Delaware
|
001-33380
|
87-0792558
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
|
1901 Campus Place
Louisville, Kentucky
|
40299
|
|
(Address of principal executive offices)
|
(Zip Code)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
99.1
|
|
Press Release of PharMerica Corporation dated August 5, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
PHARMERICA CORPORATION
|
||
|
|
|
|
|||
Date: August 5, 2014
|
|
|
|
By:
|
|
/s/ David W. Froesel, Jr.
|
|
|
|
|
|
|
David W. Froesel, Jr.
|
|
|
|
|
|
|
Executive Vice President, Chief Financial Officer and Treasurer
|
Exhibit No.
|
|
Description
|
|
|
|
|
Press Release of PharMerica Corporation dated August 5, 2014.
|
Contact:
|
David W. Froesel, Jr.
|
Executive Vice President,
|
Chief Financial Officer and Treasurer
|
(502) 627-7950
|
|
2Q’14 Results
|
Comparison to 2Q’13
|
Comparison to
1Q’14
|
||
Revenue
|
$448.6 million
|
Increase of 4%
|
Decrease of <1%
|
||
Adjusted EBITDA
|
$30.6 million
|
Decrease of 9%
|
Increase of 3%
|
||
Adjusted diluted earnings per share
|
$0.40
|
Decrease of 9%
|
Increase of 8%
|
||
Gross profit margin
|
18.2% |
Decrease of 100 basis points
|
Increase of 50 basis points
|
||
Generic drug dispensing rate
|
85.0% |
Increase of 170 basis points
|
Increase of 50 basis points
|
· | Net organic sales growth in the institutional pharmacy business accelerated in the second quarter, excluding previously disclosed bed losses. |
· | Onco360 and Amerita posted strong double digit revenue growth. |
· | Industry-leading generic drug dispensing rate increased 170 basis points versus second quarter 2013. |
PMC Reports Results for the Second Quarter 2014
|
Page 2
|
August 5, 2014
|
· | Revenue in the range of $1.73 billion to $1.78 billion from $1.70 billion to $1.75 billion |
· | Adjusted diluted earnings per share in the range of $1.47 to $1.52 from $1.40 to $1.50 |
· | Adjusted EBITDA in the range of $121.0 million to $123.5 million from $117.5 million to $123.0 million |
Ø | Key Comparisons of Second Quarters Ended June 30, 2014 and 2013: |
· | Revenues for the second quarter of 2014 were $448.6 million compared with $430.8 million for the second quarter of 2013. The increase in revenue was primarily the result of the fourth quarter 2013 acquisitions and branded drug price inflation, and was partially offset by previously disclosed bed losses as of December 31, 2013. |
· | Gross profit for the second quarter of 2014 was $81.5 million compared with $82.6 million in the second quarter of 2013. Gross profit was impacted by previously disclosed bed losses as of December 31, 2013. The decrease in gross profit was partially offset by acquisitions and the Company’s strategic purchasing program. |
· | Selling, general and administrative expenses were $57.5 million or 12.8% of revenues for the three months ended June 30, 2014 compared to $55.5 million or 12.9% of revenues for the three months ended June 30, 2013. Selling, general and administrative expenses increased as a result of the Onco360 acquisition, without which selling, general and administrative expenses would have decreased. |
· | Adjusted EBITDA for the second quarter of 2014 was $30.6 million compared with $33.7 million in the second quarter of 2013. |
· | As a result of the matters discussed below, the Company recorded a net loss for the second quarter of 2014 of $9.7 million, or $0.32 diluted loss per share, compared with net income of $10.2 million, or $0.34 diluted earnings per share, for the same period in 2013. The net loss was attributed to the recording of $26.6 million pre-tax ($18.3 million after tax) in charges in the second quarter associated with various government inquiries and litigations as disclosed in the Company’s Form 10-Q. Adjusted diluted earnings per share was $0.40 in 2014 compared with $0.44 in 2013, a decrease of 9.1%. |
· | Cash flows used in operating activities for the second quarter of 2014 were $26.5 million compared with cash flows provided by operating activities of $26.4 million in the second quarter of 2013. The decrease in cash provided by operating activities is due primarily to the Company’s strategic purchasing program. |
PMC Reports Results for the Second Quarter 2014
|
Page 3
|
August 5, 2014
|
Ø | Key Comparisons of Six Months Ended June 30, 2014 and 2013: |
· | Revenues for the six months ended June 30, 2014 were $900.8 million compared with $870.6 million for the six months ended June 30, 2013. The increase in revenue was primarily the result of the fourth quarter 2013 acquisitions and branded drug price inflation, and was partially offset by previously disclosed bed losses as of December 31, 2013. |
· | Gross profit for the six months ended June 30, 2014 was $161.5 million compared with $166.9 million for the six months ended June 30, 2013. Gross profit was impacted by previously disclosed bed losses as of December 31, 2013. The decrease in gross profit was partially offset by acquisitions and the Company’s strategic purchasing program. |
· | Selling, general and administrative expenses were $114.7 million or 12.7% of revenues for the six months ended June 30, 2014 compared to $112.2 million or 12.9% of revenues for the six months ended June 30, 2013. Selling, general and administrative expenses increased as a result of the Onco360 acquisition, without which selling, general and administrative expenses would have decreased. |
· | Adjusted EBITDA for the six months ended June 30, 2014 was $60.3 million compared with $68.3 million for the six months ended June 30, 2013. |
· | As a result of the matters discussed below, the Company recorded a net loss for the six months ended June 30, 2014 of $4.9 million, or $0.16 diluted loss per share, compared with net income of $20.7 million, or $0.69 diluted earnings per share, for the same period in 2013. The net loss was attributed to the recording of $27.8 million pre-tax ($18.9 million after tax) in charges in the six months ended June 30, 2014 associated with various government inquiries and litigations as disclosed in the Company’s Form 10-Q. Adjusted diluted earnings per share was $0.77 in 2014 compared with $0.90 in 2013, a decrease of 14.4%. |
· | Cash flows used in operating activities for the six months ended June 30, 2014 were $22.1 million compared with cash flows provided by operating activities of $73.9 million for the six months ended June 30 2013. The decrease in cash provided by operating activities is due primarily to the Company’s strategic purchasing program. |
PMC Reports Results for the Second Quarter 2014
|
Page 4
|
August 5, 2014
|
PMC Reports Results for the Second Quarter 2014
|
Page 5
|
August 5, 2014
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||||||
|
2013
|
2014
|
2013
|
2014
|
||||||||||||||||||||||||||||
|
Amount
|
% of Revenues
|
Amount
|
% of Revenues
|
Amount
|
% of Revenues
|
Amount
|
% of Revenues
|
||||||||||||||||||||||||
Revenues
|
$
|
430.8
|
100.0
|
%
|
$
|
448.6
|
100.0
|
%
|
$
|
870.6
|
100.0
|
%
|
$
|
900.8
|
100.0
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
Cost of goods sold
|
348.2
|
80.8
|
367.1
|
81.8
|
703.7
|
80.8
|
739.3
|
82.1
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Gross profit
|
82.6
|
19.2
|
81.5
|
18.2
|
166.9
|
19.2
|
161.5
|
17.9
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Selling, general and administrative expenses
|
55.5
|
12.9
|
57.5
|
12.8
|
112.2
|
12.9
|
114.7
|
12.7
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Amortization expense
|
3.9
|
0.9
|
4.3
|
1.0
|
8.0
|
0.9
|
8.7
|
1.0
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Merger, acquisition, integration costs and other charges
|
2.7
|
0.6
|
1.5
|
0.4
|
5.5
|
0.7
|
6.5
|
0.7
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Settlement, litigation and other related charges
|
0.1
|
-
|
26.6
|
5.9
|
0.2
|
-
|
27.8
|
3.1
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Restructuring and impairment charges
|
-
|
-
|
1.2
|
0.3
|
-
|
-
|
3.1
|
0.3
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Hurricane Sandy disaster costs
|
(0.9
|
)
|
(0.2
|
)
|
0.1
|
-
|
(0.3
|
)
|
-
|
0.1
|
-
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Operating income (loss)
|
21.3
|
5.0
|
(9.7
|
)
|
(2.2
|
)
|
41.3
|
4.7
|
0.6
|
0.1
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Interest expense, net
|
2.9
|
0.7
|
2.3
|
0.5
|
5.5
|
0.6
|
4.8
|
0.5
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Income (loss) before income taxes
|
18.4
|
4.3
|
(12.0
|
)
|
(2.7
|
)
|
35.8
|
4.1
|
(4.2
|
)
|
(0.4
|
)
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes
|
8.2
|
1.9
|
(2.3
|
)
|
(0.5
|
)
|
15.1
|
1.7
|
0.7
|
0.1
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net income (loss)
|
$
|
10.2
|
2.4
|
%
|
$
|
(9.7
|
)
|
(2.2
|
)%
|
$
|
20.7
|
2.4
|
%
|
$
|
(4.9
|
)
|
(0.5
|
)%
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2013
|
2014
|
2013
|
2014
|
||||||||||||
Earnings (loss) per common share:
|
||||||||||||||||
Basic
|
$
|
0.34
|
$
|
(0.32
|
)
|
$
|
0.70
|
$
|
(0.16
|
)
|
||||||
Diluted
|
$
|
0.34
|
$
|
(0.32
|
)
|
$
|
0.69
|
$
|
(0.16
|
)
|
||||||
|
||||||||||||||||
Shares used in computing earnings (loss) per common share:
|
||||||||||||||||
Basic
|
29,713,010
|
30,004,950
|
29,640,388
|
29,879,683
|
||||||||||||
Diluted
|
30,134,944
|
30,004,950
|
30,141,730
|
29,879,683
|
PMC Reports Results for the Second Quarter 2014
|
Page 6
|
August 5, 2014
|
|
(As Adjusted)
|
|||||||
|
Dec. 31,
|
June 30,
|
||||||
|
2013
|
2014
|
||||||
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
24.2
|
$
|
11.1
|
||||
Accounts receivable, net
|
199.8
|
188.1
|
||||||
Inventory
|
110.2
|
141.4
|
||||||
Deferred tax assets, net
|
36.9
|
35.8
|
||||||
Income taxes receivable
|
1.9
|
9.1
|
||||||
Prepaids and other assets
|
38.6
|
50.4
|
||||||
|
411.6
|
435.9
|
||||||
|
||||||||
Equipment and leasehold improvements
|
179.4
|
182.9
|
||||||
Accumulated depreciation
|
(117.6
|
)
|
(117.8
|
)
|
||||
|
61.8
|
65.1
|
||||||
|
||||||||
Goodwill
|
282.7
|
286.9
|
||||||
Intangible assets, net
|
136.3
|
130.3
|
||||||
Other
|
9.3
|
5.2
|
||||||
|
$
|
901.7
|
$
|
923.4
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
79.6
|
$
|
59.1
|
||||
Salaries, wages and other compensation
|
38.7
|
30.7
|
||||||
Current portion of long-term debt
|
12.5
|
12.5
|
||||||
Other accrued liabilities
|
21.0
|
23.3
|
||||||
|
151.8
|
125.6
|
||||||
|
||||||||
Long-term debt
|
218.8
|
256.4
|
||||||
Other long-term liabilities
|
49.9
|
60.8
|
||||||
Deferred tax liabilities
|
18.7
|
18.4
|
||||||
Commitments and contingencies
|
||||||||
Stockholders' equity:
|
||||||||
Preferred stock, $0.01 par value per share; 1,000,000 shares authorized and no shares issued, December 31, 2013 and June 30, 2014
|
-
|
-
|
||||||
Common stock, $0.01 par value per share; 175,000,000 shares authorized; 31,954,264 and 32,667,136 shares issued as of December 31, 2013 and June 30, 2014, respectively
|
0.3
|
0.3
|
||||||
Capital in excess of par value
|
380.2
|
389.7
|
||||||
Retained earnings
|
110.2
|
105.3
|
||||||
Treasury stock at cost, 2,416,971 and 2,607,869 shares at December 31, 2013 and June 30, 2014, respectively
|
(28.2
|
)
|
(33.1
|
)
|
||||
|
462.5
|
462.2
|
||||||
|
$
|
901.7
|
$
|
923.4
|
PMC Reports Results for the Second Quarter 2014
|
Page 7
|
August 5, 2014
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2013
|
2014
|
2013
|
2014
|
||||||||||||
Cash flows provided by (used in) operating activities:
|
||||||||||||||||
Net income (loss)
|
$
|
10.2
|
$
|
(9.7
|
)
|
$
|
20.7
|
$
|
(4.9
|
)
|
||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||||||||||
Depreciation
|
4.8
|
4.8
|
9.6
|
9.6
|
||||||||||||
Amortization
|
3.9
|
4.3
|
8.0
|
8.7
|
||||||||||||
Merger, acquisition, integration costs and other charges
|
-
|
-
|
-
|
2.5
|
||||||||||||
Hurricane Sandy disaster costs
|
(1.0
|
)
|
-
|
(1.6
|
)
|
-
|
||||||||||
Stock-based compensation and deferred compensation
|
1.8
|
1.8
|
4.0
|
3.9
|
||||||||||||
Amortization of deferred financing fees
|
0.7
|
0.6
|
1.0
|
1.3
|
||||||||||||
Deferred income taxes
|
(0.7
|
)
|
(3.3
|
)
|
2.9
|
0.7
|
||||||||||
Gain on disposition of equipment
|
(0.1
|
)
|
-
|
(0.1
|
)
|
(0.1
|
)
|
|||||||||
Gain on acquisition/ disposition
|
-
|
-
|
-
|
(0.3
|
)
|
|||||||||||
Other
|
0.2
|
-
|
0.3
|
0.1
|
||||||||||||
Change in operating assets and liabilities:
|
||||||||||||||||
Accounts receivable, net
|
11.5
|
(1.0
|
)
|
10.3
|
12.1
|
|||||||||||
Inventory
|
(13.0
|
)
|
(34.0
|
)
|
22.5
|
(31.2
|
)
|
|||||||||
Prepaids and other assets
|
(2.4
|
)
|
(9.0
|
)
|
1.0
|
(11.1
|
)
|
|||||||||
Accounts payable
|
4.7
|
1.3
|
(7.9
|
)
|
(20.5
|
)
|
||||||||||
Salaries, wages and other compensation
|
2.1
|
(3.2
|
)
|
(2.7
|
)
|
(7.9
|
)
|
|||||||||
Other accrued and other long-term liabilities
|
0.7
|
24.2
|
0.2
|
22.3
|
||||||||||||
Change in income taxes payable (receivable)
|
3.2
|
(2.8
|
)
|
6.1
|
(4.1
|
)
|
||||||||||
Excess tax benefit from stock-based compensation
|
(0.2
|
)
|
(0.5
|
)
|
(0.4
|
)
|
(3.2
|
)
|
||||||||
Net cash provided by (used in) operating activities
|
26.4
|
(26.5
|
)
|
73.9
|
(22.1
|
)
|
||||||||||
|
||||||||||||||||
Cash flows provided by (used in) investing activities:
|
||||||||||||||||
Purchase of equipment and leasehold improvements
|
(7.3
|
)
|
(6.8
|
)
|
(14.0
|
)
|
(12.8
|
)
|
||||||||
Acquisitions, net of cash acquired
|
-
|
(6.9
|
)
|
(0.5
|
)
|
(17.6
|
)
|
|||||||||
Cash proceeds from sale of assets
|
0.1
|
0.1
|
0.1
|
0.1
|
||||||||||||
Cash proceeds from dispositions
|
-
|
-
|
-
|
0.4
|
||||||||||||
Net cash used in investing activities
|
(7.2
|
)
|
(13.6
|
)
|
(14.4
|
)
|
(29.9
|
)
|
||||||||
|
||||||||||||||||
Repayments of long-term debt
|
(3.2
|
)
|
(3.2
|
)
|
(6.3
|
)
|
(6.3
|
)
|
||||||||
Net activity of long-term revolving credit facility
|
(11.6
|
)
|
41.1
|
(52.1
|
)
|
43.9
|
||||||||||
Issuance of common stock
|
0.3
|
0.5
|
0.4
|
3.0
|
||||||||||||
Treasury stock at cost
|
(0.1
|
)
|
(0.4
|
)
|
(1.9
|
)
|
(4.9
|
)
|
||||||||
Excess tax benefit from stock-based compensation
|
0.2
|
0.5
|
0.4
|
3.2
|
||||||||||||
Other
|
(0.3
|
)
|
-
|
-
|
-
|
|||||||||||
Net cash (used in) provided by financing activities
|
(14.7
|
)
|
38.5
|
(59.5
|
)
|
38.9
|
||||||||||
|
||||||||||||||||
Change in cash and cash equivalents
|
4.5
|
(1.6
|
)
|
-
|
(13.1
|
)
|
||||||||||
Cash and cash equivalents at beginning of period
|
7.8
|
12.7
|
12.3
|
24.2
|
||||||||||||
|
||||||||||||||||
Cash and cash equivalents at end of period
|
$
|
12.3
|
$
|
11.1
|
$
|
12.3
|
$
|
11.1
|
||||||||
|
||||||||||||||||
Supplemental information:
|
||||||||||||||||
Cash paid for interest
|
$
|
2.3
|
$
|
1.9
|
$
|
4.6
|
$
|
3.7
|
||||||||
Cash paid for taxes
|
$
|
5.9
|
$
|
4.3
|
$
|
6.4
|
$
|
4.7
|
PMC Reports Results for the Second Quarter 2014
|
Page 8
|
August 5, 2014
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2013
|
2014
|
2013
|
2014
|
||||||||||||
|
||||||||||||||||
Pharmacy data:
|
||||||||||||||||
Prescriptions dispensed (in thousands)
|
9,420
|
8,411
|
19,132
|
17,019
|
||||||||||||
Revenue per prescription dispensed
|
$
|
45.73
|
$
|
53.33
|
$
|
45.50
|
$
|
52.93
|
||||||||
Gross profit per prescription dispensed
|
$
|
8.77
|
$
|
9.69
|
$
|
8.72
|
$
|
9.49
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
(In millions)
|
June 30,
|
June 30,
|
||||||||||||||
|
2013
|
2014
|
2013
|
2014
|
||||||||||||
Net income (loss)
|
$
|
10.2
|
$
|
(9.7
|
)
|
$
|
20.7
|
$
|
(4.9
|
)
|
||||||
Add:
|
||||||||||||||||
Interest expense, net
|
2.9
|
2.3
|
5.5
|
4.8
|
||||||||||||
Merger, acquisition, integration costs and other charges
|
2.7
|
1.5
|
5.5
|
6.5
|
||||||||||||
Settlement, litigation and other related charges
|
0.1
|
26.6
|
0.2
|
27.8
|
||||||||||||
Restructuring and impairment charges
|
-
|
1.2
|
-
|
3.1
|
||||||||||||
Hurricane Sandy disaster costs
|
(0.9
|
)
|
0.1
|
(0.3
|
)
|
0.1
|
||||||||||
Stock-based compensation and deferred compensation
|
1.8
|
1.8
|
4.0
|
3.9
|
||||||||||||
Provision (benefit) for income taxes
|
8.2
|
(2.3
|
)
|
15.1
|
0.7
|
|||||||||||
Depreciation and amortization expense
|
8.7
|
9.1
|
17.6
|
18.3
|
||||||||||||
Adjusted EBITDA
|
$
|
33.7
|
$
|
30.6
|
$
|
68.3
|
$
|
60.3
|
||||||||
Adjusted EBITDA margin
|
7.8
|
%
|
6.8
|
%
|
7.8
|
%
|
6.7
|
%
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
(In whole numbers)
|
June 30,
|
June 30,
|
||||||||||||||
|
2013
|
2014
|
2013
|
2014
|
||||||||||||
|
||||||||||||||||
Diluted earnings (loss) per share
|
$
|
0.34
|
$
|
(0.32
|
)
|
$
|
0.69
|
$
|
(0.16
|
)
|
||||||
Add:
|
||||||||||||||||
Diluted earnings (loss) per share impact of:
|
||||||||||||||||
Merger, acquisition, integration costs and other charges
|
0.06
|
0.03
|
0.12
|
0.13
|
||||||||||||
Settlement, litigation and other related charges
|
-
|
0.61
|
-
|
0.64
|
||||||||||||
Restructuring and impairment charges
|
-
|
0.03
|
-
|
0.07
|
||||||||||||
Hurricane Sandy disaster costs
|
(0.02
|
)
|
-
|
(0.01
|
)
|
-
|
||||||||||
Stock-based compensation and deferred compensation
|
0.03
|
0.04
|
0.07
|
0.08
|
||||||||||||
Impact of discrete items on tax provision
|
0.03
|
0.01
|
0.03
|
0.01
|
||||||||||||
Adjusted diluted earnings per share
|
$
|
0.44
|
$
|
0.40
|
$
|
0.90
|
$
|
0.77
|
PMC Reports Results for the Second Quarter 2014
|
Page 9
|
August 5, 2014
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
(In millions)
|
June 30,
|
June 30,
|
||||||||||||||
|
2013
|
2014
|
2013
|
2014
|
||||||||||||
Adjusted EBITDA
|
$
|
33.7
|
$
|
30.6
|
$
|
68.3
|
$
|
60.3
|
||||||||
Interest expense, net
|
(2.9
|
)
|
(2.3
|
)
|
(5.5
|
)
|
(4.8
|
)
|
||||||||
Merger, acquisition, integration costs and other charges
|
(2.8
|
)
|
(29.4
|
)
|
(5.7
|
)
|
(35.0
|
)
|
||||||||
Provision for bad debt
|
5.2
|
5.7
|
10.5
|
11.3
|
||||||||||||
Amortization of deferred financing fees
|
0.7
|
0.6
|
1.0
|
1.3
|
||||||||||||
Loss on disposition of equipment
|
(0.1
|
)
|
-
|
(0.1
|
)
|
(0.1
|
)
|
|||||||||
Gain on acquisition
|
-
|
-
|
-
|
(0.3
|
)
|
|||||||||||
Provision for income taxes
|
(8.2
|
)
|
2.3
|
(15.1
|
)
|
(0.7
|
)
|
|||||||||
Deferred income taxes
|
(0.7
|
)
|
(3.3
|
)
|
2.9
|
0.7
|
||||||||||
Changes in federal and state income tax payable
|
3.2
|
(2.8
|
)
|
6.1
|
(4.1
|
)
|
||||||||||
Excess tax benefit from stock-based compensation
|
(0.2
|
)
|
(0.5
|
)
|
(0.4
|
)
|
(3.2
|
)
|
||||||||
Changes in assets and liabilities
|
(1.7
|
)
|
(27.4
|
)
|
11.6
|
(47.6
|
)
|
|||||||||
Other
|
0.2
|
-
|
0.3
|
0.1
|
||||||||||||
Net cash flows provided by (used in) operating activities
|
$
|
26.4
|
$
|
(26.5
|
)
|
$
|
73.9
|
$
|
(22.1
|
)
|