01—Abstract
Summary
Summary of the 10-K/A filed March 1, 2012. Cited figures are marked; the original filing is the authoritative source.
This Form 10-K filing from West Pharmaceutical Services, Inc. contains Item 6 (Exhibits) and the Exhibit Index.
It lists the agreements, plans, certifications, and XBRL documents that accompany the annual report, and it does not contain financial statements or narrative business disclosure. Most exhibits are incorporated by reference to earlier filings, including Forms 8-K, 10-K, and 10-Q. The index points to several items of note for investors.
The Credit Agreement and Security Agreement, both dated June 3, 2011, were entered into with PNC Bank, National Association, as administrative agent. A Global Supply Agreement with ExxonMobil Chemical Company, entered July 28, 2011, covers the period from January 1, 2011 through December 31, 2013. The company also filed a Lease Agreement dated December 17, 2010 with 530 Regency Drive Associates, L.P., along with a letter exercising a purchase option.
Its 2011 Omnibus Incentive Compensation Plan and a Change-in-Control Agreement with Jeffrey C. Hunt dated January 21, 2011 are also listed. The index also includes the Computation of Ratio of Earnings to Fixed Charges (Exhibit 12.1), the Subsidiaries of the Company (Exhibit 21), the Consent of Independent Registered Public Accounting Firm (Exhibit 23), and Powers of Attorney (Exhibit 24).
Section 302 and Section 906 certifications from the CEO and CFO are included, as are XBRL instance and taxonomy documents. Certain portions of the Goodyear, Becton Dickinson, and ExxonMobil agreements have been omitted under a confidential treatment request submitted to the SEC.
02—Key points
Key Highlights
- Exhibit index lists the Credit Agreement and Security Agreement, both dated June 3, 2011, with PNC Bank, National Association as administrative agent.
- A Global Supply Agreement with ExxonMobil Chemical Company, entered July 28, 2011, is effective from January 1, 2011 through December 31, 2013.
- Supply and distribution agreements are listed with Becton, Dickinson and Company (dated October 1, 2007), The Goodyear Tire & Rubber Company (effective January 1, 2005, amended July 1, 2008), and Daikyo Seiko, Ltd. (dated January 25, 2007).
- A lease with 530 Regency Drive Associates, L.P. dated December 17, 2010 is listed, along with a letter exercising a purchase option.
- Management compensation plans are listed, including the 2011 Omnibus Incentive Compensation Plan and a Change-in-Control Agreement with Jeffrey C. Hunt dated January 21, 2011.
- Exhibit 12.1, the Computation of Ratio of Earnings to Fixed Charges, is included with the filing.
- Certain portions of the Goodyear, Becton Dickinson, and ExxonMobil agreements have been omitted under a confidential treatment request submitted to the SEC.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2011, West Pharmaceutical Services kept $0.06.
- Revenue$1.19B100.0%
- Cost of revenue−$853.0M71.5%
- Gross profit$339.3M28.5%
- Operating costs−$229.7M19.3%
- Operating income$109.6M9.2%
- Interest, other & tax−$34.1M2.9%
- Net income$75.5M6.3%
Where FY2011 revenue went
$1.19B- Cost of revenue: $853.0M, 72% of revenue
- SG&A: $191.1M, 16% of revenue
- Net income: $75.5M, 6.3% of revenue
- R&D: $29.1M, 2.4% of revenue
- Other operating costs: $9.5M, 0.8% of revenue
- Interest, other & tax: $34.1M, 2.9% of revenue
Kept 6.3% as net incomeOther operating costs $9.5M · 0.8%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2011filed March 1, 2012Financial Statements
FY2011 against FY2010
| Line item | FY2011FY2010 | Change |
|---|---|---|
| Revenue | $1.19B$1.10B | +7.9% |
| Cost of Revenue | $853.00M$786.60M | +8.4% |
| Gross Profit | $339.30M$318.10M | +6.7% |
| R&D Expenses | $29.10M$23.90M | +21.8% |
| SG&A Expenses | $191.10M$187.70M | +1.8% |
| Operating Income | $109.60M$90.70M | +20.8% |
| Interest Expense | $18.20M$16.80M | +8.3% |
| Net Income | $75.50M$65.30M | +15.6% |
| EPS (Basic) | $1.12$1.96 | −42.9% |
| EPS (Diluted) | $1.08$1.89 | −42.9% |
| Shares Outstanding (Basic) | 67.30M33.30M | +102.1% |
| Shares Outstanding (Diluted) | 74.00M36.70M | +101.6% |
05—Questions
Frequently Asked Questions
What does this filing contain?
This filing contains Item 6 (Exhibits) and the Exhibit Index to the annual report. It lists the agreements, plans, certifications, and XBRL documents filed with the report, most of which are incorporated by reference to earlier filings.
What major financing agreements are listed?
The index lists a Credit Agreement and a Security Agreement, both dated June 3, 2011, among the company, certain subsidiaries, several banks, and PNC Bank, National Association as administrative agent. It also lists a Multi-Currency Note Purchase and Private Shelf Agreement dated February 27, 2006 with The Prudential Insurance Company of America and affiliates, and a Note Purchase Agreement dated July 28, 2005.
Which key customer and supplier agreements are referenced?
The index references a Global Supply Agreement with ExxonMobil Chemical Company entered July 28, 2011 and effective through December 31, 2013, a Supply Agreement with Becton, Dickinson and Company dated October 1, 2007, and an agreement with The Goodyear Tire & Rubber Company effective January 1, 2005. Portions of the Goodyear, Becton Dickinson, and ExxonMobil agreements have been omitted under a confidential treatment request.
Does the filing include any certifications or financial data exhibits?
Yes. The index lists Section 302 certifications from the Chief Executive Officer and Chief Financial Officer (Exhibits 31.1 and 31.2), Section 906 certifications (Exhibits 32.1 and 32.2), the Computation of Ratio of Earnings to Fixed Charges (Exhibit 12.1), and XBRL instance and taxonomy documents (Exhibits 101 series).
06—Continue