WST FY 2010 Earnings Report — West Pharmaceutical Services, Inc. Revenue & Financial Results | Market Cap Arena

West Pharmaceutical Services, Inc.WST

FY 2010 Earnings

Reported February 28, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$1.1B	—	$1.1B	—	4.6%
Op. Income	$106M	—	$106M	—	0.0%
Gross Margin	28.7%	—	28.8%	—	-0.0pp
Net Margin	5.9%	—	6.9%	—	-1.0pp
EPS (Diluted)	$0.95	—	$1.06	—	-10.4%
Free Cash Flow	$65M	—	$30M	—	115.7%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$787M
GROSS PROFIT	$318M
R&D Expenses	$24M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$188M
Other Expenses	$0
Operating Expenses	$212M
Cost & Expenses	$999M
OPERATING INCOME	$106M
Interest Income	$600.0K
Interest Expense	$14M
Other Income/Expenses	-$27M
INCOME BEFORE TAX	$79M
Income Tax Expense	$14M
Net Income from Continuing Ops	$65M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$65M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$65M
D&A	$73M
EBIT	$88M
EBITDA	$161M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$787M
GROSS PROFIT	$318M
R&D Expenses	$24M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$188M
Other Expenses	$0
Operating Expenses	$212M
Cost & Expenses	$999M
OPERATING INCOME	$106M
Interest Income	$600.0K
Interest Expense	$14M
Other Income/Expenses	-$27M
INCOME BEFORE TAX	$79M
Income Tax Expense	$14M
Net Income from Continuing Ops	$65M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$65M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$65M
D&A	$73M
EBIT	$88M
EBITDA	$161M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$65M
Depreciation & Amortization	$73M
Stock-Based Compensation	$8M
Deferred Income Tax	-$2M
Other Non-Cash Items	-$9M
Change in Working Capital	$3M
OPERATING CASH FLOW	$138M
Capital Expenditure	-$74M
Acquisitions (Net)	-$4M
Purchases of Investments	-$7M
Sales/Maturities of Investments	$9M
Other Investing Activities	$2M
NET CASH FROM INVESTING	-$74M
Net Debt Issuance	-$16M
Common Stock Repurchased	-$2M
Common Dividends Paid	-$22M
Other Financing Activities	$2M
NET CASH FROM FINANCING	-$34M
FREE CASH FLOW	$65M
Net Change in Cash	$27M

Balance Sheet

Item	Amount
Cash & Equivalents	$110M
Short-Term Investments	$0
Net Receivables	$126M
Inventory	$147M
Other Current Assets	$53M
TOTAL CURRENT ASSETS	$437M
PP&E (Net)	$555M
Goodwill	$113M
Intangible Assets	$55M
Long-Term Investments	$48M
Tax Assets	$65M
Other Non-Current Assets	$23M
TOTAL NON-CURRENT ASSETS	$858M
TOTAL ASSETS	$1.3B
Account Payables	$63M
Short-Term Debt	$300.0K
Deferred Revenue	$0
Other Current Liabilities	$43M
TOTAL CURRENT LIABILITIES	$170M
Long-Term Debt	$358M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$20M
Other Non-Current Liabilities	$121M
TOTAL NON-CURRENT LIABILITIES	$499M
TOTAL LIABILITIES	$669M
Common Stock	$9M
Additional Paid-In Capital	$77M
Retained Earnings	$613M
Treasury Stock	-$42M
Accum. Other Comp. Income	-$31M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$626M
Minority Interest	$0
TOTAL EQUITY	$626M
TOTAL LIABILITIES & EQUITY	$1.3B
Total Debt	$358M
Net Debt	$248M