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 November 6, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
PHARMERICA CORPORATION
|
||
|
|
|
|
|||
Date: November 6, 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 November 6, 2014.
|
Company Reports Solid Sequential Improvement in Revenue, Gross Profit,
Adjusted EBITDA and Adjusted Diluted EPS
|
Successfully Executing Strategic and Operational Initiatives to
Drive Long-Term Growth and Value Creation
|
Raises 2014 Guidance
|
3Q'14 Results
|
Comparison to 3Q'13
|
Comparison to
2Q'14
|
|
Revenue
|
$470.2 million
|
Increase of 7.6%
|
Increase of 4.8%
|
Adjusted EBITDA
|
$33.0 million
|
Decrease of 2.7%
|
Increase of 7.8%
|
Adjusted diluted earnings per share
|
$0.45
|
Decrease of 8.2%
|
Increase of 12.5%
|
Gross profit
|
$83.0 million
|
Increase of 4.8%
|
Increase of 1.3%
|
Selling, general and administrative
|
$56.0 million
|
Increase of 0.9%
|
Decrease of 3.3%
|
Generic drug dispensing rate
|
85.1 %
|
Increase of 180 basis points
|
Increase of 10 basis points
|
|
Revenue in the range of $1.850 billion to $1.875 billion from $1.760 billion to $1.800 billion
|
|
Adjusted diluted earnings per share in the range of $1.62 to $1.64 from $1.58 to $1.62
|
|
Adjusted EBITDA in the range of $128.1 million to $129.1 million from $123.2 million to $126.0 million
|
|
Key Comparisons of Third Quarters Ended September 30, 2014 and 2013:
|
|
Revenues for the third quarter of 2014 were $470.2 million compared with $436.8 million for the third quarter of 2013. Revenues for the three months ended September 30, 2013 were reduced by $2.9 million related to an accrual for an anticipated California Medicaid recoupment. The increase in revenue was the result of the fourth quarter 2013 and 2014 acquisitions and inflation on brand drugs partially offset by the loss of our largest customer effective December 31, 2013.
|
|
Gross profit for the third quarter of 2014 was $83.0 million compared with $79.2 million in the third quarter of 2013. Gross profit for the three months ended September 30, 2013 was reduced by $2.9 million related to an accrual for an anticipated California Medicaid recoupment. The increase in gross profit was due to the acquisitions described above and the impact of the Company's strategic purchasing program partially offset by previously disclosed bed losses as of December 31, 2013.
|
|
Selling, general and administrative expenses were $56.0 million or 12.0% of revenues for the three months ended September 30, 2014 compared to $55.5 million or 12.7% of revenues for the three months ended September 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 third quarter of 2014 was $33.0 million compared with $33.9 million in the third quarter of 2013.
|
|
Net income for the third quarter of 2014 was $8.5 million, or $0.28 diluted earnings per share, compared to a net loss of $6.2 million, or $0.21 diluted loss per share, for the same period in 2013. During the third quarter of 2014 the Company refinanced its debt resulting in a loss on extinguishment of debt of $4.3 million. The net loss in the third quarter of 2013 was primarily attributable to the recording of a $17.0 million reserve associated with various government inquiries and litigations. Adjusted diluted earnings per share was $0.45 in the third quarter of 2014 compared to $0.49 in the third quarter of 2013.
|
|
Cash flows provided by operating activities for the third quarter of 2014 were $19.7 million compared with cash flows provided by operating activities of $78.1 million in the third quarter of 2013. The decrease in cash provided by operating activities is due primarily to the Company's strategic purchasing program and an increase in receivables due from AmerisourceBergen under the terms of our prime vendor agreement.
|
|
Key Comparisons of Nine Months Ended September 30, 2014 and 2013:
|
|
Revenues for the nine months ended September 30, 2014 were $1,371.0 million compared with $1,307.4 million for the nine months ended September 30, 2013. Revenues for the nine months ended September 30, 2013 were reduced by $2.9 million related to an accrual for an anticipated California Medicaid recoupment. The increase in revenue was the result of the fourth quarter 2013 and 2014 acquisitions and inflation on brand drugs partially offset by the loss of our largest customer effective December 31, 2013.
|
|
Gross profit for the nine months ended September 30, 2014 was $244.9 million compared with $246.1 million for the nine months ended September 30, 2013. Gross profit for the nine months ended September 30, 2013 was reduced by $2.9 million related to an accrual for an anticipated California Medicaid recoupment. Gross profit was impacted by the loss of our largest customer effective December 31, 2013 and lower gross profit margin on the Onco360 business. The decrease in gross profit as a result of the bed losses was partially offset by acquisitions and the Company's strategic purchasing program.
|
|
Selling, general and administrative expenses were $171.1 million or 12.5% of revenues for the nine months ended September 30, 2014 compared to $167.7 million or 12.8% of revenues for the nine months ended September 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 nine months ended September 30, 2014 was $93.3 million compared with $102.2 million for the nine months ended September 30, 2013.
|
|
Net income for the nine months ended September 30, 2014 was $3.6 million, or $0.12 diluted earnings per share, compared to $14.5 million, or $0.48 diluted earnings per share, for the nnine months ended September 30, 2013. Net income was adversely impacted by settlement, litigation and other related charges in the amount of $28.9 million and $17.4 million for the nine months ended September 30, 2014 and September 30, 2013, respectively. In addition, during the third quarter of 2014 the Company refinanced its debt resulting in a loss on extinguishment of debt of $4.3 million. Adjusted diluted earnings per share was $1.22 and $1.39 for the nine months ended September 30, 2014 and September 30, 2013, respectively.
|
|
Cash flows used in operating activities for the nine months ended September 30, 2014 were $2.4 million compared with cash flows provided by operating activities of $152.0 million for the nine months ended September 30, 2013. The decrease in cash provided by operating activities is due primarily to the Company's strategic purchasing program, an increase in receivables due from AmerisourceBergen under the terms of our prime vendor agreement and a reduction in accounts payable.
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||||||||||
2013
|
2014
|
2013
|
2014
|
|||||||||||||||||||||||||||||
% of Revenues
|
% of Revenues
|
% of Revenues
|
% of Revenues
|
|||||||||||||||||||||||||||||
Revenues
|
$
|
436.8
|
100.0
|
%
|
$
|
470.2
|
100.0
|
%
|
$
|
1,307.4
|
100.0
|
%
|
$
|
1,371.0
|
100.0
|
%
|
||||||||||||||||
Cost of goods sold
|
357.6
|
81.9
|
387.2
|
82.3
|
1,061.3
|
81.2
|
1,126.1
|
82.1
|
||||||||||||||||||||||||
Gross profit
|
79.2
|
18.1
|
83.0
|
17.7
|
246.1
|
18.8
|
244.9
|
17.9
|
||||||||||||||||||||||||
Selling, general and administrative expenses
|
55.5
|
12.7
|
56.0
|
12.0
|
167.7
|
12.8
|
171.1
|
12.5
|
||||||||||||||||||||||||
Amortization expense
|
3.7
|
0.9
|
4.9
|
1.0
|
11.7
|
0.9
|
13.6
|
1.0
|
||||||||||||||||||||||||
Merger, acquisition, integration costs and other charges
|
1.1
|
0.3
|
3.8
|
0.8
|
6.6
|
0.5
|
10.3
|
0.8
|
||||||||||||||||||||||||
Settlement, litigation and other related charges
|
17.2
|
3.9
|
1.1
|
0.3
|
17.4
|
1.3
|
28.9
|
2.1
|
||||||||||||||||||||||||
Restructuring and impairment charges
|
1.0
|
0.2
|
0.1
|
-
|
1.0
|
0.1
|
3.2
|
0.2
|
||||||||||||||||||||||||
Hurricane Sandy disaster costs
|
0.1
|
-
|
-
|
-
|
(0.2
|
)
|
-
|
0.1
|
-
|
|||||||||||||||||||||||
Operating income
|
0.6
|
0.1
|
17.1
|
3.6
|
41.9
|
3.2
|
17.7
|
1.3
|
||||||||||||||||||||||||
Interest expense, net
|
2.6
|
0.6
|
2.1
|
0.4
|
8.1
|
0.6
|
6.9
|
0.5
|
||||||||||||||||||||||||
Loss on extinguishment of debt
|
-
|
-
|
4.3
|
0.9
|
-
|
-
|
4.3
|
0.3
|
||||||||||||||||||||||||
Income (loss) before income taxes
|
(2.0
|
)
|
(0.5
|
)
|
10.7
|
2.3
|
33.8
|
2.6
|
6.5
|
0.5
|
||||||||||||||||||||||
Provision for income taxes
|
4.2
|
0.9
|
2.2
|
0.5
|
19.3
|
1.5
|
2.9
|
0.2
|
||||||||||||||||||||||||
Net income (loss)
|
$
|
(6.2
|
)
|
(1.4)
|
%
|
$
|
8.5
|
1.8
|
%
|
$
|
14.5
|
1.1
|
%
|
$
|
3.6
|
0.3
|
%
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
Earnings (loss) per common share:
|
2013
|
2014
|
2013
|
2014
|
||||||||||||
Basic
|
$
|
(0.21
|
)
|
$
|
0.28
|
$
|
0.49
|
$
|
0.12
|
|||||||
Diluted
|
$
|
(0.21
|
)
|
$
|
0.28
|
$
|
0.48
|
$
|
0.12
|
|||||||
|
||||||||||||||||
Shares used in computing earnings (loss) per common share:
|
||||||||||||||||
Basic
|
29,655,201
|
30,073,133
|
29,645,380
|
29,944,875
|
||||||||||||
Diluted
|
29,655,201
|
30,595,302
|
29,950,379
|
30,502,928
|
|
(As Adjusted)
|
|||||||
December 31,
|
September 30,
|
|||||||
|
2013
|
2014
|
||||||
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
24.2
|
$
|
7.1
|
||||
Accounts receivable, net
|
199.4
|
213.7
|
||||||
Inventory
|
110.2
|
133.4
|
||||||
Deferred tax assets, net
|
36.9
|
38.5
|
||||||
Income taxes receivable
|
1.9
|
3.4
|
||||||
Prepaids and other assets
|
38.8
|
70.0
|
||||||
|
411.4
|
466.1
|
||||||
|
||||||||
Equipment and leasehold improvements
|
179.4
|
190.6
|
||||||
Accumulated depreciation
|
(117.6
|
)
|
(120.3
|
)
|
||||
|
61.8
|
70.3
|
||||||
|
||||||||
Goodwill
|
282.0
|
321.5
|
||||||
Intangible assets, net
|
136.3
|
184.1
|
||||||
Other
|
9.3
|
3.5
|
||||||
|
$
|
900.8
|
$
|
1,045.5
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
78.8
|
$
|
75.5
|
||||
Salaries, wages and other compensation
|
38.7
|
37.3
|
||||||
Current portion of long-term debt
|
12.5
|
2.8
|
||||||
Other accrued liabilities
|
21.0
|
16.8
|
||||||
|
151.0
|
132.4
|
||||||
|
||||||||
Long-term debt
|
218.8
|
358.1
|
||||||
Other long-term liabilities
|
49.8
|
72.4
|
||||||
Deferred tax liabilities
|
18.7
|
9.9
|
||||||
Commitments and contingencies (See Note 5)
|
||||||||
Stockholders' equity:
|
||||||||
Preferred stock, $0.01 par value per share; 1,000,000 shares authorized and no
|
||||||||
shares issued, December 31, 2013 and September 30, 2014
|
-
|
-
|
||||||
Common stock, $0.01 par value per share; 175,000,000 shares authorized;
|
||||||||
31,954,264 and 32,720,327 shares issued as of
|
||||||||
December 31, 2013 and September 30, 2014, respectively
|
0.3
|
0.3
|
||||||
Capital in excess of par value
|
380.2
|
391.9
|
||||||
Retained earnings
|
110.2
|
113.8
|
||||||
Treasury stock at cost, 2,416,971 and 2,617,305 shares at December 31, 2013
|
||||||||
and September 30, 2014, respectively
|
(28.2
|
)
|
(33.3
|
)
|
||||
|
462.5
|
472.7
|
||||||
|
$
|
900.8
|
$
|
1,045.5
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2013
|
2014
|
2013
|
2014
|
|||||||||||||
Cash flows provided by (used in) operating activities:
|
||||||||||||||||
Net income (loss)
|
$
|
(6.2
|
)
|
$
|
8.5
|
$
|
14.5
|
$
|
3.6
|
|||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||||||||||
Depreciation
|
4.9
|
4.9
|
14.5
|
14.5
|
||||||||||||
Amortization
|
3.7
|
4.9
|
11.7
|
13.6
|
||||||||||||
Merger, acquisition, integration costs and other charges
|
-
|
-
|
-
|
2.5
|
||||||||||||
Hurricane Sandy disaster costs
|
1.8
|
-
|
0.2
|
-
|
||||||||||||
Stock-based compensation and deferred compensation
|
2.4
|
1.8
|
6.4
|
5.7
|
||||||||||||
Amortization of deferred financing fees
|
0.6
|
0.5
|
1.6
|
1.8
|
||||||||||||
Deferred income taxes
|
3.5
|
(4.0
|
)
|
6.4
|
(3.3
|
)
|
||||||||||
Loss (gain) on disposition of equipment
|
0.4
|
-
|
0.3
|
(0.1
|
)
|
|||||||||||
Loss (gain) on acquisition/disposition
|
-
|
0.1
|
-
|
(0.2
|
)
|
|||||||||||
Loss on extinguishment of debt
|
-
|
4.3
|
-
|
4.3
|
||||||||||||
Other
|
(0.2
|
)
|
-
|
0.1
|
0.1
|
|||||||||||
Change in operating assets and liabilities:
|
||||||||||||||||
Accounts receivable, net
|
4.5
|
(1.7
|
)
|
14.8
|
10.4
|
|||||||||||
Inventory
|
42.9
|
14.9
|
65.4
|
(16.3
|
)
|
|||||||||||
Prepaids and other assets
|
(1.3
|
)
|
(15.1
|
)
|
(0.3
|
)
|
(26.2
|
)
|
||||||||
Accounts payable
|
11.7
|
(2.4
|
)
|
3.8
|
(22.9
|
)
|
||||||||||
Salaries, wages and other compensation
|
(4.5
|
)
|
5.2
|
(7.2
|
)
|
(2.7
|
)
|
|||||||||
Other accrued and long-term liabilities
|
18.7
|
(5.7
|
)
|
18.9
|
16.6
|
|||||||||||
Change in income taxes payable (receivable)
|
(4.8
|
)
|
3.7
|
1.3
|
(0.4
|
)
|
||||||||||
Excess tax benefit from stock-based compensation
|
-
|
(0.2
|
)
|
(0.4
|
)
|
(3.4
|
)
|
|||||||||
Net cash provided by (used in) operating activities
|
78.1
|
19.7
|
152.0
|
(2.4
|
)
|
|||||||||||
Cash flows provided by (used in) investing activities:
|
||||||||||||||||
Purchase of equipment and leasehold improvements
|
(6.9
|
)
|
(6.2
|
)
|
(20.9
|
)
|
(19.0
|
)
|
||||||||
Acquisitions, net of cash acquired
|
(4.1
|
)
|
(107.2
|
)
|
(4.6
|
)
|
(124.8
|
)
|
||||||||
Cash proceeds from the sale of assets
|
-
|
-
|
0.1
|
0.1
|
||||||||||||
Cash proceeds from dispositions
|
-
|
-
|
-
|
0.4
|
||||||||||||
Net cash used in investing activities
|
(11.0
|
)
|
(113.4
|
)
|
(25.4
|
)
|
(143.3
|
)
|
||||||||
Cash flows provided by (used in) financing activities:
|
||||||||||||||||
Repayments of long-term debt
|
(3.1
|
)
|
(225.0
|
)
|
(9.4
|
)
|
(231.3
|
)
|
||||||||
Borrowings of long-term debt
|
-
|
225.0
|
-
|
225.0
|
||||||||||||
Net activity of long-term revolving credit facility
|
(19.6
|
)
|
92.0
|
(71.7
|
)
|
135.9
|
||||||||||
Payment of debt issuance cost
|
-
|
(2.7
|
)
|
-
|
(2.7
|
)
|
||||||||||
Issuance of common stock
|
-
|
0.4
|
0.4
|
3.4
|
||||||||||||
Treasury stock at cost
|
(4.4
|
)
|
(0.2
|
)
|
(6.3
|
)
|
(5.1
|
)
|
||||||||
Excess tax benefit from stock-based compensation
|
-
|
0.2
|
0.4
|
3.4
|
||||||||||||
Other
|
0.1
|
-
|
0.1
|
-
|
||||||||||||
Net cash (used in) provided by financing activities
|
(27.0
|
)
|
89.7
|
(86.5
|
)
|
128.6
|
||||||||||
Change in cash and cash equivalents
|
40.1
|
(4.0
|
)
|
40.1
|
(17.1
|
)
|
||||||||||
Cash and cash equivalents at beginning of period
|
12.3
|
11.1
|
12.3
|
24.2
|
||||||||||||
Cash and cash equivalents at end of period
|
$
|
52.4
|
$
|
7.1
|
$
|
52.4
|
$
|
7.1
|
||||||||
Supplemental information:
|
||||||||||||||||
Cash paid for interest
|
$
|
2.0
|
$
|
1.9
|
$
|
6.6
|
$
|
5.6
|
||||||||
Cash paid for taxes
|
$
|
5.5
|
$
|
1.0
|
$
|
11.9
|
$
|
5.7
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2013
|
2014
|
2013
|
2014
|
|||||||||||||
Pharmacy data:
|
||||||||||||||||
Prescriptions dispensed (in thousands)
|
9,320
|
8,492
|
28,451
|
25,511
|
||||||||||||
Revenue per prescription dispensed
|
$
|
47.18
|
*
|
$
|
55.37
|
$
|
46.05
|
*
|
$
|
53.74
|
||||||
Gross profit per prescription dispensed
|
$
|
8.81
|
*
|
$
|
9.77
|
$
|
8.75
|
*
|
$
|
9.60
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(In millions)
|
September 30,
|
September 30,
|
||||||||||||||
2013
|
2014
|
2013
|
2014
|
|||||||||||||
Net income (loss)
|
$
|
(6.2
|
)
|
$
|
8.5
|
$
|
14.5
|
$
|
3.6
|
|||||||
Add:
|
||||||||||||||||
Interest expense, net
|
2.6
|
2.1
|
8.1
|
6.9
|
||||||||||||
Merger, acquisition, integration costs and other charges
|
1.1
|
3.1
|
6.6
|
9.6
|
||||||||||||
Settlement, litigation and other related charges
|
17.2
|
1.1
|
17.4
|
28.9
|
||||||||||||
California Medicaid estimated recoupment
|
2.9
|
-
|
2.9
|
-
|
||||||||||||
Restructuring and impairment charges
|
1.0
|
0.1
|
1.0
|
3.2
|
||||||||||||
Loss on debt extinguishment
|
-
|
4.3
|
-
|
4.3
|
||||||||||||
Hurricane Sandy disaster costs
|
0.1
|
-
|
(0.2
|
)
|
0.1
|
|||||||||||
Stock-based compensation and deferred compensation
|
2.4
|
1.8
|
6.4
|
5.7
|
||||||||||||
Provision for income taxes
|
4.2
|
2.2
|
19.3
|
2.9
|
||||||||||||
Depreciation and amortization expense
|
8.6
|
9.8
|
26.2
|
28.1
|
||||||||||||
Adjusted EBITDA
|
$
|
33.9
|
$
|
33.0
|
$
|
102.2
|
$
|
93.3
|
||||||||
Adjusted EBITDA margin
|
7.7
|
%*
|
7.0
|
%
|
7.8
|
%*
|
6.8
|
%
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(In whole numbers)
|
September 30,
|
September 30,
|
||||||||||||||
2013
|
2014
|
2013
|
2014
|
|||||||||||||
Diluted earnings (loss) per share
|
$
|
(0.21
|
)
|
$
|
0.28
|
$
|
0.48
|
$
|
0.12
|
|||||||
Add:
|
||||||||||||||||
Diluted earnings (loss) per share impact of:
|
||||||||||||||||
Merger, acquisition, integration costs and other charges
|
0.03
|
0.06
|
0.15
|
0.19
|
||||||||||||
Settlement, litigation and other related charges
|
0.56
|
0.02
|
0.56
|
0.66
|
||||||||||||
California Medicaid estimated recoupment
|
0.07
|
-
|
0.07
|
-
|
||||||||||||
Restructuring and impairment charges
|
0.03
|
-
|
0.03
|
0.07
|
||||||||||||
Loss on debt extinguishment of debt
|
-
|
0.09
|
-
|
0.09
|
||||||||||||
Hurricane Sandy disaster costs
|
-
|
-
|
(0.01
|
)
|
-
|
|||||||||||
Stock-based compensation and deferred compensation
|
0.06
|
0.04
|
0.13
|
0.12
|
||||||||||||
Impact of discrete items on tax provision
|
(0.05
|
)
|
(0.04
|
)
|
(0.02
|
)
|
(0.03
|
)
|
||||||||
Adjusted diluted earnings per share
|
$
|
0.49
|
$
|
0.45
|
$
|
1.39
|
$
|
1.22
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(In millions)
|
September 30,
|
September 30,
|
||||||||||||||
2013
|
2014
|
2013
|
2014
|
|||||||||||||
Adjusted EBITDA
|
$
|
33.9
|
$
|
33.0
|
$
|
102.2
|
$
|
93.3
|
||||||||
Interest expense, net
|
(2.6
|
)
|
(2.1
|
)
|
(8.1
|
)
|
(6.9
|
)
|
||||||||
Merger, acquisition, integration costs and other charges
|
(1.3
|
)
|
(4.3
|
)
|
(7.0
|
)
|
(39.3
|
)
|
||||||||
Provision for bad debt
|
5.2
|
5.3
|
15.7
|
16.6
|
||||||||||||
Amortization of deferred financing fees
|
0.6
|
0.5
|
1.6
|
1.8
|
||||||||||||
Loss (gain) on disposition of equipment
|
0.4
|
-
|
0.3
|
(0.1
|
)
|
|||||||||||
Loss (gain) on acquisition/disposition
|
-
|
0.1
|
-
|
(0.2
|
)
|
|||||||||||
Benefit for income taxes
|
(4.2
|
)
|
(2.2
|
)
|
(19.3
|
)
|
(2.9
|
)
|
||||||||
Deferred income taxes
|
3.5
|
(4.0
|
)
|
6.4
|
(3.3
|
)
|
||||||||||
Changes in federal and state income tax payable
|
(4.8
|
)
|
3.7
|
1.3
|
(0.4
|
)
|
||||||||||
Excess tax benefit from stock-based compensation
|
-
|
(0.2
|
)
|
(0.4
|
)
|
(3.4
|
)
|
|||||||||
Changes in assets and liabilities
|
47.6
|
(10.1
|
)
|
59.2
|
(57.7
|
)
|
||||||||||
Other
|
(0.2
|
)
|
-
|
0.1
|
0.1
|
|||||||||||
Net cash provided by (used in) operating activities
|
$
|
78.1
|
$
|
19.7
|
$
|
152.0
|
$
|
(2.4
|
)
|