Ireland | 001-35803 | 98-1088325 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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)) |
Exhibit No. | Exhibit | |
99.1 | Third Quarter Earnings Press Release dated August 4, 2015. | |
MALLINCKRODT PUBLIC LIMITED COMPANY | ||||
(registrant) | ||||
Date: | August 4, 2015 | By: | /s/ Matthew K. Harbaugh | |
Matthew K. Harbaugh | ||||
Chief Financial Officer |
Exhibit No. | Exhibit | |
99.1 | Third Quarter Earnings Press Release dated August 4, 2015. | |
• | Third quarter net sales up 47.8% to $965 million |
• | Third quarter diluted earnings per share of $0.49 |
• | Third quarter adjusted diluted earnings per share up 70.8% to $2.05 |
• | At the Mallinckrodt website: http://www.mallinckrodt.com/investors |
• | By telephone: For both listen-only participants and those who wish to take part in the question-and-answer portion of the call, the telephone dial-in number in the U.S. is (877) 359-9508. For participants outside the U.S., the dial-in number is (224) 357-2393. Callers will need to provide the Conference ID of 76072223. |
• | Through an audio replay: A replay of the call will be available beginning at 1:30 p.m. U.S. Eastern time on Tuesday, August 4, 2015, and ending at 11:59 p.m. U.S. Eastern Time on Tuesday, August 11, 2015. Dial-in numbers for U.S.-based participants are (855) 859-2056 or (800) 585-8367. Participants outside the U.S. should use the replay dial-in number (404) 537-3406. All callers will be required to provide the Conference ID of 76072223. |
MALLINCKRODT PLC | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
(unaudited, in millions, except per share data) | |||||||||||
Three Months Ended | |||||||||||
June 26, 2015 | Percent of Net sales | June 27, 2014 | Percent of Net sales | ||||||||
Net sales | $ | 965.1 | 100.0 | % | $ | 653.1 | 100.0 | % | |||
Cost of sales | 431.6 | 44.7 | 368.8 | 56.5 | |||||||
Gross profit | 533.5 | 55.3 | 284.3 | 43.5 | |||||||
Selling, general and administrative expenses | 332.7 | 34.5 | 221.3 | 33.9 | |||||||
Research and development expenses | 45.0 | 4.7 | 42.7 | 6.5 | |||||||
Restructuring charges, net | 23.1 | 2.4 | 23.8 | 3.6 | |||||||
Separation costs | — | — | 1.8 | 0.3 | |||||||
Gains on divestiture and license | (0.9 | ) | (0.1 | ) | (0.9 | ) | (0.1 | ) | |||
Operating income (loss) | 133.6 | 13.8 | (4.4 | ) | (0.7 | ) | |||||
Interest expense | (72.5 | ) | (7.5 | ) | (22.7 | ) | (3.5 | ) | |||
Interest income | 0.2 | — | 0.3 | — | |||||||
Other income (expense), net | (0.5 | ) | (0.1 | ) | 0.1 | — | |||||
Income (loss) from continuing operations before income taxes | 60.8 | 6.3 | (26.7 | ) | (4.1 | ) | |||||
Income tax expense (benefit) | 3.3 | 0.3 | (2.4 | ) | (0.4 | ) | |||||
Income (loss) from continuing operations | 57.5 | 6.0 | (24.3 | ) | (3.7 | ) | |||||
Income from discontinued operations, net of income taxes | 0.5 | 0.1 | 0.2 | — | |||||||
Net income (loss) | $ | 58.0 | 6.0 | $ | (24.1 | ) | (3.7 | ) | |||
Basic earnings per share: | |||||||||||
Income (loss) from continuing operations | $ | 0.49 | $ | (0.42 | ) | ||||||
Income from discontinued operations | — | — | |||||||||
Net income (loss) | 0.50 | (0.41 | ) | ||||||||
Diluted earnings per share: | |||||||||||
Income (loss) from continuing operations | $ | 0.48 | $ | (0.42 | ) | ||||||
Income from discontinued operations | — | — | |||||||||
Net income (loss) | 0.49 | (0.41 | ) | ||||||||
Weighted-average number of shares outstanding: | |||||||||||
Basic | 116.3 | 58.5 | |||||||||
Diluted | 117.8 | 58.5 | |||||||||
MALLINCKRODT PLC | |||||||||||||||||||||||||||
NON-GAAP MEASURES | |||||||||||||||||||||||||||
(unaudited, in millions except per share data) | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
June 26, 2015 | June 27, 2014 | ||||||||||||||||||||||||||
Gross profit | Selling, general and administrative expenses | Net income | Diluted net income per share | Gross profit | Selling, general and administrative expenses | Net income | Diluted net income per share | ||||||||||||||||||||
GAAP | $ | 533.5 | $ | 332.7 | $ | 58.0 | $ | 0.49 | $ | 284.3 | $ | 221.3 | $ | (24.1 | ) | $ | (0.41 | ) | |||||||||
Adjustments: | |||||||||||||||||||||||||||
Intangible asset amortization | 147.7 | (1.9 | ) | 149.6 | 1.27 | 51.6 | — | 51.6 | 0.87 | ||||||||||||||||||
Restructuring and related charges, net (1) | — | — | 23.1 | 0.20 | — | — | 24.2 | 0.41 | |||||||||||||||||||
Inventory step-up expense | 4.0 | — | 4.0 | 0.03 | 9.5 | — | 9.5 | 0.16 | |||||||||||||||||||
Incremental equity conversion costs | — | (19.6 | ) | 19.6 | 0.17 | — | — | — | — | ||||||||||||||||||
Separation costs | — | — | — | — | — | — | 1.8 | 0.03 | |||||||||||||||||||
Up-front and milestone payments | — | — | — | — | — | — | 5.0 | 0.08 | |||||||||||||||||||
Income from discontinued operations | — | — | (0.5 | ) | — | — | — | (0.2 | ) | — | |||||||||||||||||
Acquisition related expenses | — | (23.5 | ) | 23.5 | 0.20 | — | (16.6 | ) | 16.6 | 0.28 | |||||||||||||||||
Significant legal and environmental changes | — | (15.5 | ) | 15.5 | 0.13 | — | (11.5 | ) | 11.5 | 0.19 | |||||||||||||||||
Income taxes (2) | — | — | (50.0 | ) | (0.42 | ) | — | — | (24.3 | ) | (0.41 | ) | |||||||||||||||
Dilutive share impact (3) | — | — | (1.8 | ) | (0.01 | ) | — | — | — | — | |||||||||||||||||
As adjusted | $ | 685.2 | $ | 272.2 | $ | 241.0 | $ | 2.05 | $ | 345.4 | $ | 193.2 | $ | 71.6 | $ | 1.20 | |||||||||||
Percent of net sales | 71.0 | % | 28.2 | % | 25.0 | % | 52.9 | % | 29.6 | % | 11.0 | % | |||||||||||||||
(1) | Includes pre-tax accelerated depreciation of $0.4 million for the three months ended June 27, 2014. There was immaterial pre-tax accelerated depreciation for the three months ended June 26, 2015. |
(2) | Includes tax effect of above adjustments and U.S. tax payments associated with internal installment sale transaction. |
(3) | For the three months ended June 26, 2015, the diluted net income per share on a GAAP basis is presented on a dilutive basis using the two-class method of calculating net income per share. This method required $0.4 million of net income be allocated to participating securities for the three months ended June 26, 2015. This adjustment reflects this allocation and a similar allocation of the above adjustments. Using the two-class method, the weighted-average number of shares were 117.8 million for the three months ended June 26, 2015. No such allocation was required during the three months ended June 27, 2014 as no participating securities were outstanding during this period. |
MALLINCKRODT PLC | ||||||||||||||||
SEGMENT NET SALES AND OPERATIONAL GROWTH | ||||||||||||||||
(unaudited, in millions) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
June 26, 2015 | June 27, 2014 | Percent change | Currency impact | Operational growth | ||||||||||||
Specialty Brands | $ | 446.2 | $ | 84.9 | 425.6 | % | (1.0 | )% | 426.6 | % | ||||||
Specialty Generics | 307.9 | 329.4 | (6.5 | ) | (1.1 | ) | (5.4 | ) | ||||||||
Global Medical Imaging | 201.6 | 227.1 | (11.2 | ) | (8.4 | ) | (2.8 | ) | ||||||||
955.7 | 641.4 | 49.0 | (3.7 | ) | 52.7 | |||||||||||
Other(1) | 9.4 | 11.7 | (19.7 | ) | (10.4 | ) | (9.3 | ) | ||||||||
Net sales | $ | 965.1 | $ | 653.1 | 47.8 | % | (3.8 | )% | 51.6 | % | ||||||
(1) | Represents net sales to our former parent. |
MALLINCKRODT PLC | |||||||||||
SELECT PRODUCT LINE NET SALES | |||||||||||
(unaudited, in millions) | |||||||||||
Three Months Ended | |||||||||||
June 26, 2015 | June 27, 2014 | Percent change | |||||||||
Specialty Brands | |||||||||||
ACTHAR | $ | 268.7 | $ | — | — | % | |||||
OFIRMEV | 62.1 | 53.2 | 16.7 | ||||||||
INOMAX | 81.5 | — | — | ||||||||
EXALGO | 8.6 | 8.6 | — | ||||||||
Other | 25.3 | 23.1 | 9.5 | ||||||||
Specialty Brands Total | $ | 446.2 | $ | 84.9 | 425.6 | % | |||||
Specialty Generics | |||||||||||
Oxycodone (API) and oxycodone-containing tablets | $ | 31.6 | $ | 53.8 | (41.3 | )% | |||||
Hydrocodone (API) and hydrocodone-containing tablets | 37.4 | 25.3 | 47.8 | ||||||||
Methylphenidate ER | 30.0 | 54.7 | (45.2 | ) | |||||||
Other controlled substances | 157.4 | 154.4 | 1.9 | ||||||||
Other | 51.5 | 41.2 | 25.0 | ||||||||
Specialty Generics Total | $ | 307.9 | $ | 329.4 | (6.5 | )% | |||||
Global Medical Imaging | |||||||||||
Optiray | $ | 58.5 | $ | 76.0 | (23.0 | )% | |||||
Other | 34.3 | 40.7 | (15.7 | ) | |||||||
Contrast Media and Delivery Systems | 92.8 | 116.7 | (20.5 | ) | |||||||
Nuclear Imaging | 108.8 | 110.4 | (1.4 | ) | |||||||
Global Medical Imaging Total | $ | 201.6 | $ | 227.1 | (11.2 | )% |
MALLINCKRODT PLC | |||||||||||||
SEGMENT OPERATING INCOME | |||||||||||||
(unaudited, in millions) | |||||||||||||
Three Months Ended | |||||||||||||
June 26, 2015 | Percent of segment Net sales | June 27, 2014 | Percent of segment Net sales | ||||||||||
Specialty Brands | $ | 189.2 | 42.4 | % | $ | (51.4 | ) | (60.5 | )% | ||||
Specialty Generics | 157.2 | 51.1 | % | 177.0 | 53.7 | % | |||||||
Global Medical Imaging | 34.6 | 17.2 | % | 11.2 | 4.9 | % | |||||||
Segment operating income | 381.0 | 136.8 | |||||||||||
Unallocated amounts: | |||||||||||||
Corporate and allocated expenses | (74.7 | ) | (63.6 | ) | |||||||||
Intangible asset amortization | (149.6 | ) | (51.6 | ) | |||||||||
Restructuring and related charges, net (1) | (23.1 | ) | (24.2 | ) | |||||||||
Separation costs | — | (1.8 | ) | ||||||||||
Total operating income (loss) | $ | 133.6 | $ | (4.4 | ) | ||||||||
(1) | Includes pre-tax accelerated depreciation of $0.4 million for the three months ended June 27, 2014. There was immaterial pre-tax accelerated depreciation for the three months ended June 26, 2015. |
MALLINCKRODT PLC | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
(unaudited, in millions, except per share data) | |||||||||||
Nine Months Ended | |||||||||||
June 26, 2015 | Percent of Net sales | June 27, 2014 | Percent of Net sales | ||||||||
Net sales | $ | 2,741.3 | 100.0 | % | $ | 1,751.1 | 100.0 | % | |||
Cost of sales | 1,280.6 | 46.7 | 948.6 | 54.2 | |||||||
Gross profit | 1,460.7 | 53.3 | 802.5 | 45.8 | |||||||
Selling, general and administrative expenses | 938.7 | 34.2 | 561.6 | 32.1 | |||||||
Research and development expenses | 134.4 | 4.9 | 123.1 | 7.0 | |||||||
Restructuring charges, net | 34.0 | 1.2 | 53.5 | 3.1 | |||||||
Separation costs | — | — | 6.6 | 0.4 | |||||||
Gains on divestiture and license | (2.6 | ) | (0.1 | ) | (14.7 | ) | (0.8 | ) | |||
Operating income | 356.2 | 13.0 | 72.4 | 4.1 | |||||||
Interest expense | (178.7 | ) | (6.5 | ) | (44.9 | ) | (2.6 | ) | |||
Interest income | 0.7 | — | 1.1 | 0.1 | |||||||
Other income (expense), net | 7.7 | 0.3 | (0.9 | ) | (0.1 | ) | |||||
Income from continuing operations before income taxes | 185.9 | 6.8 | 27.7 | 1.6 | |||||||
Income tax benefit | (40.2 | ) | (1.5 | ) | (6.1 | ) | (0.3 | ) | |||
Income from continuing operations | 226.1 | 8.2 | 33.8 | 1.9 | |||||||
Income (loss) from discontinued operations, net of income taxes | 23.4 | 0.9 | (0.7 | ) | — | ||||||
Net income | $ | 249.5 | 9.1 | $ | 33.1 | 1.9 | |||||
Basic earnings per share: | |||||||||||
Income from continuing operations | $ | 1.94 | $ | 0.58 | |||||||
Income (loss) from discontinued operations | 0.20 | (0.01 | ) | ||||||||
Net income | 2.14 | 0.57 | |||||||||
Diluted earnings per share: | |||||||||||
Income from continuing operations | $ | 1.91 | $ | 0.57 | |||||||
Income (loss) from discontinued operations | 0.20 | (0.01 | ) | ||||||||
Net income | 2.11 | 0.56 | |||||||||
Weighted-average number of shares outstanding: | |||||||||||
Basic | 115.5 | 58.2 | |||||||||
Diluted | 117.1 | 59.0 | |||||||||
MALLINCKRODT PLC | |||||||||||||||||||||||||||
NON-GAAP MEASURES | |||||||||||||||||||||||||||
(unaudited, in millions except per share data) | |||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||
June 26, 2015 | June 27, 2014 | ||||||||||||||||||||||||||
Gross profit | Selling, general and administrative expenses | Net income | Diluted net income per share | Gross profit | Selling, general and administrative expenses | Net income | Diluted net income per share | ||||||||||||||||||||
GAAP | $ | 1,460.7 | $ | 938.7 | $ | 249.5 | $ | 2.11 | $ | 802.5 | $ | 561.6 | $ | 33.1 | $ | 0.56 | |||||||||||
Adjustments: | |||||||||||||||||||||||||||
Intangible asset amortization | 394.4 | (4.3 | ) | 398.7 | 3.40 | 75.9 | — | 75.9 | 1.29 | ||||||||||||||||||
Restructuring and related charges, net (1) | — | — | 34.2 | 0.29 | — | — | 54.0 | 0.92 | |||||||||||||||||||
Inventory step-up expense | 39.2 | — | 39.2 | 0.33 | 10.6 | — | 10.6 | 0.18 | |||||||||||||||||||
Incremental equity conversion costs | — | (65.0 | ) | 65.0 | 0.56 | — | — | — | — | ||||||||||||||||||
Separation costs | — | — | — | — | — | — | 6.6 | 0.11 | |||||||||||||||||||
Up-front and milestone payments | — | — | — | — | — | — | 5.0 | 0.08 | |||||||||||||||||||
Income from discontinued operations | — | — | (23.4 | ) | (0.20 | ) | — | — | 0.7 | 0.01 | |||||||||||||||||
Gain on intellectual property license | — | — | — | — | — | — | (11.7 | ) | (0.20 | ) | |||||||||||||||||
Acquisition related expenses | — | (30.6 | ) | 30.6 | 0.26 | — | (35.1 | ) | 35.1 | 0.59 | |||||||||||||||||
Significant legal and environmental changes | — | (66.8 | ) | 66.8 | 0.57 | — | (34.6 | ) | 34.6 | 0.59 | |||||||||||||||||
Income taxes (2) | — | — | (198.9 | ) | (1.70 | ) | — | — | (64.7 | ) | (1.10 | ) | |||||||||||||||
Dilutive share impact (3) | — | — | (6.0 | ) | (0.03 | ) | — | — | — | — | |||||||||||||||||
As adjusted | $ | 1,894.3 | $ | 772.0 | $ | 655.7 | $ | 5.60 | $ | 889.0 | $ | 491.9 | $ | 179.2 | $ | 3.04 | |||||||||||
Percent of net sales | 69.1 | % | 28.2 | % | 23.9 | % | 50.8 | % | 28.1 | % | 10.2 | % | |||||||||||||||
(1) | Includes pre-tax accelerated depreciation of $0.2 million for the nine months ended June 26, 2015 and $0.5 million for the nine months ended June 27, 2014. |
(2) | Includes tax effect of above adjustments and U.S. tax payments associated with internal installment sale transaction. |
(3) | For the nine months ended June 26, 2015, the diluted net income per share on a GAAP basis is presented on a dilutive basis using the two-class method of calculating net income per share. This method required that $2.3 million of net income be allocated to participating securities for the nine months ended June 26, 2015. This adjustment reflects this allocation and a similar allocation of the above adjustments. Using the two-class method, the weighted-average number of shares were 117.1 million for the nine months ended June 26, 2015. No such allocation was required during the nine months ended June 27, 2014 as no participating securities were outstanding during this period. |
MALLINCKRODT PLC | ||||||||||||||||
SEGMENT NET SALES AND OPERATIONAL GROWTH | ||||||||||||||||
(unaudited, in millions) | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
June 26, 2015 | June 27, 2014 | Percent change | Currency impact | Operational growth | ||||||||||||
Specialty Brands | $ | 1,154.1 | $ | 199.6 | 478.2 | % | (1.0 | )% | 479.2 | % | ||||||
Specialty Generics | 954.9 | 848.5 | 12.5 | (1.2 | ) | 13.7 | ||||||||||
Global Medical Imaging | 603.5 | 668.1 | (9.7 | ) | (6.3 | ) | (3.4 | ) | ||||||||
2,712.5 | 1,716.2 | 58.1 | (3.2 | ) | 61.3 | |||||||||||
Other(1) | 28.8 | 34.9 | (17.5 | ) | (9.1 | ) | (8.4 | ) | ||||||||
Net sales | $ | 2,741.3 | $ | 1,751.1 | 56.5 | % | (3.3 | )% | 59.8 | % | ||||||
(1) | Represents net sales to our former parent. |
MALLINCKRODT PLC | |||||||||||
SELECT PRODUCT LINE NET SALES | |||||||||||
(unaudited, in millions) | |||||||||||
Nine Months Ended | |||||||||||
June 26, 2015 | June 27, 2014 | Percent change | |||||||||
Specialty Brands | |||||||||||
ACTHAR | $ | 763.1 | $ | — | — | % | |||||
OFIRMEV | 201.6 | 58.5 | 244.6 | ||||||||
INOMAX | 81.5 | — | — | ||||||||
EXALGO | 32.7 | 73.7 | (55.6 | ) | |||||||
Other | 75.2 | 67.4 | 11.6 | ||||||||
Specialty Brands Total | $ | 1,154.1 | $ | 199.6 | 478.2 | % | |||||
Specialty Generics | |||||||||||
Oxycodone (API) and oxycodone-containing tablets | $ | 127.2 | $ | 101.7 | 25.1 | % | |||||
Hydrocodone (API) and hydrocodone-containing tablets | 138.0 | 75.1 | 83.8 | ||||||||
Methylphenidate ER | 112.6 | 154.3 | (27.0 | ) | |||||||
Other controlled substances | 414.7 | 408.6 | 1.5 | ||||||||
Other | 162.4 | 108.8 | 49.3 | ||||||||
Specialty Generics Total | $ | 954.9 | $ | 848.5 | 12.5 | % | |||||
Global Medical Imaging | |||||||||||
Optiray | $ | 177.5 | $ | 219.4 | (19.1 | )% | |||||
Other | 105.8 | 121.5 | (12.9 | ) | |||||||
Contrast Media and Delivery Systems | 283.3 | 340.9 | (16.9 | ) | |||||||
Nuclear Imaging | 320.2 | 327.2 | (2.1 | ) | |||||||
Global Medical Imaging Total | $ | 603.5 | $ | 668.1 | (9.7 | )% |
MALLINCKRODT PLC | |||||||||||||
SEGMENT OPERATING INCOME | |||||||||||||
(unaudited, in millions) | |||||||||||||
Nine Months Ended | |||||||||||||
June 26, 2015 | Percent of segment Net sales | June 27, 2014 | Percent of segment Net sales | ||||||||||
Specialty Brands | $ | 434.8 | 37.7 | % | $ | (85.8 | ) | (43.0 | )% | ||||
Specialty Generics | 501.4 | 52.5 | % | 430.3 | 50.7 | % | |||||||
Global Medical Imaging | 77.1 | 12.8 | % | 25.9 | 3.9 | % | |||||||
Segment operating income | 1,013.3 | 37.4 | % | 370.4 | 21.6 | % | |||||||
Unallocated amounts: | |||||||||||||
Corporate and allocated expenses | (224.2 | ) | (161.5 | ) | |||||||||
Intangible asset amortization | (398.7 | ) | (75.9 | ) | |||||||||
Restructuring and related charges, net (1) | (34.2 | ) | (54.0 | ) | |||||||||
Separation costs | — | (6.6 | ) | ||||||||||
Total operating income | $ | 356.2 | $ | 72.4 | |||||||||
(1) | Includes pre-tax accelerated depreciation of $0.2 million for the nine months ended June 26, 2015 and $0.5 million for the nine months ended June 27, 2014. |
MALLINCKRODT PLC | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(unaudited, in millions) | |||||||
June 26, 2015 | September 26, 2014 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 225.3 | $ | 707.8 | |||
Accounts receivable, net | 624.6 | 545.6 | |||||
Inventories | 377.8 | 396.6 | |||||
Deferred income taxes | 143.5 | 165.2 | |||||
Prepaid expenses and other current assets | 170.0 | 255.8 | |||||
Total current assets | 1,541.2 | 2,071.0 | |||||
Property, plant and equipment, net | 1,015.5 | 949.2 | |||||
Goodwill | 3,234.0 | 2,401.9 | |||||
Intangible assets, net | 8,680.5 | 7,112.2 | |||||
Other assets | 408.0 | 330.5 | |||||
Total Assets | $ | 14,879.2 | $ | 12,864.8 | |||
Liabilities and Shareholders' Equity | |||||||
Current Liabilities: | |||||||
Current maturities of long-term debt | $ | 22.6 | $ | 21.2 | |||
Accounts payable | 142.5 | 128.7 | |||||
Accrued payroll and payroll-related costs | 91.5 | 125.1 | |||||
Accrued royalties | 26.1 | 68.0 | |||||
Accrued and other current liabilities | 476.8 | 561.8 | |||||
Total current liabilities | 759.5 | 904.8 | |||||
Long-term debt | 5,333.1 | 3,951.5 | |||||
Pension and postretirement benefits | 112.2 | 119.1 | |||||
Environmental liabilities | 74.0 | 59.9 | |||||
Deferred income taxes | 2,923.6 | 2,398.6 | |||||
Other income tax liabilities | 123.5 | 122.6 | |||||
Other liabilities | 255.2 | 350.3 | |||||
Total Liabilities | 9,581.1 | 7,906.8 | |||||
Shareholders' Equity: | |||||||
Preferred shares | — | — | |||||
Ordinary shares | 23.5 | 23.2 | |||||
Ordinary shares held in treasury at cost | (32.9 | ) | (17.5 | ) | |||
Additional paid-in capital | 5,326.1 | 5,172.4 | |||||
Retained earnings | (36.3 | ) | (285.8 | ) | |||
Accumulated other comprehensive income | 17.7 | 65.7 | |||||
Total Shareholders' Equity | 5,298.1 | 4,958.0 | |||||
Total Liabilities and Shareholders' Equity | $ | 14,879.2 | $ | 12,864.8 |
MALLINCKRODT PLC | |||||||
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS | |||||||
(unaudited, in millions) | |||||||
Nine Months Ended | |||||||
June 26, 2015 | June 27, 2014 | ||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 249.5 | $ | 33.1 | |||
(Income) loss from discontinued operations, net of income taxes | (23.4 | ) | 0.7 | ||||
Income from continuing operations | 226.1 | 33.8 | |||||
Adjustments to reconcile net cash provided by operating activities: | |||||||
Depreciation and amortization | 481.2 | 158.7 | |||||
Share-based compensation | 93.9 | 14.4 | |||||
Deferred income taxes | (135.2 | ) | (20.5 | ) | |||
Non-cash restructuring charge | — | 2.6 | |||||
Other non-cash items | (37.8 | ) | 17.3 | ||||
Changes in assets and liabilities, net of the effects of acquisitions: | |||||||
Accounts receivable, net | (22.9 | ) | (25.7 | ) | |||
Inventories | 36.9 | (7.5 | ) | ||||
Accounts payable | 16.5 | (29.0 | ) | ||||
Income taxes | 61.6 | (46.9 | ) | ||||
Other | (161.1 | ) | 70.9 | ||||
Net cash provided by operating activities | 559.2 | 168.1 | |||||
Cash Flows Used In Investing Activities: | |||||||
Capital expenditures | (92.5 | ) | (80.1 | ) | |||
Acquisitions and intangibles, net of cash acquired | (1,176.3 | ) | (1,303.2 | ) | |||
Restricted cash | (21.9 | ) | 4.1 | ||||
Other | 2.6 | 8.7 | |||||
Net cash used in investing activities | (1,288.1 | ) | (1,370.5 | ) | |||
Cash Flows From Financing Activities: | |||||||
Issuance of external debt | 1,720.0 | 1,296.8 | |||||
Repayment of external debt and capital leases | (1,457.8 | ) | (31.2 | ) | |||
Debt issuance costs | (25.3 | ) | (32.2 | ) | |||
Excess tax benefit from share-based compensation | 30.4 | 5.2 | |||||
Proceeds from exercise of share options | 29.7 | 19.9 | |||||
Repurchase of shares | (15.4 | ) | (1.9 | ) | |||
Other | (28.1 | ) | — | ||||
Net cash provided by financing activities | 253.5 | 1,256.6 | |||||
Effect of currency rate changes on cash | (7.1 | ) | (1.8 | ) | |||
Net increase in cash and cash equivalents | (482.5 | ) | 52.4 | ||||
Cash and cash equivalents at beginning of period | 707.8 | 275.5 | |||||
Cash and cash equivalents at end of period | $ | 225.3 | $ | 327.9 |