| Nevada |
95-3872914 | |
| (State or other jurisdiction of |
(I.R.S. Employer | |
| incorporation or organization) |
Identification No.) |
| PART I. FINANCIAL INFORMATION |
||
| Item 1. Consolidated Financial Statements: |
PAGE | |
| | ||
| 1 | ||
| 2 | ||
| 3 | ||
| 4 | ||
| 10 | ||
| 17 |
| 19 | ||
| 20 | ||
| 20 | ||
| 21 |
| June 30, 2002 |
December 31, 2001 | |||||
| ASSETS |
||||||
| Current Assets: |
||||||
| Cash and cash equivalents |
$ |
268,444 |
$ |
193,731 | ||
| Marketable securities |
|
69,385 |
|
135,688 | ||
| Accounts receivable, net |
|
177,948 |
|
173,085 | ||
| Assets held for disposition |
|
27,085 |
|
45,496 | ||
| Inventories |
|
278,491 |
|
252,325 | ||
| Prepaid expenses and other current assets |
|
44,720 |
|
32,710 | ||
| Current deferred tax assets |
|
48,837 |
|
56,703 | ||
| |
|
|
| |||
| Total current assets |
|
914,910 |
|
889,738 | ||
| Property and equipment, net |
|
258,720 |
|
234,911 | ||
| Investments and other assets |
|
84,458 |
|
113,086 | ||
| Deferred tax assets |
|
21,675 |
|
21,675 | ||
| Product rights and other intangibles, net |
|
868,612 |
|
825,936 | ||
| Goodwill |
|
442,988 |
|
442,988 | ||
| |
|
|
| |||
| Total Assets |
$ |
2,591,363 |
$ |
2,528,334 | ||
| |
|
|
| |||
| LIABILITIES AND STOCKHOLDERS EQUITY |
||||||
| Current liabilities: |
||||||
| Accounts payable and accrued expenses |
$ |
166,713 |
$ |
159,809 | ||
| Income taxes payable |
|
89,340 |
|
10,766 | ||
| Current portion of long-term debt |
|
76,103 |
|
68,102 | ||
| Current liability incurred for acquisitions of products and businesses |
|
5,288 |
|
6,448 | ||
| |
|
|
| |||
| Total current liabilities |
|
337,444 |
|
245,125 | ||
| Long-term debt |
|
374,786 |
|
415,703 | ||
| Long-term liability incurred for acquisitions of products and businesses |
|
6,212 |
|
9,311 | ||
| Deferred tax liabilities |
|
146,422 |
|
186,145 | ||
| |
|
|
| |||
| Total liabilities |
|
864,864 |
|
856,284 | ||
| |
|
|
| |||
| Commitments and contingencies |
||||||
| Stockholders equity: |
||||||
| Preferred stock; no par value per share; 2,500,000 shares authorized; none issued |
|
|
|
| ||
| Common stock; $0.0033 par value per share; 500,000,000 shares authorized; 106,658,700 and 106,458,800 shares
outstanding |
|
352 |
|
351 | ||
| Additional paid-in capital |
|
793,757 |
|
790,742 | ||
| Retained earnings |
|
915,095 |
|
823,054 | ||
| Accumulated other comprehensive income |
|
17,295 |
|
57,903 | ||
| |
|
|
| |||
| Total stockholders equity |
|
1,726,499 |
|
1,672,050 | ||
| |
|
|
| |||
| Total liabilities and stockholders equity |
$ |
2,591,363 |
$ |
2,528,334 | ||
| |
|
|
| |||
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2002 |
2001 |
2002 |
2001 |
|||||||||||||
| Net revenues |
$ |
300,074 |
|
$ |
298,978 |
|
$ |
585,764 |
|
$ |
595,824 |
| ||||
| Cost of sales |
|
131,995 |
|
|
109,980 |
|
|
261,530 |
|
|
242,738 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Gross profit |
|
168,079 |
|
|
188,998 |
|
|
324,234 |
|
|
353,086 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Operating expenses: |
||||||||||||||||
| Research and development |
|
19,633 |
|
|
14,159 |
|
|
38,015 |
|
|
28,504 |
| ||||
| Selling, general and administrative |
|
59,102 |
|
|
54,516 |
|
|
120,668 |
|
|
104,709 |
| ||||
| Amortization |
|
14,542 |
|
|
20,327 |
|
|
27,836 |
|
|
40,263 |
| ||||
| Loss on assets held for disposition |
|
6,759 |
|
|
|
|
|
13,745 |
|
|
|
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total operating expenses |
|
100,036 |
|
|
89,002 |
|
|
200,264 |
|
|
173,476 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Operating income |
|
68,043 |
|
|
99,996 |
|
|
123,970 |
|
|
179,610 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Other income (expense): |
||||||||||||||||
| Equity in losses of joint ventures |
|
(755 |
) |
|
(770 |
) |
|
(1,814 |
) |
|
(1,780 |
) | ||||
| Gain on sales of securities |
|
|
|
|
16,398 |
|
|
|
|
|
47,673 |
| ||||
| Gain from legal settlement |
|
32,000 |
|
|
|
|
|
32,000 |
|
|
|
| ||||
| Interest and other income |
|
1,664 |
|
|
611 |
|
|
3,292 |
|
|
1,603 |
| ||||
| Interest expense |
|
(5,783 |
) |
|
(6,960 |
) |
|
(10,943 |
) |
|
(14,678 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total other income (expense), net |
|
27,126 |
|
|
9,279 |
|
|
22,535 |
|
|
32,818 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income before income tax provision |
|
95,169 |
|
|
109,275 |
|
|
146,505 |
|
|
212,428 |
| ||||
| Provision for income taxes |
|
35,213 |
|
|
43,030 |
|
|
54,464 |
|
|
83,727 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
59,956 |
|
$ |
66,245 |
|
$ |
92,041 |
|
$ |
128,701 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Earnings per share: |
||||||||||||||||
| Basic |
$ |
0.56 |
|
$ |
0.63 |
|
$ |
0.86 |
|
$ |
1.22 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Diluted |
$ |
0.56 |
|
$ |
0.61 |
|
$ |
0.86 |
|
$ |
1.19 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Weighted average shares outstanding: |
||||||||||||||||
| Basic |
|
106,515 |
|
|
105,965 |
|
|
106,491 |
|
|
105,836 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Diluted |
|
107,229 |
|
|
108,367 |
|
|
107,315 |
|
|
108,231 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Six Months Ended June 30, |
||||||||
| 2002 |
2001 |
|||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
| Net income |
$ |
92,041 |
|
$ |
128,701 |
| ||
| |
|
|
|
|
| |||
| Reconciliation to net cash provided by operating activities: |
||||||||
| Depreciation |
|
12,399 |
|
|
12,744 |
| ||
| Amortization |
|
27,836 |
|
|
40,263 |
| ||
| Deferred income tax (benefit) provision |
|
(3,774 |
) |
|
18,303 |
| ||
| Equity in losses of joint ventures |
|
1,497 |
|
|
1,919 |
| ||
| Gain on sales of securities |
|
|
|
|
(47,673 |
) | ||
| Tax benefits related to exercises of stock options |
|
1,240 |
|
|
7,400 |
| ||
| Other |
|
997 |
|
|
(271 |
) | ||
| Changes in assets and liabilities: |
||||||||
| Accounts receivable |
|
(4,863 |
) |
|
(113,555 |
) | ||
| Assets held for disposition |
|
18,411 |
|
|
(7,679 |
) | ||
| Inventories |
|
(26,166 |
) |
|
(27,486 |
) | ||
| Prepaid expenses and other current assets |
|
|||||||