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PharMerica Reports Results For The Fourth Quarter Of 2012 And Year Ended December 31, 2012

Stocks in this article: PMC

We believe the new definition of Adjusted EBITDA reflects a better measurement of overall operational performance and our ability to generate cash from reported operating results. In addition, we will also redefine our adjusted diluted earnings per share to be consistent with Adjusted EBITDA. The adjusted diluted earnings per share will be exclusive of the impact of merger, acquisition, integration costs and other charges, Hurricane Sandy disaster costs, impairment of intangible costs, non-cash stock based and deferred compensation and tax accounting matters. The following represents PharMerica Corporation’s historical quarterly Adjusted EBITDA and adjusted diluted earnings per share for the last eight quarters as if the new definition was in effect:

(In millions, except

per share amounts)

  2011 Quarters   2012 Quarters
First   Second   Third   Fourth First   Second   Third   Fourth
Adjusted EBITDA
Net income $ 3.3 $ 7.4 $ 4.8 $ 7.9 $ 5.6 $ 7.6 $ 6.0 $ 3.7
Add:
Interest expense, net 1.1 2.6 2.6 2.5 2.7 2.5 2.4 2.4
Merger, acquisition, integration costs and other charges 4.7 5.1 1.8 3.7 5.4 2.8 6.1 5.6

Hurricane Sandy disaster costs

 

4.5
Provision for income taxes 2.3 3.5 3.3 5.7 3.7 5.1 3.9 3.2
Impairment of

intangible assets

5.1
Depreciation and amortization expense   7.8     7.7     7.8     7.8     7.6     7.5     7.8     8.0  
Adjusted EBITDA –

as reported

$ 19.2   $ 26.3   $ 25.4   $ 27.6   $ 25.0   $ 25.5   $ 26.2   $ 27.4  
 
Stock-based and deferred compensation   1.5     1.8     1.3     1.4     1.8     1.2     2.6     1.5  
Adjusted EBITDA –

as adjusted

$ 20.7   $ 28.1   $ 26.7   $ 29.0   $ 26.8   $ 26.7   $ 28.8   $ 28.9  
 
Adjusted EBITDA Margin – as reported   3.6 %   4.9 %   4.9 %   5.6 %   5.0 %   5.6 %   5.9 %   6.3 %
Adjusted EBITDA Margin – as adjusted   3.9 %   5.3 %   5.1 %   5.9 %   5.4 %   5.8 %   6.5 %   6.7 %
 
Adjusted EPS
Diluted earnings per share $ 0.11 $ 0.25 $ 0.16 $ 0.27 $ 0.19 $ 0.26 $ 0.20 $ 0.12
Add:
Diluted earnings per share

impact of:

Impairment of

intangible assets

0.11
Merger, acquisition, integration cost and other charges 0.09 0.12 0.04 0.07 0.11 0.06 0.13 0.11
Hurricane Sandy disaster costs 0.09
Tax accounting matters       (0.04 )       0.01                 0.01  
Adjusted diluted earnings

per share – as reported

$ 0.20   $ 0.33   $ 0.31   $ 0.35   $ 0.30   $ 0.32   $ 0.33   $ 0.33  
 
Stock-based and deferred compensation   0.03     0.04     0.03     0.03     0.03     0.03     0.06     0.03  
Adjusted diluted earnings

per share – as adjusted

$ 0.23   $ 0.37   $ 0.34   $ 0.38   $ 0.33   $ 0.35   $ 0.39   $ 0.36  




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