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Galen Hldgs (WCRX)

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Wednesday 07 August, 2002

Galen Hldgs

3rd Quarter Results

Galen Holdings PLC
07 August 2002


Craigavon, Northern Ireland/Rockaway, NJ                          7 August 2002



Galen Holdings PLC

Announces record results in the third quarter to 30 June 2002 and Completion of
the sale of CTS



Craigavon, Northern Ireland/Rockaway, New Jersey, USA - 7 August 2002 : Galen
Holdings PLC ('Galen') (LSE: GAL.L, Nasdaq: GALN), the international specialty
pharmaceutical products company, announces its results for the quarter ended 30
June 2002.



Highlights


                                                Quarter ended               Quarter ended
                                                 30 June 2002                30 June 2001               Change
                                                        (£ m)                       (£ m)                  (%)

Revenues
     - Products                                          42.2                        32.5                30.0%
     - Services1                                         10.7                        14.2               -24.9%
Total                                                    52.9                        46.7                13.3%

Operating profits(2)

      -  Products                                        16.3                        10.9                49.4%
      -  Services(1)                                      1.2                         3.2               -60.8%
Total                                                    17.5                        14.1                24.5%

Earnings per share2                                       8.3                         6.0                38.3%




(1) CTS sale completed May 31, 2002

(2) before exceptional items and  amortisation of goodwill and intangible assets



•        Earnings per ordinary share, before exceptional items and
amortisation of goodwill and intangible assets, increased to 8.3p, up 38.3% over
the same quarter in the prior year.



•         The company reported an exceptional gain of £71.0 million in the
quarter relating to the sale of its CTS division. This gain is not reflected in
the above normalised earnings per share calculation.



•         Pharmaceutical product revenue increased by 30% from £32.5 million
to £42.2 million reflecting strong underlying growth in our core brands and the
addition of both Duricef(R) and Moisturel(R), which were acquired in late March
2002.


•         Pharmaceutical services revenue was £10.7 million, a decrease of
24.9% over last year due to the sale of CTS during the quarter.  The results of
the quarter and nine months ending 30 June 2002, include the CTS business until
30 May 2002 reflecting its disposal at that date.



•        Gross Profit increased to £38.7 million from £30.2 million, an
increase of 28%. This represents an improvement in our Gross Margin to 73% this
quarter compared to 65% in the quarter ended 30 June 2001, demonstrating the
increasing impact of sales of higher margin pharmaceutical products in the U.S.



•         Operating margins also reflect the impact of the growth of our
pharmaceutical products business with operating profits increasing to £17.5
million with a 33% margin in the quarter compared to £14.1 million and 30% in
the same quarter last year.  Pharmaceutical products on their own contributed an
operating profit of £16.3 million, a 39% operating margin, notwithstanding an
increase in R&D spending from £2.5 to £3.8 million.



•        During the quarter the business generated cash of £17.3 million. In
addition, we raised £130 million from the sale of CTS and we retired a total of
£68.2 in debt, including buying back £54.7 million of high-coupon bonds. At the
end of the quarter our cash on hand increased to £268 million, and our net cash
position, after long term debt (including £40.7 million bonds remaining), stood
at £154 million.



•         On a go forward basis, the Board of Galen remains committed to
pursuing its ongoing growth strategy of focusing on its pharmaceutical products
business.  In this context, given the current general weakness in equity
markets, the Group intends to seek authority from shareholders to increase its
power to purchase and cancel current issued share capital of the Company from
the existing authority of 5% to approximately 15%. A circular will be sent to
shareholders in due course detailing the proposal and convening the necessary
shareholder meeting. The Company intends to use this authority only when it
considers it is efficient for the company to do so.



Commenting on the results, Roger Boissonneault, Chief Executive, said:



'During the quarter we once again executed on our strategy of transitioning into
a pure pharmaceutical products company with the sale of our CTS division.  This
further strengthens our capacity to invest in our products business,
particularly in the U.S., our primary engine for future growth. Our core
pharmaceutical business remains strong with our top three promoted products,
Ovcon, Estrace Cream and Doryx reaching aggregate sales of £65 million for the
first nine months of the year, an increase of 50% over the same period last
year.



As in previous announcements, we reiterate that the true measure of performance
of a pharmaceutical company remains the growth in new prescriptions of its
promoted products. Compared to the same calendar period in 2001, new
prescription data to date for Ovcon, Estrace Cream and Doryx showed growth rates
of 30%, 5% and 77% respectively.



Our development programmes are progressing to schedule and during the quarter
the NDA for our Ovcon(R) line extension was accepted for filing by the FDA.



The business is well placed as we enter our final quarter.'



Note:



Forward looking statements in this report, including, without limitation,
statements relating to Galen's plans, strategies, objectives, expectations,
intentions and adequacy of resources, are made pursuant to the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of 1995. These
forward looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
Galen to be materially different from any future results, performance or
achievements expressed or implied by such forward looking statements. These
factors include, among others, the following: Galen's ability to manage its
growth, government regulation affecting the development, manufacture, marketing
and sale of pharmaceutical products, customer acceptance of new products,
competitive factors in the industries in which Galen operates, the loss of key
senior management or scientific staff, exchange rate fluctuations, general
economic and business conditions, and other factors described in filings of
Galen with the SEC. Galen undertakes no obligation to publicly update or revise
any forward looking statement, whether as a result of new information, future
events or otherwise.



                                     # # #

For further information, please contact:


Galen Holdings PLC
David G. Kelly                                  Tel:   + 44 (0) 28 3833 4974

Financial Dynamics
Fiona Noblet                                    Tel:   + 44 (0) 20 7831 3113



For further information on Galen visit: www.galenplc.com



A conference call will take place today at 2:00pm (UK)  / 9:00 am (US).  Please
call Mo Noonan on 020 7269 7116 or Jane Cash at 973-442-3290 for further
details.





Unaudited results for the period ended 30 June 2002

Consolidated profit and loss account


                                                                                                       Audited
                                                      Unaudited               Unaudited                   Year
                                                      Quarter ended         Nine months ended            ended
                                                        30 June                 30 June           30 September
                                                     2002        2001        2002        2001             2001
                                                    £'000       £'000       £'000       £'000            £'000

                                                    _____       _____       _____       _____            _____
Turnover
Pharmaceutical products                            42,185      32,452     120,150      91,823          127,413
Pharmaceutical services - discontinued             10,674      14,213      40,170      41,035           55,270
operations
                                                    _____       _____       _____       _____            _____
Total turnover                                     52,859      46,665     160,320     132,858          182,683
Cost of sales                                      14,115      16,473      49,065      46,237           64,187

                                                    _____       _____       _____       _____            _____
Gross profit                                       38,744      30,192     111,255      86,621          118,496
                                                    _____       _____       _____       _____            _____

Net operating expenses

Before amortisation of goodwill and                21,231      16,127      61,015      46,468           63,555
intangibles
Goodwill and intangibles amortisation               7,075       5,858      20,732      17,817           24,602
Total net operating expenses                       28,306      21,985      81,747      64,285           88,157
                                                    _____       _____       _____       _____            _____
Operating profit
Before amortisation of goodwill and
intangibles:
Pharmaceutical products                            16,269      10,888      42,995      30,521           43,438
Pharmaceutical services - discontinued              1,244       3,177       7,245       9,632           11,503
operations
                                                    _____       _____       _____       _____            _____

Total before goodwill and intangibles              17,513      14,065      50,240      40,153           54,941
amortisation
Goodwill and intangibles amortisation               7,075       5,858      20,732      17,817           24,602

                                                    _____       _____       _____       _____            _____
Total operating profit                             10,438       8,207      29,508      22,336           30,339
Gain on sale of discontinued operations            71,053           -      78,580           -                -
Investment income                                   1,647         678       4,859       2,635            4,455

                                                    _____       _____       _____       _____            _____
Profit on ordinary activities before               83,138       8,885     112,947      24,971           34,794
interest
Interest payable and similar charges                9,062       4,215      18,332      13,883           17,848

                                                    _____       _____       _____       _____            _____
Profit on ordinary activities before               74,076       4,670      94,615      11,088           16,946
taxation
Tax on profit on ordinary activities                1,201       1,050       5,750       2,751            3,594

                                                    _____       _____       _____       _____            _____
Profit on ordinary activities after                72,875       3,620      88,865       8,337           13,352
taxation
Minority interests                                      -          29          32         104              122

                                                    _____       _____       _____       _____            _____
Profit for the financial period                    72,875       3,591      88,833       8,233           13,230
Dividends                                               -           -       1,855       1,342            4,413

                                                    _____       _____       _____       _____            _____
Retained profit for the financial period           72,875       3,591      86,978       6,891            8,817

                                                    _____       _____       _____       _____            _____
Earnings per share                                  39.4p        2.3p       48.0p        5.2p             8.2p

Diluted earnings per share                          39.2p        2.2p       47.6p        5.1p             8.1p
Adjusted earnings per share                          8.3p        6.0p       22.0p       16.6p            23.4p
Adjusted diluted earnings per share                  8.3p        5.9p       21.8p       16.2p            23.0p





Unaudited results for the period ended 30 June 2002

Consolidated balance sheet


                                                                 Unaudited                               Audited
                                                                  30 June                            30 September
                                                                    2002              2001                  2001
                                                                   £'000             £'000                 £'000

                                                                   _____             _____                 _____
Fixed assets
Intangible assets                                                506,604           521,723               510,742
Tangible assets                                                   39,979            87,418                89,180
                                                                   _____             _____                 _____
                                                                 546,583           609,141               599,922
                                                                   _____             _____                 _____
Current assets
Stocks                                                            19,272            15,003                16,563
Debtors                                                           28,061            37,025                35,961
Cash at bank and in hand                                         267,672            58,001               222,002
                                                                   _____             _____                 _____
                                                                 315,005           110,029               274,526
Creditors: amounts falling due within one year                    53,879            78,437                62,324
                                                                  _____             _____                 _____
Net current assets                                               261,126            31,592               212,202
                                                                   _____             _____                 _____
Total assets less current liabilities                            807,709           640,733               812,124
Creditors: amounts falling due after more than
 one year                                                        113,563           206,605               193,144
Provisions for liabilities and charges                             3,419             3,233                 8,372
Deferred income                                                    3,198             5,462                 5,736
                                                                   _____             _____                 _____
Net assets                                                       687,529           425,433               604,872
                                                                   _____             _____                 _____

Capital and reserves
Called up share capital                                           18,984            16,272                18,931
Share premium account                                            242,959            58,746               240,258
Merger reserve                                                   290,685           290,685               290,685
Profit and loss account                                          134,901            59,506                54,756

                                                                   _____             _____                 _____
Equity shareholders' funds                                       687,529           425,209               604,630
Minority interests - equity                                            -               224                   242
                                                                   _____             _____                 _____
                                                                 687,529           425,433               604,872
                                                                  _____             _____                 _____




Unaudited results for the period ended 30 June 2002
Consolidated cash flow statement


                                                      Unaudited                Unaudited                 Audited
                                                    Quarter ended         Nine months ended           Year ended
                                                       30 June                 30 June              30 September
                                                      2002        2001       2002          2001             2001
                                                     £'000       £'000      £'000         £'000            £'000

                                                     _____       _____      _____         _____            _____
Net cash inflow from operating activities           17,323      14,884     45,080        38,599           53,855
                                                     _____       _____      _____         _____            _____
Returns on investments and servicing of
finance
Interest paid                                      (8,808)     (4,216)   (18,109)      (13,884)         (17,848)
Interest received                                    1,566         678      4,784         2,635            4,455
                                                     _____       _____      _____         _____            _____
                                                   (7,242)     (3,538)   (13,325)      (11,249)         (13,393)
                                                     _____       _____      _____         _____            _____
Taxation
Corporation tax paid                               (1,080)     (1,805)    (2,411)         (820)          (1,115)
                                                    _____       _____      _____         _____            _____
Capital expenditure
Purchase of tangible fixed assets                  (2,332)     (4,467)    (9,742)      (11,905)         (16,225)
Sale of tangible fixed assets                            -           -                      217              250
Purchase of intangible fixed assets                      -    (67,669)   (29,593)      (67,669)         (70,211)
Government grant received                              561           -        561             -              454
                                                     _____       _____      _____         _____            _____
                                                   (1,771)    (72,136)   (38,774)      (79,357)         (85,732)
                                                     _____       _____      _____         _____            _____
Acquisitions and disposals
Sale of businesses                                 123,667           -    147,925             -                -
Acquisition costs and deferred consideration
payments
                                                         -           -    (6,175)      (16,101)         (16,098)

                                                     _____       _____      _____         _____            _____
                                                   123,667           -    141,750      (16,101)         (16,098)

                                                     _____       _____      _____         _____            _____
Equity dividends paid                                    -           -    (3,143)       (2,191)          (3,464)

                                                     _____       _____      _____         _____            _____
Net cash flow before management of liquid
resources and financing
                                                   130,897    (62,595)    129,177      (71,119)         (65,947)
                                                    _____       _____      _____         _____            _____
Management of liquid resources

(Increase)/increase in short term deposits        (66,500)      15,000   (38,500)        36,000        (161,000)
                                                     _____       _____      _____         _____            _____
Financing
Issue of ordinary share capital (net of                 21       (671)         92         4,090          188,261
expenses)
Loan notes repaid                                 (54,727)           -   (68,530)      (27,323)         (27,323)
Loans (repaid)/obtained (net)                     (13,479)      53,075   (17,873)        55,482           49,751
Principal repayment under hire purchase
agreements
                                                     (202)       (100)      (300)         (300)            (400)
                                                     _____       _____      _____         _____            _____
                                                  (68,387)      52,304   (86,611)        31,949          210,289
                                                    _____       _____      _____         _____            _____
(Decrease)/ increase in cash in the period         (3,990)       4,709      4,066       (3,170)         (16,658)
                                                   _____       _____      _____         _____            _____



Unaudited results for the period ended 30 June 2002



Notes to results



1          Basis of preparation



The financial information for the quarterly and nine months periods ended 30
June 2002 and 2001, which is unaudited and does not constitute statutory
accounts, has been prepared using accounting policies consistent with those set
out in the group's 30 September 2001 statutory accounts.



The abridged financial information for the year ended 30 September 2001 has been
extracted from the group's statutory accounts for that year, which have been
filed with the Registrar of Companies.  The report of the auditors on those
accounts was unqualified.





2          Earnings per share



Earnings per ordinary share is based on profit for the financial period and on
the weighted average number of ordinary shares in issue during the period,
excluding those held in the employee share trust.  Diluted earnings per share is
calculated using an adjusted number of shares reflecting the number of dilutive
shares under option.  Adjusted earnings per share figures reflecting the results
from continuing operations before the impact of exceptional items and goodwill
and intangibles amortisation have been calculated to provide shareholders with a
clearer understanding of the underlying trading performance of the group (see
below).





The weighted average numbers of shares used in the calculation of earnings per
share are as follows:


                                                                                                            Year

                                      Quarter ended                  Nine months ended                     ended
                                         30 June                          30 June                   30 September
                                         2002           2001             2002             2001              2001
                                       Number         Number           Number           Number            Number
                                           of             of               of               of                of
                                       shares         shares           shares           shares            shares
                                        _____          _____            _____            _____             _____
Weighted average number of
shares:
Basic                             185,181,122    157,406,120      185,177,622      157,326,345       161,354,740
Diluted                           186,029,010    159,761,634      186,444,272      160,504,760       164,160,276
                                        _____          _____            _____            _____             _____


                                      Quarter ended                  Nine months ended         Year ended
                                         30 June                          30 June              30 September
Adjusted earnings per share              2002           2001             2002             2001             2001
(pence)
                                        _____          _____            _____            _____            _____
Earnings per ordinary share              39.4            2.3             48.0              5.2              8.2
Adjustments (net of tax):
Gain on sale of businesses             (38.3)              -           (41.5)                -                -
Goodwill and intangibles                  3.7            3.7             11.1             11.4             15.2
amortisation
Exceptional costs of notes                3.5              -              4.4                -                -
redemption
                                        _____          _____            _____            _____            _____
Adjusted earnings per share              8.3p           6.0p            22.0p            16.6p            23.4p
- basic
                                       _____          _____            _____            _____            _____





Summary of differences between UK and US Generally Accepted Accounting
Principles ('GAAP')



(1)               Profit for the financial year and shareholders' funds



The group financial statements are prepared in accordance with UK GAAP which
differs in certain significant respects from US GAAP.  The effect of the US GAAP
adjustments to profit for the financial period and equity shareholders' funds
are set out in the tables below:


                                                                                        9 months to
                                                                                          30 June
                                                                                        2002                2001
                                                                                       £'000               £'000
                                                                                      Unaudited

(a)  Reconciliation of profit for the financial year to US GAAP
Profit for the financial period under UK GAAP                                         88,833               8,233

                                                                                       _____               _____
US GAAP adjustments:
Amortisation of goodwill                                                              12,114               5,027
Amortisation of intangibles                                                            (538)               (798)
In-process research and development related amortisation of goodwill                       -                  38
Capitalisation of interest                                                              (26)                (26)
Deferred taxation                                                                    (3,436)             (4,641)
Compensation expense                                                                   (168)             (3,312)
Inventory step up release                                                                  -               (986)
Deferred tax effect of US GAAP adjustments                                               226                 940
                                                                                       _____               _____
US GAAP adjustments total                                                              8,172             (3,758)
                                                                                       _____               _____
Profit for the financial period under US GAAP - UK pounds                             97,005               4,475
                                                                                       _____               _____
US dollars                                                                           142,787               6,370
                                                                                       _____               _____




                                                                                       As at               As at
                                                                                     30 June        30 September
                                                                                        2002                2001
                                                                                       £'000               £'000
                                                                                  Unaudited

(b)  Effect on equity shareholders' funds of differences between UK GAAP
and US GAAP
Equity shareholders' funds under UK GAAP                                             687,529             604,630
                                                                                       _____               _____
US GAAP adjustments:
Acquisition accounting                                                              (89,072)           (100,651)
Amortisation of goodwill relating to contingent consideration                          1,057               1,057
Capitalisation of interest                                                             1,631               1,657
Deferred taxation                                                                   (10,458)             (7,248)
Employee benefit trust                                                               (6,985)             (7,064)
Share premium account                                                                  6,985               7,064
Dividends                                                                              1,851               3,143

                                                                                       _____               _____
US GAAP adjustments total                                                           (94,991)           (102,042)

                                                                                       _____               _____
Equity shareholders' funds under US GAAP - UK pounds                                 592,538             502,588

                                                                                       _____               _____
- US dollars                                                                         908,417             738,183

                                                                                       _____               _____





Unaudited consolidated balance sheets

(In thousands of US dollars)
                                                                                     As at              Audited
                                                                                   June 30                As at
                                                                                                   September 30
                                                                                      2002                 2001
                                                                                     _____                _____
Assets
Current assets:
  Cash and cash equivalents                                                        410,367              326,076
  Accounts receivable, net                                                          35,307               43,617
  Inventories                                                                       29,546               24,274
  Deferred tax asset                                                                 7,494               13,600
  Prepaid expense and other assets                                                   7,714                7,595
  Current assets - discontinued operations                                               -                1,488

                                                                                     _____                _____
                                                                                   490,428              416,650

                                                                                     _____                _____
Property, plant and equipment, net                                                  63,791              116,325
Property, plant and equipment, net - discontinued operations                             -               17,097
Intangible assets, net                                                             643,009              599,967

                                                                                     _____                _____
Total assets                                                                     1,197,228            1,150,039

                                                                                     _____                _____
Liabilities
Current liabilities:
  Accounts payable                                                                  15,927               18,607
  Accrued and other liabilities                                                     54,272               35,548
  Current instalments of long-term debt                                              1,874               17,695
  Current instalments of obligation under capital leases                               129                  538
  Income taxes                                                                       7,510                3,113
  Deferred consideration                                                                 -               10,914
  Current liabilities - discontinued operations                                          -                  576

                                                                                     _____                _____
Total current liabilities                                                           79,712               86,991

                                                                                     _____                _____
Other liabilities:
  Long-term debt, excluding current instalments                                    173,504              281,107
  Long-term obligations under capital leases, excluding current                        599                  583
instalments
  Deferred income taxes                                                             30,094               34,392
  Other non-current liabilities                                                      4,902                7,503
  Other non-current liabilities - discontinued operations                                -                  923

                                                                                     _____                _____
Total liabilities                                                                  288,811              411,499

                                                                                     _____                _____
Minority interest                                                                        -                  357
Shareholders' equity
Ordinary shares, par value (pounds sterling) 0.10 per share; 250,000,000
(September 30, 2001;250,000,000) shares authorised, 189,841,539 shares
issued and outstanding at June 30, 2002 and 189,311,298 issued and
outstanding at September 30, 2001


                                                                                    29,977               29,902
Additional paid in capital                                                         677,262              673,144
Retained earnings                                                                  192,305               53,982
Treasury stock                                                                    (11,444)             (11,444)
Accumulated other comprehensive loss                                                20,317              (7,401)

                                                                                     _____                _____
Total shareholders' equity                                                         908,417              738,183
                                                                                     _____                _____
Total liabilities and shareholders' equity                                       1,197,228            1,150,039
                                                                                     _____                _____





Unaudited consolidated statement of operations
(In thousands of US dollars, except per share data)


                                                           Quarter ended               Nine months ended
                                                              June 30                       June 30
                                                               2002         2001           2002            2001
                                                              _____        _____          _____           _____
Revenues
Product revenue                                              62,632       46,092        174,186         132,101

                                                              _____        _____          _____           _____
Operating expenses
  Cost of sales (excluding depreciation shown                11,772       10,893         35,736          32,689
separately below)
  Selling, general and administrative                        19,779       15,148         57,895          50,383
  Research and development                                    5,638        3,549         14,409           8,187
  Depreciation                                                1,365        1,086          3,922           3,091
  Amortisation                                                5,153        5,919         13,980          18,284

                                                              _____        _____          _____           _____
Total operating expenses                                     43,707       36,595        125,942         112,634
                                                              _____        _____          _____           _____
Operating income                                             18,925        9,497         48,244          19,467
                                                             _____        _____          _____           _____
Other income (expense)
  Interest income                                             2,423          907          6,966           3,620
  Interest expense                                          (4,170)      (5,301)       (13,807)        (17,709)
                                                              _____        _____          _____           _____
Total other income (expense)                                (1,747)      (4,394)        (6,841)        (14,089)
                                                              _____        _____          _____           _____
Income before taxes and minority interest                    17,178        5,103         41,403           5,378

                                                              _____        _____          _____           _____
Provision for income taxes                                    7,355        3,295         14,869           5,937

                                                              _____        _____          _____           _____
Income from continuing operations before                      9,823        1,808         26,534           (559)
extraordinary loss
Discontinued operations:
Earnings from discontinued operations (net of tax             1,443        2,030          7,255           6,929
charge of $607)
Gain on disposal of discontinued operations (net of         107,520            -        116,210               -
tax charge of $2,163)
                                                              _____        _____          _____           _____
Net income before extraordinary loss                        118,786        3,838        149,999           6,370
Extraordinary loss on early retirement of debt (net         (5,786)            -        (7,212)               -
of tax benefit of $3,857)
                                                              _____        _____          _____           _____
Net income                                                  113,000        3,838        142,787           6,370

                                                              _____        _____          _____           _____
Basic and diluted net income per ordinary share:
- continuing operations before extraordinary loss              0.05         0.01           0.14               -
- earnings and gain on disposal of discontinued                0.59         0.01           0.67            0.04

  operations
- extraordinary loss on debt retirement                      (0.03)            -         (0.04)               -

                                                              _____        _____          _____           _____
Basic and diluted net income per ordinary share                0.61         0.02           0.77            0.04
Basic net income per ADS equivalent:
- continuing operations                                        0.21         0.05           0.57          (0.01)
- earnings from discontinued operations                        0.03         0.05           0.16            0.17
- gain on disposal of discontinued operations                  2.32            -           2.51               -
- extraordinary loss on debt retirement                      (0.12)            -         (0.16)               -
Basic net income per ADS equivalent                            2.44         0.10           3.08            0.16



Diluted net income per ADS equivalent:
- continuing operations                                        0.21         0.05           0.57          (0.01)
- earnings from discontinued operations                        0.03         0.05           0.15            0.17
- gain on disposal of discontinued operations                  2.31            -           2.49               -
- extraordinary loss on debt retirement                      (0.12)            -         (0.15)               -
Diluted net income per ADS equivalent                          2.43         0.10           3.06            0.16
Weighted average ordinary shares outstanding
Basic                                                   185,181,122  157,406,120    185,177,622     157,326,345
Diluted                                                 186,029,010  159,761,634    186,444,272     160,504,760
Weighted average ADS equivalents outstanding
Basic                                                    46,295,280   39,351,530     46,294,405      39,331,586
Diluted                                                  46,507,252   39,940,408     46,611,068      40,126,190






Unaudited consolidated statements of cash flows

(In thousands of US dollars)


                                                          Quarter ended                Nine months ended
                                                            June 30                        June 30
                                                           2002            2001           2002             2001
                                                          _____           _____          _____            _____
Cash flows from operating activities
Net income                                              113,000           3,838        142,787            6,370
Adjustment to reconcile net income to net cash
provided by operating activities:
Depreciation                                              2,225           2,282          7,188            6,455
Amortisation of intangibles                               4,583           6,335         13,410           19,506
Profit on sale of business                            (107,520)               -      (118,373)                -
Loss on sale of assets                                        -               3              -               23
Amortisation of government grants                         (337)           (231)        (1,329)          (1,717)
Stock compensation expense                                    -             236              -            4,705
Minority interest                                             -              41              -              150
Changes in assets and liabilities:
Decrease/(increase) in accounts receivable,
prepaid expense and other assets                          1,908         (6,515)        (7,486)          (1,118)
(Increase)/decrease in inventories                      (3,188)             (1)        (5,348)            1,147
Increase/(decrease) in accounts payable, accrued
liabilities and other liabilities                        21,307           3,812         24,644          (3,583)
Income taxes                                              4,484           1,484          7,120            7,244
Foreign exchange gain/(loss)                            (9,849)           3,739        (6,579)            2,142

                                                          _____           _____          _____            _____
Net cash provided by operating activities                26,613          15,023         56,034           41,324

                                                          _____           _____          _____            _____

Cash flows from investing activities
Purchase of tangible fixed assets                       (3,919)         (6,311)       (14,445)         (16,909)
Purchase of intangible fixed assets                     (5,700)        (96,110)       (47,737)         (96,110)
Proceeds from sale of intangible fixed assets                 -               -              -              308
Proceeds from sale of businesses                        180,368               -        216,126
Deferred consideration and acquisition costs                  -               -        (8,772)         (23,333)
Government grants received                                  832               -            832                -

                                                          _____           _____          _____            _____
Net cash provided by/(used in) investing                171,581       (102,421)        146,004        (136,044)
activities
                                                          _____           _____          _____            _____
Cash flows from financing activities
Long  term debt obtained/(repaid)                      (17,447)          93,668       (26,229)           62,065
Loan notes repaid                                      (79,100)               -       (99,100)                -
Payments under capital leases                             (132)           (115)          (445)            (426)
Proceeds from share capital issue (net of                    31         (1,098)            132            5,809
expenses)
Cash dividends paid                                           -               -        (4,465)          (3,163)

                                                          _____           _____          _____            _____
Net cash (used in)/provided by financing               (96,648)          92,455      (130,107)           64,285
activities
                                                          _____           _____          _____            _____

Net increase/(decrease) in cash and cash
equivalents
                                                        101,546           5,057         71,931         (30,435)
Cash and cash equivalents, beginning of period          290,215          77,034        326,076          113,671
Foreign exchange adjustment on cash and cash
equivalents
                                                         18,606           (582)         12,360          (1,727)

                                                          _____           _____          _____            _____
Cash and cash equivalents, end of period                410,367          81,509        410,367           81,509

                                                          _____           _____          _____            _____







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