Our Maryland Heights, Missouri facility houses our corporate offices and our Specialty Distribution Services operations. We believe our facilities have been well maintained and are in good operating condition. Our existing facilities comprise approximately 1,390,000 square feet in the aggregate.
The following selected financial data should be read in conjunction with the Consolidated Financial Statements, including the related notes, and "
Earnings per share and weighted average shares outstanding included in Management's Discussion and Analysis of Financial Condition and Results of Operations have been restated to reflect the two-for-one stock split effective June 22, 2001.
Depreciation and amortization decreased for the year ended December 31, 2001 from 2000 primarily due to amortization of the UHC customer contract intangible asset, which fully amortized during 2000. This reduction was partially offset by increased depreciation and amortization expense associated with additional property and equipment placed into service. Depreciation and amortization increased during 2000 over 1999 due to the expansion of our operations and enhancement of our information systems to better serve our clients. This increase was slightly offset by the decrease in amortization of customer contracts as a result of the UHC customer contract intangible asset being fully amortized during 2000. The remaining increase in 2000 was primarily due to the acquisition of DPS, as 1999 only included amortization of the DPS goodwill and other intangible assets for nine months.
During 1999, we recorded the following items in our Consolidated Statement of Operations in the non-recurring charges line (there were no such items during 2001 or 2000):
Organization and operations. We are one of the largest full-service pharmacy benefit management ("PBM") companies independent of pharmaceutical manufacturer ownership in North America. We provide health care management and administration services on behalf of clients that include health maintenance organizations, health insurers, third-party administrators, employers and union-sponsored benefit plans. Our fully integrated PBM services include network claims processing, mail pharmacy services, benefit design consultation, drug utilization review, formulary management, disease management, medical and drug data analysis services, medical information management services, and informed decision counseling services through our Express Health LineSM division. We also provide non-PBM services which include distribution services through our Express Scripts Specialty Distribution Services subsidiary ("SDS"), and prior to June 12, 2001, infusion therapy services through our wholly-owned subsidiary IVTx, Inc., operating as Express Scripts Infusion Services.
Comprehensive income. In addition to net income, our components of comprehensive income (net of taxes) are foreign currency translation adjustments, cumulative effect of changes in accounting for derivative financial instruments, realized and unrealized losses on derivative financial instruments designated as cash flow
On February 6, 2002, we announced that we had signed a definitive agreement to acquire the businesses comprising National Prescription Administrators, Inc. ("NPA") for a net purchase price of $515 million. NPA is a privately held full-service pharmacy benefit manager, and will strengthen Express Scripts' participation in two key market segments, union and government sponsored plans. The transaction is expected to close near the end of the
Year Ended December 31, (in thousands, except per share data) 1999 - ------------------------------------------------------------------------------- Total revenues $ 4,353,470 Income before extraordinary loss 158,423 Extraordinary loss (7,150) ----------------------- Net income $ 151,273 ======================= Basic earnings per share Before extraordinary loss $ 2.20 Extraordinary loss (0.10) ----------------------- Net income $ 2.10 ======================= Diluted earnings per share Before extraordinary loss $ 2.14 Extraordinary loss (0.10) ----------------------- Net income $ 2.04 =======================
and $224,000 of compensation expense in 2001, 2000 and 1999, respectively. At December 31, 2001, 99,000 shares of our Common Stock have been reserved for future issuance under the plan.
Diluted earnings per share: Before extraordinary item $ 0.35 $ 0.38 $ 0.40 $ 0.43 Extraordinary item - - - - ------------------------------------------------- Net income $ 0.35 $ 0.38 $ 0.40 $ 0.43 =================================================