Omnicare, Inc. (NYSE:OCR) reported its second quarter results that show an increase in its GAAP net income to .32 per share versus .20 per share for the same period in 2011 and an adjusted EBITDA of $146.3 million compared to $144.5 million in Q2 2011.
Omnicare’s cash flow from continuing operations during Q2 saw a substantial increase to $136.9 milion during the quarter as compared to its second quarter 2010. The increase in cash flow was comprised of a $23.3 million refund for federal tax overpayments and the increase also includes a settlement payment of $37.9 million as well as $7.3 million of tender premium relating to the early redemption of the Company’s 6.75% notes.
During the quarter, Omnicare redeemed $50 million of its 6.125% Senior Subordinated Notes, leaving $75 million of these notes outstanding as of June 30, 2011.
“We continue to be very pleased with our cash flow efficiency and working capital management,” said John L. Workman, Omnicare’s President and Chief Financial Officer. “We generated approximately $137 million of cash flows from continuing operations during the quarter, bringing our first half total to approximately $281 million, which marks the highest first six-month period of any year in our 30-year history. These strong cash flows enabled us to further improve our financial position while returning over 33% to shareholders for the second quarter.”