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( BW)(IVAX-CORPORATION)(IVX) 1st Quarter Results
Business Editors
UK REGULATORY NEWS
MIAMI--(BUSINESS WIRE)--April 24, 2003--
IVAX Reports Increased Sales And Earnings For First Quarter Of 2003
1Q2003 EPS From Continuing Operations Up 50% To $.15 Per Share;
1Q2003 Net Revenues Up 17% To $317.7 Million
IVAX Corporation (AMEX:IVX) (LSE:IVX.L) today reported income from
continuing operations for the first quarter of 2003 of $29 million, or
$.15 per share, on net revenues of $317.7 million. This compares to
income from continuing operations of $19.3 million, or $.10 per share,
on net revenues of $272.2 million in the same quarter a year ago.
Commenting on the first quarter's financial results, Neil Flanzraich,
vice chairman and president of IVAX Corporation said, "IVAX' income
from continuing operations increased 50% in the first quarter over the
first quarter of 2002. Our worldwide net revenues increased 17%, and
North American net revenues increased by 41%, over the prior year's
quarter. Sales grew strongly in both our U.S. generic business and our
U.S. proprietary asthma business."
As a reflection of the Board and management's confidence in the future
of IVAX, the company continues to repurchase its securities. IVAX
repurchased 549,600 shares of its common stock in the first quarter of
2003 and IVAX has repurchased more than 54 million shares since
February 1998. In addition, IVAX repurchased $20.3 million in face
value of its convertible debentures during the first quarter and has
repurchased a total of $184 million in face value of its convertible
debentures since June 2001.
IVAX will host a conference call and simultaneous webcast at 10:00
a.m. Eastern (Miami) Time today to discuss first quarter results and
other topics. Interested parties can access the conference call by
dialing 888-423-3276 from anywhere in the U.S. or by dialing
612-332-0226 from non-U.S. locations. To access the webcast, go to
IVAX' web site at http://www.ivax.com and click on the webcast link on
the home page at least 15 minutes before the call begins to register
and download or install any necessary software.
A replay of the conference call will be available starting at
approximately 1:30 p.m. on April 24th through May 1st. To listen to
the replay, dial 1-800-475-6701 and enter the ID # 682679. A replay of
the webcast will be available from April 24th through May 1st.
IVAX Corporation, headquartered in Miami, Florida, discovers,
develops, manufactures, and markets branded and brand equivalent
(generic) pharmaceuticals and veterinary products in the U.S. and
internationally.
Copies of this and other news releases may be obtained free of charge
from IVAX' web site at http://www.ivax.com.
Except for the historical matters contained herein, statements in this
press release are forward-looking and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. These statements involve risks and uncertainties that cannot be
predicted or quantified and, consequentially, actual results may
differ materially from the preliminary results expressed or implied by
such forward-looking statements. Such risks and uncertainties include,
among others, the uncertainty that the definitive financial results
reported by the Company may differ from the preliminary results
provided, due to, among other things, currency adjustments and final
GAAP adjustments made by the Company. IVAX' forward looking statements
may also be adversely affected by the other risks and uncertainties
discussed in IVAX' Annual Report on Form 10-K and other filings with
the Securities and Exchange Commission.
IVAX Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(unaudited)
Three Months
Period Ended March 31, 2003 2002
----------- -----------
(In thousands, except per share data)
Net revenues $317,693 $272,222
Cost of sales 171,550 150,247
----------- -----------
Gross profit 146,143 121,975
----------- -----------
Operating expenses:
Selling 45,595 42,146
General and administrative 25,068 27,266
Research and development 20,421 19,054
Amortization of intangible assets 4,491 3,015
Restructuring costs 463 488
----------- -----------
Total operating expenses 96,038 91,969
----------- -----------
Income from operations 50,105 30,006
Total other income, net (4,092) (4,987)
----------- -----------
Income before income taxes and minority
interest 46,013 25,019
Provision for income taxes 17,106 5,813
----------- -----------
Income before minority interest 28,907 19,206
Minority interest 78 94
----------- -----------
Income from continuing operations 28,985 19,300
Cumulative effect of accounting change - 4,161
----------- -----------
Net income $28,985 $23,461
=========== ===========
Basic earnings per common share:
Continuing operations $0.15 $0.10
Cumulative effect of accounting change - 0.02
----------- -----------
Net income $0.15 $0.12
=========== ===========
Diluted earnings per common share:
Continuing operations $0.15 $0.10
Cumulative effect of accounting change - 0.02
----------- -----------
Net income $0.15 $0.12
=========== ===========
Weighted average number of common shares
outstanding:
Basic 194,969 196,227
=========== ===========
Diluted 196,653 199,988
=========== ===========
IVAX Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
March 31, Dec. 31,
2003 2002
----------- -----------
(In thousands) (unaudited)
Assets
------
Cash and cash equivalents $146,881 $155,408
Marketable securities, short-term 13,770 28,873
Other current assets 667,313 696,936
Property, plant and equipment, net 432,915 420,246
Other assets 756,730 746,296
----------- -----------
Total assets $2,017,609 $2,047,759
=========== ===========
Liabilities and Shareholders' Equity
------------------------------------
Current portion of long-term debt $26,496 $28,617
Other current liabilities 361,405 405,446
Long-term debt 852,848 872,339
Other long-term liabilities 51,067 46,115
Minority interest 12,344 10,379
Shareholders' equity 713,449 684,863
----------- -----------
Total liabilities and shareholders' equity $2,017,609 $2,047,759
=========== ===========
IVAX Corporation and Subsidiaries
Reportable Segment Data
Quarter Ended
In Thousands March 31,
2003 2002
--------- ---------
North America
External Sales $146,363 $102,961
Intersegment Sales 284 276
Other Revenues 10,126 7,736
--------- ---------
Net Revenues - North America 156,773 110,973
--------- ---------
Europe
External Sales 93,703 85,283
Intersegment Sales 13,395 14,389
Other Revenues 5,129 8,540
--------- ---------
Net Revenues - Europe 112,227 108,212
--------- ---------
Latin America
External Sales 50,623 58,777
Other Revenues 127 400
--------- ---------
Net Revenues - Latin America 50,750 59,177
--------- ---------
Corporate & other
External Sales 11,047 7,280
Intersegment Sales (13,679) (14,665)
Other Revenues 575 1,245
--------- ---------
Net Revenues - Corporate & other (2,057) (6,140)
--------- ---------
--------- ---------
Net Revenues $317,693 $272,222
========= =========
Short Name: IVAX Corporation
Category Code: QRF
Sequence Number: 00004245
Time of Receipt (offset from UTC): 20030424T001245+0100
--30--BL/mi* DB/ny
CONTACT: IVAX Corporation, Miami
Thomas E. Beier, 305/575-6563
or
Jim Whitlow, 305/575-6043
KEYWORD: FLORIDA UNITED KINGDOM INTERNATIONAL EUROPE
INDUSTRY KEYWORD: BANKING PHARMACEUTICAL CONFERENCE CALLS EARNINGS
SOURCE: IVAX Corporation
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