Empresas y finanzas
Catalent Pharma Solutions Reports Fiscal 2008 Third Quarter Results
Catalent Pharma Solutions, Inc., one of the leading providers of
advanced technologies and outsourced services to the global
pharmaceutical, biotechnology and consumer health industry, announced
its financial results for its third fiscal quarter ended March 31, 2008.
Catalent recognized net revenue of $453.3 million and EBITDA from
continuing operations of $56.5 million for the three months then ended
after giving effect to the Acquisition and related purchase method of
accounting adjustments. EBITDA and Adjusted EBITDA as detailed in the
attached schedules for the twelve months ended March 31, 2008 were $51.4
million and $342.7 million, respectively. EBITDA and Adjusted EBITDA are
defined below under "Non-GAAP Financial
Matters."
Catalent´s President and Chief Executive
Officer, John Lowry, said, "During the
quarter, we achieved a significant milestone "“ we reached our first anniversary as a standalone company. Our separation
from Cardinal Health was accomplished ahead of schedule and at a lower
cost than originally planned. In the first nine months of fiscal 2008
our revenue and EBITDA have grown 8.2% and 11.5%, respectively, over the
prior year period. This growth is due to strength in our Oral and
Sterile Technologies segments, as well as the global nature of our
business. We continue to invest in our manufacturing network, our
advanced technologies, and our capabilities. Our continued focus on
Operational Excellence is helping us to improve performance and results
particularly in our Sterile Technologies segment. Our Packaging Services
segment has performed below our expectations, particularly in the North
American market. We have taken initial actions to address this issue
and expect to show improved performance over the next few quarters. We
continue to see strong demand in the market for our offerings overall
and believe that industry fundamentals will continue to drive
outsourcing growth for the near term."
Matthew Walsh, Catalent´s Chief Financial
Officer stated, "Sterile Technologies´ financial performance continued to improve this quarter, with revenue up
17.6% and EBITDA strongly ahead of prior year. We have also made
significant strides in streamlining cash-cycle working capital, with a
reduction of $35 million already achieved year-to-date this year. Our
strong liquidity position has enabled us to pursue all of our growth
plans."
The definition of Adjusted EBITDA, which excludes costs related to the
separation of Catalent from Cardinal Health, Inc. and costs related to
The Blackstone Group´s acquisition of
Catalent, among other items, and a reconciliation of Adjusted EBITDA to
GAAP results are included in this press release.
Results of Operations "“ Third Fiscal
Quarter Ended March 31, 2008
Net revenue for the three months ended March 31, 2008 was $453.3
million, an increase of $15.4 million, or 3.5%, compared to $437.9
million in the same period for 2007. The increase was primarily due to
the effect of the weaker U.S. dollar, which favorably impacted our
revenue growth by approximately six percentage points or $25.6 million.
Excluding the impact of foreign exchange rates, net revenue decreased by
$10.2 million, or 2.3%, primarily due to lower North American volumes in
printed components and commercial packaging within our Packaging
Services segment. Revenues from the Sterile Technologies segment grew by
12.6% excluding foreign exchange rate impact, due to strong growth from
both the new Brussels facility as well as from our blow-fill-seal
business. Oral Technologies´ growth was led by Zydis®
which experienced a nearly 22.5% growth in revenues on a constant dollar
basis.
Gross margin of $111.2 million decreased by 1.2% or $1.3 million
compared to the same period for 2007. The weaker U.S. dollar favorably
impacted our gross margin by approximately six percentage points.
Approximately $2.2 million of additional depreciation and amortization
expenses resulted from the increase in the value of property, plant and
equipment recorded as part of the Acquisition.
Selling, general and administrative expenses of $80.1 million increased
by approximately 21.2%, or $14.0 million compared to the same period for
2007. Selling, general and administrative expenses include additional
depreciation and amortization expenses of approximately $10.1 million
associated with the intangibles recorded in connection with the
Acquisition and the increase in the value of property, plant and
equipment recorded as part of the Acquisition. In addition, the weaker
U.S. dollar increased our selling, general and administrative expenses
by $3.0 million compared to the comparable period of the prior year.
Excluding these fair value adjustments and the impact of foreign
exchange rates, selling, general and administrative expenses increased
slightly by $0.9 million.
EBITDA from continuing operations for the three months ended March 31
2008, was $56.5 million, a decrease of $5.7 million or 9.2%, compared to
the same period for 2007. EBITDA in our Packaging Services segment
decreased $5.2 million, or 31.3%, compared to the same period in 2007
due primarily to lower North American volumes in printed components and
commercial packaging. Our unallocated costs increased during the quarter
primarily as a result of a $12.8 million unrealized loss on foreign
currency translation related to intercompany loans denominated in
non-U.S. currencies. These decreases were partially offset by increased
EBITDA in our Sterile Technologies segment of $6.5 million due to strong
performance of our blow-fill-seal business, and continued growing demand
at our new pre-filled syringe facility in Brussels, Belgium. EBITDA for
the Oral Technologies segment increased by $3.2 million compared to the
same period in 2007, primarily due to the favorable impact of foreign
currency translation.
Results of Operations "“ Nine Months Ended
March 31, 2008
Net revenue of $1,355.3 million increased 8.2% or $102.4 million
compared to the same period for 2007. The weaker U.S. dollar favorably
impacted our revenue growth by approximately six percentage points, or
$70.7 million. Excluding the impact of foreign exchange rates, net
revenue increased by $31.7 million or 2.5%, primarily due to increased
volumes and throughput within our Sterile Technologies segment including
increased output from our new sterile facility in Belgium.
Gross margin of $323.8 million increased by 5.8%, or $17.7 million
compared to the same period for 2007. The gross margin for the nine
months ended March 31, 2008 included an inventory charge and other
adjustments of approximately $11.0 million, approximately $10.0 million
of which was non-cash, within our Oral Technologies segment. Excluding
these inventory and other adjustments, gross margin increased by 9.4% or
$28.7 million, primarily due to increased revenues and improved
utilization within our Sterile Technologies segment. The weaker U.S.
dollar favorably impacted our gross margin by approximately six
percentage points.
Selling, general and administrative expenses of $238.6 million increased
by approximately 11.4%, or $24.4 million compared to the same period for
2007. The increase is attributable to additional depreciation and
amortization expense of approximately $30.4 million associated with the
intangibles recorded in connection with the Acquisition and the increase
in the value of property, plant and equipment recorded as part of the
Acquisition. In addition, the weaker U.S. dollar increased our selling
general and administrative expenses by $7.9 million compared to the
comparable period of the prior year. Excluding these fair value
adjustments and the impact of foreign exchange rates, selling, general
and administrative expenses decreased by $13.9 million or 6.5%
primarily as a result of savings achieved as a standalone company.
EBITDA from continuing operations for the nine months ended March 31
2008, was $159.1 million, an increase of $16.4 million, or 11.5%
compared to the same period for 2007. Sterile Technologies segment
EBITDA increased by $21.9 million primarily due to increased revenues
and improved utilization of our sterile facilities, including the
ramp-up of our new facility in Belgium. The weaker U.S. dollar favorably
impacted the Sterile Technologies segment´s
EBITDA growth by approximately $1.0 million. The Oral Technologies
segment EBITDA increased by 3.5%, or $5.5 million compared to the same
period a year ago. This result included the same charge of $11.0 million
discussed above. In addition, the segment´s
EBITDA was favorably impacted by the weaker U.S. dollar by approximately
6 percentage points, or $9.3 million. Excluding the impact of these
items, the Oral Technologies segment´s EBITDA
increased by approximately 4.6% or $7.2 million primarily due to
increased revenues within the controlled release and Zydis® businesses. The Packaging Services segment EBITDA increased by $0.2
million, primarily due to the impact of favorable foreign exchange
rates, which increased segment EBITDA by five percentage points, or $2.5
million. Excluding foreign exchange translation, EBITDA for the
Packaging Services segment declined $2.3 million relative to the prior
year period principally due to lower volumes primarily in our North
American printed components and packaging facilities realized largely in
the third quarter.
The Acquisition
On April 10, 2007, an entity controlled by affiliates of The Blackstone
Group acquired from Cardinal Health, Inc. ("Cardinal")
certain businesses of the Pharmaceutical Technologies and Services
segment (the "Acquired Businesses")
of Cardinal, which now constitute the Company, for an aggregate purchase
price of approximately $3.3 billion (the "Acquisition").
The Company has performed an evaluation of the fair values of the real
and personal property, inventory and certain identifiable intangible
assets in connection with the purchase price allocation related to the
Acquisition. The valuation study resulted in a fair value step-up to
real and personal property, inventory and certain identifiable
intangible assets. Catalent is in the process of finalizing its purchase
accounting information. In connection with the Acquisition, Catalent
entered into a senior secured credit facility, consisting of an
approximate $1.4 billion aggregate principal term loan, a $350.0 million
revolving credit facility and issued $565.0 million of 9 ½%/
10 ¼% Senior PIK-Election Notes due 2015 and
EUR 225.0 million of 9 ¾% Euro-denominated
($300.3 million dollar equivalent) Senior Subordinated Notes due 2017.
Basis of Presentation
These unaudited condensed financial statements as of and for the three
and nine months ended March 31, 2008, present the consolidated financial
position, results of operations and cash flows of Catalent (the "Successor")
as a stand-alone entity and the combined financial position, results of
operations and cash flows of the Acquired Businesses when operated as
part of the Pharmaceutical Technologies and Services ("PTS")
segment of Cardinal (hereinafter, the "Predecessor")
for the three and nine months ended March 31, 2007, including
adjustments, allocations and related party transactions and have been
prepared in accordance with generally accepted accounting principles in
the United States ("GAAP").
The Predecessor´s unaudited financial
statements were derived from the consolidated financial statements of
Cardinal using the historical results of operations and the historical
basis of assets and liabilities of the Predecessor. The Predecessor
unaudited condensed financial statements presented may not be indicative
of the results that would have been achieved had the Predecessor
operated as a separate, stand-alone entity.
Non-GAAP Financial Matters
In addition to disclosing financial results that are determined in
accordance with US GAAP, Catalent discloses EBITDA and Adjusted EBITDA
which are non-GAAP measures. You should not consider EBITDA or Adjusted
EBITDA as an alternative to operating or net earnings, determined in
accordance with US GAAP, as an indicator of Catalent´s operating
performance, or as an alternative to cash flows from operating
activities, determined in accordance with US GAAP, as an indicator of
cash flows, or as a measure of liquidity. EBITDA is calculated by the
sum of earnings before interest, taxes, depreciation and amortization.
The Company´s credit facilities and the indentures governing the
outstanding notes have certain covenants that use ratios utilizing a
measure referred to as Adjusted EBITDA ("Adjusted EBITDA"). The
supplementary adjustments to EBITDA to derive Adjusted EBITDA may not be
in accordance with current SEC practices or the rules and regulations
adopted by the SEC that apply to periodic reports filed under the
Securities Exchange Act of 1934. Accordingly, the SEC may require that
Adjusted EBITDA be presented differently in filings that may be made
with the SEC than as presented in this release, or not be presented at
all. The most directly comparable US GAAP measure to EBITDA and Adjusted
EBITDA is net earnings (loss). Included in this release is a
reconciliation of net earnings (loss) to EBITDA and to Adjusted EBITDA.
Forward-Looking Statements
This release contains both historical and forward-looking statements.
All statements other than statements of historical fact are, or may be
deemed to be, forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements generally can be identified by the use of statements that
include phrases such as "believe," "expect," "anticipate"
"intend", "estimate"
"plan", "project"
"foresee", "likely"
"may", "will"
"would" or other
words or phrases with similar meanings. Similarly, statements that
describe our objectives, plans or goals are, or may be, forward-looking
statements. These statements are based on current expectations of future
events. If underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results could vary materially from
Catalent Pharma Solutions´ expectations and
projections. Some of the factors that could cause actual results to
differ include, but are not limited to, the following: general industry
conditions and competition; product or other liability risk inherent in
the design, development, manufacture and marketing of our offerings;
inability to enhance our existing or introduce new technology or
services in a timely manner; economic conditions, such as interest rate
and currency exchange rate fluctuations; technological advances and
patents attained by competitors; and our substantial debt and debt
service requirements that restrict our operating and financial
flexibility and impose significant interest and financial costs. For a
more detailed discussion of these and other factors, see the information
under the caption "Risk Factors" in our prospectus dated March 6, 2008, filed with the Securities and
Exchange Commission on March 6, 2008. All forward-looking statements
speak only as of the date of this release or as of the date they are
made, and Catalent Pharma Solutions does not undertake to update any
forward- looking statements as a result of new information or future
events or developments unless required by law.
Conference Call/ Webcast
The Company has scheduled a webcast on May 13th beginning at 10:30 a.m.
(EDT) to review the results. To access the call and slide presentation
go to the Investor Center at www.catalent.com.
A replay and transcript will also be available from the Investor Center
at www.catalent.com following the
call.
About Catalent
Headquartered in Somerset, New Jersey, Catalent is one of the leading
providers of advanced technologies, and development, manufacturing and
packaging services for pharmaceutical, biotechnology and consumer
healthcare companies in nearly 100 countries. The company applies its
local market expertise and technical creativity to advance treatments
change markets and enhance patient outcomes. Catalent employs
approximately 10,000 people at more than 30 facilities worldwide and
generates more than $1.7 billion in annual revenue. For more
information, visit www.catalent.com.
= = = = = = = = = = =
Catalent Pharma Solutions
- - - - - -
Condensed Statements of Earnings
- - - - - -
(unaudited, in millions)
- - - - - -
- - - - - -
- - - - - -
Successor
Predecessor
- - - - - -
Three Months
Three Months
Change
- - - - - -
Ended
Ended
- - - - - -
March 31, 2008
March 31, 2007
$
%
- - - - - -
- - - - - -
Net revenue
$
453.3
$
437.9
$
15.4
3.5
%
- - - - - -
Cost of products sold
342.1
325.4
16.7
5.1
%
- - - - - -
Gross margin
111.2
112.5
(1.3
)
-1.2
%
- - - - - -
Selling, general and administrative expenses
80.1
66.1
14.0
21.2
%
- - - - - -
Impairment charges and (gain)/ loss on sale of asset
-
(5.6
)
5.6
N.M.
- - - - - -
Restructuring and other special items
7.4
13.8
(6.4
)
-46.4
%
- - - - - -
Operating earnings
23.7
38.2
(14.5
)
-38.0
%
- - - - - -
Interest expense, net
51.7
5.1
46.6
N.M.
- - - - - -
Other expense, net
9.0
1.6
7.4
N.M.
- - - - - -
(Loss)/ earnings before income taxes
(37.0
)
31.5
(68.5
)
N.M.
- - - - - -
Income tax (benefit)/ expense
(5.8
)
11.6
(17.4
)
N.M.
- - - - - -
Minority interest expense, net of tax
1.2
1.3
(0.1
)
-7.7
%
- - - - - -
(Loss)/earnings from continuing operations
(32.4
)
18.6
(51.0
)
N.M.
- - - - - -
Income from discontinued operations, net of tax
1.4
3.2
(1.8
)
-56.3
%
- - - - - -
Net (loss)/ earnings
$
(31.0
)
$
21.8
$
(52.8
)
N.M.
- - - - - -
- - - - - -
N.M. - percentage not meaningful.
- - - - - -
- - - - - -
Catalent Pharma Solutions
- - - - - -
Selected Segment Financial Data
- - - - - -
(unaudited, in millions)
- - - - - -
- - - - - -
Successor
Predecessor
- - - - - -
Three Months
Three Months
Change
- - - - - -
Ended
Ended
- - - - - -
March 31, 2008
March 31, 2007
$
%
- - - - - -
- - - - - -
Oral Technologies
- - - - - -
Net revenue
$
261.5
$
240.9
$
20.6
8.6
%
- - - - - -
Segment EBITDA
62.5
59.3
3.2
5.4
%
- - - - - -
- - - - - -
Sterile Technologies
- - - - - -
Net revenue
76.7
65.2
11.5
17.6
%
- - - - - -
Segment EBITDA
6.3
(0.2
)
6.5
N.M.
- - - - - -
- - - - - -
Packaging Services
- - - - - -
Net revenue
125.3
141.6
(16.3
)
-11.5
%
- - - - - -
Segment EBITDA
11.4
16.6
(5.2
)
-31.3
%
- - - - - -
- - - - - -
Intersegment Eliminations
- - - - - -
Net Revenue
(10.2
)
(9.8
)
(0.4
)
4.1
%
- - - - - -
- - - - - -
Other
- - - - - -
Unallocated costs
(23.7
)
(13.5
)
(10.2
)
75.6
%
- - - - - -
- - - - - -
Combined Total
- - - - - -
Net revenue
453.3
437.9
15.4
3.5
%
- - - - - -
EBITDA
$
56.5
$
62.2
$
(5.7
)
-9.2
%
- - - - - -
- - - - - -
N.M. - percentage not meaningful.
- - - - - -
- - - - - -
- - - - - -
Catalent Pharma Solutions
- - - - - -
Condensed Statements of Earnings
- - - - - -
(unaudited, in millions)
- - - - - -
- - - - - -
Successor
Predecessor
- - - - - -
Nine Months
Nine Months
Change
- - - - - -
Ended
Ended
- - - - - -
March 31, 2008
March 31, 2007
$
%
- - - - - -
- - - - - -
Net revenue
$
1,355.3
$
1,252.9
$
102.4
8.2
%
- - - - - -
Cost of products sold
1,031.5
946.8
84.7
8.9
%
- - - - - -
Gross margin
323.8
306.1
17.7
5.8
%
- - - - - -
Selling, general and administrative expenses
238.6
214.2
24.4
11.4
%
- - - - - -
Impairment charges and (gain)/ loss on sale of asset
0.4
(2.5
)
2.9
N.M.
- - - - - -
Restructuring and other special items
20.7
21.8
(1.1
)
-5.0
%
- - - - - -
Operating earnings
64.1
72.6
(8.5
)
-11.7
%
- - - - - -
Interest expense, net
153.0
7.7
145.3
N.M.
- - - - - -
Other expense, net
28.8
1.6
27.2
N.M.
- - - - - -
(Loss)/ earnings before income taxes
(117.7
)
63.3
(181.0
)
N.M.
- - - - - -
Income tax (benefit) expense
(49.8
)
7.8
(57.6
)
N.M.
- - - - - -
Minority interest expense, net of tax benefit
1.5
3.5
(2.0
)
-57.1
%
- - - - - -
(Loss)/ earnings from continuing operations
(69.4
)
52.0
(121.4
)
N.M.
- - - - - -
Loss from discontinued operations, net of tax
(3.1
)
(10.6
)
7.5
-70.8
%
- - - - - -
Net (loss)/ earnings
$
(72.5
)
$
41.4
$
(113.9
)
N.M.
- - - - - -
- - - - - -
N.M. - percentage not meaningful.
- - - - - -
- - - - - -
Catalent Pharma Solutions
- - - - - -
Selected Segment Financial Data
- - - - - -
(unaudited, in millions)
- - - - - -
- - - - - -
Successor
Predecessor
- - - - - -
Nine Months
Nine Months
Change
- - - - - -
Ended
Ended
- - - - - -
March 31, 2008
March 31, 2007
$
%
- - - - - -
- - - - - -
Oral Technologies
- - - - - -
Net revenue
$
753.6
$
687.9
$
65.7
9.6
%
- - - - - -
Segment EBITDA
162.4
156.9
5.5
3.5
%
- - - - - -
- - - - - -
Sterile Technologies
- - - - - -
Net revenue
221.3
181.8
39.5
21.7
%
- - - - - -
Segment EBITDA
17.0
(4.9
)
21.9
N.M.
- - - - - -
- - - - - -
Packaging Services
- - - - - -
Net revenue
410.7
414.1
(3.4
)
-0.8
%
- - - - - -
Segment EBITDA
51.9
51.7
0.2
0.4
%
- - - - - -
- - - - - -
Intersegment Eliminations
- - - - - -
Net Revenue
(30.3
)
(30.9
)
0.6
-1.9
%
- - - - - -
- - - - - -
Other
- - - - - -
Unallocated costs
(72.2
)
(61.0
)
(11.2
)
18.4
%
- - - - - -
- - - - - -
Combined Totals
- - - - - -
Net revenue
1,355.3
1,252.9
102.4
8.2
%
- - - - - -
EBITDA
$
159.1
$
142.7
$
16.4
11.5
%
- - - - - -
- - - - - -
N.M. - percentage not meaningful.
- - - - - -
= = = = = = = = = = =
Catalent Pharma Solutions
- - - - - -
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
- - - - - -
(unaudited, in millions)
- - - - - -
- - - - - -
- - - - - -
Last
- - - - - -
Predecessor
Successor
Combined
Three Months Ended
Twelve Months
- - - - - -
April 1 to
April 10 to
April 1 to
September 30
December 31
March 31
Ended
- - - - - -
April 9, 2007
June 30, 2007
June 30, 2007
2007
2007
2008
March 31, 2008
- - - - - -
- - - - - -
Loss from continuing operations
$
(14.6
)
$
(147.0
)
$
(161.6
)
$
(7.8
)
$
(29.2
)
$
(32.4
)
$
(231.0
)
- - - - - -
Interest expense, net
1.2
44.1
45.3
49.3
52.0
51.7
198.3
- - - - - -
Income tax benefit
(9.8
)
(21.2
)
(31.0
)
(24.4
)
(19.6
)
(5.8
)
(80.8
)
- - - - - -
Depreciation and amortization
2.4
37.2
39.6
40.7
41.6
43.0
164.9
- - - - - -
EBITDA
$
(20.8
)
$
(86.9
)
$
(107.7
)
$
57.8
$
44.8
$
56.5
$
51.4
- - - - - -
- - - - - -
Equity compensation
16.4
1.0
17.4
1.8
2.2
3.0
24.4
- - - - - -
Impairment charges and (gain)/loss on sale of assets
1.2
(0.2
)
1.0
0.4
-
-
1.4
- - - - - -
Purchase accounting and special items
0.1
167.3
167.4
4.3
9.0
7.4
188.1
- - - - - -
Other non-recurring/one time items
0.1
5.6
5.7
1.7
10.4
(2.6
)
15.2
- - - - - -
Unrealized foreign currency loss (included in other expense, net) (1)
-
-
-
6.1
10.7
12.8
29.6
- - - - - -
Other adjustments
0.4
1.7
2.1
(0.3
)
1.3
3.1
6.2
- - - - - -
Sponsor monitoring fee
-
2.2
2.2
2.5
2.5
2.5
9.7
- - - - - -
Disposition adjustments
0.1
1.2
1.3
(0.9
)
2.7
(0.1
)
3.0
- - - - - -
Subtotal
(2.5
)
91.9
89.4
73.4
83.6
82.6
329.0
- - - - - -
Estimated cost savings
13.7
- - - - - -
Adjusted EBITDA
$
342.7
- - - - - -
(1) During the quarters ended September 30, 2007
and December 31, 2007, Catalent did not exclude the unrealized foreign
currency loss from the Adjusted EBITDA that is recorded within other
expense, net in the consolidated statements of operations. The
unrealized foreign currency loss should have been excluded per the
definition in Catalent´s credit agreement. The realized foreign exchange
gain/(loss) continues to be included in the Adjusted EBITDA.
Catalent has adjusted the Last Twelve Months Adjusted EBITDA for the
quarters ended September 30, 2007 and December 31, 2007 to reflect the
exclusion of the unrealized foreign currency loss.
= = = = = = = = = = =
Last Twelve Months
- - - - - -
June 30,2007
September 30,2007
December 31,2007
March 31,2008
- - - - - -
Previously reported Adjusted EBITDA
$
332.5
$
339.1
$
338.9
$
342.7
- - - - - -
Unrealized foreign currency gain/loss adjustment
-
6.1
16.8
-
- - - - - -
Revised Adjusted EBITDA
$
332.5
$
345.2
$
355.7
$
342.7
- - - - - -
= = = = = = = = = = =
Catalent Pharma Solutions
- - - - - -
Condensed Balance Sheets
- - - - - -
(unaudited, in millions)
- - - - - -
- - - - - -
As of
As of
- - - - - -
March 31
June 30
- - - - - -
2008
2007
- - - - - -
- - - - - -
ASSETS
- - - - - -
- - - - - -
Current assets:
- - - - - -
Cash and equivalents
$
68.8
$
82.7
- - - - - -
Trade receivables, net
297.2
310.3
- - - - - -
Inventories, net
218.1
218.9
- - - - - -
Prepaid expenses and other
73.2
82.0
- - - - - -
Assets held for sale from discontinued operations
54.3
82.3
- - - - - -
Total current assets
711.6
776.2
- - - - - -
- - - - - -
Property and equipment, net
1,069.4
1,056.1
- - - - - -
- - - - - -
Other non-current assets, including intangible assets
2,110.8
2,030.0
- - - - - -
Total assets
$
3,891.8
$
3,862.3
- - - - - -
- - - - - -
- - - - - -
LIABILITIES and EQUITY
- - - - - -
- - - - - -
Current liabilities:
- - - - - -
Current portion of long-term obligations and other short-term
borrowings
$
29.6
$
36.4
- - - - - -
Accounts payable
123.2
114.6
- - - - - -
Other accrued liabilities
218.7
174.5
- - - - - -
Liabilities from discontinued operations
27.2
36.1
- - - - - -
Total current liabilities
398.7
361.6
- - - - - -
- - - - - -
Long-term obligations, less current portion
2,363.3
2,275.6
- - - - - -
Other non-current liabilities
173.7
314.5
- - - - - -
- - - - - -
Commitments and contingencies
- - - - - -
- - - - - -
Total equity
956.5
910.6
- - - - - -
Total liabilities and equity
$
3,891.8
$
3,862.3
- - - - - -
= = = = = = = = = = =
Catalent Pharma Solutions
- - - - - -
Condensed Statements of Cash Flows
- - - - - -
(unaudited, in millions)
- - - - - -
- - - - - -
- - - - - -
Successor
Predecessor
- - - - - -
- - - - - -
Nine Months
Nine Months
- - - - - -
Ended
Ended
- - - - - -
March 31, 2008
March 31, 2007
- - - - - -
- - - - - -
Cash flows from operating activities
- - - - - -
Net cash provided by operating activities from continuing operations
$
26.7
$
159.9
- - - - - -
Net cash used in by operating activities from discontinued operations
(4.1
)
(1.2
)
- - - - - -
Net cash provided by operating activities
22.6
158.7
- - - - - -
- - - - - -
Cash flows from investing activities
- - - - - -
Proceeds from sale of assets
0.4
19.2
- - - - - -
Additions to property and equipment
(55.8
)
(99.3
)
- - - - - -
Net cash used in investing activities from continuing operations
(55.4
)
(80.1
)
- - - - - -
Net cash used in investing activities from discontinued operations
(2.1
)
(8.9
)
- - - - - -
Net cash used in investing activities
(57.5
)
(89.0
)
- - - - - -
- - - - - -
Cash flows from financing activities
- - - - - -
Net change in debt
(31.4
)
(34.4
)
- - - - - -
Equity contribution
14.5
-
- - - - - -
Proceeds from long-term obligations, net of issuance costs
-
3.7
- - - - - -
Net transfers to Cardinal Health, Inc. and affiliates
-
(63.5
)
- - - - - -
Net cash used in financing activities from continuing operations
(16.9
)
(94.2
)
- - - - - -
Net cash used in financing activities from discontinued operations
-
-
- - - - - -
Net cash used in financing activities
(16.9
)
(94.2
)
- - - - - -
- - - - - -
Effect of foreign currency translation on cash
37.9
16.9
- - - - - -
- - - - - -
Net decrease in cash and equivalents
(13.9
)
(7.6
)
- - - - - -
- - - - - -
Cash and equivalents at beginning of period
82.7
133.6
- - - - - -
Cash and equivalents at end of period
$
68.8
$
126.0
- - - - - -