2014 Q4 earnings release 8-K NEW

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

_______________________________________________
 FORM 8-K
_______________________________________________

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
August 14, 2014

_______________________________________________
PERRIGO COMPANY PLC
(Exact name of registrant as specified in its charter)
_______________________________________________

Commission file number 001-36353

Ireland
 
Not Applicable
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
Treasury Building, Lower Grand Canal Street, Dublin 2, Ireland
 
-
(Address of principal executive offices)
 
(Zip Code)
+353 1 7094002
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
________________________________________ 


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

£ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

£ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

£ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

£ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




ITEM 2.02.    Results of Operations and Financial Condition

On August 14, 2014, Perrigo Company plc (the “Company”) released earnings for the fourth quarter and full year fiscal 2014. The press release related to the Company’s earnings is attached as Exhibit 99.1.

The earnings release contains certain non-GAAP measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP) in the statements of income, balance sheets or statements of cash flows of the company. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation for cost of sales, gross profit, operating expenses, operating income, income before income taxes, income tax expense, net income and earnings per share within its earnings release to the most directly comparable U.S. GAAP measures for these non-GAAP measures.

The Company excludes the items listed below in the applicable period when monitoring and evaluating the on-going financial results and trends of its business, and believes that presenting operating results excluding these items is also useful for investors, since it provides important insight into the Company's on-going core business operations on a normalized basis. Adjusted earnings is one of the primary indicators management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of the Company’s business from period to period without the effect of the non-core business items indicated. Management uses adjusted earnings to prepare operating budgets and forecasts and to measure the Company’s performance against those budgets and forecasts on a corporate and segment level.

Items excluded from reported results and guidance:

Fourth Quarter Fiscal 2013 Results
Amortization of acquired intangible assets related to business combinations and asset acquisitions
Transaction charges for completed business acquisition
Restructuring charges related to completed business acquisition and for organizational improvements
Write-offs of in-process research and development

Full Year Fiscal 2013 Results
Amortization of acquired intangible assets related to business combinations and asset acquisitions
Charges associated with the step-ups in value of inventory acquired
Acquisition charges for completed business acquisition
Write-offs of in-process research and development
Restructuring charges related to completed business acquisition and for organizational improvements
Loss on sales of investments

Fourth Quarter Fiscal 2014 Results
Amortization of acquired intangible assets related to business combinations and asset acquisitions
Charges associated with legal contingency
Restructuring charges related to completed business acquisition and for organizational improvements
Losses on equity method investments

Full Year Fiscal 2014 Results
Amortization of acquired intangible assets related to business combinations and asset acquisitions
Transaction charges for completed business acquisitions
Charges associated with legal contingency
Litigation settlements
Contingent consideration adjustment
Escrow settlement
Write-offs of in-process research and development
Restructuring charges related to completed business acquisition and for organizational improvements
Losses on equity method investments
Loss on sales of investments
Loss on extinguishment of debt






Fiscal 2015 Guidance
Amortization of acquired intangible assets related to business combinations and asset acquisitions

The information in this Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Report shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.


ITEM 9.01.    Financial Statements and Exhibits

(d)
Exhibits

99.1
Press release issued by Perrigo Company plc on August 14, 2014, furnished solely pursuant to Item 2.02 of Form 8-K.







SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




 
 
 
(Registrant)

 
 
 
PERRIGO COMPANY PLC

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By:
/s/ Judy L. Brown
Dated: August 14, 2014
 
 
 
Judy L. Brown
 
 
 
 
Executive Vice President and
 
 
 
 
Chief Financial Officer
 
 
 
 
(Principal Accounting and Financial Officer)