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):
October 28, 2005
PERRIGO COMPANY
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(Exact name of registrant as specified in its charter)
MICHIGAN 0-19725 38-2799573
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(State of other (Commission (IRS Employer
Jurisdiction of File Number) Identification
Incorporation) No.)
515 Eastern Avenue, Allegan, Michigan 49010
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (269) 673-8451
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Not Applicable
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(Former name or address, 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 7.01. Regulation FD Disclosure
On October 28, 2005, The Perrigo Company held its Annual Shareholders' Meeting
at the Perrigo Corporate Office, Allegan, Michigan.
The Annual Shareholders' Meeting slides presented are Exhibit 99.
The slides include certain non-GAAP financial measures. The reconciliation of
these measures is presented on the following page.
Certain statements in these slides are forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and
are subject to the safe harbor created thereby. These statements relate to
future events or the Company's future financial performance and involve known
and unknown risks, uncertainties and other factors that may cause the actual
results, levels of activity, performance or achievements of the Company or its
industry to be materially different from those expressed or implied by any
forward-looking statements. In some cases, forward-looking statements can be
identified by terminology such as "may," "will," "could," "would," "should,"
"expect," "plan," "anticipate," "intend," "believe," "estimate," "predict,"
"potential" or other comparable terminology. Please see the "Cautionary Note
Regarding Forward-Looking Statements" on pages 33 - 41 of the Company's Form
10-K for the year ended June 25, 2005 for a discussion of certain important
factors that relate to forward-looking statements contained in this press
release. Although the Company believes that the expectations reflected in these
forward-looking statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Unless otherwise required by applicable
securities laws, the Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
The information in this Report is being furnished and shall not be deemed
"filed" for the 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.
TABLE I
PERRIGO COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, except per share amounts)
(unaudited)
FISCAL YEAR
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2000 2001 2002 2003 2004 2005
----------- ----------- ----------- ----------- ----------- -----------
Reported net sales $ 753,486 $ 763,085 $ 835,063 $ 834,100 $ 898,204 $ 1,024,098
PPA product discontinuation -- 12,500 -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Adjusted net sales $ 753,486 $ 775,585 $ 835,063 $ 834,100 $ 898,204 $ 1,024,098
=========== =========== =========== =========== =========== ===========
Reported gross profit $ 161,640 $ 182,291 $ 226,441 $ 238,024 $ 267,964 $ 260,389
Inventory step-up -- -- -- -- -- 23,392
PPA product discontinuation -- 21,000 -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Adjusted gross profit $ 161,640 $ 203,291 $ 226,441 $ 238,024 $ 267,964 $ 283,781
=========== =========== =========== =========== =========== ===========
Reported operating income (loss) $ 33,182 $ 36,465 $ 80,933 $ 85,178 $ 102,896 $ (330,473)
Inventory step-up -- -- -- -- -- 23,392
Settlements - Class action lawsuit / FTC -- -- -- -- 4,750 4,500
Perrigo operational improvements -- -- -- -- -- 3,150
Perrigo asset impairments 1,048 2,175 2,046 -- -- 3,232
Write-off of in-process R&D -- -- -- -- -- 386,800
Acquisition costs -- -- -- -- -- 5,560
Unusual litigation (4,154) (995) (27,891) (3,128) -- --
Quifa restructuring and goodwill impairment -- -- 16,614 -- -- --
PPA product discontinuation -- 21,000 -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Adjusted operating income $ 30,076 $ 58,645 $ 71,702 $ 82,050 $ 107,646 $ 96,161
=========== =========== =========== =========== =========== ===========
Reported net income (loss) $ 16,825 $ 24,414 $ 44,790 $ 54,048 $ 80,567 $ (352,983)
One time tax benefit -- -- -- -- (13,100) --
Inventory step-up (1) -- -- -- -- -- 18,246
Settlements - Class action lawsuit/
FTC (2) (4) -- -- -- -- 3,400 2,880
Perrigo operational improvements (2) -- -- -- -- -- 2,016
Perrigo asset impairments (2) 671 1,392 1,309 -- -- 2,068
Write-off of in-process R&D (3) -- -- -- -- -- 386,800
Acquisition costs (2) -- -- -- -- -- 3,558
Unusual litigation (2) (2,659) (637) (17,850) (2,002) -- --
Quifa restructuring and goodwill impairment (3) -- -- 16,614 -- -- --
PPA product discontinuation (2) -- 13,440 -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Adjusted net income $ 14,837 $ 38,609 $ 44,863 $ 52,046 $ 70,867 $ 62,586
=========== =========== =========== =========== =========== ===========
Diluted earnings (loss) per share
Reported $ 0.23 $ 0.33 $ 0.60 $ 0.76 $ 1.11 $ (4.57)
Adjusted $ 0.20 $ 0.52 $ 0.60 $ 0.73 $ 0.98 $ 0.81
Diluted weighted average shares outstanding 73,536 74,087 74,606 71,158 72,289 77,313
(1) Net of taxes at 22%
(2) Net of taxes at 36%
(3) Permanent difference for tax purposes and thus is not tax effected
(4) Fiscal 2004 FTC settlement includes $1,000 of non-deductible expenses that
are not tax effected
ITEM 9.01. Financial Statements and Exhibits
(c) Exhibits
99 Annual Shareholders' Meeting Slides.
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.
PERRIGO COMPANY
(Registrant)
Dated: October 28, 2005 By: /s/Douglas R. Schrank
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Douglas R. Schrank
Executive Vice President and
Chief Financial Officer
(Principal Accounting and Financial Officer)
Exhibit Index
Exhibit 99 -- Annual Shareholders' Meeting Slides, furnished solely pursuant to
Item 7.01 of Form 8-K.