fsa assignment on reformulation1
TRANSCRIPT
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Particulars
ASSETS
Current Assets
Cash and equivalents
Accounts receivable, less allowances
Inventories
Deferred income taxes
Other current assets
Total current assets
Property, plant and equipment
Intangible assets
Other assets
LIABILITIES AND SHAREHOLDERS' EQUITYCurrent Liabilities
Short-term borrowings
Current portion of long-term debt
Accounts payable
Accrued liabilities
Total current liabilities
Long-term debt
Other liabilities
Redeemable preferred stock
Deferred contribution to ESOP
Total liabilities
Common Shareholders' Equity
Common stock
Additional paid-in capital
Accumulated other comprehensive income
Retained earnings
Total shareholders equity
VFS Corpora
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1999 1998
63,208.00 124,094.00
705,734.00 587,934.00
954,007.00 774,755.00
99,608.00 94,750.00
25,595.00 19,933.00
1,848,152.00 1,601,466.00
776,091.00 705,990.00
951,562.00 814,332.00
260,861.00 200,994.00
3,836,666.00 3,322,782.00
========== ==========
244,910.00 24,191.00
969.00 450.00
341,126.00 301,103.00
446,001.00 440,164.00
1,033,006.00 765,908.00
521,657.00 516,226.00
181,750.00 143,813.00
54,344.00 56,341.00
(20,399.00) (26,275.00)
1,770,358.00 1,456,013.00
119,466.00 121,225.00
801,511.00 744,108.00
(25,639.00) (36,110.00)
1,170,970.00 1,037,546.00
2,066,308.00 1,866,769.00
3,836,666.00 3,322,782.00
========== ==========
ion- Balance Sheet
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FISCAL YEAR ENDED
NET SALES
COSTS AND OPERATING EXPENSES
Cost of products sold
Marketing, administrative & general expenses
Other operating expense
OPERATING INCOME
OTHER INCOME (EXPENSE)
Interest income
Interest expense
Miscellaneous, net
INCOME BEFORE INCOME TAXESINCOME TAXES
NET INCOME
OTHER COMPREHENSIVE INCOME
Foreign currency translation
COMPREHENSIVE INCOME
VFS Income State
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2-Jan 3-Jan
1999 1998
5,478,807.00 5,222,246.00
3,586,686.00 3,440,611.00
1,198,854.00 1,175,598.00
9,098.00 964.00
4,794,638.00 4,617,173.00
684,169.00 605,073.00
6,411.00 23,818.00
(62,282.00) (49,695.00)
3,300.00 6,684.00
(52,571.00) (19,193.00)
631,598.00 585,880.00243,292.00 234,938.00
388,306.00 350,942.00
10,471.00 (42,538.00)
398,777.00 308,404.00
========== ==========
0.385200713 0.401000205
ment
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Paticulars
ASSETS:
Current assets
Cash and cash equivalents
Short-term investments
Accounts receivable (less allowances)
Inventories
Prepaid expenses & other current assets
Total current assets
Long-term marketable securities
Property, plant and equipment, at cost:
Land
Buildings
Equipment
Leasehold improvementsConstruction in progress
Less accumulated depreciation
Net property, plant and equipment
Other assets
Total assets
LIABILITIES AND SHAREHOLDERS EQUITY:
Current liabilities:
Accounts payable
Accrued compensation
Accrued royalties
Accrued marketing and promotion costs
Accrued clinical and other studies
Income taxes payable
Other accrued liabilities
Current portion of long-term debt
Total current liabilities
Long-term debt
Other long-term liabilities
Total liabilities
Stockholders' equity:
Preferred stock
Special common stock
Redeemable common stock
Common stock
Additional paid-in capital
Retained earnings
Gentec
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Net unrealized gain on securities
available for sale
Total stockholders' equity
Total liabilities and stockholders' equity
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1995 1994
137,043.00 66,713.00
603,296.00 652,461.00
172,160.00 146,267.00
93,648.00 103,200.00
39,267.00 28,475.00
1,045,414.00 997,116.00
356,475.00 201,726.00
57,313.00 55,998.00
258,717.00 245,871.00
383,387.00 331,392.00
12,508.00 11,988.0060,480.00 55,299.00
(268,751.00) (215,255.00)
503,654.00 485,293.00
105,452.00 60,989.00
2,010,995.00 1,745,124.00
37,101.00 30,963.00
36,945.00 36,939.00
23,159.00 25,864.00
18,863.00 27,463.00
33,621.00 36,277.00
14,329.00 17,839.00
69,068.00 44,283.00
358.00 871.00
233,444.00 220,499.00
150,000.00 150,358.00
25,504.00 25,483.00
408,948.00 396,340.00
-
853.00 -
1,002.00
1,532.00 1,343.00
1,281,640.00 1,207,720.00
263,749.00 129,127.00
Balance Sheet
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54,273.00 9,592.00
1,602,047.00 1,348,784.00
2,010,995.00 1,745,124.00
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YEAR ENDED DECEMBER 31
Revenues
Product sales
Royalties
Contract and other
Interest
Total revenues
Costs and expenses
Cost of sales
Research and development
Marketing, general and administrative
Special charge (primarily merger related)
Interest
Total costs and expensesIncome before taxes
Income tax provision
Net income
Net income per share
Weighted average number of shares used
in computing per share amounts
Gentech Inco
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1995 1994
635,263.00 601,064.00
190,811.00 126,022.00
31,209.00 25,556.00
60,562.00 42,748.00
917,845.00 795,390.00
97,930.00 95,829.00
363,049.00 314,322.00
251,653.00 248,604.00
25,000.00 -
7,940.00 7,058.00
745,572.00 665,813.00172,273.00 129,577.00
25,841.00 5,183.00
146,432.00 124,394.00
======== ========
1.21 1.04
121,220.00 119,465.00
0.15000029 0.039999383
e Statement
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Particulars 1999 1989
Operating Assets:
Cash and equivalents 63,208.00 104,444.92
Accounts receivable, less allowances 705,734.00 587,934.00Inventories 954,007.00 774,755.00
Deferred income taxes 99,608.00 94,750.00
Other current assets 25,595.00 19,933.00
Property, plant and equipment 776,091.00 705,990.00
Intangible assets 951,562.00 814,332.00
Other assets *(Note 2) 260,861.00 200,994.00
Total Operating Assets 3,836,666.00 3,303,132.92
Operating Liabilities:
Short-term borrowings 244,910.00 24,191.00
Accounts payable 341,126.00 301,103.00Accrued liabilities 446,001.00 440,164.00
Other liabilities* (Note 2) 181,750.00 143,813.00
Total Operating liabilities 1,213,787.00 909,271.00
NET OPERATING ASSETS 2,622,879.00 2,393,861.92
Financial Liabilities:
Long-term debt 521,657.00 516,226.00
Redeemable preferred stock 54,344.00 56,341.00
Deferred contribution to ESOP (20,399.00) (26,275.00)
Current portion of long-term debt 969.00 450.00
Total financial liabilities 556,571.00 546,742.00
Financial Assets:
Cash and equivalents - 19,649.08
Total financial Assets - 19,649.08
NET FINANCIAL OBLIGATIONS 556,571.00 527,092.92
Common Shareholders' Equity
Common stock 119,466.00 121,225.00
Additional paid-in capital 801,511.00 744,108.00
Accumulated other comprehensive income (25,639.00) (36,110.00)
Retained earnings 1,170,970.00 1,037,546.00
Total shareholders equity 2,066,308.00 1,866,769.00
Total NFO and CSE 2,622,879.00 2,393,861.92
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NOTE 1-We have assumed 2% of the sales figure to be Operating cash assets and the remaining as financial asset-
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Particulars 1999 1998
NET SALES-Operating revenues 5,478,807.00 5,222,246.00
COSTS AND OPERATING EXPENSES
Cost of products sold 3,586,686.00 3,440,611.00
Marketing, administrative & general expenses 1,198,854.00 1,175,598.00
Other operating expense 9,098.00 964.004,794,638.00 4,617,173.00
OPERATING INCOME BEFORE TAX 684,169.00 605,073.00
Taxes 263,541.90 242,634.27
OPERATING INCOME AFTER TAX 420,627.10 362,438.73
Financial Income and Expenses:
Interest income 6,411.00 23,818.00
Interest expense (62,282.00) (49,695.00)
Miscellaneous, net 3,300.00 6,684.00
NET FINANCIAL INCOME BEFORE TAX (52,571.00) (19,193.00)
Taxes (20,250.35) (7,696.39)
NET FINANCIAL INCOME AFTER TAX (32,320.65) (11,496.61)
OTHER COMPREHENSIVE INCOME
Foreign currency translation 10,471.00 (42,538.00)
COMPREHENSIVE INCOME 398,777.45 308,404.12
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Particulars 1999 1989
Operating Assets:
Cash and equivalents 12,705.26 12,021.28
Accounts receivable, less allowances 172,160.00 146,267.00
Inventories 93,648.00 103,200.00Prepaid expenses & other current assets 39,267.00 28,475.00
Land 57,313.00 55,998.00
Buildings 258,717.00 245,871.00
Equipment 383,387.00 331,392.00
Leasehold improvements 12,508.00 11,988.00
Construction in progress 60,480.00 55,299.00
Less accumulated depreciation (268,751.00) (215,255.00)
Net property, plant and equipment
Other assets 105,452.00 60,989.00
Total operating assets 926,886.26 836,245.28Operating Liabilities:
Accounts payable 37,101.00 30,963.00
Accrued compensation 36,945.00 36,939.00
Accrued royalties 23,159.00 25,864.00
Accrued marketing and promotion costs 18,863.00 27,463.00
Accrued clinical and other studies 33,621.00 36,277.00
Income taxes payable 14,329.00 17,839.00
Other accrued liabilities 69,068.00 44,283.00
Total operating liabilities 233,086.00 219,628.00
NET OPERATING ASSETS 693,800.26 616,617.28
Financial Liablities:
Current portion of long-term debt 358.00 871.00
Long-term debt 150,000.00 150,358.00
Other long-term liabilities 25,504.00 25,483.00
Total financial liabilities 175,862.00 176,712.00
Financial Assets:
Cash and cash equivalents 124,337.74 54,691.72
Long-term marketable securities 356,475.00 201,726.00
Short-term investments 603,296.00 652,461.00
Total financial Assets 1,084,108.74 908,878.72
NET FINANCIAL OBLIGATIONS (908,246.74) (732,166.72)
Stockholders' equity:
Preferred stock -
Special common stock 853.00 -
Redeemable common stock 1,002.00
Common stock 1,532.00 1,343.00
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Additional paid-in capital 1,281,640.00 1,207,720.00
Retained earnings 263,749.00 129,127.00
Net unrealized gain on securities
available for sale 54,273.00 9,592.00
Total stockholders' equity 1,602,047.00 1,348,784.00
NFO & CSE 693,800.26 616,617.28
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Particulars 1999 1998
Product sales 635,263.00 601,064.00
COSTS AND OPERATING EXPENSES
Cost of sales 97,930.00 95,829.00
Research and development 363,049.00 314,322.00
Marketing, general and administrative 251,653.00 248,604.00
OPERATING INCOME BEFORE TAX (77,369.00) (57,691.00)
Taxes (11,605.35) (2,307.06)
OPERATING INCOME AFTER TAX (65,763.65) (55,383.94)
Financial Income and Expenses:
Royalties 190,811.00 126,022.00
Contract and other 31,209.00 25,556.00
Interest 60,562.00 42,748.00
Special charge (primarily merger related) (25,000.00) -
Interest (7,940.00) (7,058.00)
NET FINANCIAL INCOME BEFORE TAX 249,642.00 187,268.00
Taxes 37,446.30 7,488.85
NET FINANCIAL INCOME AFTER TAX 212,195.70 179,779.15
Net income 146,432.05 124,395.22
Gentech Income Statement