Mallinckrodt: Condensed Consolidated Statements Of Income

The following excerpt is from the company's SEC filing.

Nine Months Ended June 24, 2016

(unaudited, in millions, except per share data)

GAAP Historical As Reported

Reclass to Discontinued Operations

Adjusted

Net sales

2,803.4

(309.8

2,493.6

Cost of sales

1,290.8

(162.0

1,128.8

Gross profit

1,512.6

(147.8

1,364.8

Selling, general and administrative expenses

Research and development expenses

Restructuring charges, net

Non-restructuring impairment charges

Gains on divestiture and license

Operating income

Interest expense

(290.6

Interest income

Other income (expense), net

Income from continuing operations before income taxes

Income tax (benefit)

(175.0

(199.2

Income from discontinued operations, net of income taxes

Net income

Basic earnings per share:

Diluted earnings per share:

Weighted-average number of shares outstanding:

MALLINCKRODT PLC

NON-GAAP MEASURES

(unaudited, in millions except per share data)

income from continuing operations

Reclass to discontinued operations

Adjustments:

Intangible asset amortization

Restructuring and related charges, net

Inventory step-up expense

Change in contingent consideration fair value

Acquisition related expenses

Significant legal and environmental charges

Income taxes

(320.8

As adjusted

1,905.7

Percent of net sales

Includes tax effects of above adjustments as well as the elimination of deferred tax benefits recognized upon pay down of intercompany installment notes created by internal sales of acquired intangible assets.

SEGMENT NET SALES

(unaudited, in millions)

Specialty Brands

1,667.5

Specialty Generics

Nuclear Imaging

2,762.7

2,452.9

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended June 24, 2016

(104.0

Diluted income from continuing operations

(144.3

Three Months Ended March 25, 2016

(102.2

(Loss) income from discontinued operations, net of income taxes

Three Months Ended December 25, 2015

(103.6

Fiscal Year Ended September 25, 2015

3,346.9

(423.8

2,923.1

1,493.3

(193.1

1,300.2

1,853.6

(230.7

1,622.9

1,113.4

1,023.8

(108.0

(255.6

(129.3

Income (loss) from continuing operations

Incremental equity conversion costs

(294.7

Dilutive share impact

2,211.0

For the fiscal year ended September 25, 2015, the diluted income from continuing operations per share on a GAAP basis was required to be calculated using the two-class method. This method required $2.0 million of income from continuing operations be allocated to participating securities for the fiscal year ended September 25, 2015. This adjustment reflects this allocation and a similar allocation of the above adjustments. Using the two-class method, the weighted-average number of shares were 117.2 million for the fiscal year ended September 25, 2015.

1,622.8

1,251.6

3,298.2

2,874.4

Three Months Ended September 25, 2015

Net loss

Income (loss) from discontinued operations

For the three months ended September 25, 2015, the diluted income from continuing operations per share on a GAAP basis was required to be calculated using the two-class method. This method required $0.4 million of income from continuing operations to be allocated to participating securities for the three months ended September 25, 2015. This adjustment reflects this allocation and a similar allocation of the above adjustments. Using the two-class method, the weighted-average number of shares were 117.8 million for the three months ended September 25, 2015.

Three Months Ended June 26, 2015

(108.8

For the three months ended June 26, 2015, the diluted income from continuing operations per share on a GAAP basis was required to be calculated using the two-class method. This method required $0.3 million of income from continuing operations to be allocated to participating securities for the three months ended June 26, 2015. This adjustment reflects this allocation and a similar allocation of the above adjustments. Using the two-class method, the weighted-average number of shares were 117.8 million for the three months ended June 26, 2015.

Three Months Ended March 27, 2015

(109.5

For the three months ended March 27, 2015, the diluted income from continuing operations on a GAAP basis was required to be calculated using the two-class method. This method required $0.5 million of income from continuing operations to be allocated to participating securities for the three months ended March 27, 2015. This adjustment reflects this allocation and a similar allocation of the above adjustments. Using the two-class method, the weighted-average number of shares were 117.2 million for the three months ended March 27, 2015.

Three Months Ended December 26, 2014

(101.9

Restructuring and related charges, net

Income taxes

For the three months ended December 26, 2014, the diluted income from continuing operations per share on a GAAP basis was required to be calculated using the two-class method. This method required $0.8 million of income from continuing operations to be allocated to participating securities for the three months ended December 26, 2014. This adjustment reflects this allocation and a similar allocation of the above adjustments. Using the two-class method, the weighted-average number of shares were 116.3 million for the three months ended December 26, 2014.

Fiscal Year Ended September 26, 2014

2,082.0

(431.7

1,650.3

1,021.8

(256.1

1,060.2

(175.6

(111.5

Separation costs

(124.5

Operating (loss) income

(Loss) from continuing operations before income taxes

(153.9

(143.8

(Loss) from discontinued operations, net of income taxes

(175.5

(121.8

(297.3

(319.3

(Loss) Income from continuing operations

Up-front and milestone payments

Gain on intellectual property license

1,049.8

Includes tax effects of above adjustments.

For the fiscal year ended September 26, 2014, the diluted income from continuing operations per share on a GAAP basis was required to be calculated using the two-class method. This method required that none of the loss from continuing operations be allocated to participating securities, as this would have been antidilutive. This adjustment reflects this allocation and a similar allocation of the above adjustments. Using the two-class method, the weighted-average number of shares were 65.7 million for the fiscal year ended September 26, 2014.

1,199.4

2,044.6

1,612.9

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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