-----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, E71X6RRcPftTkFQLQl7kz2RYvWRFLA24LmZozS/2WjQb8gYeXnDZjFl9WQw+HtR/ PELQ22/yf2T/pzeRzmnr2Q== 0000105770-06-000373.txt : 20060719 0000105770-06-000373.hdr.sgml : 20060719 20060719160723 ACCESSION NUMBER: 0000105770-06-000373 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060719 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060719 DATE AS OF CHANGE: 20060719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEST PHARMACEUTICAL SERVICES INC CENTRAL INDEX KEY: 0000105770 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED RUBBER PRODUCTS, NEC [3060] IRS NUMBER: 231210010 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08036 FILM NUMBER: 06969521 BUSINESS ADDRESS: STREET 1: 101 GORDON DR STREET 2: P O BOX 645 CITY: LIONVILLE STATE: PA ZIP: 19341-0645 BUSINESS PHONE: 6105942900 MAIL ADDRESS: STREET 1: 101 GORDON DRIVE STREET 2: PO BOX 645 CITY: LIONVILLE STATE: PA ZIP: 19341-0645 FORMER COMPANY: FORMER CONFORMED NAME: WEST CO INC DATE OF NAME CHANGE: 19990405 8-K 1 file8k.htm 8K PRESS RELEASE PREVIEW

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) – July 19, 2006

 

________________________

 

WEST PHARMACEUTICAL SERVICES, INC.

 

(Exact name of registrant as specified in its charter)

 

_____________________

 

 

 

 

 

Pennsylvania

1-8036

23-1210010

(State or other jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

101 Gordon Drive, PO Box 645, Lionville, PA

 

19341-0645

(Address of principal executive offices)

 

(Zip Code)

 

 

(610) 594-2900

(Registrant’s telephone number, including area code)

 

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 (see General Instruction A.2. below):

 

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))

 

 

 

 

 

 

Item 2.02

Results of Operations and Financial Condition

 

 

 

On July 19, 2006, West Pharmaceutical Services, Inc. (the “Company”) issued a press release previewing its expected results for the second quarter 2006 and providing guidance for the full year 2006 and announcing that the Company will provide further details regarding its second quarter results and full-year guidance in its regular quarterly earnings release and analyst call, which is scheduled for 9 a.m. EDT on August 3, 2006. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.

The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

 

 

 

 

Item 9.01

Financial Statements, Pro Forma Financial Information and Exhibits.

 

 

(d)

Exhibits

 

 

 

The following Exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:

 

 

 

 

Exhibit #

Description

 

 

 

 

99.1

West Pharmaceutical Services, Inc. Press Release, dated July 19, 2006.

 

 

                

 

 

 

 

 

SIGNATURE

 

Pursuant to the requirements 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.

 

WEST PHARMACEUTICAL SERVICES, INC.

 

/s/ William J. Federici

William J. Federici

Vice President and Chief Financial Officer

 

July 19, 2006

 

 

 

 

 

 

EX-99 2 exh991.htm EXH 99.1 PREVIEW 2ND QTR RESULTS

 


Contacts:

West Pharmaceutical Services, Inc.

Michael A. Anderson

Vice President and Treasurer

(610) 594-3345

Investors & Financial Media:

Financial Dynamics

Julie Huang/Theresa Kelleher (212) 850-5600

wst@fd-us.com

Media:

Schwartz Communications

Risa Goldman

781-684-0770

westpharma@schwartz-pr.com

 

Exhibit 99.1

 

WEST PHARMACEUTICAL SERVICES, INC. PREVIEWS SECOND QUARTER 2006 RESULTS

- Expects between $0.60 and $0.62 earnings per diluted share -

- Increases full year revenue and EPS guidance

- Company will release results and host an analyst call on August 3, 2006 -

 

Lionville, PA, July 19, 2006 – West Pharmaceutical Services, Inc. (NYSE: WST), the global market leader in closure systems and syringe components for use with injectable drugs, today announced that it expects to report second quarter 2006 earnings per diluted share of between $0.60 and $0.62, compared to $0.38 in the comparable 2005 period. The approximately 60% increase in income per share was driven primarily by a 39% increase in sales, to $240 million, by improved margins from production efficiencies and by a more advantageous sales mix in the Company’s Pharmaceutical Systems business segment. Approximately 23 percentage points of the sales increase is due to the acquisitions of the Tech Group, in May of 2005, and of Medimop Medical Projects, in August of 2005.

 

The Company now expects full year 2006 earnings from continuing operations to be between $1.82 and $1.88 per diluted share, up from its earlier earnings guidance of $1.68 to $1.78 per diluted share. Reported 2005 earnings from continuing operations were $1.41 per diluted share. Full year sales are expected to be between $880 million and $900 million, and the Company expects to realize a gross profit margin on full-year sales of approximately 28%, including 33.5% in the Pharmaceutical Systems business segment and 14.5% in the Tech Group segment. The reduced margin expectation for the Tech Group is due to a less profitable sales mix overall, and project startup and expansion costs.

 

Donald E. Morel, Jr., PhD, the Company’s Chairman and Chief Executive Officer said, “Demand for our products in the first half of the year was very strong and West clearly benefited from operating many of our facilities at higher than historic utilization rates. We expect that normal seasonality and some longer than usual shut-downs by customers for capacity expansion will have a dampening effect in the third quarter. While we see variability associated with oil and energy costs, which are likely to have an impact on the remainder of the year, increased R&D spending, higher short-term interest rates and, more recently, the potential effects of the situation in northern Israel on our business there, we expect to generate earnings per share growth for the remainder of the year of between five and fifteen percent over the comparable 2005 period.”

 

 

Page 1 of 3

 

 

 

The Company’s expected 2006 earnings per diluted share from continuing operations excludes the $0.11 per share after-tax charge, primarily for early extinguishment of debt, which was recognized in the first quarter of 2006, and the impact of discontinued operations, which generated first quarter income per diluted share of $0.12 due to the recognition of a tax benefit, as well as changes to foreign exchange rates for the second half of the year. No similar items are expected to measurably affect second quarter 2006 results.

 

The Company will provide further details regarding its second quarter results and full-year guidance in its regular quarterly earnings release and analyst call, which is scheduled for 9 a.m. eastern daylight time on August 3, 2006. To participate in the call please dial (888) 843-9981 or (210) 234-0014, passcode: WST. A live web cast will be available along with an online archive of the broadcast that will be available within two hours of the live call and will remain on the Company’s website until the next quarterly conference call. Listeners may also access a telephone replay of the conference call, available through Friday, August 18, 2006, by dialing (800) 944-1588 or (203) 369-3871, passcode: 4321.

 

About West Pharmaceutical Services, Inc.

 

West Pharmaceutical Services, Inc. is the world's premier manufacturer of components and systems for injectable drug delivery, including stoppers and seals for vials, and closures and disposable components used in syringe, IV and blood collection systems. The Company also provides products with application to the personal care, food and beverage markets. West's customers include the world's leading pharmaceutical, biotechnology, generic drug and medical device producers. Headquartered in Lionville, Pennsylvania, West Pharmaceutical Services supports its partners and customers from 50 locations throughout North America, South America, Europe, Mexico, Japan, Asia and Australia. For more information, visit West at http://www.westpharma.com.

 

Cautionary Statement Regarding Forward-Looking Information

 

This press release contains some forward-looking statements that set forth anticipated results based on management’s plans and assumptions. Such statements give our current expectations or forecasts of future events – they do not relate strictly to historical or current facts. In particular, these include statements concerning future actions, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings and financial results. We have tried, wherever possible, to identify such statements by using words such as “estimate,” “expect,” “intend,” “believe,” “plan,” “anticipate” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or condition.

We cannot guarantee that any forward-looking statement will be realized. If known or unknown risks or uncertainties materialize, or if underlying assumptions are inaccurate, actual results could differ materially from past results and those expressed or implied in any forward-looking statement. You should bear this in mind as you consider forward-looking statements. We cannot predict or identify all such risks and uncertainties, but factors that could cause the actual results to differ materially from expected and historical results include the following: sales demand; timing and commercial success of customers’ products incorporating our products and services, including specifically, the Exubera® Inhalation-Powder insulin device; customers’ changes to inventory requirements and manufacturing plans that alter existing orders or ordering patterns for our products; our ability to pass raw-material cost increases on to customers through price increases; maintaining or improving production efficiencies and overhead absorption; physical limits on manufacturing capacity that may limit our ability to satisfy anticipated demand; the availability of labor to meet increased demand; competition from other providers; the successful

 

Page 2 of 3

 

 

integration of acquired businesses; average profitability, or mix, of products sold in a reporting period; financial performance of unconsolidated affiliates; strength of the U.S. dollar in relation to other currencies, particularly the Euro, UK Pound, Danish Krone, Japanese Yen and Singapore Dollar; higher interest rates; the availability and cost of property and casualty insurance; interruptions or weaknesses in our supply chain, which could cause delivery delays or restrict the availability of raw materials and key bought-in components and finished products, including products produced in northern Israel; raw-material price escalation, particularly petroleum-based raw materials, and energy costs; and availability, and pricing of materials that may be affected by vendor concerns with exposure to product-related liability.

We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

 

 

Page 3 of 3

 

 

 

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