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AmerisourceBergen Reports First Quarter Fiscal Year 2014 Results



  AmerisourceBergen Reports First Quarter Fiscal Year 2014 Results

 Reiterates Expectations for Fiscal 2014 Adjusted Diluted EPS from Continuing
               Operations to be in the range of $3.60 to $3.73

Business Wire

VALLEY FORGE, Pa. -- January 23, 2014

AmerisourceBergen Corporation (NYSE:ABC) today reported that in its fiscal
year 2014 first quarter ended December 31, 2013, adjusted diluted earnings per
share from continuing operations increased 9.6 percent to $0.80. Revenue
increased 38.5 percent to $29.2 billion in the quarter. On the basis of U.S.
generally accepted accounting principles (GAAP), diluted earnings per share
from continuing operations were $0.21 for the December quarter of fiscal 2014.
In the tables that follow, we present our GAAP results as well as a
reconciliation of GAAP income from continuing operations to adjusted non-GAAP
income from continuing operations.

“In our December quarter, we delivered solid results as we onboarded
substantial new business,” said Steven H. Collis, AmerisourceBergen President
and Chief Executive Officer. “We performed well operationally, made meaningful
progress through a significant working capital transition, and positioned
ourselves well to meet our objectives for the fiscal year.”

The comments below compare adjusted results from continuing operations, which
exclude:

  * Gains from antitrust litigation settlements;
  * LIFO expense;
  * Acquisition related expenses and intangibles amortization;
  * Warrant expense; and
  * Special employee severance, litigation, and other expenses.

In addition, we calculate our adjusted earnings per share for each period
using a diluted weighted average share count, which excludes the accounting
dilution resulting from the impact of the unexercised equity warrants.

Summary of Adjusted Quarterly Results

  * Revenue: In the first quarter of fiscal 2014, revenue was $29.2 billion,
    up 38.5 percent compared to the same quarter in the previous fiscal year,
    reflecting a 46 percent increase in AmerisourceBergen Drug Corporation
    (ABDC) revenue, and an 8 percent increase in AmerisourceBergen Specialty
    Group (ABSG) revenue.
  * Gross Profit: Gross profit in the fiscal 2014 first quarter was $724.8
    million, an 11.6 percent increase over the same period in the previous
    year, driven by strong revenue growth and solid performance relating to
    generic pharmaceuticals in ABDC, offset by a substantial increase in lower
    margin brand business. Gross profit as a percentage of revenue decreased
    60 basis points to 2.48 percent.
  * Operating Expenses: In the first quarter of fiscal 2014, operating
    expenses were $402.1 million, up 13.8 percent over the same period in the
    last fiscal year. The increase in operating expenses in the quarter was
    due primarily to costs associated with onboarding the new Walgreen Co.
    business. Operating expenses as a percentage of revenue in the fiscal 2014
    first quarter were 1.38 percent compared with 1.68 percent for the same
    period in the previous fiscal year.
  * Operating Income: In the fiscal 2014 first quarter, operating income of
    $322.7 million was up 8.9 percent versus the prior year, as the increase
    in gross profit was offset in part by the increase in operating expenses.
    Operating income as a percentage of revenue decreased 30 basis points to
    1.11 percent in the fiscal 2014 first quarter compared to the previous
    year’s first quarter.
  * Tax Rate: The effective tax rate for the first quarter of fiscal 2014 was
    38.2 percent, up from 37.8 percent in the previous fiscal year’s first
    quarter. Going forward, we expect our annualized effective tax rate to be
    in the low 38 percent range.
  * Earnings Per Share: Diluted earnings per share from continuing operations
    were up 9.6 percent to $0.80 in the first quarter of fiscal year 2014
    compared to $0.73 in the previous fiscal year’s first quarter, driven by
    the increase in operating income.
  * Shares Outstanding: Diluted weighted average shares outstanding for the
    first quarter of fiscal year 2014 were 235.4 million, a slight decrease
    versus the prior year as share repurchases offset option exercises.

Segment Discussion

The Pharmaceutical Distribution segment includes both AmerisourceBergen Drug
Corporation and AmerisourceBergen Specialty Group. Other includes
AmerisourceBergen Consulting Services (ABCS) and World Courier.

Pharmaceutical Distribution Segment

In the first fiscal quarter of 2014, Pharmaceutical Distribution revenues were
$28.6 billion, an increase of 39 percent compared to the same quarter in the
prior year. ABDC revenues increased 46 percent, due primarily to the
onboarding of the new Walgreens branded pharmaceuticals business and increased
sales to our large PBM customer, as well as other large customers. ABSG
revenues increased 8 percent, which was driven by strong performance in our
blood products, vaccine and physician office distribution businesses.
Intrasegment revenues between ABDC and ABSG have been eliminated in the
presentation of total Pharmaceutical Distribution revenue. Total intrasegment
revenues were $976.8 million and $863.8 million in the quarters ended December
31, 2013 and 2012, respectively.

Operating income of $286.8 million in the December quarter of fiscal 2014
increased 8 percent compared to the same period in the previous year due to
the new Walgreens branded pharmaceuticals business in ABDC, strong
contributions from generics, and solid performance in ABSG, as a decline in
performance in our community oncology business was offset by strong
performance in our physician office, vaccine and blood products distribution
businesses.

Other

Revenues in Other were $604.1 million in the first quarter of fiscal 2014, an
increase of 20 percent over the same period in the prior year. Operating
income increased 21 percent to $36.0 million in the first quarter of fiscal
2014, driven by strong performance in World Courier.

Fiscal Year 2014 Expectations

AmerisourceBergen continues to expect adjusted diluted earnings per share from
continuing operations in fiscal year 2014 to be in the range of $3.60 to
$3.73, a 12 percent to 16 percent increase over fiscal 2013. We have increased
our revenue growth expectations to a range of 30 percent to 34 percent, and
continue to expect adjusted operating income growth in the 12 percent to 16
percent range. We now expect adjusted operating margin to decline in the 20 to
23 basis points range due to the onboarding of significant new lower margin
business and growth in brand pharmaceutical business with our large customers.
We continue to expect to generate free cash flow in the range of $500 to $700
million, with capital expenditures in the $300 million range; and to spend
approximately $500 million in share repurchases, subject to market conditions.

Conference Call

The Company will host a conference call to discuss the results at 11:00 a.m.
Eastern Time on January 23, 2014.

Participating in the conference call will be:

Steven H. Collis, President & Chief Executive Officer

Tim G. Guttman, Senior Vice President & Chief Financial Officer

The dial-in number for the live call will be (612) 234-9960. No access code is
required. The live call will also be webcast via the Company’s website at
www.amerisourcebergen.com. Users are encouraged to log on to the webcast
approximately 10 minutes in advance of the scheduled start time of the call.

Replays of the call will be made available via telephone and webcast. A replay
of the webcast will be posted on www.amerisourcebergen.com approximately two
hours after the completion of the call and will remain available for thirty
days. The telephone replay will also be available approximately two hours
after the completion of the call and will remain available for seven days. To
access the telephone replay from within the US, dial (800) 475-6701. From
outside the US, dial (320) 365-3844. The access code for the replay is 313989.

About AmerisourceBergen

AmerisourceBergen is one of the largest global pharmaceutical sourcing and
distribution services companies, helping both healthcare providers and
pharmaceutical and biotech manufacturers improve patient access to products
and enhance patient care. With services ranging from drug distribution and
niche premium logistics to reimbursement and pharmaceutical consulting
services, AmerisourceBergen delivers innovative programs and solutions across
the pharmaceutical supply channel. With over $100 billion in annualized
revenue, AmerisourceBergen is headquartered in Valley Forge, PA, and employs
approximately 13,000 people. AmerisourceBergen is ranked #32 on the Fortune
500 list. For more information, go to www.amerisourcebergen.com.

AmerisourceBergen's Cautionary Note Regarding Forward-Looking Statements

Certain of the statements contained in this news release are “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Words such as
“expect,” “likely,” “outlook,” “forecast,” “would,” “could,” “should,” “can,”
“will,” “project," “intend,” “plan,” “continue,” “sustain,” “synergy,” “on
track,” “believe,” “seek,” “estimate,” “anticipate,” “may,” “possible,”
“assume,” variations of such words, and similar expressions are intended to
identify such forward-looking statements. These statements are based on
management’s current expectations and are subject to uncertainty and change in
circumstances. These statements are not guarantees of future performance and
are based on assumptions that could prove incorrect or could cause actual
results to vary materially from those indicated. Among the factors that could
cause actual results to differ materially from those projected, anticipated,
or implied are the following: changes in pharmaceutical market growth rates;
the loss of one or more key customer or supplier relationships; the retention
of key customer or supplier relationships under less favorable economics;
changes in customer mix; customer delinquencies, defaults or insolvencies;
supplier defaults or insolvencies; changes in branded and/or generic
pharmaceutical manufacturers’ pricing and distribution policies or practices;
adverse resolution of any contract or other dispute with customers or
suppliers; federal and state government enforcement initiatives to detect and
prevent suspicious orders of controlled substances and the diversion of
controlled substances, federal and state prosecution of alleged violations of
related laws and regulations, and any related litigation, including
shareholder derivative lawsuits or other disputes relating to our distribution
of controlled substances; qui tam litigation for alleged violations of fraud
and abuse laws and regulations and/or any other laws and regulations governing
the marketing, sale, purchase and/or dispensing of pharmaceutical products or
services and any related litigation, including shareholder derivative
lawsuits; changes in federal and state legislation or regulatory action
affecting pharmaceutical product pricing or reimbursement policies, including
under Medicaid and Medicare, and the effect of such changes on our customers;
changes in regulatory or clinical medical guidelines and/or labeling for the
pharmaceutical products we distribute, including certain anemia products;
price inflation in branded and generic pharmaceuticals and price deflation in
generics; greater or less than anticipated benefit from launches of the
generic versions of previously patented pharmaceutical products; significant
breakdown or interruption of our information technology systems; our inability
to realize the anticipated benefits of the implementation of an enterprise
resource planning (ERP) system; interest rate and foreign currency exchange
rate fluctuations; risks associated with international business operations,
including non-compliance with the U.S. Foreign Corrupt Practices Act,
anti-bribery laws and economic sanctions and import laws and regulations;
economic, business, competitive and/or regulatory developments outside of the
United States; risks associated with the strategic, long-term relationship
among Walgreen Co., Alliance Boots GmbH, and AmerisourceBergen, the occurrence
of any event, change or other circumstance that could give rise to the
termination, cross-termination or modification of any of the transaction
documents among the parties (including, among others, the distribution
agreement or the generics agreement), an impact on our earnings per share
resulting from the issuance of the Warrants, an inability to realize
anticipated benefits (including benefits resulting from participation in the
Walgreens Boots Alliance Development GmbH joint venture), the disruption of
AmerisourceBergen’s cash flow and ability to return value to its stockholders
in accordance with its past practices, disruption of or changes in vendor,
payer and customer relationships and terms, and the reduction of
AmerisourceBergen’s operational, strategic or financial flexibility; the
acquisition of businesses that do not perform as we expect or that are
difficult for us to integrate or control; our inability to successfully
complete any other transaction that we may wish to pursue from time to time;
changes in tax laws or legislative initiatives that could adversely affect our
tax positions and/or our tax liabilities or adverse resolution of challenges
to our tax positions; increased costs of maintaining, or reductions in our
ability to maintain, adequate liquidity and financing sources; volatility and
deterioration of the capital and credit markets; natural disasters or other
unexpected events that affect our operations; and other economic, business,
competitive, legal, tax, regulatory and/or operational factors affecting our
business generally. Certain additional factors that management believes could
cause actual outcomes and results to differ materially from those described in
forward-looking statements are set forth (i) in Item 1A (Risk Factors) and
Item 1 (Business) in the Company’s Annual Report on Form 10-K for the fiscal
year ended September 30, 2013 and elsewhere in that report and (ii) in other
reports.

                                                                      
AMERISOURCEBERGEN CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share data)
(unaudited)
                                                                        
                                                                        
                 Three                      Three
                 Months Ended               Months Ended
                 December 31,    % of       December 31,    % of       %
                 2013            Revenue    2012            Revenue    Change
                                                                        
Revenue          $29,176,362     100.00 %   $21,059,811     100.00 %   38.5  %
                                                                        
Cost of goods    28,488,137                 20,398,983                 39.7  %
sold
                                                                        
Gross profit     688,225         2.36   %   660,828         3.14   %   4.1   %
^(1)
                                                                        
Operating
expenses:
Distribution,
selling and      364,060         1.25   %   320,700         1.52   %   13.5  %
administrative
Depreciation
and              43,950          0.15   %   38,684          0.18   %   13.6  %
amortization
Warrants         116,297         0.40   %   -               -      %
Employee
severance,       4,302           0.01   %   2,004           0.01   %
litigation and
other
Total
operating        528,609         1.81   %   361,388         1.72   %   46.3  %
expenses
                                                                        
Operating        159,616         0.55   %   299,440         1.42   %   -46.7 %
income
                                                                        
Other income     (597        )   -      %   (23         )   -      %
                                                                        
Interest         18,832          0.06   %   18,525          0.09   %   1.7   %
expense, net
                                                                        
Income before    141,381         0.48   %   280,938         1.33   %   -49.7 %
income taxes
                                                                        
Income taxes     92,450          0.32   %   106,317         0.50   %   -13.0 %
                                                                        
Income from
continuing       48,931          0.17   %   174,621         0.83   %   -72.0 %
operations
                                                                        
Loss from
discontinued
operations,      (7,546      )              (6,010      )
net of income
taxes
                                                                        
Net income       $41,385         0.14   %   $168,611        0.80   %
                                                                        
                                                                        
Basic earnings
per share:
Continuing       $0.21                      $0.75                      -72.0 %
operations
Discontinued     (0.03       )              (0.03       )
operations
Rounding         -                          0.01         
Total            $0.18                      $0.73        
                                                                        
Diluted
earnings per
share:
Continuing       $0.21                      $0.74                      -71.6 %
operations
Discontinued     (0.03       )              (0.03       )
operations
Rounding         (0.01       )              -            
Total            $0.17                      $0.71        
                                                                        
Weighted
average common
shares
outstanding:
Basic            230,277                    232,361
Diluted ^(2)     237,012                    235,992                    0.4   %

        
         Includes a $21.0 million gain from antitrust litigation settlements
         and a $57.6 million LIFO expense charge in the three months ended
  ^(1)   December 31, 2013. Includes a $12.3 million gain from antitrust
         litigation settlements and a $1.2 million LIFO expense charge in the
         three months ended December 31, 2012.
         Includes the dilutive effect of stock options, restricted stock,
  ^(2)   restricted stock units and the Warrants issued to Walgreens and
         Alliance Boots.
          

                                                                                                              
AMERISOURCEBERGEN CORPORATION
RECONCILIATION OF CONTINUING OPERATIONS (GAAP) TO ADJUSTED CONTINUING OPERATIONS (NON-GAAP)
(in thousands, except per share data)
(unaudited)
                                                                                                              
              Three Months Ended December 31, 2013
                                            Gain on                   Acquisition                 Employee
                              Dilution of   Antitrust                 Related                     Severance,
                              Unexercised   Litigation                Intangibles    Warrant      Litigation   Adjusted
                                                                                                  and
              GAAP            Warrants      Settlements   LIFO        Amortization   Expense      Other        Non-GAAP
                                                          Expense
                                                                                                                
Revenue       $29,176,362                   $-            $-          $-             $-           $-           $29,176,362
Cost of       28,488,137                    21,023        (57,582 )   -              -            -            28,451,578   
goods sold
Gross         688,225                       (21,023   )   57,582      -              -            -            724,784
profit
Operating     528,609                       -             -           (5,958    )    (116,297 )   (4,302   )   402,052      
expenses
Operating     159,616                       (21,023   )   57,582      5,958          116,297      4,302        322,732
income
Other         (597        )                 -             -           -              -            -            (597        )
income
Interest
expense,      18,832                        -             -           -              -            -            18,832       
net
Income
before        141,381                       (21,023   )   57,582      5,958          116,297      4,302        304,497
income
taxes
Income        92,450                        (7,882    )   21,588      2,234          6,315        1,613        116,318      
taxes ^(1)
Income from
continuing    $48,931                       $(13,141  )   $35,994     $3,724         $109,982     $2,689       $188,179     
operations
                                                                                                                
Diluted
earnings
per share
from          $0.21           $-            $(0.06    )   $0.15       $0.02          $0.47        $0.01        $0.80
continuing
operations
^(2)
                                                                                                                
Diluted
weighted
average
common        237,012         235,383       235,383       235,383     235,383        235,383      235,383      235,383
shares
outstanding
^(2)
                                                                                                                
Percentages
of revenue:
                                                                                                                
Gross         2.36        %                                                                                    2.48        %
profit
Operating     1.81        %                                                                                    1.38        %
expenses
Operating     0.55        %                                                                                    1.11        %
income

 
^(1) The income tax rate applicable to Warrant expense was lower than our
normal income tax rate as a portion of the Warrant expense is not tax
deductible. The income tax rate on Warrant expense will vary by quarter
depending upon the expected quarterly changes in the fair value of the
Warrants.
 
^(2) For the reconciling items and for the Non-GAAP presentation, diluted
earnings per share and diluted weighted average common shares outstanding have
been adjusted to exclude the impact of the accounting dilution from the
unexercised Warrants.
 
Note: Management considers GAAP financial measures as well as the presented
Non-GAAP financial measures in evaluating the company's operating performance.
Therefore, we believe that our presentation of Non-GAAP financial measures
provides useful supplementary information to, and facilitates additional
analysis by, investors.
 

 
AMERISOURCEBERGEN CORPORATION
RECONCILIATION OF CONTINUING OPERATIONS (GAAP) TO ADJUSTED CONTINUING OPERATIONS (NON-GAAP)
(in thousands, except per share data)
(unaudited)
                                                                                             
              Three Months Ended December 31, 2012
                              Gain on                   Acquisition              Employee
                              Antitrust                 Related                  Severance,
                              Litigation                Intangibles    Warrant   Litigation   Adjusted
                                                                                 and
              GAAP            Settlements   LIFO        Amortization   Expense   Other        Non-GAAP
                                            Expense
                                                                                               
Revenue       $21,059,811     $-            $-          $-             $-        $-           $21,059,811
Cost of       20,398,983      12,308        (1,167  )   -              -         -            20,410,124   
goods sold
Gross         660,828         (12,308   )   1,167       -              -         -            649,687
profit
Operating     361,388         -             -           (6,099    )    -         (2,004   )   353,285      
expenses
Operating     299,440         (12,308   )   1,167       6,099          -         2,004        296,402
income
Other         (23         )   -             -           -              -         -            (23         )
income
Interest
expense,      18,525          -             -           -              -         -            18,525       
net
Income
before        280,938         (12,308   )   1,167       6,099          -         2,004        277,900
income
taxes
Income        106,317         (4,658    )   444         2,308          -         758          105,169      
taxes
Income from
continuing    $174,621        $(7,650   )   $723        $3,791         $ -       $1,246       $172,731     
operations
                                                                                               
Diluted
earnings
per share     $0.74           $(0.03    )   $ -         $0.02          $ -       $0.01        $0.73
from
continuing
operations
                                                                                               
Diluted
weighted
average       235,992         235,992       235,992     235,992        235,992   235,992      235,992
common
shares
outstanding
                                                                                               
Percentages
of revenue:
                                                                                               
Gross         3.14        %                                                                   3.08        %
profit
Operating     1.72        %                                                                   1.68        %
expenses
Operating     1.42        %                                                                   1.41        %
income

 
Note: Management considers GAAP financial measures as well as the presented
Non-GAAP financial measures in evaluating the company's operating performance.
Therefore, we believe that our presentation of Non-GAAP financial measures
provides useful supplementary information to, and facilitates additional
analysis by, investors.
 

                                     
AMERISOURCEBERGEN CORPORATION
SUMMARY SEGMENT INFORMATION
(dollars in thousands)
(unaudited)
                                                                     
                                                                       
                                      Three Months Ended December 31,
Revenue                               2013            2012            % Change
                                                                       
Pharmaceutical Distribution           $28,622,591     $20,599,048     39%
Other                                 604,132         505,050         20%
Intersegment eliminations             (50,361     )   (44,287     )   14%
                                                                       
Revenue                               $29,176,362     $21,059,811     39%
                                                                       
                                                                       
                                                                       
                                                                       
                                      Three Months Ended December 31,
Operating Income                      2013            2012            % Change
                                                                       
Pharmaceutical Distribution           $286,782        $266,677        8%
Other                                 35,950          29,725          21%
Gain on antitrust litigation          21,023          12,308          N/M
settlements
LIFO expense                          (57,582     )   (1,167      )   N/M
Acquisition related intangibles       (5,958      )   (6,099      )   N/M
amortization
Warrant expense                       (116,297    )   -               N/M
Employee severance, litigation and    (4,302      )   (2,004      )   N/M
other
                                                                       
Operating income                      $159,616        $299,440        -47%
                                                                       
                                                                       
                                                                       
Percentages of revenue:
                                                                       
Pharmaceutical Distribution
Gross profit                          2.08        %   2.56        %
Operating expenses                    1.07        %   1.27        %
Operating income                      1.00        %   1.29        %
                                                                       
Other
Gross profit                          21.61       %   24.07       %
Operating expenses                    15.66       %   18.18       %
Operating income                      5.95        %   5.89        %
                                                                       
AmerisourceBergen Corporation
(GAAP)
Gross profit                          2.36        %   3.14        %
Operating expenses                    1.81        %   1.72        %
Operating income                      0.55        %   1.42        %
                                                                       
AmerisourceBergen Corporation
(Non-GAAP)
Gross profit                          2.48        %   3.08        %
Operating expenses                    1.38        %   1.68        %
Operating income                      1.11        %   1.41        %
                                                                       

 
AMERISOURCEBERGEN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
                                                           
                                                             
ASSETS
                                             December 31,   September 30,
                                             2013           2013
Current assets:
Cash and cash equivalents                    $347,465       $1,231,006
Accounts receivable, net                     6,214,193      6,051,920
Merchandise inventories                      8,602,809      6,981,494
Prepaid expenses and other                   63,878         129,231
Total current assets                         15,228,345     14,393,651
                                                             
Property and equipment, net                  824,105        803,561
Other long-term assets                       3,743,645      3,721,426
                                                             
Total assets                                 $19,796,095    $18,918,638
                                                             
                                                             
LIABILITIES AND STOCKHOLDERS' EQUITY
                                                             
Current liabilities:
Accounts payable                             $13,858,659    $13,335,792
Other current liabilities                    1,547,239      1,534,843
Total current liabilities                    15,405,898     14,870,635
                                                             
Long-term debt                               1,819,776      1,396,606
                                                             
Other long-term liabilities                  322,619        331,652
                                                             
Stockholders' equity                         2,247,802      2,319,745
                                                             
Total liabilities and stockholders' equity   $19,796,095    $18,918,638
                                                             

                                                                 
AMERISOURCEBERGEN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
                                                                              
                                                   Three          Three
                                                   Months Ended   Months Ended
                                                   December 31,   December 31,
                                                   2013           2012
                                                                              
Operating Activities:
Net income                                         $41,385        $168,611
Loss from discontinued operations                  7,546          6,010       
Income from continuing operations                  48,931         174,621
Adjustments to reconcile income from continuing
operations to net cash used in operating           174,642        66,579
activities
Changes in operating assets and liabilities        (1,219,670 )   (498,128   )
Net cash used in operating activities -            (996,097   )   (256,928   )
continuing operations
Net cash (used in) provided by operating           (7,546     )   15,221      
activities - discontinued operations
Net cash used in operating activities              (1,003,643 )   (241,707   )
                                                                              
Investing Activities:
Capital expenditures                               (59,183    )   (56,286    )
Other                                              (9,020     )   23          
Net cash used in investing activities -            (68,203    )   (56,263    )
continuing operations
Net cash used in investing activities -            -              (5,116     )
discontinued operations
Net cash used in investing activities              (68,203    )   (61,379    )
                                                                              
Financing Activities:
Net borrowings                                     423,000        -
Purchases of common stock                          (19,652    )   (284,691   )
Exercises of stock options                         32,326         39,750
Cash dividends on common stock                     (54,367    )   (49,595    )
Purchases of capped call options                   (192,995   )   -
Other                                              (7         )   (1,090     )
Net cash provided by (used in) financing           188,305        (295,626   )
activities - continuing operations
Net cash used in financing activities -            -              (50,492    )
discontinued operations
Net cash provided by (used in) financing           188,305        (346,118   )
activities
                                                                              
Decrease in cash and cash equivalents              (883,541   )   (649,204   )
                                                                              
Cash and cash equivalents at beginning of period   1,231,006      1,066,608   
                                                                              
Cash and cash equivalents at end of period         $347,465       $417,404    
                                                                              

Contact:

AmerisourceBergen Corporation
Barbara Brungess
Vice President, Corporate & Investor Relations
610-727-7199
bbrungess@amerisourcebergen.com
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