134
Interfund transfers (net) 119,694 139,472 (13,486) 105,413
--------------------------------------------------------------
Net increase (decrease) 3,983,775 1,321,430 364,377 258,547
Assets available for benefits:
Beginning of year 9,222,064 3,165,557 2,048,419 307,568
--------------------------------------------------------------
End of year $13,205,839 $4,486,987 $2,412,796 $566,115
==============================================================
<CAPTION>
Fidelity
Fidelity Retirement Alco Standard
Asset Money Market Corporation
Manager Portfolio Stock Fund Total
---------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value
of investments $ 59,508 $ - $2,071,009 $ 5,679,031
Interest and dividends 13,217 297,168 - 1,449,404
---------------------------------------------------------------
72,725 297,168 2,071,009 7,128,435
Contributions:
Participants 57,545 377,500 - 1,875,901
Employer 30,765 205,472 - 1,011,092
---------------------------------------------------------------
88,310 582,972 - 2,886,993
---------------------------------------------------------------
Total additions 161,035 880,140 2,071,009 10,015,428
Deductions from net assets attributed
to:
Benefits paid to participants 87,416 1,201,716 220,221 2,835,561
---------------------------------------------------------------
Net increase (decrease) prior to
interfund transfers 73,619 (321,576) 1,850,788 7,179,867
Interfund transfers (net) (75,427) (34,648) (241,018) -
---------------------------------------------------------------
Net increase (decrease) (1,808) (356,224) 1,609,770 7,179,867
Assets available for benefits:
Beginning of year 480,824 5,371,765 4,573,050 25,169,247
---------------------------------------------------------------
End of year $479,016 $5,015,541 $6,182,820 $32,349,114
===============================================================
</TABLE>
See accompanying notes.
6
<PAGE>
AmeriSource Corporation
Employee Investment Plan
Notes to Financial Statements
December 31, 1996
1. Description of Plan
The following description of the AmeriSource Corporation Employee Investment
Plan (Plan) provides only general information. Participants should refer to the
Plan agreement for a more complete description of the Plan's provisions.
General
The Plan is a defined contribution plan. Participation is limited to salaried
office or sales employees and certain hourly personnel of the Company who have
at least one year of service and are age twenty-one or older. The Plan is
subject to the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
Contributions
Each year, participants may contribute between 2% and 6% of pretax annual
compensation, as defined in the Plan. The Company contributed an amount equal to
50% and 60% of the participants' contributions to the Plan for 1996 and 1995,
respectively.
Participant Accounts
Each participant's account is credited with the participant's contributions and
allocations of (a) the Company's contributions and (b) Plan earnings.
Allocations are based on participant earnings or account balances, as defined.
Forfeited balances of terminated participants' nonvested accounts are used to
reduce future company contributions. The balance of forfeited nonvested accounts
was not material as of December 31, 1996 or 1995. The benefit to which a
participant is entitled is the benefit that can be provided from the
participant's account.
Vesting
Participants are immediately vested in their contributions plus actual earnings
thereon. Vesting in the Company contribution portion of their accounts plus
actual earnings thereon is based on years of continuous service. A participant
is 100 percent vested after five years of credited service.
<PAGE>
AmeriSource Corporation
Employee Investment Plan
Notes to Financial Statements (continued)
1. Description of Plan (continued)
Investment Options
Upon enrollment in the Plan, a participant may direct employer and employee
contributions in 5% increments in any of seven investment options.
Fidelity Magellan Fund - Fund seeks long-term capital appreciation through
investing in common stocks, and securities convertible to common stock.
Fidelity Equity-Income Fund - Fund seeks reasonable income by investing for
yields that exceed the yield on the securities comprising the S&P 500.
Fidelity Intermediate Bond Fund - Fund seeks a high level of current income by
investing in corporate debt obligations that are rated at least Baa by Moody's
Investors Service Inc. or BBB by Standard & Poor's Corporation.
Fidelity OTC Portfolio - Fund seeks long-term capital appreciation through
mainly investing in common stocks, though it can invest in the entire array of
securities the OTC market offers, from preferred stocks to debt obligations.
Fidelity Asset Manager - Fund seeks high total return with reduced risk over
the long term by investing in diverse holdings of domestic and foreign stocks,
bonds, and short-term instruments of the U.S. and foreign issuers, including
those in emerging markets.
Fidelity Retirement Money Market Portfolio - Fund seeks as high a level of
current income as is consistent with the preservation of capital and
liquidity. The Fund invests in high-quality, U.S. dollar-denominated money
market instruments of U.S. and foreign issuers.
AmeriSource Corporation Common Stock Fund - Consists of the Plan Sponsor's
common stock.
Alco Standard Corporation Stock Fund - This fund invests in the common stock
of Alco Standard Corporation. During 1996, Alco Standard Corporation
reorganized and split into two corporations, IKON Corporation and Unisource
Corporation. These funds are not investment options and funds invested can
only be withdrawn.
Participants may change their investment options as often as they choose.
<PAGE>
AmeriSource Corporation
Employee Investment Plan
Notes to Financial Statements (continued)
1. Description of Plan (continued)
Payment of Benefits
On termination of service if the participant's account is less than $3,500, a
participant will receive a lump-sum amount equal to the vested value of his or
her account. The participant will have the option to leave his or her account in
the Plan if their balance is greater than $3,500.
Administrative Expenses
Administrative expenses of the Plan are paid by the Company.
2. Summary of Accounting Policies
Investment Valuation and Income Recognition
The Plan's investments are stated at fair value. The shares of registered
investment companies are valued at quoted market prices which represent the net
asset values of shares held by the Plan at year end. The common stock is valued
at the closing value of the last day of the Plan year.
Purchases and sales of securities are recorded on a trade-date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on the ex-
dividend date.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates that affect the
amounts reported in the financial statements and accompanying notes. Actual
results could differ from those estimates.
Reclassification
Certain 1995 balances have been reclassified to conform to the 1996
presentation.
<PAGE>
AmeriSource Corporation
Employee Investment Plan
Notes to Financial Statements (continued)
3. Investments
The Plan's investments are held by Fidelity Investments and are presented in the
following table.
<TABLE>
<CAPTION>
December 31
1996 1995
------------------------------
<S> <C> <C>
Investments at fair value as determined by
Quoted Market Price--
Shares of registered investment companies:
Fidelity Investments:
Magellan Fund, 164,793 and 147,107
shares, respectively** $13,290,541 $12,648,231
Equity-Income Fund, 134,573 and
113,370 shares, respectively** 5,763,742 4,300,140
Intermediate Bond Fund, 218,302 and
221,610 shares, respectively** 2,200,487 2,306,963
OTC Portfolio, 31,853 and 17,274
shares, respectively 1,041,900 523,916
Asset Manager, 34,781 and 27,971
shares, respectively 572,849 443,348
Retirement Money Market Portfolio,
5,028,971 and 4,778,806 shares,
respectively** 5,028,971 4,778,806
------------------------------
27,898,490 25,001,404
Common stock:
AmeriSource Corporation, 23,957 shares 1,155,955 -
IKON Corporation, 120,025 shares** 6,196,296 -
Unisource Corporation, 60,013 shares 1,222,756 -
Alco Corporation, 135,514 shares** - 6,182,820
------------------------------
8,575,007 6,182,820
------------------------------
Total investments fair value $36,473,497 $31,184,224
==============================
</TABLE>
**Investment represents 5 percent or more of the Plan's assets
<PAGE>
AmeriSource Corporation
Employee Investment Plan
Notes to Financial Statements (continued)
3. Investments (continued)
During 1996 and 1995, the Plan's investments (including investments bought,
sold, and held during the year) appreciated (depreciated) in value by $2,319,612
and $5,679,031, respectively.
<TABLE>
<CAPTION>
Year ended December 31
1996 1995
-----------------------------
<S> <C> <C>
Investments at fair value as determined
by Quoted Market Price:
Fidelity Investments:
Magellan Fund $ (662,878) $2,567,799
Equity-Income Fund 614,609 751,539
Intermediate Bond Fund (77,236) 121,561
OTC Portfolio 52,887 107,615
Asset Manager 16,231 59,508
AmeriSource Corporation Stock Fund 350,985 -
IKON Corporation Stock Fund 1,953,709 -
Unisource Corporation Stock Fund 71,305 -
Alco Standard Corporation Stock Fund - 2,071,009
-----------------------------
Net change in fair value $2,319,612 $5,679,031
=============================
</TABLE>
4. Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100 percent vested in their accounts.
5. Income Tax Status
The Internal Revenue Service ruled on February 16, 1995 that the Plan qualifies
under Section 401(a) of the Internal Revenue Code (IRC) and, therefore, the
related trust is not subject to tax under present income tax law. Once
qualified, the Plan is required to operate in conformity with the IRC to
maintain its qualification. The Benefits Committee is not aware of any course of
action or series of events that have occurred that might adversely affect the
Plan's qualified status.
<PAGE>
AmeriSource Corporation
Employee Investment Plan
Line 27a--Schedule of Assets Held for Investment Purposes
December 31, 1996
<TABLE>
<CAPTION>
Description of Current
Identity of Issue Investment Cost Value
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(1) Fidelity Investments
Magellan Fund--164,793 shares Investment Fund $11,545,928 $13,290,541
(1) Fidelity Investments
Equity Income Fund--134,573
shares Investment Fund 4,372,018 5,763,742
(1) Fidelity Investments
Intermediate Bond Fund--
218,302 shares Investment Fund 2,219,446 2,200,487
(1) Fidelity Investments
OTC Portfolio Fund--
31,853 shares Investment Fund 936,219 1,041,900
(1) Fidelity Investments
Asset Manager Fund--
34,781 shares Investment Fund 532,780 572,849
(1) Fidelity Investments
Retirement Money Market Fund--
5,028,971 shares Investment Fund 5,028,971 5,028,971
---------------------------------
Total investment funds 24,635,362 27,898,490
(1)Amerisource Corporation--
23,957 shares Common Stock 828,080 1,155,955
IKON Stock Fund--120,025 shares Common Stock 441,018 6,196,296
Unisource--60,013 shares Common Stock 441,020 1,222,756
---------------------------------
Total common stock 1,710,118 8,575,007
---------------------------------
$26,345,480 $36,473,497
=================================
</TABLE>
(1) Party-in-interest
<PAGE>
AmeriSource Corporation
Employee Investment Plan
Line 27d--Schedule of Reportable Transactions
Year ended December 31, 1996
<TABLE>
<CAPTION>
Identity of Purchase Net Gain
Party Involved Description of Asset Price Proceeds Cost (Loss)
- ---------------------------------------------------------------------------------------------------------------------------------
Category (iii)--Series of transactions in excess of 5% of plan assets
- ---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Fidelity Magellan Fund Purchased 47,367 shares in 149
transactions; $3,649,318 $ - $3,649,318 $ -
sold 29,680 shares in 119
transactions. 2,344,131 2,083,609 260,522
Fidelity Equity Fund Purchased 35,584 shares in 126
transactions; 1,433,965 - 1,433,965 -
sold 14,382 shares in 72
transactions 584,972 477,878 107,094
Fidelity Retirement Money Purchased 1,476,942 shares in 113
Market Fund transactions; 1,476,942 - 1,476,942 -
sold 1,226,777 shares in 101
transactions 1,226,777 1,226,777 -
IKON Stock Fund Sold 15,491 shares in 22
transactions - 1,940,353 1,332,074 608,279
</TABLE>
There were no category (i), (ii), or (iv) reportable transactions during 1996.
12
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned
thereunto duly authorized.
AMERISOURCE CORPORATION
EMPLOYEE INVESTMENT PLAN
(Name of Plan)
By: /s/ John A. Aberant
------------------------------
` John A. Aberant
Benefits Committee
Dated: June 30, 1997
<PAGE>
Exhibit Index
-------------
Exhibit Page
- ------- ----
23 Consent of Ernst & Young LLP. . . . . . . . . . .
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement (Form
S-8, No. 333-01951) pertaining to the AmeriSource Corporation Employee
Investment Plan of our report dated April 18, 1997, with respect to the
financial statements and schedules of the AmeriSource Corporation Employee
Investment Plan included in this Annual Report (Form 11-K) for the year ended
December 31, 1996.
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
June 26, 1997
