-----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, ViHcus/XZovyg+QPErZu4T/c9I+vDtS3/FJE0+3IqwSYO253eV6byHdqTD+AeVUC WIVmI+8Qw7BV6VSLvgnH/w== 0000105770-10-000013.txt : 20100304 0000105770-10-000013.hdr.sgml : 20100304 20100304165028 ACCESSION NUMBER: 0000105770-10-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100304 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100304 DATE AS OF CHANGE: 20100304 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: 1017 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08036 FILM NUMBER: 10657785 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 form8k_030410.htm FORM 8-K form8k_030410.htm


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) – March 4, 2010
 
________________________
 
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:
 
¨
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
 
 
In December 2009, the Company announced that it realigned its organization into two reporting segments now called “Pharmaceutical Packaging Systems” and “Pharmaceutical Delivery Systems.” The new reporting segments were effective beginning January 1, 2010. In order to assist investors in comparing 2010 performance with 2009 performance, the Company has presented unaudited 2009 quarterly and full-year segment data from its 2009 income statements as if the new reporting segments had been in effect at the beginning of 2009. A copy of this unaudited realigned segment data is attached to this report as Exhibit 99.1.
 
 
The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under that Act or the Securities Act of 1933.
 
 
Item 9.01  Financial Statements and Exhibits
 
(d)
Exhibits
 
     
 
Exhibit #
Description
 
99.1
West Pharmaceutical Services, Inc. Unaudited 2009 Realigned Segment Data Showing “As-If” Effect of Realignment
     

 

 

 
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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/ John R. Gailey III
John R. Gailey III
Vice President, General Counsel and Secretary
 

 
 
March 4, 2010
 

 
- 3 - -

 

 
EXHIBIT INDEX
 
 

 
Exhibit No.
Description
99.1
West Pharmaceutical Services, Inc. Unaudited 2009 Re-Presented Segment Data Showing “As-If” Effect of Realignment
 

 

 
- 4 - -

 

EX-99.1 2 exhibit99_1.htm EXHIBIT 99.1 exhibit99_1.htm
                             EXHIBIT 99.1
 
 

West Pharmaceutical Services, Inc.
 
 
 
($ Millions)
 
Presented "as if" 2010 business unit realignments were effective in 2009, in order to facilitate comparative analyses of 2010 segment results to the comparable prior-year periods
 
                               
(UNAUDITED)
 
 
   
2009 Consolidated Results
 
   
Three Months Ended
   
Year Ended
 
   
March 31
   
June 30
   
Sept 30
   
Dec 31
   
Dec 31
 
Net Sales:
 
 
   
 
   
 
   
 
   
 
 
Pharmaceutical Packaging Systems
  $ 176.4     $ 190.1     $ 189.9     $ 219.6     $ 776.0  
Pharmaceutical Delivery Systems
    67.5       72.1       70.2       75.2       285.0  
Eliminations
    (1.5 )     (1.2 )     (1.2 )     (1.4 )     (5.3 )
Consolidated Net Sales
    242.4       261.0       258.9       293.4       1,055.7  
                                         
Gross Profit:
                                       
Pharmaceutical Packaging Systems
    56.4       62.9       59.2       72.4       250.9  
Pharmaceutical Delivery Systems
    12.9       15.8       12.5       11.5       52.7  
Consolidated Gross Profit
    69.3       78.7       71.7       83.9       303.6  
                                         
Research and Development Expense:
                                       
Pharmaceutical Packaging Systems
    (2.0 )     (2.1 )     (2.4 )     (2.5 )     9.0 )
Pharmaceutical Delivery Systems
    (2.3 )     (2.6 )     (2.7 )     (3.3 )     (10.9 )
Consolidated Research and Development
    (4.3 )     (4.7 )     (5.1 )     (5.8 )     (19.9 )
                                         
Selling, General and Administrative Expense:
                                       
Pharmaceutical Packaging Systems
    (25.6 )     (25.6 )     (25.7 )     (26.2 )     (103.1 )
Pharmaceutical Delivery Systems
    (7.2 )     (8.3 )     (8.1 )     (8.1 )     (31.7 )
General Corporate Costs and Other
    (10.1 )     (11.2 )     (10.5 )     (11.1 )     (42.9 )
Consolidated S,G&A Expense
    (42.9 )     (45.1 )     (44.3 )     (45.4 )     (177.7 )
                                         
Operating Profit:
                                       
Pharmaceutical Packaging Systems
    28.9       35.4       30.9       43.1       138.3  
Pharmaceutical Delivery Systems
    3.1       5.0       1.6       0.2       9.9  
General Corporate Costs
    (4.6 )     (4.9 )     (3.7 )     (5.8 )     (19.0 )
Stock-based Compensation Expense
    (1.4 )     (2.3 )     (2.5 )     (1.3 )     (7.5 )
U.S. Pension Expense
    (4.1 )     (4.1 )     (4.3 )     (4.2 )     (16.7 )
Other Unallocated (Charges) Income
    (0.7 )     (0.4 )     3.9       (10.3 )     (7.5 )
Consolidated Operating Profit
    21.2       28.7       25.9       21.7       97.5  
                                         
Interest Expense, net
    (3.6 )     (3.4 )     (3.5 )     (3.9 )     (14.4 )
Income Tax Expense
    (2.5 )     (6.1 )     (6.0 )     1.1       (13.5 )
Equity in Net Income of Affiliates
    0.3       0.5       0.8       1.4       3.0  
Net Income Attributable to Common Shareholders
  $ 15.4     $ 19.7     $ 17.2     $ 20.3     $ 72.6  
                                         
 
The changes reflected in these tables relate solely to the composition of the Company's business segments,
and have no impact on 2009 consolidated and per-share results included in the Company's earnings releases and forms 10Q and 10K.
 
 

 
1

 


West Pharmaceutical Services, Inc.
 
 
 
($ Millions)
 
Presented "as if" 2010 business unit realignments were effective in 2009, in order to facilitate comparative analyses of 2010 segment results to the comparable prior-year periods
 
                               
(UNAUDITED)
 
                               
   
2009 New Segment Results - Summary
 
   
Three Months Ended
   
Year Ended
 
   
March 31
   
June 30
   
Sept 30
   
Dec 31
   
Dec 31
 
Pharmaceutical Packaging Systems
                             
Net Sales
  $ 176.4     $ 190.1     $ 189.9     $ 219.6     $ 776.0  
                                         
Gross Profit
  $ 56.4     $ 62.9     $ 59.2     $ 72.4     $ 250.9  
Gross Margin %
    32.0 %     33.1 %     31.2 %     33.0 %     32.3 %
                                         
Research and Development Expense
    (2.0 )     (2.1 )     (2.4 )     (2.5 )     (9.0 )
                                         
Selling, General and Administrative Expense
    (25.6 )     (25.6 )     (25.7 )     (26.2 )     (103.1 )
                                         
Operating Profit
  $ 28.9     $ 35.4     $ 30.9     $ 43.1     $ 138.3  
% of Sales
    16.4 %     18.6 %     16.3 %     19.6 %     17.8 %
                                         
                                         
                                         
Pharmaceutical Delivery Systems
                                       
Net Sales
  $ 67.5     $ 72.1     $ 70.2     $ 75.2     $ 285.0  
                                         
Gross Profit
  $ 12.9     $ 15.8     $ 12.5     $ 11.5     $ 52.7  
Gross Margin %
    19.1 %     21.9 %     17.8 %     15.3 %     18.5 %
                                         
Research and Development Expense
    (2.3 )     (2.6 )     (2.7 )     (3.3 )     (10.9 )
                                         
Selling, General and Administrative Expense
    (7.2 )     (8.3 )     (8.1 )     (8.1 )     (31.7 )
                                         
Operating Profit
  $ 3.1     $ 5.0     $ 1.6     $ 0.2     $ 9.9  
% of Sales
    4.6 %     6.9 %     2.3 %     0.3 %     3.5 %
                                         
                                         
 
The changes reflected in these tables relate solely to the composition of the Company's business segments,
and have no impact on 2009 consolidated and per-share results included in the Company's earnings releases and forms 10Q and 10K.
 

 
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