OMNICARE INC

CIK:0000353230|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue, Net	$ 1,733,317	$ 1,610,584	$ 3,393,159	$ 3,181,622
Cost of sales	1,379,386	1,256,354	2,689,765	2,468,938
Gross profit	353,931	354,230	703,394	712,684
Selling, general and administrative expenses	168,710	184,063	336,133	370,876
Provision for doubtful accounts	19,184	21,090	38,375	42,651
Settlement, litigation and other related charges	57,702	7,547	67,522	14,599
Other charges	11,405	11,284	12,454	21,560
Operating income	96,930	130,246	248,910	262,998
Interest expense, net of investment income	(27,378)	(29,980)	(55,027)	(59,421)
Income before income taxes	69,552	100,266	193,883	203,577
Income tax (benefit) expense	35,582	39,020	82,524	78,693
Income from continuing operations	33,970	61,246	111,359	124,884
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	0	(39,275)	0	(39,139)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 33,970	$ 21,971	$ 111,359	$ 85,745
Earnings (loss) per common share - Basic:
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.35	$ 0.63	$ 1.15	$ 1.28
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0.00	(0.40)	0.00	(0.40)
Net income	0.35	0.23	1.15	0.88
Earnings (loss) per common share - Diluted:
Income (Loss) from Continuing Operations, Per Diluted Share	0.32	0.58	1.07	1.17
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0.00	(0.37)	0.00	(0.37)
Diluted earnings per share	0.32	0.21	1.07	0.80
Dividends per common share	$ 0.22	$ 0.20	$ 0.44	$ 0.40
Weighted average number of common shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	96,255	96,999	96,487	97,777
Diluted shares	105,212	106,054	104,203	106,906
Comprehensive income (loss)	$ 35,012	$ 22,015	$ 112,551	$ 86,012

CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Loss from disposition	$ 0	$ (520)
Gains (Losses) on Extinguishment of Debt	0	(8,414)
Cash flows from operating activities:
Net income (loss)	111,359	85,745
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	0	39,139
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation expense	29,616	28,277
Amortization expense	36,119	38,820
Changes in assets and liabilities, net of effects from acquisition and divestiture of businesses:
Accounts receivable, net of provision for doubtful accounts	(48,613)	(14,436)
Inventories	42,669	104,580
Other current and noncurrent assets	121,376	(10,418)
Accounts payable	74,092	71,429
Accrued employee compensation	9,433	12,851
Current and noncurrent liabilities	54,294	25,299
Net cash flows from operating activities of continuing operations	430,345	390,220
Net cash flows from operating activities of discontinued operations	0	6,160
Net cash flows from operating activities	430,345	396,380
Cash flows from investing activities:
Acquisition of businesses, net of cash received	(54,802)	0
Proceeds from Divestiture of Businesses	0	7,114
Capital expenditures	(27,664)	(48,023)
Payments for (Proceeds from) Other Investing Activities	0	40
Net cash flows used in investing activities of continuing operations	(82,466)	(40,869)
Net cash flows used in investing activities of discontinued operations	0	(730)
Net cash flows used in investing activities	(82,466)	(41,599)
Cash flows from financing activities:
Payments on Term Loans	(10,000)	(10,625)
Payments on long-term borrowings and obligations	(5,999)	(175,115)
Payments of Debt Issuance Costs	(2,239)	0
Increase (decrease) in cash overdraft balance	1,292	(6,870)
Payments for Omnicare common stock repurchases	(125,000)	(160,438)
Proceeds for stock awards and exercise of stock options, net of stock tendered in payment	(8,224)	(2,720)
Dividends paid	(42,362)	(38,979)
Other	5,562	4,121
Net Cash Provided by (Used in) Financing Activities	(186,970)	(390,626)
Net increase (decrease) in cash and cash equivalents	160,909	(35,845)
Increase (decrease) in cash and cash equivalents of discontinued operations	0	5,430
Increase (decrease) in cash and cash equivalents of continuing operations	160,909	(41,275)
Cash and cash equivalents at beginning of period	153,799	356,001
Cash and cash equivalents at end of period	$ 314,708	$ 314,726

CONSOLIDATED BALANCE SHEETS UNAUDITED - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 314,708	$ 153,799
Accounts receivable, less allowances of $221,736 (2014 - 201,875)	616,862	578,761
Inventories	477,510	519,584
Deferred income tax benefits	77,400	59,200
Other current assets	187,683	287,560
Total current assets	1,674,163	1,598,904
Properties and equipment, at cost less accumulated depreciation of $361,246 (2014-$332,684)	269,161	267,753
Goodwill	4,094,247	4,061,806
Identifiable intangible assets, less accumulated amortization of $270,446 (2014-$257,283)	112,412	98,942
Other noncurrent assets	70,626	80,385
Total noncurrent assets	4,546,446	4,508,886
Total assets	6,220,609	6,107,790
Current liabilities:
Accounts payable	295,953	219,358
Accrued employee compensation	56,007	46,830
Debt, Current	451,184	446,717
Other current liabilities	213,638	154,726
Total current liabilities	1,016,782	867,631
Long-term debt, net	1,507,422	1,517,559
Deferred income tax liabilities	952,282	936,247
Other noncurrent liabilities	48,457	45,926
Total noncurrent liabilities	2,508,161	2,499,732
Total liabilities	3,524,943	3,367,363
Convertible Debt (Note 5)	145,034	151,706
Stockholders' equity:
Preferred stock, no par value, 1,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $1 par value, 200,000,000 shares authorized, 138,864,312 shares issued (2014,138,425,862 shares issued)	138,864	138,426
Paid in capital	2,254,692	2,210,526
Retained earnings	1,825,686	1,757,386
Treasury stock, at cost- 41,975,706 shares (2014-39,997,930 shares )	(1,666,977)	(1,514,792)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(1,633)	(2,825)
Total stockholders' equity	2,550,632	2,588,721
Total liabilities and stockholders' equity	$ 6,220,609	$ 6,107,790