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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 30, 2007
PERRIGO COMPANY
(Exact name of registrant as specified in its charter)
         
MICHIGAN   0-19725   38-2799573
         
(State of other
Jurisdiction of
Incorporation) 		  (Commission
File Number) 		  (IRS Employer
Identification
No.)
     
515 Eastern Avenue, Allegan, Michigan   49010
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code:       (269) 673-8451
     
Not Applicable
 
(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:
o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o  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 30, 2007, The Perrigo Company is holding its Annual Shareholders’ Meeting at the Allegan County Area Technical & Educational Center, 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 this press release 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. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. These and other important factors, including those discussed under “Risk Factors” in the Company’s Form 10-K for the year ended June 30, 2007, as well as the Company’s subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and 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 1
PERRIGO COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, except per share amounts)
(unaudited)
                         
    2005     2006     2007  
Reported gross profit
   $ 260,389     $ 397,741     $ 401,625  
Inventory step-up — Agis
     23,392       4,762       —  
Inventory step-up — Glades
     —       —       4,573  
PPA product discontinuation
     —       —       —  
 
                  
Adjusted gross profit
   $ 283,781     $ 402,503     $ 406,198  
 
                  
 
                        
Reported operating income (loss)
   $ (330,473 )   $ 111,332     $ 98,551  
Inventory step-up — Agis
     23,392       4,762       —  
Inventory step-up — Glades
     —       —       4,573  
Settlements — Class action lawsuit / FTC
     4,500       —       —  
Perrigo operational improvements
     3,150       8,846       879  
Perrigo asset impairments
     3,232       —       —  
Write-off of in-process R&D — Agis
     386,800       —       —  
Write-off of in-process R&D — Glades
     —       —       8,252  
Acquisition costs
     5,560       —       —  
Impairment of note receivable
     —       —       2,034  
 
                  
Adjusted operating income
   $ 96,161     $ 124,940     $ 114,289  
 
                  
 
                        
Reported net income (loss)
   $ (352,983 )   $ 71,400     $ 73,797  
Inventory step-up — Agis (1)
     18,246       3,714       —  
Inventory step-up — Glades (5)
     —       —       2,675  
Settlements — Class action lawsuit / FTC (2) (4)
     2,880       —       —  
Perrigo operational improvements (2)
     2,016       5,661       563  
Perrigo asset impairments (2)
     2,068       —       —  
Write-off of in-process R&D — Agis (3)
     386,800       —       —  
Write-off of in-process R&D — Glades (5)
     —       —       4,827  
Acquisition costs (2)
     3,558       —       —  
Gain on sale of equity method investment (4)
     —       (2,939 )     —  
Impairment of note receivable (6)
     —       —       1,261  
 
                  
Adjusted net income
   $ 62,586     $ 77,836     $ 83,123  
 
                  
 
                        
Diluted earnings (loss) per share
         
Reported
   $ (4.57 )   $ 0.76     $ 0.79  
Adjusted
   $ 0.81     $ 0.83     $ 0.89  
 
Diluted weighted average shares outstanding
     77,313       94,105       93,807  
 
(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)   Net of taxes at 37%
 
(5)   Net of taxes at 41.5%
 
(6)   Net of taxes at 38%

 

 

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 30, 2007  By:   /s/ Judy L. Brown    
    Judy L. Brown   
    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.