-----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, KGaTSA7QVVt4am635VUpFGgijnoxr8k2IMDcpz6/C9CC0MOL0z7NRJ4rWrgGdBbL QQcdnwc176xl0k4zYGlEcg== 0001011240-00-000008.txt : 20000215 0001011240-00-000008.hdr.sgml : 20000215 ACCESSION NUMBER: 0001011240-00-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KV PHARMACEUTICAL CO /DE/ CENTRAL INDEX KEY: 0000057055 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 430618919 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09601 FILM NUMBER: 543832 BUSINESS ADDRESS: STREET 1: 2503 S HANLEY RD CITY: ST LOUIS STATE: MO ZIP: 63144 BUSINESS PHONE: 3146456600 MAIL ADDRESS: STREET 1: 2503 S HANLEY RD CITY: ST LOUIS STATE: MO ZIP: 63144 10-Q 1 FORM 10-Q FOR THE QUARTER ENDED 12/31/99 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (X) Quarterly report for the quarterly period ended December 31, 1999 ---------------------- OR ( ) Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Commission file number 1-9601 K-V PHARMACEUTICAL COMPANY - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 43-0618919 - --------------------------- ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 2503 SOUTH HANLEY ROAD, ST. LOUIS, MISSOURI 63144 - -------------------------------------------------------------------------------- (Address or principal executive offices) (Zip Code) (314) 645-6600 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes X No ---- ---- Title of Class of Number of Shares Common Stock Outstanding as of this Report Date ----------------- ---------------------------------- Class A Common Stock, par value $.01 per share 12,191,300 ------------------- Class B Common Stock, par value $.01 per share 6,571,970 -------------------- PART I FINANCIAL INFORMATION KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months and Nine Months Ended December 31, 1999 and 1998 (Unaudited) (Dollars in 000's, except per share information) For the Three For the Nine Months Ended Months Ended -------------------- -------------------- 12/31/99 12/31/98 12/31/99 12/31/98 -------- -------- -------- -------- Revenues $38,792 $27,022 $107,596 $79,097 ------- ------- -------- ------- Costs and Expenses: Manufacturing costs 16,234 13,506 48,459 43,306 Research and development 2,137 1,628 6,040 4,934 Selling and administrative 10,433 5,731 28,880 15,918 Amortization of intangible assets 611 42 1,680 124 -------- ------- -------- ------- Total Costs and Expenses 29,415 20,907 85,059 64,282 ------ ------- ------- ------- Operating income 9,377 6,115 22,537 14,815 ------- ------- ------- ------- Other income (expense): Interest expense (485) (106) (1,569) (332) Interest and other income 320 445 545 1,077 ------- ------- --------- ------- Total other income (expense) (165) 339 (1,024) 745 ------ ------- --------- ------- Income before income taxes 9,212 6,454 21,513 15,560 Provision for income taxes 3,498 2,434 8,172 5,907 ------- ------- -------- ------- Net Income $5,714 $4,020 $13,341 $ 9,653 ====== ====== ======= ======= Net income per Common Share Basic $0.30 $0.21 $0.70 $0.51 ===== ===== ===== ===== Diluted $0.28 $0.20 $0.66 $0.48 ===== ===== ===== ===== See accompanying Notes to Financial Statements 3
KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES COMPREHENSIVE INCOME For the Three Months and Nine Months Ended December 31, 1999 and 1998 (Unaudited) (Dollars in 000's) For the Three For the Nine Months Ended Months Ended ----------------------- --------------------- 12/31/99 12/31/98 12/31/99 12/31/98 --------- -------- -------- -------- Net income $5,714 $4,020 $13,341 $9,653 ------ ------ ------- ------ Other comprehensive income, net of tax: Unrealized losses on securities: Unrealized holding losses arising during period (5) - (38) - Reclassification adjustment for losses on the sale of securities included in net income 22 - 63 - -------- --------- -------- --------- Other comprehensive income 17 - 25 - -------- --------- -------- --------- Comprehensive Income $5,731 $4,020 $13,366 $9,653 ====== ====== ======= ======
4 KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 1999 and March 31, 1999 (Dollars in 000's, except per share information) (Unaudited) 12/31/99 03/31/99 ----------- -------- ASSETS Current Assets: Cash and equivalents $ 3,337 $ 2,617 Marketable securities available-for-sale - 7,523 Receivables, less allowance for doubtful accounts of $1,083 and $631 at December 31 and March 31, respectively 26,111 18,988 Receivable, arbitration award - 13,253 Inventories 27,651 23,653 Deferred income taxes 3,379 3,379 Prepaid and other current assets 172 168 ---------- ---------- Total Current Assets 60,650 69,581 Property and equipment, less accumulated depreciation 28,528 18,967 Intangibles and other assets, net of amortization 47,261 39,442 ---------- --------- TOTAL ASSETS $136,439 $127,990 ======== ======== LIABILITIES Current Liabilities: Accounts payable $ 8,609 $ 8,667 Accrued liabilities 12,863 17,090 Current maturities of long-term debt 1,652 712 ---------- ---------- Total Current Liabilities 23,124 26,469 Long-term debt 23,875 31,490 Deferred income taxes 379 379 Other long-term liabilities 2,296 2,104 ---------- ---------- TOTAL LIABILITIES 49,674 60,442 -------- -------- SHAREHOLDERS' EQUITY 7% Cumulative Convertible Preferred Stock, $.01 par value; $25.00 stated and liquidation value; 840,000 shares authorized; issued and outstanding - 240,000 and 241,000 shares at December 31 and March 31, respectively (convertible into Class A shares at a ratio of 3.75 to one) 2 2 Class A and Class B Common Stock, $.01 par value: 150,000,000 and 75,000,000 shares authorized, respectively; Class A-issued 12,226,919 and 11,923,319 at December 31 and March 31 122 120 Class B-issued 6,607,589 and 6,393,867 at December 31 and March 31 (convertible into Class A shares on a one-for-one basis) 66 64 Additional paid-in capital 40,693 34,531 Retained earnings 45,937 32,911 Accumulated comprehensive loss - (25) Less: Treasury Stock, 35,619 shares each of Class A and Class B Common Stock, at cost (55) (55) --------- ---------- TOTAL SHAREHOLDERS' EQUITY 86,765 67,548 -------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $136,439 $127,990 ======== ======== See accompanying Notes to Financial Statements 5 KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW For the Nine Months Ended December 31, 1999 and 1998 (Unaudited) (Dollars in 000's) 1999 1998 OPERATING ACTIVITIES Net Income $13,341 $9,653 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,223 1,317 Deferred compensation 192 389 Changes in operating assets and liabilities: (Increase) decrease in receivables (7,123) 2,515 Decrease in receivable arbitration award 13,253 - (Increase) in inventories (3,998) (6,474) (Increase) decrease in prepaids and other assets (1,038) 200 (Decrease) in accounts payable and accrued liabilities (4,285) (75) -------- --------- NET CASH PROVIDED BY OPERATING ACTIVITIES 13,565 7,525 -------- -------- INVESTING ACTIVITIES Purchase of property and equipment, net (11,104) (3,917) Sale of marketable securities 7,548 - Product acquisition (3,033) - -------- --------- NET CASH (USED IN) INVESTING ACTIVITIES (6,589) (3,917) -------- -------- FINANCING ACTIVITIES Principal payments on long-term debt (9,607) (500) Issuance of long-term debt 2,000 - Dividends paid on Preferred Stock (315) (316) Exercise of Common Stock options 1,666 444 -------- -------- NET CASH (USED IN) FINANCING ACTIVITIES (6,256) (372) ------ -------- INCREASE IN CASH AND CASH EQUIVALENTS 720 3,236 CASH AND CASH EQUIVALENTS AT: BEGINNING OF YEAR 2,617 18,158 -------- -------- END OF PERIOD $ 3,337 $21,394 ======= ======= Non-cash investing and financing activities: Portion of product acquisition acquired through issuance of: Short-term debt 933 - Common stock 4,500 - See accompanying Notes to Financial Statements 6 NOTES TO SUMMARIZED FINANCIAL INFORMATION NOTE A - BASIS OF PRESENTATION The interim financial statements presented here have been prepared in conformity with the accounting principles and practices and methods of applying the same (including consolidating practices) reflected in the Annual Report of the Company on Form 10-K for the year ended March 31, 1999 filed with the Commission, except that detailed footnotes and schedules are not included. Reference is hereby made to the footnotes and schedules contained in the Annual Report. All significant intercompany balances and transactions have been eliminated and, in the opinion of management, all adjustments, which are of a normal recurring nature only, necessary to present a fair statement of the results of the Company and its subsidiaries have been made. NOTE B - INVENTORIES Inventories consist of ($ in 000's): December 31, 1999 March 31, 1999 ----------------- -------------- Finished products $11,366 $11,411 Work-in-process 3,795 2,282 Raw materials and supplies 12,490 9,960 -------- --------- $27,651 $23,653 ======= ======= 7
NOTE C - EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: For the Three Months Ended For the Nine Months Ended --------------------------- ----------------------------- Numerator ($ in 000's): 12/31/99 12/31/98 12/31/99 12/31/98 -------- -------- -------- -------- Net income $ 5,714 $ 4,020 $13,341 $ 9,653 Preferred Stock dividends (105) (105) (315) (316) ------- -------- --------- --------- Numerator for basic earnings per share--income available to common stockholders 5,609 3,915 13,026 9,337 Effect of dilutive securities: Preferred Stock dividends 105 105 315 316 ------- -------- -------- ------- Numerator for diluted earnings per share-income available to common stockholders after assumed conversions $5,714 $4,020 $13,341 $ 9,653 ====== ====== ======= ======= Denominator: Denominator for basic earnings per share--weighted-average shares 18,762 18,220 18,609 18,187 ------ ------ ------ ------ Effect of dilutive securities: Employee stock options 737 922 637 900 Convertible Preferred Stock 900 904 900 904 -------- -------- -------- --------- Dilutive potential Common Shares 1,637 1,826 1,537 1,804 ------- ------- -------- -------- Denominator for diluted earnings per share--adjusted weighted-average shares and assumed conversions 20,399 20,046 20,146 19,991 ====== ====== ====== ====== Basic Earnings per Share (1): $0.30 $0.21 $0.70 $0.51 ===== ===== ===== ===== Diluted Earnings per Share (1) (2): $0.28 $0.20 $0.66 $0.48 ===== ===== ===== ===== (1) The two-class method for Class A and Class B Common Stock is not presented because the earnings per share are equivalent to the if converted method since dividends were not declared or paid and each class of common stock has equal ownership of the Company. (2) Employee stock options to purchase 123,250 shares at December 31, 1999 and 500 shares at December 31, 1998 of Class A and Class B Common Stock are not included in the computation of diluted earnings per share because their exercise price was greater than the average market price during the quarter and as such are considered anti-dilutive.
8 NOTE D - SEGMENT FINANCIAL INFORMATION The reportable segments of the Company are branded products, specialty generics, specialty materials and manufacturing and contract services. Segment operating results are measured based on income before taxes. Each segment's operating results are determined based on its direct expenses. Corporate expenses for shared services and research and development are managed as separate cost centers. The majority of the revenues in manufacturing and contract services are intersegment revenues between that segment and the branded products and specialty generics segments.
Mfg. & Corporate Branded Specialty Specialty Contract Expenses and All Products Generics Material Services Eliminations Other Consolidated -------- -------- -------- -------- ------------ ----- ------------ For the Three Months Ended December 31, 1999 ($ in 000's) - ------------------------------- Revenues $7,602 $25,458 $ 4,652 $12,306 $(11,287) $ 61 $38,792 Depreciation and amortization 17 37 35 504 601 10 1,204 Income before income taxes 1,884 12,518 1,055 581 (6,718) (108) 9,212 Capital expenditures 6 66 90 4,969 - - 5,131 For the Three Months Ended December 31, 1998 ($ in 000's) - ------------------------------- Revenues - 22,861 3,090 9,165 (8,192) 98 27,022 Depreciation and amortization - 19 19 365 33 9 445 Income before income taxes (434) 10,789 377 96 (4,434) 60 6,454 Capital expenditures - 22 66 1,932 - - 2,020 For the Nine Months Ended December 31, 1999 ($ in 000's) - ------------------------------ Revenues 14,812 77,133 13,014 34,049 (31,651) 239 107,596 Depreciation and amortization 43 100 103 1,295 1,656 26 3,223 Income before income taxes 2,310 35,300 2,819 926 (20,067) 225 21,513 Total assets 7,305 25,507 - 45,793 49,482 8,352 136,439 Capital expenditures 40 268 129 10,667 - - 11,104 For the Nine Months Ended December 31, 1998 ($ in 000's) - ------------------------------- Revenues - 65,808 10,116 22,035 (19,156) 294 79,097 Depreciation and amortization - 54 60 1,078 102 23 1,317 Income before income taxes (434) 28,178 1,520 (605) (13,324) 225 15,560 Total assets - 15,624 6,557 49,230 5,106 1,440 77,957 Capital expenditures - 37 90 3,790 - - 3,917
9 NOTE E - LONG-TERM DEBT In December 1999, the Company amended its "Revolving Note" agreement with LaSalle National Bank to extend the "Revolving Credit Maturity Date" from October 15, 2000 to October 15, 2002. All other terms and conditions of the agreement remained the same. NOTE F - SUBSEQUENT EVENT Subsequent to December 31, 1999, the Company received an arbitration award related to a breach of contract. The terms of the contract provided for private binding arbitration between the parties which resulted in the Company receiving an award of approximately $3.7 million, net of applicable taxes and related expenses/reimbursements. The award will be reflected in the financial statements for the fourth quarter and fiscal year ending March 31, 2000. Any forward-looking statements set forth in this Report are necessarily subject to significant uncertainties and risks. When used in this Report, the words "believes," "anticipates," "intends," "expects," and similar expressions are intended to identify forward-looking statements. Actual results could be materially different as a result of various possibilities. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Item 2: Management's Discussion and Analysis of Results of Operations, and Liquidity and Capital Resources ------------------------------------------------------------------ (a) Results of Operations ($ in 000's) Revenues. Consolidated net revenues for the third quarter of fiscal 2000 ended December 31, 1999 increased $11.8 million, or 44%, and year-to-date consolidated net revenues increased $28.5 million, or 36%, over the same periods last year. The increase in revenues after elimination of inter-segment revenues, was due to higher sales in the Company's three marketing segments ($ in 000's): Quarter Year-to-Date --------------------- ------------------------ Increase Increase vs. Prior vs. Prior Revenues Year Revenues Year -------- --------- -------- --------- Branded Products $ 7,602 $ 7,602 $ 14,812 $14,812 Specialty Generics 25,458 2,597 77,133 11,325 Specialty Materials 4,477 1,487 12,725 2,898 All other 1,255 84 2,926 (536) -------- ---------- ---------- ---------- Total $38,792 $11,770 $107,596 $28,499 ======= ======= ======== ======= Branded product sales through the Company's Ther-Rx subsidiary are all incremental to the prior year given the start-up of the business late in the fourth quarter of last fiscal year. The branded business has been built by acquiring products with established brand name recognition and existing distribution and through the introduction of internally developed products. Acquired products include Micro-K(R) Extencaps, a potassium chloride supplement that Ther-Rx began selling at the beginning of the fiscal year, and the PreCare(R) prenatal caplet that was acquired in August. Ther-Rx also introduced three internally developed products during the year under the PreCare(R) family of womens' health care pharmaceuticals. These products include PreCare(R) Chewable, a chewable prenatal vitamin; PremesisRx(TM), a product designed to reduce pregnancy related nausea; and PreCare(R) Conceive(TM), a nutritional preconception supplement specifically designed for use by both men and women prior to conception. The Company plans to continue to pursue a product development strategy focused on womens' health care and expects to launch additional products in the coming months. Specialty generic sales through the Company's ETHEX subsidiary increased for the quarter and year-to-date due to new product introductions ($1.1 and $2.7 million, respectively), higher volume ($.9 and $5.1 million, respectively) and price increases ($.6 and $3.5 million, respectively). Specialty materials sales through the Company's Particle Dynamics subsidiary increased for the quarter by $1.6 million, or 51% and year-to-date by $2.9 million, or 29%, due primarily to higher volume on an expanded customer base. Costs and Expenses. Manufacturing costs as a percent of revenue declined for the quarter and year-to-date due to the effects of favorable pricing and product mix. The improvement in product mix reflects the increase in the relative contribution of higher margin brand sales and the decrease in lower margin generic sales. For the quarter, manufacturing costs declined to 41.8% from 50.0% in the prior year and for the year-to-date to 45.0% from 54.8% last year. The components of the change are shown in the following table: % Revenues ---------------------------- Quarter Year-to-Date ------- ------------ FY 99 Manufacturing Costs 50.0% 54.8% Change due to: Product Volume and Mix (7.1) (7.7) Pricing (3.1) (3.1) Cost Changes 2.0 1.0 ----- ----- FY 00 Manufacturing Costs 41.8% 45.0% ==== ==== Research and development expense increased $.5 million, or 31%, for the quarter and $1.1 million, or 22%, for the year-to-date compared to the same periods of the prior year. The increase in expense in both periods is due primarily to an increase in the number of clinical testing programs in which the Company is involved. Selling and administrative expenses increased $4.7 million, or 82%, for the quarter and $13 million, or 81%, for the year-to-date compared to the same periods of the prior year. The increase in both periods is due primarily to the Company's investment in establishing the sales force for its Ther-Rx branded products marketing division. Selling expenses associated with this effort were $4 million for the quarter and $9.2 million for the year-to-date. Selling and marketing expenses in ETHEX increased $.3 million and $1.7 million for the quarter and year-to-date, respectively. Amortization expense increased $.6 million for the quarter and $1.6 million for the year-to-date due to the amortization of product rights acquired in March 1999 and August 1999. Interest expense, net of interest income, increased $.5 million in the quarter and is up $1.8 million for the year-to-date on higher borrowings incurred to finance product acquisitions. Net Income. As a result of the factors described above, net income improved $1.7 million, or 42%, to $5.7 million for the quarter ending December 31, 1999 compared to the same period last year. For the nine months ended December 31, 1999, net income improved $3.7 million, or 38%, to $13.3 million compared to the same period of the prior year. (b) Liquidity and Capital Resources ------------------------------- Cashflow. Cash provided by operating activities was $13.6 million for the first nine months of fiscal 2000, an increase of $6.0 million, or 80%, over the first nine months of fiscal 1999. The increase in operating cash flow compared with last year was due to an increase in net income before depreciation and amortization of $5.6 million and the receipt of a $13.3 million arbitration award. These increases were partially offset by a $12.6 million increase in the net use of working capital over the same period last year. The increase in the Company's working capital requirement relates primarily to higher accounts receivable, ($9.6 million) associated with sales growth and the effect of new product introductions in Ther-Rx and ETHEX. In addition, the Company's accrued income tax liability declined by $5.3 million from last year-end due to the taxes paid in the first quarter of this year in connection with the arbitration award recorded in fiscal 1999. Investing activities for the first nine months of fiscal 2000 included cash outlays for capital expenditures of $11.1 million and product acquisitions of $3 million, partially offset by cash provided by the sale of $7.5 million of marketable securities. Capital expenditures were primarily for production equipment, laboratory improvements and the upgrade of the Company's business software and network systems. The Company acquired the worldwide rights to PreCare(R) in August for approximately $8.5 million, consisting of $3 million cash, $4.5 million Class A Common Stock and a $1 million note. Marketable securities were sold to pay down long-term debt and fund these expenditures. Financing activities included reduction of long-term debt of $9.6 million and additional borrowings of $2 million to fund working capital requirements and additional capital expenditures. The Company believes that existing cash, together with cash generated from operating activities and funds available under its credit facility, will be adequate to fund operating activities for the presently foreseeable future, including the payment of short-term and long-term obligations, capital improvements, product development activities and the expansion of marketing capabilities for the brand pharmaceutical business. Balance Sheet and Ratios. The following table shows selected balance sheet data and financial ratios as of December 31 and year-end March 31, 1999: December 1999 March 1999 ------------- ---------- ($ in 000's) Working capital $37,526 $43,112 Long-term debt 23,875 31,490 Shareholders' equity 86,765 67,548 Working capital ratio 2.6 2.6 Long-term debt to equity .3 .5 Working capital decreased $5.6 million during the first nine months of fiscal 2000 compared with the balance at the end of fiscal 1999. Current assets decreased $8.9 million, or 13%, while current liabilities decreased $3.3 million, or 13%. The decrease in current assets was due primarily to the collection of the $13.3 million arbitration award, which was used to reduce long-term debt. Current liabilities decreased due primarily to a $5.3 million reduction in accrued income taxes resulting from the taxes paid on the arbitration award in the first quarter. The long-term debt to equity ratio improved during the first nine months of fiscal 2000 due to the $7.6 million net reduction in long-term debt and the increase in shareholders' equity attributable to the Company's net income for the period. Inflation. Although at reduced levels in recent years, inflation continues to apply upward pressure on the cost of goods and services used by the Company. However, the Company believes that the net effect of inflation on its operations was minimal during the first nine months of fiscal 2000 and fiscal 1999. In addition, changes in the mix of products sold and the effect of competition have made a comparison of changes in selling prices less meaningful relative to changes in the overall rate of inflation during the first nine months of fiscal 2000 and fiscal 1999. Year 2000 Project. Like other companies, KV Pharmaceutical Company could be adversely affected if the computer systems the Company, its suppliers or customers use do not properly process and calculate date-related information and data from the period surrounding and including January 1, 2000. Additionally, this issue could impact non-computer systems and devices including production equipment. While the Company's project to assess and correct Y2K related issues has been completed, and the Company has not experienced any significant Y2K related events, interactions with other companies' systems make it difficult to conclude there will not be future effects. Consequently, at this time, management cannot provide assurances that the Y2K issue will not have an impact on the Company's operations. Item 3: Exhibits and Reports on Form 8-K. --------------------------------- a) Exhibits - None. b) The Company did not file any reports on Form 8-K during the quarter ended December 31, 1999. SIGNATURES 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 thereunto duly authorized. KV PHARMACEUTICAL COMPANY Date: February 14, 2000 By: /s/ Marc S. Hermelin --------------------------- -------------------------- Marc S. Hermelin Vice Chairman of the Board Date: February 14, 2000 By: /s/ Gerald R. Mitchell ---------------------------- -------------------------- Gerald R. Mitchell Vice President - Finance Chief Financial Officer EX-27 2 FDS --
5 1,000 9-MOS MAR-31-2000 APR-01-1999 DEC-31-1999 3,337 0 25,740 371 27,651 60,650 28,528 0 136,439 23,124 23,875 0 2 188 0 136,439 107,596 0 0 48,459 36,600 0 1,024 21,513 8,172 13,341 0 0 0 13,341 .70 .66
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