-----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, G70hjCQDygEn+HNuZZ8xikPX/V+5lbgjBTwRWWusQbKn3FZtJIZTTquVq+xfu90f k0Xh12TE1YkIudqY91FhrQ== 0000950137-98-001837.txt : 19980504 0000950137-98-001837.hdr.sgml : 19980504 ACCESSION NUMBER: 0000950137-98-001837 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980501 SROS: NASD 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: 10-Q SEC ACT: SEC FILE NUMBER: 000-19725 FILM NUMBER: 98608085 BUSINESS ADDRESS: STREET 1: 117 WATER ST CITY: ALLEGAN STATE: MI ZIP: 49010 BUSINESS PHONE: 6166738451 MAIL ADDRESS: STREET 1: 117 WATER STREET CITY: ALLEGAN STATE: MI ZIP: 49010 10-Q 1 FORM 10-Q DATED MARCH 31, 1998 1 ================================================================================ UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ------------------------ [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _____ Commission file number 0-19725 PERRIGO COMPANY ------------------------------------------------------ (Exact name of registrant as specified in its charter) MICHIGAN 38-2799573 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 117 WATER STREET ALLEGAN, MICHIGAN 49010 - ------------------------------- ------------------- (Address of principal (Zip Code) executive offices) (616) 673-8451 ---------------------------------------------------- (Registrant's telephone number, including area code) NOT APPLICABLE ---------------------------------------------------- (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, and (2) has been subject to such filing requirements for the past 90 days. YES X NO ------- ------- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Outstanding at Class of Common Stock April 27, 1998 - --------------------- ----------------- without par 74,641,756 shares ================================================================================ 2 PERRIGO COMPANY FORM 10-Q INDEX PAGE NUMBER ------ PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Condensed consolidated statements of income--Three months and nine months ended March 31, 1998 and 1997 3 Condensed consolidated balance sheets--March 31, 1998 and June 30, 1997 4 Condensed consolidated statements of cash flows-- Nine months ended March 31, 1998 and 1997 5 Notes to condensed consolidated financial statements-- March 31, 1998 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 PART II. OTHER INFORMATION - --------------------------- Item 6. Exhibits and Reports on Form 8-K 13 SIGNATURES 14 - ---------- -2- 3 PERRIGO COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED MARCH 31, MARCH 31, 1998 1997 1998 1997 ---------- ---------- ---------- ---------- Net sales $ 223,676 $ 214,580 $ 688,187 $ 648,419 Cost of sales 167,468 156,660 506,222 472,557 ---------- ---------- ---------- ---------- Gross profit 56,208 57,920 181,965 175,862 ---------- ---------- ---------- ---------- Operating expenses Distribution 8,156 7,354 23,647 21,485 Research and development 3,402 3,078 9,343 10,017 Selling and administrative 26,906 25,196 82,399 76,841 Restructuring and redesign 110 2,215 593 4,577 Unusual litigation 1,620 1,503 5,355 4,799 ---------- ---------- ---------- ---------- 40,194 39,346 121,337 117,719 ---------- ---------- ---------- ---------- Operating income 16,014 18,574 60,628 58,143 Interest and other expense 688 374 1,752 1,445 ---------- ---------- ---------- ---------- Income before income taxes 15,326 18,200 58,876 56,698 Income taxes 5,851 6,600 21,751 20,690 ---------- ---------- ---------- ---------- Net income $ 9,475 $ 11,600 $ 37,125 $ 36,008 ========== ========== ========== ========== Basic earnings per share $ 0.13 $ 0.15 $ 0.50 $ 0.47 ========== ========== ========== ========== Diluted earnings per share $ 0.13 $ 0.15 $ 0.49 $ 0.47 ========== ========== ========== ==========
See accompanying notes to condensed consolidated financial statements. -3- 4 PERRIGO COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
MARCH 31, JUNE 30, 1998 1997 ----------- ----------- ASSETS (Unaudited) Current assets Cash and cash equivalents $ 2,136 $ 14,356 Accounts receivable, net of allowances of $3,556 and $3,026, respectively 103,758 93,367 Inventories 196,940 161,473 Prepaid expenses and other current assets 14,726 13,182 ----------- ---------- Total current assets 317,560 282,378 Property and equipment 417,616 358,913 Less accumulated depreciation 146,829 123,053 ----------- ---------- 270,787 235,860 Goodwill, net of accumulated amortization of $15,522 and $12,467, respectively 48,927 40,834 Other 13,015 9,305 ----------- ---------- $ 650,289 $ 568,377 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 73,984 $ 63,846 Payrolls and related taxes 14,791 17,219 Accrued expenses 28,860 29,932 Income taxes 5,089 1,450 Current installments on long-term debt 5,235 300 ----------- ---------- Total current liabilities 127,959 112,747 Deferred income taxes 29,209 28,215 Long-term debt, less current installments 59,551 1,540 Minority interest 269 - Shareholders' equity Preferred stock, without par value, 10,000 shares authorized, none issued - - Common stock, without par value, 200,000 shares authorized, 74,642 and 76,516 issued, respectively 116,080 145,779 Retained earnings 317,221 280,096 ----------- ---------- Total shareholders' equity 433,301 425,875 ----------- ---------- $ 650,289 $ 568,377 =========== ===========
See accompanying notes to condensed consolidated financial statements. -4- 5 PERRIGO COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED)
NINE MONTHS ENDED MARCH 31, 1998 1997 -------- -------- Cash Flows From (For) Operating Activities: Net income $ 37,125 $ 36,008 Depreciation and amortization 22,497 21,698 ----------- ----------- 59,622 57,706 Accounts receivable (7,075) (7,643) Inventories (33,038) (5,566) Accounts payable 8,863 10,877 Other (1,610) 11,734 ----------- ----------- Net cash from operating activities, net of amounts acquired from business acquisitions 26,762 67,108 ----------- ----------- Cash Flows For Investing Activities: Additions to property and equipment (49,007) (13,066) Business acquisitions, net of cash acquired (15,827) - Other (2,877) (506) ----------- ----------- Net cash for investing activities (67,711) (13,572) ----------- ----------- Cash Flows From (For) Financing Activities: Borrowings of long-term debt 58,428 - Repayments of long-term debt - (47,300) Issuance of common stock 496 201 Repurchase of common stock (30,195) - ----------- ----------- Net cash from (for) financing activities 28,729 (47,099) ----------- ----------- Net (Decrease) Increase in Cash (12,220) 6,437 Cash and Cash Equivalents, at Beginning of Period 14,356 176 ----------- ----------- Cash and Cash Equivalents, at End of Period $ 2,136 $ 6,613 =========== =========== Supplemental Disclosures of Cash Flow Information: Interest paid $ 1,966 $ 1,367 Income taxes paid $ 18,603 $ 17,624
See accompanying notes to condensed consolidated financial statements. -5- 6 PERRIGO COMPANY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 1998 NOTE A - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and other adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended March 31, 1998 are not necessarily indicative of the results that may be expected for the year ending June 30, 1998. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended June 30, 1997. Foreign currency-denominated assets and liabilities are translated into U.S. dollars at the exchange rates existing at the balance sheet date. Income and expense items are translated at the average exchange rates during the respective periods. Translation adjustments resulting from fluctuations in the exchange rates are recorded in the income statement. Gains and losses resulting from exchange rate fluctuations on transactions denominated in currencies other than the functional currency are not material. NOTE B - INVENTORIES The components of inventory consist of the following:
March 31, June 30, 1998 1997 ---- ---- (in thousands) Finished goods $90,957 $77,953 Work in process 69,097 53,291 Raw materials 36,886 30,229 ------- ------- $196,940 $161,473 ======== ========
NOTE C - RESTRUCTURING AND REDESIGN COSTS For the nine months ended March 31, 1998, the condensed consolidated statement of income includes $593 of restructuring and redesign costs expensed as incurred related primarily to business process redesign. In addition, $175 of costs were paid, primarily related to severance and employee benefit costs that had been accrued in a previous period. As of March 31, 1998, $644 remains in accrued liabilities. -6- 7 NOTE D - COMMITMENTS AND CONTINGENCIES For the nine months ended March 31, 1998, the condensed consolidated statement of income includes $5,355 of unusual litigation costs related to a purported class action and other legal matters as described in the Company's annual report on Form 10-K for the year ended June 30, 1997. The Company believes the actions and claims are without merit or are covered by insurance and continues to vigorously defend against these actions. NOTE E - EARNINGS PER SHARE In February, 1997, the Financial Accounting Standards Board (FASB) issued SFAS No. 128, "Earnings Per Share." The Statement simplifies the standards for computing earnings per share (EPS) and makes them comparable to international EPS standards. The Statement requires the presentation of both "basic" and "diluted" EPS on the face of the income statement with a supplementary reconciliation of the numerators and denominators used in the calculations. The Statement is effective for financial statements issued for periods after December 15, 1997, including interim periods. A reconciliation of the numerators and denominators used in the "basic" and "diluted" EPS calculations follows:
3 months ended 9 months ended March 31, March 31, 1998 1997 1998 1997 ----- ------ ------ ------ Numerator: Net income used for both "basic" and "diluted" EPS calculation $9,475 $11,600 $37,125 $36,008 ======= ======= ======= ======= Denominator: Weighted average shares outstanding for the period - used for "basic" EPS calculation 74,622 76,549 74,960 76,409 Dilutive effect of stock options 699 816 982 746 ------- ------- ------- ------- Weighted average shares outstanding for the period - used for "diluted" EPS calculation 75,321 77,365 75,942 77,155 ======= ======= ======= =======
Earnings per share for the three month and nine month periods ended March 31, 1997 have been restated to conform to SFAS No. 128. NOTE F - NEW ACCOUNTING STANDARDS In June, 1997, the FASB issued two new disclosure standards, as follows: SFAS No. 130, "Reporting Comprehensive Income," establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income is defined to include all changes in equity except those resulting from -7- 8 investments by owners and distributions to owners. Among other disclosures, SFAS No. 130 requires that all items that are required to be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information," which supersedes SFAS No. 14, "Financial Reporting for Segments of a Business Enterprise," establishes standards for the way that public enterprises report information about operating segments in annual financial statements and requires reporting of selected information about operating segments in interim financial statements issued to the public. It also establishes standards for disclosures regarding products and services, geographic areas and major customers. SFAS No. 131 defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Both of these new standards are effective for financial statements for fiscal years beginning after December 15, 1997 and require comparative information for earlier years to be restated. The implementation of these new standards will not affect results of operations and financial position, but may have an impact on future financial statement disclosures. -8- 9 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THREE AND NINE MONTHS ENDED MARCH 31, 1998 AND 1997 (DOLLARS IN THOUSANDS) RESULTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 1998 AND 1997 The Company's net sales increased by $9,096 or 4.2% to $223,676 for the third quarter of fiscal year 1998, from $214,580 during the same period in fiscal year 1997. The increase was primarily due to an increase in unit sales to existing customers of vitamins and an increase in international sales, partially offset by a decrease in analgesic and cough and cold products. Gross profit decreased $1,712 or 3.0% for the third quarter of fiscal year 1998 compared to the same period in fiscal year 1997. The gross profit percentage for the third quarter of fiscal year 1998 was 25.1 % compared to 27.0% for the same period in fiscal year 1997. The decrease in gross profit percentage was primarily due to increases in sales of lower margin personal care and vitamin products, competitive pricing pressures and outsourcing costs incurred to meet customer needs. Operating expenses increased $848 or 2.2% for the third quarter of fiscal year 1998 compared to the same period in fiscal year 1997. Operating expenses as a percentage of net sales were 17.9% for the third quarter of fiscal year 1998 compared to 18.3% for the third quarter of fiscal year 1997. Operating expenses consist of distribution, research and development, selling and administration, restructuring and redesign and unusual litigation costs. Excluding restructuring and redesign and unusual litigation costs, operating expenses were 17.2% of net sales for the third quarter of fiscal year 1998 compared to 16.6% of net sales for the same period in fiscal year 1997. Distribution expenses increased $802 or 10.9% from the third quarter of fiscal year 1997 primarily due to increased shipment volume and higher warehouse costs incurred in support of customers' delivery requirements. Distribution expense as a percentage of net sales was 3.6% for the third quarter of fiscal year 1998, compared to 3.4% for the third quarter of fiscal year 1997. Research and development expenses increased $324 or 10.5% from the third quarter of fiscal year 1997 primarily due to the timing of expenses related to the development of new products which are approved through the FDA's Abbreviated New Drug Application (ANDA) process. Research and development expenses for fiscal year 1998 are expected to be higher than the fiscal year 1997 expenses. Research and development expense as a percentage of net sales was 1.5% for the third quarter of fiscal year 1998 compared to 1.4% for the third quarter of fiscal year 1997. Selling and administrative expenses increased $1,710 or 6.8% from the third quarter of fiscal year 1997. The increase was primarily due to costs incurred to support the higher sales volume and was offset by a reduction in incentive compensation expense and a reduction in business taxes due to a tax ruling that favors the Company. Without the benefit of these lower expenses, selling and administrative expenses would have exceeded 13.0% for the quarter. Selling and administrative expense as a percentage of net sales was 12.0% for the third quarter of fiscal year 1998 compared to 11.7% for the third quarter of fiscal year 1997. Restructuring and redesign and unusual litigation costs decreased $1,988 or 53.5% from the third quarter of fiscal year 1997. Fiscal year 1997 restructuring expenses were higher primarily due to the expenses related to the closing of the Company's truck fleet operations in the third quarter. See Notes C and D to the condensed consolidated financial statements. -9- 10 Interest expense increased to $762 for the third quarter of fiscal year 1998 from $374 for the same period in fiscal year 1997 due to higher borrowing levels. Other income was $74 for the third quarter of fiscal year 1998 versus $0 for the same period of fiscal year 1997. The effective income tax rate was 38.2% for the third quarter of fiscal year 1998 compared to 36.3% for the third quarter of fiscal year 1997. The increase was primarily due to foreign income taxes. NINE MONTHS ENDED MARCH 31, 1998 AND 1997 The Company's net sales increased by $39,768 or 6.1% to $688,187 for the first nine months of fiscal year 1998, from $648,419 during the same period in fiscal year 1997. The increase was primarily due to increases in unit sales to existing customers of vitamins, antacids, hair care products and nutritional drinks and an increase in international sales. Gross profit increased $6,103 or 3.5% for the first nine months of fiscal year 1998 compared to the same period in fiscal year 1997. The gross profit percentage for the first nine months of fiscal year 1998 was 26.4% compared to 27.1% for the same period in fiscal year 1997. The decrease in gross profit percentage was primarily due to increases in sales of lower margin personal care and vitamin products, competitive pricing pressures and outsourcing costs incurred to meet customer needs. Operating expenses increased $3,618 or 3.1% for the first nine months of fiscal year 1998 compared to the same period in fiscal year 1997. Operating expenses as a percentage of net sales were 17.6% for the first nine months of fiscal year 1998 compared to 18.2% for the same period of fiscal year 1997. Excluding restructuring and redesign and unusual litigation costs, operating expenses were 16.8% of net sales for the first nine months of fiscal year 1998 compared to 16.7% of net sales for the same period in fiscal year 1997. Distribution expenses increased $2,162 or 10.1% from the first nine months of fiscal year 1997 primarily due to increased shipment volume and higher warehouse costs incurred in support of customers' delivery requirements. Distribution expense as a percentage of net sales was 3.4% for the first nine months of fiscal year 1998, compared to 3.3% for the same period of fiscal year 1997. Research and development expenses decreased $674 or 6.7% from the first nine months of fiscal year 1997 primarily due to the timing of expenses related to the development of new products which are approved through the FDA's ANDA process. As noted earlier, research and development expenses for fiscal year 1998 are expected to be higher than the fiscal year 1997 expenses. Research and development expense as a percentage of net sales was 1.4% for the first nine months of fiscal year 1998 compared to 1.5% for the same period of fiscal year 1997. Selling and administrative expenses increased $5,558 or 7.2% from the first nine months of fiscal year 1997 primarily due to the higher sales volume. Selling and administrative expense as a percentage of net sales was 12.0% for the first nine months of fiscal years 1998 compared to 11.9% for the same period of fiscal year 1997. Restructuring and redesign and unusual litigation costs decreased $3,428 or 36.6% from the first nine months of fiscal year 1997. Fiscal year 1997 restructuring expenses were higher primarily due to the expenses related to the closing of the Company's truck fleet operations in the third quarter. See Notes C and D to the condensed consolidated financial statements. -10- 11 Interest expense decreased to $1,434 for the first nine months of fiscal year 1998 from $1,445 for the same period in fiscal year 1997. Other expense was $318 for the nine months of fiscal year 1998 versus $0 for the same period of fiscal year 1997. The effective income tax rate was 36.9% for the first nine months of fiscal year 1998 compared to 36.5% for the same period of fiscal year 1997. The increase was primarily due to foreign income taxes. LIQUIDITY AND CAPITAL RESOURCES During the first nine months of fiscal year 1998, working capital net of the effect of the business acquisition described below increased $18,076 and cash flow from operating activities was $26,762. Changes in working capital are net of the effect of the business acquisition described below. Accounts receivable increased $7,075 due to increased sales and the timing of cash receipts, inventories increased $33,038 due partially to lower than anticipated sales in the cough and cold and analgesics product categories, and accounts payable increased $8,863 due to materials and component purchases related to production increases. The Company's capital expenditures for facilities and equipment were $49,007 for the nine months ended December 31, 1997. In order to support the business process redesign effort and ongoing growth in sales, the Company is investing in a number of projects. Planned capital expenditures will require approximately $65,000 to $70,000 during fiscal year 1998, principally for construction of two new distribution facilities, expansion of manufacturing facilities for nutritional products, and capital costs related to the implementation of an integrated software package that was purchased in fiscal year 1997 which is expected to be installed in early fiscal year 1999. The Company plans to finance capital expenditures with cash flows from operations and, if required, additional borrowings on its existing lines of credit. In September 1997, the Company acquired 87.8% of the outstanding shares of Quimica y Farmacia, S.A. de C.V. for approximately $16,000. The purchase was funded by cash generated from operations and cash provided from financing activities. Quimica y Farmacia, S.A. de C.V. is a pharmaceutical manufacturer and distributor located in Mexico. The assets, liabilities, sales and profits of this acquisition, which are not considered material to the Company are included in the consolidated financial statements since the acquisition date. During the first nine months of fiscal year 1998, the Company purchased 2,116 shares of common stock for $30,195 under its common stock repurchase program. The common stock was retired. YEAR 2000 COMPLIANCE The Company, in 1996, began the review implementation of a new integrated software package which is expected to replace a significant portion of its current system in early fiscal year 1999. The Company performed a review of its current computer-based systems and the new integrated system in order to determine modifications needed to the systems for the Year 2000. Based on this review, the Company does not expect the costs of systems modifications to be material to the -11- 12 Company and currently anticipates that the modifications will be completed prior to the year 2000. The Company does not expect that the cost of its Year 2000 compliance program will be material to its financial condition or results of operations. In addition, the Company has initiated procedures to identify key suppliers and customers with potential Year 2000 issues. Currently, the Company does not have substantive information concerning the compliance status of its suppliers and customers. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS In accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, please see Perrigo Company's Form 10-K for the fiscal year ended June 30, 1997, under the heading "Safe Harbor For Forward-Looking Statements," for a discussion of certain important factors as they relate to forward-looking statements contained in this quarterly report. -12- 13 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: Exhibit Number Description -------------- ----------- 3(a) Amended and Restated Articles of Incorporation of Registrant, incorporated by reference from Amendment No. 2 to Registration Statement No. 33-43834 filed by the Registrant on September 23, 1993. 3(b) Restated Bylaws of Registrant, dated April 10, 1996, incorporated by reference from the Registrant's Form 8-K filed on April 10, 1996. 4(a) Shareholders' Rights Plan, incorporated by reference from the Registrant's Form 8-K filed on April 10, 1996. 10(a) Credit Agreement, dated June 30, 1996, between the Registrant and NBD Bank, N.W., Sanwa Bank, Comerica Bank-Detroit, PNC Bank, Westdeutsche Landesbank Girozentrale and Old Kent Bank and Trust Company, incorporated by reference from the Registrant's 1996 Form 10-K filed on September 25, 1996. 10(b) Registrant's Management Incentive Plan, incorporated by reference from Registration Statement No. 33-69324 filed by the Registrant on September 23, 1993. 10(c) Registrant's 1988 Employee Incentive Stock Option Plan as amended, incorporated by reference to Exhibit A of the Registrant's 1995 proxy statement. 10(d) Registrant's 1989 Non-Qualified Stock Option Plan for Directors, incorporated by reference from the Registration Statement No. 33-43834 filed by the Registrant on November 8, 1991. 27 Financial Data Schedule (b) The Company filed no reports on Form 8-K during the three months ended March 31, 1998. -13- 14 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. PERRIGO COMPANY --------------- (Registrant) Date: May 1, 1998 /s/Michael J. Jandernoa ------------------------------- Michael J. Jandernoa Chairman of the Board and Chief Executive Officer Date: May 1, 1998 /s/Thomas J. Ross ------------------------------- Thomas J. Ross Vice President Finance - Principal Accounting and Financial Officer -14- EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 9-MOS JUN-30-1998 JUL-01-1997 MAR-31-1998 2,136 0 103,758 3,556 196,940 317,560 417,616 146,829 650,289 127,959 64,786 0 0 116,080 317,221 650,289 688,187 688,187 506,222 506,222 0 522 1,323 58,876 21,751 37,125 0 0 0 37,125 .50 .49
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