Catalent Pharma Solutions, Inc. - FORM 8-K/A - EX-99.2 - UNAUDITED COMBINED FINANCIAL STATEMENTS

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8-K/A - AMEDMENT NO.1 TO FORM 8-K - Catalent Pharma Solutions, Inc.	d339887d8ka.htm
EX-99.1 - AUDITED COMBINED FINANCIAL STATEMENTS - Catalent Pharma Solutions, Inc.	d339887dex991.htm
EX-99.3 - UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION - Catalent Pharma Solutions, Inc.	d339887dex993.htm

Exhibit 99.2

Carved-Out Clinical Trial Supplies Operations of

Aptuit, LLC and Subsidiaries

Combined Balance Sheet

(In Thousands)


	(Unaudited)
	December 31, 2011

Assets
Current Assets:
Cash and cash equivalents	$	13,433
Accounts receivable, net		29,478
Unbilled services		11,916
Inventories, net		—
Deferred tax assets		111
Other current assets		1,353

Total current assets		56,291

Property, plant, and equipment, net		71,280
Intangible assets, net		16,761
Goodwill		41,786
Non-current deferred tax assets		997
Other assets		689


Total assets	$	187,804


Liabilities and Invested Capital
Current Liabilities:
Accounts payable	$	13,231
Accrued liabilities		11,205
Unearned revenue		15,697
Income taxes payable		1,096
Other current liabilities		10

Total current liabilities		41,239

Other liabilities		1,073

Total liabilities		42,312

Commitments and Contingencies		—

Invested Capital		145,492


Total Liabilities and Invested Capital	$	187,804

Carved-Out Clinical Trial Supplies Operations of

Aptuit, LLC and Subsidiaries

Combined Statement of Operations and Comprehensive Loss

(In Thousands)


	(Unaudited)
	Three months ended
	December 31, 2011

Contract revenue	$	41,460
Reimbursed costs		5,532

Total revenue		46,992

Costs and expenses:
Direct costs		11,882
Reimbursed costs		5,532
Compensation and benefits		15,463
Facilities and maintenance costs		3,816
Depreciation and amortization		3,008
Professional fees and outside services		4,356
General and administrative expenses		1,652
Travel and entertainment		479

Total costs and expenses		46,188


Income from operations		804

Interest expense, net		5,390
Other expense, net		125


Loss before income taxes		(4,711	)

Income tax expense		1,115


Net loss and comprehensive loss	$	(5,826	)

Carved-Out Clinical Trial Supplies Operations of

Aptuit, LLC and Subsidiaries

Combined Statement of Invested Capital

(In Thousands)


	(Unaudited)
	December 31, 2011

Balance, September 30, 2011	$	146,631

Net loss and comprehensive loss		(5,826	)

Net contributions from parent		4,687


Balance, December 31, 2011	$	145,492

Carved-Out Clinical Trial Supplies Operations of

Aptuit, LLC and Subsidiaries

Combined Statements of Cash Flows

(In Thousands)


	(Unaudited)
	Three months ended
	December 31, 2011

Net loss and comprehensive loss	$	(5,826	)

Operating activities:
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		3,008
Non-cash compensation		31
Changes in operating assets and liabilities:
Accounts receivable		2,750
Unbilled services		(2,106	)
Inventories		42
Accounts payable and accrued expenses		456
Unearned revenue		8,492
Income taxes payable		(4,782	)
Other assets and liabilities		(1,393	)

Net cash provided by operating activities		672

Investing activities:
Purchases of property, plant and equipment		(85	)

Net cash used in investing activities		(85	)

Financing activities:
Net contribution from Parent		5,165

Net cash provided by financing activities		5,165


Increase in cash and cash equivalents		5,752
Cash and cash equivalents at beginning of year		7,681

Cash and cash equivalents at end of year	$	13,433

Catalent Pharma Solutions, Inc. - FORM 8-K/A - EX-99.2 - UNAUDITED COMBINED FINANCIAL STATEMENTS - May 1, 2012