Net sales were
GAAP2 gross profit was
"
Trudeau continued, "We're increasingly focused, too, on building a robust, organic pipeline in Specialty Brands – developing new indications and products in areas where patients currently have few alternatives and are in need of better options. This is evidenced, in part, by our recent acquisition of the investigational skin substitute product StrataGraft® and the broader development platform of regenerative skin substitutes that have the potential to transform the standard of burn treatment and wound healing."
GAAP selling, general and administrative (SG&A) expenses for the quarter were
Income tax benefit in the fourth quarter was
Diluted GAAP earnings per share from continuing operations for the quarter were
FULL-YEAR FISCAL 2016 RESULTS
Fiscal 2016 net sales were $3.381 billion, up 15.7% compared with $2.923 billion. The increase came primarily from continued strength across the Specialty Brands segment, and was partially offset by decreased net sales from the Specialty Generics segment. Management believes the additional selling week positively affected the company's annual growth rate by approximately 1 to 3 percentage points.
Diluted GAAP earnings per share from continuing operations were $4.39 in fiscal 2016 compared with
BUSINESS SEGMENT RESULTS
Specialty Brands Segment
Net sales for the Specialty Brands segment were
H.P. Acthar Gel (repository corticotropin injection) net sales were
Net sales of the Therakos immunotherapy platform were
Specialty Generics Segment
Net sales for the segment in the fourth quarter decreased 19.2% to
After submitting its request for a hearing to the
LIQUIDITY
In fiscal 2016,
During the fourth quarter fiscal 2016, the company repurchased 0.7 million ordinary shares under its share repurchase program for
CONFERENCE CALL AND WEBCAST
ABOUT
NON-GAAP FINANCIAL MEASURES
This press release contains financial measures, including adjusted net income, adjusted diluted earnings per share, adjusted gross profit, adjusted SG&A, net sales growth on a constant-currency basis, adjusted effective tax rate, pro forma fourth quarter fiscal 2015 Therakos net sales, and free cash flow, which are considered "non-GAAP" financial measures under applicable
Adjusted net income, adjusted gross profit and adjusted SG&A represent amounts prepared in accordance with accounting principles generally accepted in the U.S. (GAAP) and adjusted for certain items that management believes are not reflective of the operational performance of the business. The adjustments for these items are on a pre-tax basis for adjusted gross profit and adjusted SG&A and on an after-tax basis for adjusted net income. Adjustments to GAAP amounts include, as applicable to each measure, restructuring and related charges, net; amortization and impairment charges; discontinued operations; acquisition-related expenses; changes in fair value of contingent consideration obligations; inventory step-up expenses; significant legal and environmental charges; recurrent cash tax payments to the
The adjusted effective tax rate is calculated as the income tax effects on continuing and discontinued operations plus the income tax impact included in
Net sales growth on a constant-currency basis measures the change in net sales between current- and prior-year periods using a constant currency, the exchange rate in effect during the applicable prior-year period.
Pro forma fourth quarter fiscal 2015 Therakos net sales represent
Free cash flow for fiscal 2016 represents net cash provided by operating activities of
The company has provided these adjusted financial measures because they are used by management, along with financial measures in accordance with GAAP, to evaluate the company's operating performance. In addition, the company believes that they will be used by certain investors to measure
Because adjusted financial measures exclude the effect of items that will increase or decrease the company's reported results of operations, management strongly encourages investors to review the company's consolidated financial statements and publicly filed reports in their entirety. A reconciliation of certain of these historical adjusted financial measures to the most directly comparable GAAP financial measures is included in the tables accompanying this release.
Further information regarding non-GAAP financial measures can be found on the Investor Relations page of the company's website.
Cautionary Statements Related to Forward-Looking Statements
Statements in this document that are not strictly historical, including statements regarding future financial condition and operating results, economic, business, competitive and/or regulatory factors affecting
There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include risks and uncertainties related to, among other things: the parties' ability to satisfy the conditions to the divestiture of the Nuclear Imaging business, including approval from the
These and other factors are identified and described in more detail in the "Risk Factors" sections of
CONTACTS
Investor Relations
Senior Vice President, Investor Strategy and IRO
314-654-6649
cole.lannum@mallinckrodt.com
Director, Investor Relations
314-654-3638
daniel.speciale@mallinckrodt.com
Media
Senior Communications Manager
314-654-8618
rhonda.sciarra@mallinckrodt.com
Chief Public Affairs Officer
314-654-3318
meredith.fischer@mallinckrodt.com
MALLINCKRODT PLC |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||
(unaudited, in millions, except per share data) |
|||||||||||
Three Months Ended |
|||||||||||
September 30, |
Percent of |
September 25, |
Percent of |
||||||||
Net sales |
$ |
887.2 |
100.0 |
% |
$ |
778.8 |
100.0 |
% |
|||
Cost of sales |
397.0 |
44.7 |
353.0 |
45.3 |
|||||||
Gross profit |
490.2 |
55.3 |
425.8 |
54.7 |
|||||||
Selling, general and administrative expenses |
267.8 |
30.2 |
267.3 |
34.3 |
|||||||
Research and development expenses |
67.9 |
7.7 |
61.8 |
7.9 |
|||||||
Restructuring charges, net |
6.8 |
0.8 |
4.5 |
0.6 |
|||||||
Gains on divestiture and license |
— |
— |
(0.8) |
(0.1) |
|||||||
Operating income |
147.7 |
16.6 |
93.0 |
11.9 |
|||||||
Interest expense |
(94.0) |
(10.6) |
(76.9) |
(9.9) |
|||||||
Interest income |
0.5 |
0.1 |
0.3 |
— |
|||||||
Other (loss) income, net |
(0.6) |
(0.1) |
0.1 |
— |
|||||||
Income from continuing operations before income taxes |
53.6 |
6.0 |
16.5 |
2.1 |
|||||||
Income tax benefit |
(56.4) |
(6.4) |
(56.6) |
(7.3) |
|||||||
Income from continuing operations |
110.0 |
12.4 |
73.1 |
9.4 |
|||||||
Income from discontinued operations, net of income taxes |
5.0 |
0.6 |
2.1 |
0.3 |
|||||||
Net income |
$ |
115.0 |
13.0 |
% |
$ |
75.2 |
9.7 |
% |
|||
Basic earnings per share: |
|||||||||||
Income from continuing operations |
$ |
1.02 |
$ |
0.62 |
|||||||
Income from discontinued operations |
0.05 |
0.02 |
|||||||||
Net income |
1.07 |
0.64 |
|||||||||
Diluted earnings per share: |
|||||||||||
Income from continuing operations |
$ |
1.01 |
$ |
0.62 |
|||||||
Income from discontinued operations |
0.05 |
0.02 |
|||||||||
Net income |
1.06 |
0.63 |
|||||||||
Weighted-average number of shares outstanding: |
|||||||||||
Basic |
107.6 |
116.5 |
|||||||||
Diluted |
108.6 |
117.8 |
|||||||||
MALLINCKRODT PLC |
|||||||||||||||||||||||||||
NON-GAAP MEASURES |
|||||||||||||||||||||||||||
(unaudited, in millions except per share data) |
|||||||||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||||||||
September 30, 2016 |
September 25, 2015 |
||||||||||||||||||||||||||
Gross |
Selling, |
Net |
Diluted |
Gross |
Selling, |
Net |
Diluted |
||||||||||||||||||||
GAAP |
$ |
490.2 |
$ |
267.8 |
$ |
115.0 |
$ |
1.06 |
$ |
425.8 |
$ |
267.3 |
$ |
75.2 |
$ |
0.63 |
|||||||||||
Adjustments: |
|||||||||||||||||||||||||||
Intangible asset amortization |
174.0 |
(1.9) |
175.9 |
1.62 |
151.7 |
(1.9) |
153.6 |
1.30 |
|||||||||||||||||||
Restructuring and related charges, net (1) |
0.6 |
(1.3) |
8.7 |
0.08 |
— |
— |
4.6 |
0.04 |
|||||||||||||||||||
Inventory step-up expense |
3.4 |
— |
3.4 |
0.03 |
4.9 |
— |
4.9 |
0.04 |
|||||||||||||||||||
Incremental equity conversion costs |
— |
— |
— |
— |
— |
(15.6) |
15.6 |
0.13 |
|||||||||||||||||||
Income from discontinued operations |
— |
— |
(5.0) |
(0.05) |
— |
— |
(2.1) |
(0.02) |
|||||||||||||||||||
Change in contingent consideration fair value |
— |
(15.0) |
15.0 |
0.14 |
— |
— |
— |
— |
|||||||||||||||||||
Acquisition related expenses |
— |
(3.8) |
3.8 |
0.03 |
— |
(22.8) |
22.8 |
0.19 |
|||||||||||||||||||
Significant legal and environmental changes |
— |
(3.0) |
3.0 |
0.03 |
— |
(19.5) |
19.5 |
0.17 |
|||||||||||||||||||
Income taxes (2) |
— |
— |
(97.8) |
(0.90) |
— |
— |
(95.0) |
(0.81) |
|||||||||||||||||||
Dilutive share impact (3) |
— |
— |
— |
— |
— |
— |
(1.2) |
(0.01) |
|||||||||||||||||||
As adjusted |
$ |
668.2 |
$ |
242.8 |
$ |
222.0 |
$ |
2.04 |
$ |
582.4 |
$ |
207.5 |
$ |
197.9 |
$ |
1.68 |
|||||||||||
Percent of net sales |
75.3 |
% |
27.4 |
% |
25.0 |
% |
74.8 |
% |
26.6 |
% |
25.4 |
% |
|||||||||||||||
(1) |
Includes pre-tax accelerated depreciation. |
(2) |
Includes tax effects of above adjustments as well as the elimination of deferred tax benefits recognized upon pay down of intercompany installment notes created by internal sales of acquired intangible assets. |
(3) |
For the three months ended September 25, 2015, the diluted net income per share on a GAAP basis was required to be calculated using the two-class method of calculating net income per share. This method required $0.5 million of net income be allocated to participating securities for the three months ended September 25, 2015. This adjustment reflects this allocation and a similar allocation of the above adjustments. Using the two-class method, the weighted-average number of shares were 117.8 million for the three months ended September 25, 2015. Due to the fiscal 2015 vesting of equity awards that qualified as participating securities, the Company is no longer required to use the two-class method, and therefore applied the treasury stock method for the three months ended September 25, 2016. |
MALLINCKRODT PLC |
||||||||||||||||
SEGMENT NET SALES AND CONSTANT-CURRENCY GROWTH |
||||||||||||||||
(unaudited, in millions) |
||||||||||||||||
Three Months Ended |
||||||||||||||||
September 30, |
September 25, |
Percent |
Currency |
Constant- |
||||||||||||
Specialty Brands |
$ |
633.1 |
$ |
468.7 |
35.1 |
% |
(0.6) |
% |
35.7 |
% |
||||||
Specialty Generics |
239.8 |
296.7 |
(19.2) |
— |
(19.2) |
|||||||||||
872.9 |
765.4 |
14.0 |
(0.3) |
14.3 |
||||||||||||
Other(1) |
14.3 |
13.4 |
6.7 |
— |
6.7 |
|||||||||||
Net sales |
$ |
887.2 |
$ |
778.8 |
13.9 |
% |
(0.3) |
% |
14.2 |
% |
||||||
(1) |
Represents net sales from an ongoing, post-divestiture supply agreement with the acquirer of the CMDS business. Amounts for periods prior to the divestiture represent the reclassification of intercompany sales to third-party sales to conform with the expected presentation of the ongoing supply agreement. |
MALLINCKRODT PLC |
||||||||||||||||
SELECT PRODUCT LINE NET SALES |
||||||||||||||||
(unaudited, in millions) |
||||||||||||||||
Three Months Ended |
||||||||||||||||
September 30, |
September 25, |
Percent |
Currency |
Constant- |
||||||||||||
Specialty Brands |
||||||||||||||||
Acthar |
$ |
327.0 |
$ |
274.2 |
19.3 |
% |
— |
% |
19.3 |
% |
||||||
Inomax |
126.9 |
103.7 |
22.4 |
— |
22.4 |
|||||||||||
Ofirmev |
75.6 |
61.4 |
23.1 |
— |
23.1 |
|||||||||||
Therakos immunotherapy |
54.5 |
— |
— |
— |
— |
|||||||||||
Hemostasis |
17.2 |
— |
— |
— |
— |
|||||||||||
Other |
31.9 |
29.4 |
8.5 |
— |
8.5 |
|||||||||||
Specialty Brands Total |
$ |
633.1 |
$ |
468.7 |
35.1 |
% |
(0.6) |
% |
35.7 |
% |
||||||
Specialty Generics |
||||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets |
$ |
30.8 |
$ |
29.2 |
5.5 |
% |
— |
% |
5.5 |
% |
||||||
Oxycodone (API) and oxycodone-containing tablets |
28.8 |
27.4 |
5.1 |
— |
5.1 |
|||||||||||
Methylphenidate ER |
23.4 |
23.9 |
(2.1) |
— |
(2.1) |
|||||||||||
Other controlled substances |
111.8 |
157.5 |
(29.0) |
— |
(29.0) |
|||||||||||
Other |
45.0 |
58.7 |
(23.3) |
0.1 |
(23.4) |
|||||||||||
Specialty Generics Total |
$ |
239.8 |
$ |
296.7 |
(19.2) |
% |
— |
% |
(19.2) |
% |
MALLINCKRODT PLC |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||
(unaudited, in millions, except per share data) |
|||||||||||
Fiscal Year Ended |
|||||||||||
September 30, |
Percent of |
September 25, |
Percent of |
||||||||
Net sales |
$ |
3,380.8 |
100.0 |
% |
$ |
2,923.1 |
100.0 |
% |
|||
Cost of sales |
1,525.8 |
45.1 |
1,300.2 |
44.5 |
|||||||
Gross profit |
1,855.0 |
54.9 |
1,622.9 |
55.5 |
|||||||
Selling, general and administrative expenses |
925.3 |
27.4 |
1,023.8 |
35.0 |
|||||||
Research and development expenses |
262.2 |
7.8 |
203.3 |
7.0 |
|||||||
Restructuring charges, net |
33.3 |
1.0 |
45.0 |
1.5 |
|||||||
Non-restructuring impairment charges |
16.9 |
0.5 |
— |
— |
|||||||
Gains on divestiture and license |
— |
— |
(3.0) |
(0.1) |
|||||||
Operating income |
617.3 |
18.3 |
353.8 |
12.1 |
|||||||
Interest expense |
(384.6) |
(11.4) |
(255.6) |
(8.7) |
|||||||
Interest income |
1.3 |
— |
1.0 |
— |
|||||||
Other (loss) income, net |
(0.6) |
— |
8.1 |
0.3 |
|||||||
Income from continuing operations before income taxes |
233.4 |
6.9 |
107.3 |
3.7 |
|||||||
Income tax benefit |
(255.6) |
(7.6) |
(129.3) |
(4.4) |
|||||||
Income from continuing operations |
489.0 |
14.5 |
236.6 |
8.1 |
|||||||
Income from discontinued operations, net of income taxes |
154.7 |
4.6 |
88.1 |
3.0 |
|||||||
Net income |
$ |
643.7 |
19.0 |
% |
$ |
324.7 |
11.1 |
% |
|||
Basic earnings per share: |
|||||||||||
Income from continuing operations |
$ |
4.42 |
$ |
2.03 |
|||||||
Income from discontinued operations |
1.40 |
0.75 |
|||||||||
Net income |
5.82 |
2.78 |
|||||||||
Diluted earnings per share: |
|||||||||||
Income from continuing operations |
$ |
4.39 |
$ |
2.00 |
|||||||
Income from discontinued operations |
1.39 |
0.75 |
|||||||||
Net income |
5.77 |
2.75 |
|||||||||
Weighted-average number of shares outstanding: |
|||||||||||
Basic |
110.6 |
115.8 |
|||||||||
Diluted |
111.5 |
117.2 |
|||||||||
MALLINCKRODT PLC |
|||||||||||||||||||||||||||
NON-GAAP MEASURES |
|||||||||||||||||||||||||||
(unaudited, in millions except per share data) |
|||||||||||||||||||||||||||
Fiscal Year Ended |
|||||||||||||||||||||||||||
September 30, 2016 |
September 25, 2015 |
||||||||||||||||||||||||||
Gross |
Selling, |
Net |
Diluted |
Gross |
Selling, |
Net |
Diluted |
||||||||||||||||||||
GAAP |
$ |
1,855.0 |
$ |
925.3 |
$ |
643.7 |
$ |
5.77 |
$ |
1,622.9 |
$ |
1,023.8 |
$ |
324.7 |
$ |
2.75 |
|||||||||||
Adjustments: |
|||||||||||||||||||||||||||
Intangible asset amortization |
692.8 |
(7.3) |
700.1 |
6.28 |
544.0 |
(6.3) |
550.3 |
4.70 |
|||||||||||||||||||
Restructuring and related charges, net (1) |
1.8 |
(3.1) |
38.2 |
0.34 |
— |
— |
45.3 |
0.39 |
|||||||||||||||||||
Inventory step-up expense |
24.3 |
— |
24.3 |
0.22 |
44.1 |
— |
44.1 |
0.38 |
|||||||||||||||||||
Incremental equity conversion costs |
— |
— |
— |
— |
— |
(80.6) |
80.6 |
0.69 |
|||||||||||||||||||
Income from discontinued operations |
— |
— |
(154.7) |
(1.39) |
— |
— |
(88.1) |
(0.75) |
|||||||||||||||||||
Non-restructuring impairment charges |
— |
— |
16.9 |
0.15 |
— |
— |
— |
— |
|||||||||||||||||||
Change in contingent consideration fair value |
— |
(4.4) |
4.4 |
0.04 |
— |
— |
— |
— |
|||||||||||||||||||
Acquisition related expenses |
— |
(6.9) |
6.9 |
0.06 |
— |
(53.4) |
53.4 |
0.46 |
|||||||||||||||||||
Significant legal and environmental changes |
— |
(14.5) |
14.5 |
0.13 |
— |
(86.3) |
86.3 |
0.74 |
|||||||||||||||||||
Income taxes (2) |
— |
— |
(418.6) |
(3.75) |
— |
— |
(294.7) |
(2.51) |
|||||||||||||||||||
Dilutive share impact (3) |
— |
— |
— |
— |
— |
— |
(6.6) |
(0.06) |
|||||||||||||||||||
As adjusted |
$ |
2,573.9 |
$ |
889.1 |
$ |
875.7 |
$ |
7.85 |
$ |
2,211.0 |
$ |
797.2 |
$ |
795.3 |
$ |
6.79 |
|||||||||||
Percent of net sales |
76.1 |
% |
26.3 |
% |
25.9 |
% |
75.6 |
% |
27.3 |
% |
27.2 |
% |
|||||||||||||||
(1) |
Includes pre-tax accelerated depreciation. |
(2) |
Includes tax effects of above adjustments as well as the elimination of deferred tax benefits recognized upon pay down of intercompany installment notes created by internal sales of acquired intangible assets. |
(3) |
For the fiscal year ended September 25, 2015, the diluted net income per share on a GAAP basis was required to be calculated using the two-class method of calculating net income per share. This method required $2.7 million of net income be allocated to participating securities for the fiscal year ended September 25, 2015. This adjustment reflects this allocation and a similar allocation of the above adjustments. Using the two-class method, the weighted-average number of shares were 117.2 million for the fiscal year ended September 25, 2015. Due to the fiscal 2015 vesting of equity awards that qualified as participating securities, the Company is no longer required to use the two-class method, and therefore applied the treasury stock method for the fiscal year ended September 25, 2015. |
MALLINCKRODT PLC |
||||||||||||||||
SEGMENT NET SALES AND CONSTANT-CURRENCY GROWTH |
||||||||||||||||
(unaudited, in millions) |
||||||||||||||||
Fiscal Year Ended |
||||||||||||||||
September 30, |
September 25, |
Percent |
Currency |
Constant- |
||||||||||||
Specialty Brands |
$ |
2,300.6 |
$ |
1,622.8 |
41.8 |
% |
(0.4) |
% |
42.2 |
% |
||||||
Specialty Generics |
1,025.2 |
1,251.6 |
(18.1) |
(0.5) |
(17.6) |
|||||||||||
3,325.8 |
2,874.4 |
15.7 |
(0.4) |
16.1 |
||||||||||||
Other(1) |
55.0 |
48.7 |
12.9 |
— |
12.9 |
|||||||||||
Net sales |
$ |
3,380.8 |
$ |
2,923.1 |
15.7 |
% |
(0.4) |
% |
16.1 |
% |
||||||
(1) |
Represents net sales from an ongoing, post-divestiture supply agreement with the acquirer of the CMDS business. Amounts for periods prior to the divestiture represent the reclassification of intercompany sales to third-party sales to conform with the expected presentation of the ongoing supply agreement. |
MALLINCKRODT PLC |
||||||||||||||||
SELECT PRODUCT LINE NET SALES |
||||||||||||||||
(unaudited, in millions) |
||||||||||||||||
Fiscal Year Ended |
||||||||||||||||
September 30, |
September 25, |
Percent |
Currency |
Constant- |
||||||||||||
Specialty Brands |
||||||||||||||||
Acthar |
$ |
1,160.4 |
$ |
1,037.3 |
11.9 |
% |
— |
% |
11.9 |
% |
||||||
Inomax |
474.3 |
185.2 |
156.1 |
(0.2) |
156.3 |
|||||||||||
Ofirmev |
284.3 |
263.0 |
8.1 |
— |
8.1 |
|||||||||||
Therakos immunotherapy |
207.6 |
— |
— |
— |
— |
|||||||||||
Hemostasis |
42.5 |
— |
— |
— |
— |
|||||||||||
Other |
131.5 |
137.3 |
(4.2) |
(0.2) |
(4.0) |
|||||||||||
Specialty Brands Total |
$ |
2,300.6 |
$ |
1,622.8 |
41.8 |
% |
(0.4) |
% |
42.2 |
% |
||||||
Specialty Generics |
||||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets |
$ |
146.5 |
$ |
167.2 |
(12.4) |
% |
— |
% |
(12.4) |
% |
||||||
Oxycodone (API) and oxycodone-containing tablets |
126.2 |
154.6 |
(18.4) |
— |
(18.4) |
|||||||||||
Methylphenidate ER |
103.5 |
136.5 |
(24.2) |
— |
(24.2) |
|||||||||||
Other controlled substances |
468.1 |
572.2 |
(18.2) |
— |
(18.2) |
|||||||||||
Other |
180.9 |
221.1 |
(18.2) |
(2.7) |
(15.5) |
|||||||||||
Specialty Generics Total |
$ |
1,025.2 |
$ |
1,251.6 |
(18.1) |
% |
(0.5) |
% |
(17.6) |
% |
MALLINCKRODT PLC |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(unaudited, in millions) |
|||||||
September 30, |
September 25, |
||||||
Assets |
|||||||
Current Assets: |
|||||||
Cash and cash equivalents |
$ |
280.5 |
$ |
365.9 |
|||
Accounts receivable, net |
465.8 |
489.6 |
|||||
Inventories |
335.6 |
262.1 |
|||||
Deferred income taxes |
— |
139.2 |
|||||
Prepaid expenses and other current assets |
115.9 |
194.4 |
|||||
Current assets held for sale |
308.8 |
394.9 |
|||||
Total current assets |
1,506.6 |
1,846.1 |
|||||
Property, plant and equipment, net |
844.0 |
793.0 |
|||||
Goodwill |
3,705.3 |
3,649.4 |
|||||
Intangible assets, net |
9,182.3 |
9,666.3 |
|||||
Other assets |
260.5 |
225.7 |
|||||
Long-term assets held for sale |
— |
223.6 |
|||||
Total Assets |
$ |
15,498.7 |
$ |
16,404.1 |
|||
Liabilities and Shareholders' Equity |
|||||||
Current Liabilities: |
|||||||
Current maturities of long-term debt |
$ |
256.3 |
$ |
22.0 |
|||
Accounts payable |
110.1 |
116.8 |
|||||
Accrued payroll and payroll-related costs |
116.0 |
95.0 |
|||||
Accrued interest |
80.6 |
80.2 |
|||||
Accrued and other current liabilities |
550.9 |
486.1 |
|||||
Current liabilities held for sale |
120.8 |
129.3 |
|||||
Total current liabilities |
1,234.7 |
929.4 |
|||||
Long-term debt |
5,788.7 |
6,474.3 |
|||||
Pension and postretirement benefits |
144.9 |
114.2 |
|||||
Environmental liabilities |
73.4 |
73.3 |
|||||
Deferred income taxes |
2,581.4 |
3,117.5 |
|||||
Other income tax liabilities |
67.7 |
121.3 |
|||||
Other liabilities |
337.2 |
209.0 |
|||||
Long-term liabilities held for sale |
— |
53.9 |
|||||
Total Liabilities |
10,228.0 |
11,092.9 |
|||||
Shareholders' Equity: |
|||||||
Preferred shares |
— |
— |
|||||
Ordinary shares |
23.6 |
23.5 |
|||||
Ordinary shares held in treasury at cost |
(762.6) |
(109.7) |
|||||
Additional paid-in capital |
5,412.7 |
5,357.6 |
|||||
Retained earnings |
682.6 |
38.9 |
|||||
Accumulated other comprehensive income |
(85.6) |
0.9 |
|||||
Total Shareholders' Equity |
5,270.7 |
5,311.2 |
|||||
Total Liabilities and Shareholders' Equity |
$ |
15,498.7 |
$ |
16,404.1 |
MALLINCKRODT PLC |
|||||||
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS |
|||||||
(unaudited, in millions) |
|||||||
Fiscal Year Ended |
|||||||
September 30, |
September 25, |
||||||
Cash Flows From Operating Activities: |
|||||||
Net income |
$ |
643.7 |
$ |
324.7 |
|||
Adjustments to reconcile net cash provided by operating activities: |
|||||||
Depreciation and amortization |
834.5 |
672.5 |
|||||
Share-based compensation |
42.9 |
117.0 |
|||||
Deferred income taxes |
(432.9) |
(191.6) |
|||||
Non-cash impairment charges |
16.9 |
— |
|||||
Gain on disposal of discontinued operations |
(95.3) |
— |
|||||
Inventory provisions |
29.2 |
— |
|||||
Other non-cash items |
29.6 |
(59.6) |
|||||
Changes in assets and liabilities, net of the effects of acquisitions: |
|||||||
Accounts receivable, net |
31.2 |
0.7 |
|||||
Inventories |
(17.3) |
61.3 |
|||||
Accounts payable |
(9.7) |
20.4 |
|||||
Income taxes |
93.9 |
30.2 |
|||||
Other |
17.9 |
(79.2) |
|||||
Net cash provided by operating activities |
1,184.6 |
896.4 |
|||||
Cash Flows From Investing Activities: |
|||||||
Capital expenditures |
(182.9) |
(148.0) |
|||||
Acquisitions and intangibles, net of cash acquired |
(245.4) |
(2,154.7) |
|||||
Proceeds from disposal of discontinued operations, net of cash |
267.0 |
— |
|||||
Restricted cash |
47.3 |
3.1 |
|||||
Other |
6.0 |
3.0 |
|||||
Net cash used in investing activities |
(108.0) |
(2,296.6) |
|||||
Cash Flows From Financing Activities: |
|||||||
Issuance of external debt |
98.3 |
3,010.0 |
|||||
Repayment of external debt and capital leases |
(568.6) |
(1,848.4) |
|||||
Debt financing costs |
(0.1) |
(39.9) |
|||||
Excess tax benefit from share-based compensation |
— |
34.1 |
|||||
Proceeds from exercise of share options |
14.0 |
34.4 |
|||||
Repurchase of shares |
(652.9) |
(92.2) |
|||||
Other |
(53.0) |
(28.1) |
|||||
Net cash (used in) provided by financing activities |
(1,162.3) |
1,069.9 |
|||||
Effect of currency rate changes on cash |
0.3 |
(11.6) |
|||||
Net increase in cash and cash equivalents |
(85.4) |
(341.9) |
|||||
Cash and cash equivalents at beginning of period |
365.9 |
707.8 |
|||||
Cash and cash equivalents at end of period |
$ |
280.5 |
$ |
365.9 |
(1) Amounts reported reflect presentation of the company's nuclear imaging business and former contrast media and delivery systems (CMDS) business as discontinued operations.
(2) Generally accepted accounting principles in
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