Forward-loo
Forward-looking statements are based on current plans, estimates,projections and expectations and are therefore subject to risks anduncertainties, most of which are difficult to estimate and which in general arebeyond the control of Demag Cranes AG. Consequently, actual developments as wellas actual earnings and performance may differ materially from those which areexplicitly or implicitly assumed in the forward-looking statements. Demag CranesAG does not intend or accept any obligation to publish updates of theseforward-looking statements. Selected Financials as at the End of the Second Quarter 2008/2009 (31 March2009) Q2Q2Change Q1-Q2 Q1-Q2 Change 2008/2009 2007/20082008/2009 2007/2008Group (in EUR million)Order intake200.4 353.0 -43.2 %481.7 648.0 -25.7 %Order book1 430.3 492.2 -12.6 %--- --- ---Revenue 268.2 281.6 -4.8 % 571.2 572.7 -0.3 % Operating EBIT2,3 19.434.1-43.3 %49.864.0-22.2 %in % of revenue 7.2 % 12.1 %-4.9 % pts 8.7 % 11.2% -2.5 % pts Net income after tax8.1 19.5-58.5 %26.237.1-29.3 %Earnings per share0.380.91-58.5 %1.231.74-29.3 %(in EUR)Net debt1 30.5110.0 -72.3 %--- --- ---Equity1 265.4 219.6 20.8 % --- --- ---Equity ratio in %130.3 %25.4 %4.9 % pts. -- Strong Non-GAAP Earnings; Significant Progress with Barr IntegrationJERUSALEM--(Business Wire)--Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) today reported results forthe quarter ended March 31, 2009.
First Quarter Highlights:* Net sales of $3.15 billion, up 22% compared to the first quarter of 2008 Theappreciation of the U.S. Dollar adversely affected sales by $200 million with noimpact on operating income. * Non-GAAP net income of $634 million, up 4% compared with the first quarter of2008 GAAP net income totaled $451 million. * Non-GAAP EPS of $0.71, down 4% compared with the first quarter of 2008, due tohigher financial expenses, tax rate and share count resulting from the Barracquisition GAAP diluted EPS totaled $0.51. * Non-GAAP operating income of $826 million, up 14% compared to the firstquarter of 2008 GAAP operating income totaled $538 million.
* Record global in-market sales of Copaxone® of $621 million, up 15% compared tothe first quarter of 2008 Copaxone® continues to be the leading MS therapy inthe U.S and globally * Cash flow from operations of $733 million * Barr results included for the first time. Significant progress in the Barrintegration."The year is off to a very strong start for Teva in terms of both financialresults and strategic accomplishments, as we delivered growth throughout ourvarious businesses and geographies. It was an outstanding quarter for ourinnovative and branded businesses, with record-breaking sales of Copaxone®--theglobal leader among treatments for MS--and excellent sales of our respiratoryproducts and products from Barr`s Women`s Health franchise," commented ShlomoYanai, Teva`s President and Chief Executive Officer. "The Barr integration isproceeding ahead of schedule, and we now believe that we will derive even morevalue from this acquisition than we originally expected." Mr. Yanai continued: "Teva's strong performance in the first quarter, despitethe foreign exchange effect on our top line, makes us very optimistic about theremainder of 2009." Net sales for the quarter increased 22% to $3,147 million, compared to $2,572million in the first quarter of 2008. The acquisition of Barr contributed to thegrowth in sales in all of Teva's geographies, particularly in the U.S., Russia,Poland, Germany, and Croatia.
Non-GAAP net income for the first quarter of 2009 totaled $634 million, anincrease of 4%, while non-GAAP diluted earnings per share was $0.71, a decreaseof 4% compared to the comparable quarter in 2008 On a U.S. GAAP basis, netincome for the first quarter totaled $451 million compared with $139 million inthe first quarter of 2008, while diluted earnings per share was $0.51, comparedwith $0.18 in the first quarter of 2008. Non-GAAP net income and non-GAAP EPS for the first quarter of 2009 are adjustedto exclude the following items (net of a related tax benefit of $105 million)related primarily to the acquisition of Barr:* Inventory step up totaling $220 million; * Amortization of purchased intangible assets of $54 million; and * Restructuring and impairment charges totaling $14 million.Non-GAAP operating income (which excludes inventory step up, amortization ofpurchased intangible assets and restructuring and impairment charges as detailedabove) increased 14% to $826 million, compared with the first quarter of 2008.On a U.S. GAAP basis, operating income totaled $538 million, up 81% comparedwith the first quarter last year. Teva believes that excluding these items facilitates investors` understanding ofthe trends in the Company`s underlying business. In the first quarter of 2008,non-GAAP net income and non-GAAP EPS excluded acquisition of R&D in process inconnection with the acquisition of CoGenesys Inc., amortization of purchasedintangible assets, impairment of financial assets and a related tax effect Seethe attached table for a reconciliation of U.S GAAP reported results toadjusted non-GAAP figures. Exchange rate differences negatively impacted sales in the first quarter of 2009by approximately $200 million, or 8%, as compared to the first quarter of 2008.The negative impact on sales resulted primarily from the strengthening of theU.S.