AmerisourceBergen 2005 Annual Report Download - page 60

AmerisourceBergen Corporation 2005
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Selected Financial Data
On August 29, 2001, AmeriSource and Bergen merged to form the Company. The merger was accounted for as an acquisition of Bergen
under the purchase method of accounting. Accordingly, the financial data for the fiscal year ended September 30, 2001 reflects the operating
results for the full year of AmeriSource and approximately one month of Bergen, and the financial position of the combined company. The
following table should be read in conjunction with the Consolidated Financial Statements, including the notes thereto, and Management’s
Discussion and Analysis of Financial Condition and Results of Operations beginning on the next page of this report.
Fiscal year ended September 30,
(amounts in thousands, except per share amounts) 2005(a) 2004(b) 2003(c) 2002(d) 2001(e)
Statement of Operations Data:
Operating revenue $50,012,598 $48,812,452 $45,463,400 $40,163,387 $15,768,511
Bulk deliveries to customer warehouses 4,564,723 4,308,339 4,120,639 4,994,080 368,718
Total revenue 54,577,321 53,120,791 49,584,039 45,157,467 16,137,229
Gross profit 1,980,184 2,166,430 2,225,613 2,009,821 692,265
Operating expenses 1,343,238 1,265,471 1,339,484 1,294,209 431,452
Operating income 636,946 900,959 886,129 715,612 260,813
Income from continuing operations 291,922 474,874 443,065 343,243 124,683
Net income 264,645 468,390 441,229 344,941 123,796
Earnings per share from continuing
operations — diluted (f) (g) 2.73 4.12 3.91 3.14 2.11
Earnings per share — diluted (f) (g) 2.48 4.06 3.89 3.16 2.10
Cash dividends declared per common share $0.10 $0.10 $ 0.10 $ 0.10 $ —
Weighted averagecommon shares
outstanding — diluted 107,770 117,779 115,954 112,228 62,807
Balance Sheet Data:
Cash and cash equivalents $ 1,315,683 $ 871,343 $ 800,036 $ 663,340 $ 297,626
Accounts receivable — net (h) 2,640,646 2,260,973 2,295,437 2,222,156 2,142,663
Merchandise inventories (h) 4,003,690 5,135,830 5,733,837 5,437,878 5,056,257
Property and equipment — net 514,758 465,264 353,170 282,578 289,569
Total assets 11,381,174 11,654,003 12,040,125 11,213,012 10,291,245
Accounts payable 5,292,253 4,947,037 5,393,769 5,367,837 4,991,884
Long-term debt, including current portion 952,711 1,438,471 1,784,154 1,817,313 1,874,379
Stockholders’ equity 4,280,357 4,339,045 4,005,317 3,316,338 2,838,564
Total liabilities andstockholders’ equity 11,381,174 11,654,003 12,040,125 11,213,012 10,291,245
(a) Includes $14.0 million of facility consolidations and employee severance costs, net of income tax benefit of $8.7 million, a $71.4 million loss on early retirement of debt,
net of income tax benefit of $40.5 million, a $24.7 million gain from antitrust litigation settlements, net of income tax expense of $15.4 million and an impairment charge
of $3.2 million, net of income tax benefit of $2.1 million.
(b) Includes $4.6 million of facility consolidations and employee severance costs, net of income tax benefit of $2.9 million, a $14.5 million loss on early retirement of debt,
net of income tax benefit of $9.1 million, and a $23.4 million gain from an antitrust litigation settlement, net of income tax expense of $14.6 million.
(c) Includes $5.4 million of facility consolidations and employee severance costs, net of income tax benefit of $3.5 million and a $2.6 million loss on early retirement of debt,
net ofincometax benefit of$1.6 million.
(d) Includes $14.6 million of merger costs, net of income tax benefit of $9.6 million.
(e) Includes $8.0 million of merger costs, net of income tax benefit of $5.1 million, $6.8 million of costs related to facility consolidations and employee severance, net of
incometax benefit of$4.1 million, and a $1.7 million reduction in an environmental liability, net of income tax expense of $1.0 million.
(f) Effective October 1, 2004, theCompany changed its method of recognizing cash discounts and other related manufacturer incentives. The Company recorded a $10.2 mil-
lion chargefor the cumulative effect of change in accounting (net of income tax benefit of $6.3 million) in the consolidated statement of operations for the fiscal year
ended September 30, 2005. This $10.2 million cumulative effect charge reduced diluted earnings per share by $0.09 for the fiscal year ended September 30, 2005.
Had theCompanyused its current method of accounting for recognizing cash discounts and other related manufacturer incentives for each of the four fiscal years ended
September 30, 2004, diluted earnings per sharefrom continuing operations would have been higher by $0.05 for fiscal 2001, higher by $0.02 for fiscal 2002, lower by
$0.08 for fiscal 2003, andlower by $0.02 for fiscal 2004.
(g) Includes the amortization of goodwill, net of income taxes, during fiscal 2001. Had the Company not amortized goodwill, diluted earnings per share would have been $0.02
higher in fiscal 2001.
(h) Balances as of September 30, 2004 reflect a change in accounting to accrue for customer sales returns. The impact of the accrual was to decrease accounts receivable,
increase merchandise inventories, and decrease operating revenue and cost of goods sold by $316.8 million. The accrual for customer sales returns had no impact on net
income.