FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission File No. 1-31946 |
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HOSPIRA, INC.
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A Delaware corporation |
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I.R.S. Employer Identification |
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No. 20-0504497 |
275 N.
Field Drive
Lake Forest, Illinois 60045
Telephone: (224) 212-2000
Indicate by check mark whether the registrant (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of l934 during the preceding l2 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý. No o.
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o. No ý.
As of October 31, 2004, Hospira, Inc. had outstanding 156,094,985 common shares, par value $0.01 per share.
Hospira, Inc.
Quarterly Report on Form 10-Q
Index
2
Item 1. Financial Statements
Hospira, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
(dollars and shares in thousands, except for per share amounts)
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Three Months Ended September 30 |
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Nine Months Ended September 30 |
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2004 |
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2003 |
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2004 |
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2003 |
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Net sales |
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$ |
618,184 |
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$ |
598,026 |
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$ |
1,810,749 |
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$ |
1,766,924 |
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Net sales to Abbott Laboratories |
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37,926 |
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51,272 |
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133,971 |
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164,796 |
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Total Net Sales |
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656,110 |
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649,298 |
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1,944,720 |
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1,931,720 |
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Cost of products sold |
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462,283 |
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469,283 |
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1,371,927 |
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1,403,105 |
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Gross Profit |
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193,827 |
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180,015 |
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572,793 |
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528,615 |
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Research and development |
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28,001 |
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29,729 |
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80,534 |
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73,027 |
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Selling, general and administrative |
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71,899 |
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56,933 |
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196,340 |
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167,942 |
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Curtailment of post-retirement medical and dental benefits |
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— |
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— |
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(64,636 |
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— |
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Income From Operations |
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93,927 |
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93,353 |
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360,555 |
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287,646 |
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Interest expense |
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8,268 |
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— |
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10,952 |
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— |
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Other (income)expense, net |
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(2,538 |
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(1,443 |
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(1,144 |
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1,900 |
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Income Before Income Taxes |
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88,197 |
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94,796 |
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350,747 |
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285,746 |
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Income tax expense |
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26,882 |
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27,965 |
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98,671 |
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84,295 |
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Net Income |
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$ |
61,315 |
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$ |
66,831 |
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$ |
252,076 |
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$ |
201,451 |
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Earnings Per Common Share: |
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Basic |
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$ |
0.39 |
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$ |
0.43 |
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$ |
1.61 |
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$ |
1.29 |
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Diluted |
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$ |
0.39 |
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$ |
0.43 |
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$ |
1.61 |
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$ |
1.29 |
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Weighted Average Common Shares Outstanding: |
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Basic |
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156,059 |
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156,043 |
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156,054 |
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156,043 |
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Diluted |
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156,672 |
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156,043 |
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156,623 |
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156,043 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Hospira, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(dollars in thousands)
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Nine Months Ended September 30 |
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2004 |
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2003 |
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