-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FKWBh/6DtLNnHYUiFdiVFNlY3xrCOBLaEjhRD82dWb7oI9Kir37ixLvCEbS7gChP e7jfjU+qgCfs8ql+jA2ueA== 0000950137-05-013020.txt : 20051028 0000950137-05-013020.hdr.sgml : 20051028 20051028102745 ACCESSION NUMBER: 0000950137-05-013020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051028 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051028 DATE AS OF CHANGE: 20051028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERRIGO CO CENTRAL INDEX KEY: 0000820096 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 382799573 STATE OF INCORPORATION: MI FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19725 FILM NUMBER: 051161735 BUSINESS ADDRESS: STREET 1: 515 EASTERN AVENUE CITY: ALLEGAN STATE: MI ZIP: 49010 BUSINESS PHONE: 6166738451 MAIL ADDRESS: STREET 1: 515 EASTERN AVENUE CITY: ALLEGAN STATE: MI ZIP: 49010 8-K 1 c99478e8vk.txt CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): October 28, 2005 PERRIGO COMPANY -------------------------------- (Exact name of registrant as specified in its charter) MICHIGAN 0-19725 38-2799573 - --------------- ------------ ------------------- (State of other (Commission (IRS Employer Jurisdiction of File Number) Identification Incorporation) No.) 515 Eastern Avenue, Allegan, Michigan 49010 - ------------------------------------------ ----------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (269) 673-8451 -------------- Not Applicable - -------------------------------------------------------------------------------- (Former name or address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 7.01. Regulation FD Disclosure On October 28, 2005, The Perrigo Company held its Annual Shareholders' Meeting at the Perrigo Corporate Office, Allegan, Michigan. The Annual Shareholders' Meeting slides presented are Exhibit 99. The slides include certain non-GAAP financial measures. The reconciliation of these measures is presented on the following page. Certain statements in these slides are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or other comparable terminology. Please see the "Cautionary Note Regarding Forward-Looking Statements" on pages 33 - 41 of the Company's Form 10-K for the year ended June 25, 2005 for a discussion of certain important factors that relate to forward-looking statements contained in this press release. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The information in this Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Report shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. TABLE I PERRIGO COMPANY RECONCILIATION OF NON-GAAP MEASURES (in thousands, except per share amounts) (unaudited)
FISCAL YEAR --------------------------------------------------------------------------------- 2000 2001 2002 2003 2004 2005 ----------- ----------- ----------- ----------- ----------- ----------- Reported net sales $ 753,486 $ 763,085 $ 835,063 $ 834,100 $ 898,204 $ 1,024,098 PPA product discontinuation -- 12,500 -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Adjusted net sales $ 753,486 $ 775,585 $ 835,063 $ 834,100 $ 898,204 $ 1,024,098 =========== =========== =========== =========== =========== =========== Reported gross profit $ 161,640 $ 182,291 $ 226,441 $ 238,024 $ 267,964 $ 260,389 Inventory step-up -- -- -- -- -- 23,392 PPA product discontinuation -- 21,000 -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Adjusted gross profit $ 161,640 $ 203,291 $ 226,441 $ 238,024 $ 267,964 $ 283,781 =========== =========== =========== =========== =========== =========== Reported operating income (loss) $ 33,182 $ 36,465 $ 80,933 $ 85,178 $ 102,896 $ (330,473) Inventory step-up -- -- -- -- -- 23,392 Settlements - Class action lawsuit / FTC -- -- -- -- 4,750 4,500 Perrigo operational improvements -- -- -- -- -- 3,150 Perrigo asset impairments 1,048 2,175 2,046 -- -- 3,232 Write-off of in-process R&D -- -- -- -- -- 386,800 Acquisition costs -- -- -- -- -- 5,560 Unusual litigation (4,154) (995) (27,891) (3,128) -- -- Quifa restructuring and goodwill impairment -- -- 16,614 -- -- -- PPA product discontinuation -- 21,000 -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Adjusted operating income $ 30,076 $ 58,645 $ 71,702 $ 82,050 $ 107,646 $ 96,161 =========== =========== =========== =========== =========== =========== Reported net income (loss) $ 16,825 $ 24,414 $ 44,790 $ 54,048 $ 80,567 $ (352,983) One time tax benefit -- -- -- -- (13,100) -- Inventory step-up (1) -- -- -- -- -- 18,246 Settlements - Class action lawsuit/ FTC (2) (4) -- -- -- -- 3,400 2,880 Perrigo operational improvements (2) -- -- -- -- -- 2,016 Perrigo asset impairments (2) 671 1,392 1,309 -- -- 2,068 Write-off of in-process R&D (3) -- -- -- -- -- 386,800 Acquisition costs (2) -- -- -- -- -- 3,558 Unusual litigation (2) (2,659) (637) (17,850) (2,002) -- -- Quifa restructuring and goodwill impairment (3) -- -- 16,614 -- -- -- PPA product discontinuation (2) -- 13,440 -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Adjusted net income $ 14,837 $ 38,609 $ 44,863 $ 52,046 $ 70,867 $ 62,586 =========== =========== =========== =========== =========== =========== Diluted earnings (loss) per share Reported $ 0.23 $ 0.33 $ 0.60 $ 0.76 $ 1.11 $ (4.57) Adjusted $ 0.20 $ 0.52 $ 0.60 $ 0.73 $ 0.98 $ 0.81 Diluted weighted average shares outstanding 73,536 74,087 74,606 71,158 72,289 77,313
(1) Net of taxes at 22% (2) Net of taxes at 36% (3) Permanent difference for tax purposes and thus is not tax effected (4) Fiscal 2004 FTC settlement includes $1,000 of non-deductible expenses that are not tax effected ITEM 9.01. Financial Statements and Exhibits (c) Exhibits 99 Annual Shareholders' Meeting Slides. SIGNATURES Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PERRIGO COMPANY (Registrant) Dated: October 28, 2005 By: /s/Douglas R. Schrank -------------------------------------------- Douglas R. Schrank Executive Vice President and Chief Financial Officer (Principal Accounting and Financial Officer) Exhibit Index Exhibit 99 -- Annual Shareholders' Meeting Slides, furnished solely pursuant to Item 7.01 of Form 8-K. EX-99 2 c99478exv99.txt ANNUAL SHAREHOLDERS' MEETING SLIDES WELCOME TO THE 2005 ANNUAL MEETING OF SHAREHOLDERS Allegan, Michigan October 28, 2005 (PERRIGO LOGO) (PERRIGO LOGO) Historically. . . A generic pharmaceutical business with an OTC consumer healthcare focus (PERRIGO LOGO) (PERRIGO LOGO) TODAY - A NEW MODEL (GRAPHIC) (GRAPHIC) CHC Rx A comprehensive generic pharmaceutical business with an established OTC consumer healthcare (CHC) business and a growing Rx business (PERRIGO LOGO) FINANCIAL PERFORMANCE SALES (BAR CHART)
2000 2001 2002 2003 2004 2005 (Millions) $736 $776 $835 $834 $898 $1,024
Note: 2001 sales are adjusted. Reconciliation to GAAP results provided at www.perrigo.com/investor. (PERRIGO LOGO) FINANCIAL PERFORMANCE ADJUSTED NET INCOME [ ] ADJUSTED NET INCOME [ ] EPS (BAR CHART)
2000 2001 2002 2003 2004 2005 ADJUSTED NET INCOME (Millions) $ 15 $ 39 $ 45 $ 52 $ 71 $ 63 EPS (Dollars) $.20 $.52 $.60 $.73 $.98 $.81*
*Includes product recall charge of $6.6 million or $0.09 per share. Note: Reconciliation to GAAP results provided at www.perrigo.com/investor. (PERRIGO LOGO) 2005 HIGHLIGHTS ACCOMPLISHMENTS o Acquired Agis March 2005 o Sales up 14% or $126 million to $1,024 o Launched 9 OTC (including Nicotine Gum) and 6 Rx new products; first solid dose Rx sales CHALLENGES o Pseudoephedrine issues o Agis integration o Increasingly competitive landscape in US Generics (PERRIGO LOGO) PERRIGO - AGIS MARCH 2005 (PERRIGO LOGO) (AGIS LOGO) CHANNEL GENERIC RX RELATIONSHIPS SOLID DOSE / LIQUID API CAPABILITIES PERRIGO + AGIS EFFICIENT TOPICAL OTC MANUFACTURING, CUSTOMIZED PACKAGING RX TO OTC DIFFERENTIATED PHARMA TECHNOLOGIES
(PERRIGO LOGO) THE NEW PERRIGO MARKETS: US, Europe, Israel and Mexico BUSINESS UNITS: o CHC - store brand OTC and nutritional o Rx - topical, oral solid dose o API - active ingredients for generic pharma industry o Israeli businesses - pharmaceutical, cosmetics, toiletries (PERRIGO LOGO) THE NEW PERRIGO o 5,800 people worldwide: -- 3,200 in US -- 1,500 in Israel -- 1,100 in Europe and Mexico o 200+ life science professionals o 9 FDA inspected manufacturing facilities - 4.3 million sq. ft. (PERRIGO LOGO) STRATEGY FOR FUTURE GROWTH o Establish common brand --> Perrigo o Sustain strong base while driving generics growth o Leverage R&D capability (Rx, API) with low-cost purchasing and operations focus (store brand) across one company o Employ strong cash flows to invest in R&D o Build on customer relationships o Balance growth both internal and external (PERRIGO LOGO) (PERRIGO LOGO) DELIVERING MORE HEALTH CARE VALUE, TO MORE PLACES, IN MORE WAYS, THAN EVER BEFORE. (PERRIGO LOGO) -----END PRIVACY-ENHANCED MESSAGE-----