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Mylan Laboratories Announces First Quarter 2001 Results
NEWS RELEASE FOR IMMEDIATE RELEASE
For: Mylan Laboratories Inc. For Further Information
1030 Century Building CONTACT: Patricia Sunseri
Pittsburgh, PA 15222 412-232-0100
Mylan Laboratories Announces First Quarter 2001 Results
Pittsburgh, PA - August 10, 2000 - Mylan Laboratories Inc. (NYSE:MYL) today
reported financial results for the first quarter of fiscal 2001, ended June 30,
2000. Net sales for the quarter were $167.3 million compared to net sales of
$177.1 million for the comparable quarter in fiscal 2000.
Net earnings for the quarter ended June 30, 2000, excluding the $147.0 million
before tax effect of the FTC settlement, were $18.0 million, or $.14 per diluted
share, compared to $32.0 million, or $.25 per diluted share, for the same
quarter a year ago. Including the effect of the FTC settlement, net loss for the
quarter ended June 30, 2000, was $76.1 million, or ($.59) per diluted share.
The Company reached a tentative settlement with the Federal Trade Commission
("FTC"), State Attorneys General, and other private parties with regards to
lawsuits filed against the Company relating to its pricing practices on two of
its products. The decision to settle these lawsuits removed the element of risk
and uncertainty inherent in litigation, relieved the Company from incurring
substantial additional defense costs, and enabled the Company to devote its full
resources to the management of its business.
MYLAN LABORATORIES INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
For the Three Months Ended June 30, 2000, and 1999
(In Thousands Except Per Share Amounts)
Unaudited
2000 1999
---- ----
Net Sales $167,255 $177,095
Cost and Expenses:
Cost of Sales 92,279 80,848
Research and Development 16,535 11,791
Selling and Administrative 39,083 38,114
--------- --------
147,897 130,753
Litigation Settlement (147,000) -
Equity in Loss of Somerset (1,903) (82)
Other Income 10,656 3,859
--------- --------
(Loss) Earnings Before Income Taxes (118,889) 50,119
Income Taxes (42,800) 18,166
---------- --------
NET (LOSS) EARNINGS $ (76,089) $ 31,953
========== ========
(Loss) Earnings per common share:
Basic $ (.59) $ .25
-------- ========
Diluted $ (.59) $ .25
======== ========
Weighted average common shares:
Basic 128,701 129,136
======== ========
Diluted 129,694 130,309
======== ========
The Company reached a tentative settlement with the Federal Trade Commission,
State Attorneys General and certain private parties with regard to lawsuits
filed against the Company relating to pricing issues and raw material contracts
on two of its products. Net earnings for the quarter, excluding the $147,000,000
before tax effect of the settlement, were $18,000,000, or $.14 per diluted
share.
The Company has paid regular quarterly cash dividends of $.04 per share since
October 1995.
MYLAN LABORATORIES INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
June 30, 2000, and 1999
(In Thousands Except Per Share Amounts)
Unaudited
2000 1999
----- ----
Assets
Current Assets:
Cash $ 181,304 $ 201,798
Marketable Securities 58,472 87,639
Accounts Receivable 179,517 151,224
Inventories 208,326 138,278
Income Tax Benefits 71,112 21,721
Other Current Assets 8,933 7,993
---------- ----------
Total Current Assets 707,664 608,653
Property, Plant and Equipment - at cost less
Accumulated Depreciation 172,521 156,366
Investments in and Advances to Somerset 27,437 33,925
Intangible and Other Assets 457,196 442,162
---------- ----------
Total Assets $1,364,818 $1,241,106
========== ==========
Working Capital $ 424,200 $ 503,195
Current Ratio 2.5 to 1 5.8 to 1
Liabilities and Shareholders` Equity
Current Liabilities:
Cash Dividend Payable $ 5,007 $ 5,182
Litigation Settlement 147,000 -
Accounts Payable and Other Current Liabilities 131,457 100,276
---------- ----------
Total Current Liabilities 283,464 105,458
Deferred Tax Liability 17,397 22,765
Long-term Obligations 32,829 24,771
Common Stock and Additional Paid-in Capital 383,894 377,932
Retained Earnings 742,494 716,790
Accumulated Other Comprehensive Income 4,575 1,572
---------- ----------
1,130,963 1,096,294
Less Treasury Stock 99,835 8,182
---------- ----------
Total Shareholders` Equity 1,031,128 1,088,112
---------- ----------
Total Liabilities and Shareholders` Equity $1,364,818 $1,241,106
========== ==========
Book Value per share - diluted $ 7.95 $ 8.35
========== ==========
Review of First Quarter Operations
Net Sales
Net sales for the quarter ended June 30, 2000, were $167.3 million compared to
$177.1 million for the same quarter a year ago. The majority of this decrease
resulted from the Generic Segment decision to change our approach to sales and
marketing, resulting in the generic volume for the current quarter decreasing
approximately 12% compared to the same quarter a year ago. In addition, price
deterioration continues to contribute to lower net sales, with clorazepate and
lorazepam still experiencing significant downward pressure. These decreases were
partially offset by products launched subsequent to June 30, 1999, primarily
nifedipine.
Generic gross margins decreased to 40% for the current quarter from 52% for the
same quarter a year ago. This is attributable to lower gross margins incurred on
the sale of nifedipine and price deterioration on selected products.
For the Branded Segment, net sales for the quarter ended June 30, 2000,
increased from $25.2 million for the quarter ended June 30, 1999, to $30.6
million. The increase in net sales resulted primarily from the addition of
Digitek(R) and increased sales related to dermatology products. The Company
expects net sales from the Branded Segment to increase in the second half of
fiscal year 2001.
Research and Development
Research and development expenses were $16.5 million for the quarter ended June
30, 2000, compared to $11.8 million for the same quarter a year ago. Such
increase reflects increased costs associated with studies and includes the cost
associated with the execution of a distribution agreement in the current
quarter.
The Company is actively pursuing joint development projects in an effort to
broaden its scope of capabilities in bringing to market new innovative products.
Such arrangements generally provide for payments by the Company only upon the
attainment of certain milestones. While such arrangements help to reduce the
Company`s financial risk for unsuccessful projects, attainment of milestones may
result in fluctuations in quarterly research and development expenses.
Selling and Administrative
Selling and administrative expenses were $39.1 million for the quarter ended
June 30, 2000, compared to $38.1 million for the same quarter a year ago.
Other Income
Other income for the quarter ended June 30, 2000, was $10.7 million, up from
$3.9 million for the same quarter a year ago. This increase resulted from
increased earnings on the Company`s investment in a limited partnership, and the
favorable impact of higher interest rates realized on cash and investments.
Income Taxes
The Company`s effective tax rate was 36% for the quarter ended June 30, 2000,
and is expected to remain at approximately this level throughout fiscal year
2001.
Other Factors
The addition of nifedipine to the Company`s product line resulted in increases
in trade accounts payable and finished goods inventory. Finished goods inventory
also increased due to the Company`s decision to change its approach to sales and
marketing of the generic product line this quarter.
The tentative agreement to settle the FTC litigation resulted in the increase in
income tax benefits and to the increase in total current liabilities.
Segment Results (Sales, Gross Profit and Operating Income
Excluding FTC Settlement)
Quarters Ended 6/30
-------------------
Consolidated 2000 1999 Change
-------- ------- ------
Net Sales $167.3 $177.1 (6%)
Cost of Sales 92.3 80.9 14%
-------- ------- ----
Gross Profit 75.0 96.2 (22%)
Research & Development 16.5 11.8 40%
Selling & Administration 39.1 38.1 3%
------- ------ -----
Operating Income $ 19.4 $ 46.3 (58%)
======= ====== =====
Quarters Ended 6/30
-------------------
Generic Segment 2000 1999 Change
-------- ------- ------
Net Sales $136.7 $151.9 (10%)
Cost of Sales 81.9 72.5 13%
------- ------- -----
Gross Profit 54.8 79.4 (31%)
Research & Development 13.8 9.7 42%
Selling & Administration 9.2 10.5 (12%)
-------- ------ -----
Operating Income $ 31.8 $ 59.2 (46%)
======= ====== =====
Quarters Ended 6/30
-------------------
Branded Segment 2000 1999 Change
-------- ------- ------
Net Sales $ 30.6 $ 25.2 21%
Cost of Sales 10.4 8.4 25%
-------- -------- ----
Gross Profit 20.2 16.8 20%
Research & Development. 2.7 2.1 29%
Selling & Administration 15.9 13.0 22%
------- ------ ----
Operating Income $ 1.6 $ 1.7 (11%)
======== ======= ======
Quarters Ended 6/30
-------------------
Corporate Expense 2000 1999 Change
-------- ------- ------
General & Administration $ 14.0 $ 14.6 ( 4%)
For more information, contact: Patricia Sunseri, Mylan Laboratories Inc., 1030 Century Building, Pittsburgh PA 15222. Telephone (412) 232-0100.
NEWS RELEASE FOR IMMEDIATE RELEASE
For: Mylan Laboratories Inc. For Further Information
1030 Century Building CONTACT: Patricia Sunseri
Pittsburgh, PA 15222 412-232-0100
Mylan Laboratories Announces First Quarter 2001 Results
Pittsburgh, PA - August 10, 2000 - Mylan Laboratories Inc. (NYSE:MYL) today
reported financial results for the first quarter of fiscal 2001, ended June 30,
2000. Net sales for the quarter were $167.3 million compared to net sales of
$177.1 million for the comparable quarter in fiscal 2000.
Net earnings for the quarter ended June 30, 2000, excluding the $147.0 million
before tax effect of the FTC settlement, were $18.0 million, or $.14 per diluted
share, compared to $32.0 million, or $.25 per diluted share, for the same
quarter a year ago. Including the effect of the FTC settlement, net loss for the
quarter ended June 30, 2000, was $76.1 million, or ($.59) per diluted share.
The Company reached a tentative settlement with the Federal Trade Commission
("FTC"), State Attorneys General, and other private parties with regards to
lawsuits filed against the Company relating to its pricing practices on two of
its products. The decision to settle these lawsuits removed the element of risk
and uncertainty inherent in litigation, relieved the Company from incurring
substantial additional defense costs, and enabled the Company to devote its full
resources to the management of its business.
MYLAN LABORATORIES INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
For the Three Months Ended June 30, 2000, and 1999
(In Thousands Except Per Share Amounts)
Unaudited
2000 1999
---- ----
Net Sales $167,255 $177,095
Cost and Expenses:
Cost of Sales 92,279 80,848
Research and Development 16,535 11,791
Selling and Administrative 39,083 38,114
--------- --------
147,897 130,753
Litigation Settlement (147,000) -
Equity in Loss of Somerset (1,903) (82)
Other Income 10,656 3,859
--------- --------
(Loss) Earnings Before Income Taxes (118,889) 50,119
Income Taxes (42,800) 18,166
---------- --------
NET (LOSS) EARNINGS $ (76,089) $ 31,953
========== ========
(Loss) Earnings per common share:
Basic $ (.59) $ .25
-------- ========
Diluted $ (.59) $ .25
======== ========
Weighted average common shares:
Basic 128,701 129,136
======== ========
Diluted 129,694 130,309
======== ========
The Company reached a tentative settlement with the Federal Trade Commission,
State Attorneys General and certain private parties with regard to lawsuits
filed against the Company relating to pricing issues and raw material contracts
on two of its products. Net earnings for the quarter, excluding the $147,000,000
before tax effect of the settlement, were $18,000,000, or $.14 per diluted
share.
The Company has paid regular quarterly cash dividends of $.04 per share since
October 1995.
MYLAN LABORATORIES INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
June 30, 2000, and 1999
(In Thousands Except Per Share Amounts)
Unaudited
2000 1999
----- ----
Assets
Current Assets:
Cash $ 181,304 $ 201,798
Marketable Securities 58,472 87,639
Accounts Receivable 179,517 151,224
Inventories 208,326 138,278
Income Tax Benefits 71,112 21,721
Other Current Assets 8,933 7,993
---------- ----------
Total Current Assets 707,664 608,653
Property, Plant and Equipment - at cost less
Accumulated Depreciation 172,521 156,366
Investments in and Advances to Somerset 27,437 33,925
Intangible and Other Assets 457,196 442,162
---------- ----------
Total Assets $1,364,818 $1,241,106
========== ==========
Working Capital $ 424,200 $ 503,195
Current Ratio 2.5 to 1 5.8 to 1
Liabilities and Shareholders` Equity
Current Liabilities:
Cash Dividend Payable $ 5,007 $ 5,182
Litigation Settlement 147,000 -
Accounts Payable and Other Current Liabilities 131,457 100,276
---------- ----------
Total Current Liabilities 283,464 105,458
Deferred Tax Liability 17,397 22,765
Long-term Obligations 32,829 24,771
Common Stock and Additional Paid-in Capital 383,894 377,932
Retained Earnings 742,494 716,790
Accumulated Other Comprehensive Income 4,575 1,572
---------- ----------
1,130,963 1,096,294
Less Treasury Stock 99,835 8,182
---------- ----------
Total Shareholders` Equity 1,031,128 1,088,112
---------- ----------
Total Liabilities and Shareholders` Equity $1,364,818 $1,241,106
========== ==========
Book Value per share - diluted $ 7.95 $ 8.35
========== ==========
Review of First Quarter Operations
Net Sales
Net sales for the quarter ended June 30, 2000, were $167.3 million compared to
$177.1 million for the same quarter a year ago. The majority of this decrease
resulted from the Generic Segment decision to change our approach to sales and
marketing, resulting in the generic volume for the current quarter decreasing
approximately 12% compared to the same quarter a year ago. In addition, price
deterioration continues to contribute to lower net sales, with clorazepate and
lorazepam still experiencing significant downward pressure. These decreases were
partially offset by products launched subsequent to June 30, 1999, primarily
nifedipine.
Generic gross margins decreased to 40% for the current quarter from 52% for the
same quarter a year ago. This is attributable to lower gross margins incurred on
the sale of nifedipine and price deterioration on selected products.
For the Branded Segment, net sales for the quarter ended June 30, 2000,
increased from $25.2 million for the quarter ended June 30, 1999, to $30.6
million. The increase in net sales resulted primarily from the addition of
Digitek(R) and increased sales related to dermatology products. The Company
expects net sales from the Branded Segment to increase in the second half of
fiscal year 2001.
Research and Development
Research and development expenses were $16.5 million for the quarter ended June
30, 2000, compared to $11.8 million for the same quarter a year ago. Such
increase reflects increased costs associated with studies and includes the cost
associated with the execution of a distribution agreement in the current
quarter.
The Company is actively pursuing joint development projects in an effort to
broaden its scope of capabilities in bringing to market new innovative products.
Such arrangements generally provide for payments by the Company only upon the
attainment of certain milestones. While such arrangements help to reduce the
Company`s financial risk for unsuccessful projects, attainment of milestones may
result in fluctuations in quarterly research and development expenses.
Selling and Administrative
Selling and administrative expenses were $39.1 million for the quarter ended
June 30, 2000, compared to $38.1 million for the same quarter a year ago.
Other Income
Other income for the quarter ended June 30, 2000, was $10.7 million, up from
$3.9 million for the same quarter a year ago. This increase resulted from
increased earnings on the Company`s investment in a limited partnership, and the
favorable impact of higher interest rates realized on cash and investments.
Income Taxes
The Company`s effective tax rate was 36% for the quarter ended June 30, 2000,
and is expected to remain at approximately this level throughout fiscal year
2001.
Other Factors
The addition of nifedipine to the Company`s product line resulted in increases
in trade accounts payable and finished goods inventory. Finished goods inventory
also increased due to the Company`s decision to change its approach to sales and
marketing of the generic product line this quarter.
The tentative agreement to settle the FTC litigation resulted in the increase in
income tax benefits and to the increase in total current liabilities.
Segment Results (Sales, Gross Profit and Operating Income
Excluding FTC Settlement)
Quarters Ended 6/30
-------------------
Consolidated 2000 1999 Change
-------- ------- ------
Net Sales $167.3 $177.1 (6%)
Cost of Sales 92.3 80.9 14%
-------- ------- ----
Gross Profit 75.0 96.2 (22%)
Research & Development 16.5 11.8 40%
Selling & Administration 39.1 38.1 3%
------- ------ -----
Operating Income $ 19.4 $ 46.3 (58%)
======= ====== =====
Quarters Ended 6/30
-------------------
Generic Segment 2000 1999 Change
-------- ------- ------
Net Sales $136.7 $151.9 (10%)
Cost of Sales 81.9 72.5 13%
------- ------- -----
Gross Profit 54.8 79.4 (31%)
Research & Development 13.8 9.7 42%
Selling & Administration 9.2 10.5 (12%)
-------- ------ -----
Operating Income $ 31.8 $ 59.2 (46%)
======= ====== =====
Quarters Ended 6/30
-------------------
Branded Segment 2000 1999 Change
-------- ------- ------
Net Sales $ 30.6 $ 25.2 21%
Cost of Sales 10.4 8.4 25%
-------- -------- ----
Gross Profit 20.2 16.8 20%
Research & Development. 2.7 2.1 29%
Selling & Administration 15.9 13.0 22%
------- ------ ----
Operating Income $ 1.6 $ 1.7 (11%)
======== ======= ======
Quarters Ended 6/30
-------------------
Corporate Expense 2000 1999 Change
-------- ------- ------
General & Administration $ 14.0 $ 14.6 ( 4%)
For more information, contact: Patricia Sunseri, Mylan Laboratories Inc., 1030 Century Building, Pittsburgh PA 15222. Telephone (412) 232-0100.
Bin seit heute drin; hoffe, dass sich der Trend fortsetzt, Meinungen?
Mike
Mike
habe die aktie in das "relative stärke"- board genommen.
bis jetzt sich haben (fast) alle (bis auf alpharma) werte gut halten können.
du bist dir aber bewusst, was für einen wert du hast?
charttechnisch wurde das gap geschlossen- der weitere weg ist unklar.
mylan hatte ich den letzten quartalen die analysten regelmäßig enttäuscht. (mehr downgrades als upgrades- sowas sieht man zur zeit nicht gern an der wallstreet)
zum nächsten war in den letzten jahren kaum wachstum zu erkennen (auch im chart).
das prognostizierte wachstum für die nächsten jahre wird unter dem branchendurchschnitt liegen.
wie gesagt, ich hoffe du hast andere/mehr infos als ich.
gruß
bis jetzt sich haben (fast) alle (bis auf alpharma) werte gut halten können.
du bist dir aber bewusst, was für einen wert du hast?
charttechnisch wurde das gap geschlossen- der weitere weg ist unklar.
mylan hatte ich den letzten quartalen die analysten regelmäßig enttäuscht. (mehr downgrades als upgrades- sowas sieht man zur zeit nicht gern an der wallstreet)
zum nächsten war in den letzten jahren kaum wachstum zu erkennen (auch im chart).
das prognostizierte wachstum für die nächsten jahre wird unter dem branchendurchschnitt liegen.
wie gesagt, ich hoffe du hast andere/mehr infos als ich.
gruß
Ich hatte mich auf die Empfehlung von JUCHU.de, wo dieser Wert gelobt und von BUY auf STRONG BUY geliftet wurde, gestützt; darauf den Chartverlauf studiert und des weiteren die Beiträge auf diesem Board( die sehhhhhhhr dürftig ausfiehlen) gelesen.
Darauf hab ich mich entschlossen, diesen scheinbar noch unentdeckten Biotechwert einfach mal in`s Depot aufzunehmen und weiterhin abzuwarten, wie sich der Chartverlauf entwickelt.
Sofern du auch investiert bist wünsche ich uns beiden viel Erfolg mit dieser Aktie und auch ansonsten eine gute Performance!
Mike
Darauf hab ich mich entschlossen, diesen scheinbar noch unentdeckten Biotechwert einfach mal in`s Depot aufzunehmen und weiterhin abzuwarten, wie sich der Chartverlauf entwickelt.
Sofern du auch investiert bist wünsche ich uns beiden viel Erfolg mit dieser Aktie und auch ansonsten eine gute Performance!
Mike
Der gesunde Trend scheint sich weiterhin fortzusetzen, oder?
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