FRAZER, Pa., May 3, 2011 /PRNewswire/ -- Cephalon, Inc.
(Nasdaq: CEPH) today reported first quarter 2011 net sales of
$736.0 million, a 28 percent increase
compared to net sales of $576.7
million for the first quarter of 2010. Basic income
per common share for the period was $2.79. Excluding amortization expense and
certain other items, adjusted net income for the first quarter of
2011 was $158.4 million, a 10 percent
increase over the same period in 2010. Basic adjusted income
per common share for the quarter was $2.09, a 9 percent increase over the $1.92 for the first quarter of 2010. Sales
and earnings were within the previously announced guidance
range.
Central nervous system (CNS) franchise net sales were
$334.7 million during the quarter, a
7 percent increase compared to the same period last year.
Pain franchise reported net sales of $130.5 million, a 13 percent increase versus
first quarter 2010. Oncology franchise net sales were
$149.1 million, a 35 percent increase
over the same period last year due to strong net sales of TREANDA®
(bendamustine hydrochloride) of $117.7
million. Sales of other products increased to
$121.6 million, from $38.3 million in 2010, primarily due to the
addition of Mepha products sales.
During the first quarter 2011 Cephalon recorded net cash
provided by operating activities of $147.8
million and ended the period with $1.16 billion of cash and cash equivalents.
On May 2, 2011 Cephalon announced
the signing of a definitive agreement under which Teva
Pharmaceutical Industries Ltd. will acquire all of the outstanding
shares of Cephalon for $81.50 per
share in cash.
“After analyzing a full range of strategic options our Board
concluded that the Teva offer provides the maximum shareholder
value for Cephalon shareholders,” said Kevin Buchi, Chief Executive Officer.
“Based on these 2011 quarterly earnings, Cephalon is once
again off to another very strong start. Given this
performance, we expect that our full year earnings will meet or
even exceed our previous guidance. However, due to our
pending merger with Teva announced on Monday, we will no longer be
providing 2011 guidance.”
About Cephalon, Inc.
Cephalon is a global biopharmaceutical company dedicated to
discovering, developing and bringing to market medications to
improve the quality of life of individuals around the world.
Since its inception in 1987, Cephalon has brought first-in-class
and best-in-class medicines to patients in several therapeutic
areas. Cephalon has the distinction of being one of the
world’s fastest-growing biopharmaceutical companies, now among the
Fortune 1000 and a member of the S&P 500 Index, employing
approximately 4,000 people worldwide. The company sells
numerous branded and generic products around the world. In total,
Cephalon sells more than 150 products in approximately 100
countries. More information on Cephalon and its products
is available at http://www.cephalon.com
In addition to historical facts or statements of current
condition, this press release may contain forward-looking
statements. Forward-looking statements provide Cephalon's current
expectations or forecasts of future events. These may include
statements regarding Teva’s proposed acquisition of Cephalon;
anticipated scientific progress on its research programs;
development of potential pharmaceutical products; interpretation of
clinical results; prospects for regulatory approval; manufacturing
development and capabilities; market prospects for its products;
and other statements regarding matters that are not historical
facts. You may identify some of these forward-looking statements by
the use of words in the statements such as "anticipate,"
"estimate," "expect," "project," "intend," "plan," "believe" or
other words and terms of similar meaning. Cephalon's performance
and financial results could differ materially from those reflected
in these forward-looking statements due to general financial,
economic, regulatory and political conditions affecting the
biotechnology and pharmaceutical industries as well as more
specific risks and uncertainties facing Cephalon such as those set
forth in its reports on Form 8-K, 10-Q and 10-K filed with the U.S.
Securities and Exchange Commission. Given these risks and
uncertainties, any or all of these forward-looking statements may
prove to be incorrect. Therefore, you should not rely on any such
factors or forward-looking statements. Furthermore, Cephalon does
not intend to update publicly any forward-looking statement, except
as required by law. The Private Securities Litigation Reform Act of
1995 permits this discussion.
This press release and/or the financial results attached to
this press release include "Adjusted Net Income," "Basic Adjusted
Income per Common Share," "Adjusted Net Income Guidance," "Basic
Adjusted Income per Common Share Guidance," and "Diluted Adjusted
Income Per Common Share," amounts that are considered "non-GAAP
financial measures" under SEC rules. As required, we have provided
reconciliations of these measures. Additional required information
is located in the Form 8-K furnished to the SEC in connection with
this press release.
|
Contacts:
|
|
|
|
Media:
|
Investors:
|
|
|
Fritz Bittenbender
|
Robert (Chip) Merritt
|
|
|
610-883-5855
|
610-738-6376
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fbittenb@cephalon.com
|
cmerritt@cephalon.com
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|
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|
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Natalie deVane
|
Joseph Marczely
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|
610-727-6536
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610-883-5894
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ndevane@cephalon.com
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jmarczely@cephalon.com
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CEPHALON,
INC. AND SUBSIDIARIES
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
(In
thousands, except per share data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
|
2011
|
|
2010
|
|
|
REVENUES:
|
|
|
|
|
|
Net Sales
|
$ 736,002
|
|
$ 576,681
|
|
|
Other revenues
|
9,111
|
|
19,904
|
|
|
745,113
|
|
596,585
|
|
|
COSTS AND EXPENSES:
|
|
|
|
|
|
Cost of sales
|
157,983
|
|
105,043
|
|
|
Research and
development
|
122,313
|
|
105,377
|
|
|
Selling, general and
administrative
|
250,686
|
|
204,641
|
|
|
Change in fair value of
contingent consideration
|
1,801
|
|
-
|
|
|
Restructuring
charges
|
858
|
|
744
|
|
|
Acquired in-process
research and development
|
30,000
|
|
-
|
|
|
Impairment and (gain) loss
on sale of assets
|
5,648
|
|
-
|
|
|
569,289
|
|
415,805
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
175,824
|
|
180,780
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
|
|
|
Interest income
|
1,017
|
|
1,930
|
|
|
Interest
expense
|
(24,207)
|
|
(26,791)
|
|
|
Change in fair value of
investments
|
164,735
|
|
-
|
|
|
Other income (expense),
net
|
(3,028)
|
|
(7,271)
|
|
|
138,517
|
|
(32,132)
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
314,341
|
|
148,648
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE
|
102,731
|
|
48,311
|
|
|
|
|
|
|
|
NET INCOME
|
211,610
|
|
100,337
|
|
|
|
|
|
|
|
NET (INCOME) LOSS ATTRIBUTABLE
TO THE NONCONTROLLING INTEREST
|
(522)
|
|
10,228
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO
CEPHALON, INC.
|
$ 211,088
|
|
$ 110,565
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC INCOME PER COMMON
SHARE
|
$
2.79
|
|
$
1.47
|
|
|
|
|
|
|
|
DILUTED INCOME PER COMMON
SHARE
|
$
2.64
|
|
$
1.35
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF
COMMON
|
|
|
|
|
|
SHARES OUTSTANDING ATTRIBUTABLE
TO CEPHALON, INC.
|
75,743
|
|
74,990
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF
COMMON
|
|
|
|
|
|
SHARES OUTSTANDING-ASSUMING
DILUTION
|
|
|
|
|
|
ATTRIBUTABLE TO CEPHALON,
INC.
|
79,836
|
|
81,811
|
|
|
|
|
|
|
CEPHALON,
INC. AND SUBSIDIARIES
|
|
|
|
|
Reconciliation of GAAP Net
Income (Loss) to Adjusted Net Income
|
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME ATTRIBUTABLE TO
CEPHALON, INC.
|
$ 211,088
|
|
$ 110,565
|
|
|
|
|
|
|
|
|
|
Cost of sales adjustments
|
29,118
|
(1)
|
30,966
|
(1)
|
|
|
Research and development
adjustments
|
-
|
|
359
|
(2)
|
|
|
Selling, general and
administrative adjustments
|
930
|
(3)
|
2,277
|
(3)
|
|
|
Change in contingent
consideration adjustments
|
1,801
|
(4)
|
-
|
|
|
|
Restructuring
charges
|
858
|
(5)
|
744
|
(5)
|
|
|
Acquired in-process
research and development
|
30,000
|
(6)
|
-
|
|
|
|
Impairment and (gain) loss
on sale of assets
|
5,648
|
(7)
|
-
|
|
|
|
Interest
expense
|
15,675
|
(8)
|
17,579
|
(8)
|
|
|
Change in fair value of
investment
|
(164,735)
|
(9)
|
-
|
|
|
|
Other income
(expense)
|
506
|
(10)
|
6,169
|
(10)
|
|
|
Income taxes
|
27,484
|
(11)
|
(24,673)
|
(11)
|
|
|
*Noncontrolling Interest
adjustments:
|
|
|
|
|
|
|
Other revenues
|
-
|
|
(31)
|
|
|
|
Research and
development
|
203
|
|
8,112
|
|
|
|
Selling,
general and administrative
|
357
|
|
3,022
|
|
|
|
Other
income (expense)
|
-
|
|
165
|
|
|
|
Interest income
|
-
|
|
(7)
|
|
|
|
Interest expense
|
299
|
|
157
|
|
|
|
Income taxes
|
-
|
|
(1,190)
|
|
|
|
Less
amount attributable to noncontrolling interest
|
(859)
|
|
(10,228)
|
|
|
|
(52,715)
|
|
33,421
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
|
$ 158,373
|
|
$ 143,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC ADJUSTED INCOME PER COMMON
SHARE
|
$
2.09
|
|
$
1.92
|
|
|
|
|
|
|
|
|
|
DILUTED ADJUSTED INCOME PER
COMMON SHARE
|
$
1.98
|
|
$
1.76
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF
COMMON
|
|
|
|
|
|
|
SHARES OUTSTANDING
|
75,743
|
|
74,990
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF
COMMON
|
|
|
|
|
|
|
SHARES OUTSTANDING-ASSUMING
DILUTION
|
79,836
|
|
81,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to
Reconciliation of GAAP Net Income (Loss) to Adjusted Net
Income
|
|
|
*Amounts recorded by our
Variable Interest Entities that have been excluded from net income
attributable to Cephalon, Inc.
(1) To exclude the on-going
amortization of acquired intangible assets ($29.1M in 2011; $25.8M
in 2010) and accelerated depreciation related to restructuring
($5.2M in 2010).
(2) To exclude accelerated
depreciation related to restructuring.
(3) To exclude charges related
to the acquisition of Mepha GmbH ($0.7M in 2011; $2.3M in 2010),
Mesoblast Limited
($0.1M in 2011) and GeminX
Pharmaceuticals ($0.1M in 2011).
(4) In 2011, to exclude the
change in fair value of the Ception Therapeutics, Inc. ($1.3M) and
BioAssets Development Company ($0.5M) contingent
consideration.
(5) To exclude costs related to
restructurings.
(6) In 2011, to exclude costs
related to the acquisition of worldwide license rights to Mesoblast
Limited's proprietary technology platform.
(7) In 2011, to exclude costs
associated with our plan to sell our manufacturing facility in
Mitry Mory, France ($6.1M), offset by a gain on the sale of our
facility in Savigny le Temple, France ($0.4M).
(8) To exclude imputed interest
expense associated with convertible debt.
(9) In 2011, to exclude the
change in fair value of our investments in Mesoblast Limited
($159.6M) and ChemGenex Pharmaceuticals Limited ($5.1M).
(10) To exclude losses on
currency forward contracts and options used to manage foreign
exchange rate risk related to the Mesoblast acquisition in 2011 and
the Mepha GmbH acquisition in 2010.
(11) To reflect the tax effect
of pre-tax adjustments at the applicable tax rates and certain
other tax adjustments primarily related to changes in valuation
allowances, and other changes in tax assets and
liabilities.
|
|
|
|
|
|
|
|
CEPHALON,
INC. AND SUBSIDIARIES
|
|
|
|
|
CONSOLIDATED
SALES DETAIL
|
|
|
(In
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
%
|
|
|
|
March
31,
|
Increase
|
|
|
|
2011
|
|
2010
|
|
(Decrease)
|
|
|
|
United
States
|
|
Europe
|
|
Total
|
|
United
States
|
|
Europe
|
|
Total
|
|
United
States
|
|
Europe
|
|
Total
|
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CNS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proprietary CNS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVIGIL
|
|
$ 243,343
|
|
$ 15,053
|
|
$ 258,396
|
|
$ 244,601
|
|
$ 17,850
|
|
$ 262,451
|
|
(1%)
|
|
(16%)
|
|
(2%)
|
|
|
NUVIGIL
|
|
52,032
|
|
-
|
|
52,032
|
|
34,922
|
|
-
|
|
34,922
|
|
49
|
|
-
|
|
49
|
|
|
GABITRIL
|
|
11,038
|
|
1,089
|
|
12,127
|
|
8,299
|
|
1,462
|
|
9,761
|
|
33
|
|
(26)
|
|
24
|
|
|
Other
Proprietary CNS
|
|
-
|
|
2,353
|
|
2,353
|
|
-
|
|
3,006
|
|
3,006
|
|
-
|
|
(22)
|
|
(22)
|
|
|
Generic CNS
|
|
-
|
|
9,775
|
|
9,775
|
|
-
|
|
2,311
|
|
2,311
|
|
-
|
|
323
|
|
323
|
|
|
CNS
|
|
306,413
|
|
28,270
|
|
334,683
|
|
287,822
|
|
24,629
|
|
312,451
|
|
6
|
|
15
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proprietary
Pain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FENTORA
|
|
39,043
|
|
7,358
|
|
46,401
|
|
38,480
|
|
3,729
|
|
42,209
|
|
1
|
|
97
|
|
10
|
|
|
AMRIX
|
|
23,032
|
|
-
|
|
23,032
|
|
25,135
|
|
-
|
|
25,135
|
|
(8)
|
|
-
|
|
(8)
|
|
|
Other Proprietary
Pain
|
|
-
|
|
61
|
|
61
|
|
-
|
|
59
|
|
59
|
|
-
|
|
3
|
|
3
|
|
|
Generic Pain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACTIQ
|
|
15,486
|
|
12,669
|
|
28,155
|
|
14,940
|
|
18,491
|
|
33,431
|
|
4
|
|
(31)
|
|
(16)
|
|
|
Generic
OTFC
|
|
9,023
|
|
-
|
|
9,023
|
|
12,779
|
|
-
|
|
12,779
|
|
(29)
|
|
-
|
|
(29)
|
|
|
Other
Generic Pain
|
|
-
|
|
23,866
|
|
23,866
|
|
-
|
|
2,142
|
|
2,142
|
|
-
|
|
1014
|
|
1014
|
|
|
Pain
|
|
86,584
|
|
43,954
|
|
130,538
|
|
91,334
|
|
24,421
|
|
115,755
|
|
(5)
|
|
80
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oncology
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proprietary
Oncology
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREANDA
|
|
117,725
|
|
-
|
|
117,725
|
|
81,257
|
|
-
|
|
81,257
|
|
45
|
|
-
|
|
45
|
|
|
Other
Proprietary Oncology
|
|
5,503
|
|
19,734
|
|
25,237
|
|
4,555
|
|
20,191
|
|
24,746
|
|
21
|
|
(2)
|
|
2
|
|
|
Generic
Oncology
|
|
-
|
|
6,178
|
|
6,178
|
|
-
|
|
4,154
|
|
4,154
|
|
-
|
|
49
|
|
49
|
|
|
Oncology
|
|
123,228
|
|
25,912
|
|
149,140
|
|
85,812
|
|
24,345
|
|
110,157
|
|
44
|
|
6
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Proprietary
|
|
6,005
|
|
2,214
|
|
8,219
|
|
5,364
|
|
100
|
|
5,364
|
|
12
|
|
-
|
|
53
|
|
|
Other Generic
|
|
7,151
|
|
106,271
|
|
113,422
|
|
4,096
|
|
28,858
|
|
32,954
|
|
75
|
|
268
|
|
244
|
|
|
Other
|
|
13,156
|
|
108,485
|
|
121,641
|
|
9,460
|
|
28,858
|
|
38,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 529,381
|
|
$ 206,621
|
|
$ 736,002
|
|
$ 474,428
|
|
$ 102,253
|
|
$ 576,681
|
|
12%
|
|
102%
|
|
28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEPHALON,
INC. AND SUBSIDIARIES
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
(In
thousands, except share data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December 31,
|
|
|
2011
|
|
2010
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 1,160,657
|
|
$
1,160,239
|
|
|
Receivables,
net
|
506,437
|
|
431,333
|
|
|
Inventory, net
|
293,905
|
|
291,360
|
|
|
Deferred tax assets,
net
|
211,523
|
|
213,798
|
|
|
Other current
assets
|
72,360
|
|
54,845
|
|
|
Total
current assets
|
2,244,882
|
|
2,151,575
|
|
|
|
|
|
|
|
INVESTMENTS ($471,254 and
$155,808 at fair value in 2011 and 2010, respectively)
|
493,509
|
|
168,494
|
|
|
PROPERTY AND EQUIPMENT,
net
|
499,672
|
|
502,856
|
|
|
GOODWILL
|
836,636
|
|
822,071
|
|
|
INTANGIBLE ASSETS,
net
|
1,248,622
|
|
1,212,387
|
|
|
DEBT ISSUANCE
COSTS
|
13,101
|
|
14,196
|
|
|
OTHER ASSETS
|
24,254
|
|
20,254
|
|
|
$ 5,360,676
|
|
$
4,891,833
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
Current portion of
long-term debt, net
|
$
663,684
|
|
$
651,997
|
|
|
Accounts
payable
|
119,777
|
|
104,477
|
|
|
Accrued
expenses
|
550,443
|
|
460,141
|
|
|
Total
current liabilities
|
1,333,904
|
|
1,216,615
|
|
|
|
|
|
|
|
LONG-TERM DEBT
|
398,475
|
|
391,416
|
|
|
DEFERRED TAX LIABILITIES,
net
|
182,100
|
|
172,589
|
|
|
OTHER
LIABILITIES
|
258,952
|
|
273,438
|
|
|
Total
liabilities
|
2,173,431
|
|
2,054,058
|
|
|
|
|
|
|
|
REDEEMABLE EQUITY
|
161,969
|
|
170,183
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
Cephalon Stockholders'
Equity
|
|
|
|
|
|
Common stock, $0.01 par
value
|
793
|
|
791
|
|
|
Additional paid-in
capital
|
2,477,973
|
|
2,428,450
|
|
|
Treasury stock, at
cost
|
(225,874)
|
|
(225,870)
|
|
|
Accumulated
earnings
|
458,174
|
|
247,086
|
|
|
Accumulated other
comprehensive income
|
246,528
|
|
182,975
|
|
|
Total
Cephalon stockholders' equity
|
2,957,594
|
|
2,633,432
|
|
|
Noncontrolling
Interest
|
67,682
|
|
34,160
|
|
|
Total
equity
|
3,025,276
|
|
2,667,592
|
|
|
$ 5,360,676
|
|
$
4,891,833
|
|
|
|
|
|
|
CEPHALON,
INC. AND SUBSIDIARIES
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
(In
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES:
|
|
|
|
|
|
Net
income
|
$
211,610
|
|
$
100,337
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Deferred income tax expense (benefit)
|
9,609
|
|
(1,045)
|
|
|
Shortfall tax benefits from stock-based
compensation
|
(243)
|
|
(16)
|
|
|
Depreciation and amortization
|
47,469
|
|
48,353
|
|
|
Stock-based compensation expense
|
5,870
|
|
8,830
|
|
|
Amortization of debt discount and debt issuance
costs
|
16,217
|
|
18,144
|
|
|
Changes in fair value of investments
|
(164,735)
|
|
-
|
|
|
Loss on foreign exchange contracts
|
506
|
|
6,169
|
|
|
Impairment and (gain) loss on sale of assets
|
5,648
|
|
-
|
|
|
Other
|
(25)
|
|
255
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Receivables
|
(64,528)
|
|
20,308
|
|
|
Inventory
|
8,269
|
|
(2,383)
|
|
|
Other assets
|
(16,795)
|
|
(348)
|
|
|
Accounts payable and accrued
expenses
|
104,700
|
|
39,449
|
|
|
Other liabilities
|
(15,814)
|
|
(4,498)
|
|
|
Net cash provided by operating
activities
|
147,758
|
|
233,555
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES:
|
|
|
|
|
|
Purchases of
property and equipment
|
(11,671)
|
|
(9,613)
|
|
|
Proceeds from sale
of property and equipment
|
818
|
|
-
|
|
|
Cash balance from
consolidation of variable interest entity
|
15,513
|
|
-
|
|
|
Purchases of
investments
|
(176,104)
|
|
-
|
|
|
(Cash settlements
of) proceeds from foreign exchange contracts
|
1,516
|
|
(6,155)
|
|
|
Net cash used for investing
activities
|
(169,928)
|
|
(15,768)
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES:
|
|
|
|
|
|
Proceeds from
issuance of common stock under the employee stock purchase
plan
|
349
|
|
-
|
|
|
Proceeds from
exercises of common stock options
|
11,745
|
|
13,804
|
|
|
Windfall tax
benefits from stock-based compensation
|
1,505
|
|
23
|
|
|
Acquisition of
treasury stock
|
(4)
|
|
(33)
|
|
|
Payments on and
retirements of long-term debt
|
(711)
|
|
(2,577)
|
|
|
Net cash provided by financing
activities
|
12,884
|
|
11,217
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS
|
9,704
|
|
(2,186)
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH
EQUIVALENTS
|
418
|
|
226,818
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD
|
1,160,239
|
|
1,647,635
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, END
OF PERIOD
|
$ 1,160,657
|
|
$ 1,874,453
|
|
|
|
|
|
SOURCE Cephalon, Inc.