Omnicare

Consumer ServicesRetailFood & Drug Retailers
    
    
      Economy, Business And Finance
        Company InformationCorporate PerformanceEarningsQuarterly Or Semiannual Financial Statement
      Health
        Health Organisations
    

    


  * Second-Quarter Gross Profit of $336.4 Million
  * Cash Flows from Continuing Operations of $136.9 Million
  * Adjusted Income from Continuing Operations Per Diluted Share of $0.50
  * Company Provides Updated Guidance

COVINGTON, Ky., July 26, 2011 - Omnicare, Inc. (NYSE:OCR) reported today
financial results for its second quarter ended June 30, 2011.
"I am pleased with our second quarter performance as we continue toward our goal
of becoming a stronger, operations-driven and customer-focused company," said
John Figueroa, Omnicare's Chief Executive Officer.  "I believe we have built a
framework during the first half of the year to begin achieving our primary
operating objectives: establishing consistent organic growth in our long-term
care group; repositioning our specialty care group for an elevated level of
growth; and creating more standardization across our company."
Second-Quarter Results

Prior Year Comparison

Financial results from continuing operations for the quarter ended June
30, 2011, as compared with the same prior-year period (revised to reflect
reclassification of GPO business to discontinued operations), were as follows:

  * Adjusted gross profit was $336.4 million as compared with $327.7 million
  * GAAP income from continuing operations per diluted share (see "per share"
    discussion below and attached supplemental information) was $0.32 versus
    $0.20
  * Adjusted income from continuing operations per share was $0.50 versus $0.49
  * Adjusted EBITDA (see discussion below and attached supplemental information)
    from continuing operations was $146.3 million compared to $144.5 million

Cash flows from continuing operations for the quarter ended June 30, 2011 was
$136.9 million versus $35.3 million in the comparable prior-year quarter.
 Included in the second quarter of 2011 was a $23.3 million refund for federal
tax overpayments.  Included in the second quarter of 2010 was 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.

Sequential Comparison (Excluding Special Items)

Compared to the first quarter of 2011, financial results from continuing
operations in the second quarter of 2011 were as follows:

  * Gross profit was $336.4 million as compared with $335.0 million
  * GAAP income from continuing operations per share was $0.32 versus $0.43
  * Adjusted income from continuing operations (see discussion below and
    attached supplemental information) per share was $0.50 versus $0.51
  * Adjusted EBITDA from continuing operations was $146.3 million compared to
    $146.2 million

"As expected, second quarter prescription volumes were seasonably weaker
sequentially due primarily to reduced occurrences of flu and other illnesses
generally common in colder months," said Mr. Figueroa.  "We also experienced a
continuation of many of the factors that have impacted results for the past
several quarters, namely a further increase in generic drug utilization, which
enabled us to continue investing in our employees.  Finally, the reorganization
of our Specialty Care Group continued to have a positive effect on results, with
higher levels of growth sequentially."

Financial Position

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.  The Company also concluded the second quarter of 2011 with no
borrowings outstanding on its revolving credit facility and $524.0 million in
cash on its balance sheet.  Omnicare's total debt to total capital of 34.0% at
June 30, 2011, was down approximately 160 basis points from 35.6% at December
31, 2010.

With respect to its share repurchase program, Omnicare repurchased approximately
1.3 million shares of common stock during the quarter and paid an aggregate
amount of $41.3 million.  As of June 30, 2011, the Company had $129.0 million of
availability under its current share repurchase authorization.

"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."

To facilitate comparisons and to enhance the understanding of core operating
performance, the discussion which follows includes financial measures that are
adjusted from the comparable amount under GAAP to exclude the impact of the
special items discussed elsewhere herein, and to present results on a continuing
operations basis.  For a detailed presentation of reconciling items and related
definitions and components, please refer to the attached schedules or to
reconciliation schedules posted at the Investor Relations section of Omnicare's
Web site at http://ir.omnicare.com.  Additionally, the Company will make
supplemental slides available in the same section on its Web site today that
will include the number of scripts dispensed, beds served, and other information
relevant to Omnicare's operations.

Six Month Results

Financial results from continuing operations for the six months ended June
30, 2011, as compared with the same prior-year period, were as follows:

  * Net sales were $3,081.5 million as compared with $2,983.8 million
  * GAAP income from continuing operations per share was $0.74 as compared with
    $0.69
  * Adjusted income from continuing operations (see discussion below and
    attached supplemental information) per share was $1.01 as compared with
    $1.08

EBITDA from continuing operations for the first six months of 2011, including
the impact of special items and accounting changes, was $262.5 million versus
$264.2 million in the comparable prior-year period.  Excluding the special
items, adjusted EBITDA from continuing operations in the first six months of
2011 was $292.5 million as compared with $308.4 million in the first six months
of 2010.

Operating cash flow from continuing operations for the first six months of 2011
totaled $280.9 million versus $152.9 million in the comparable prior-year
period.

Special Items

The results for the second quarter of 2011 and 2010 include the impact of
special items and accounting changes totaling approximately $28.1 million pretax
($21.3 million aftertax, or approximately $0.19 per share) and $52.0 million
pretax ($34.3 million aftertax, or approximately $0.29 per share), respectively.

Results for the first six months of 2011 and 2010 include special items totaling
$43.0 million pretax ($30.6 million aftertax, or approximately $0.27 per share)
and $71.0 million pretax ($46.0 million aftertax, or approximately $0.39 per
share), respectively.

The special items have been described in further detail in the "Footnotes and
Definitions to Financial Information" section elsewhere herein.

Outlook

Based on its more favorable outlook for cash flows, Omnicare now expects the
following for full-year 2011:

  * Revenues of $6.0 billion to $6.1 billion
  * Income per diluted share from continuing operations of $2.05 to $2.15
    (excluding special items)
  * Cash flow from continuing operations increased to $400 million to $450
    million (from prior guidance of $375 million to $425 million)

Webcast Today

Omnicare will hold a conference call to discuss its second-quarter 2011
financial results today, Tuesday, July 26, at 9:00 a.m. ET.  A live webcast of
the conference call and supplemental slides will be accessible from the Investor
Relations section of Omnicare's Web site at http://ir.omnicare.com.  An archived
replay will be made available on the Web site following the conclusion of the
conference call.

About Omnicare, Inc.

Omnicare, Inc., a Fortune 500 company based in Covington, Kentucky, is a leading
provider of pharmaceutical care for the elderly.  Omnicare serves residents in
long-term care facilities, chronic care and other settings comprising
approximately 1.4 million beds across the United States and Canada.  Omnicare is
the largest U.S. provider of professional pharmacy, related consulting and data
management services for skilled nursing, assisted living and other institutional
healthcare providers as well as for hospice patients in homecare and other
settings.  Omnicare's pharmacy services also include specialty pharmacy
operations and a wide range of support services for specialty pharmaceuticals.
For more information, visit www.omnicare.com.

Forward-Looking Statements

In addition to historical information, this press release contains certain
statements that constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995.  These forward-looking
statements include, but are not limited to, all statements regarding the intent,
belief or current expectations regarding the matters discussed or incorporated
by reference in this document (including statements as to "beliefs,"
"expectations," "anticipations," "intentions" or similar words) and all
statements which are not statements of historical fact.  Such forward-looking
statements, together with other statements that are not historical, are based on
management's current expectations and involve known and unknown risks,
uncertainties, contingencies and other factors that could cause results,
performance or achievements to differ materially from those stated.  The most
significant of these risks and uncertainties are described in the Company's Form
10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange
Commission and include, but are not limited to:  overall economic, financial,
political and business conditions; trends in the long-term healthcare,
pharmaceutical and contract research industries; the ability to attract new
clients and service contracts and retain existing clients and service contracts;
the ability to consummate pending acquisitions; trends for the continued growth
of the Company's businesses; trends in drug pricing; delays and reductions in
reimbursement by the government and other payors to customers and to the
Company; the overall financial condition of the Company's customers and the
ability of the Company to assess and react to such financial condition of its
customers; the ability of vendors and business partners to continue to provide
products and services to the Company; the continued successful integration of
acquired companies; the continued availability of suitable acquisition
candidates; the ability to attract and retain needed management; competition for
qualified staff in the healthcare industry; variations in demand for the
Company's products and services; variations in costs or expenses; the ability to
implement productivity, consolidation and cost reduction efforts and to realize
anticipated benefits; the ability of clinical research projects to produce
revenues in future periods; the potential impact of legislation, government
regulations, and other government action and/or executive orders, including
those relating to Medicare Part D, including its implementing regulations and
any subregulatory guidance, reimbursement and drug pricing policies and changes
in the interpretation and application of such policies, including changes in the
calculation of average wholesale price; government budgetary pressures and
shifting priorities; federal and state budget shortfalls; efforts by payors to
control costs; changes to or termination of the Company's contracts with
Medicare Part D plan sponsors or to the proportion of the Company's Part D
business covered by specific contracts; the outcome of disputes and litigation;
potential liability for losses not covered by, or in excess of, insurance; the
impact of executive separations; the impact of benefit plan terminations; the
impact of differences in actuarial assumptions and estimates as compared to
eventual outcomes; events or circumstances which result in an impairment of
assets, including but not limited to, goodwill and identifiable intangible
assets; the final outcome of divestiture activities; market conditions; the
outcome of audit, compliance, administrative, regulatory or investigatory
reviews; volatility in the market for the Company's stock and in the financial
markets generally; access to adequate capital and financing; changes in
international economic and political conditions and currency fluctuations
between the U.S. dollar and other currencies; changes in tax laws and
regulations; changes in accounting rules and standards; and costs to comply with
the Company's Corporate Integrity Agreements.  Should one or more of these risks
or uncertainties materialize or should underlying assumptions prove incorrect,
the Company's actual results, performance or achievements could differ
materially from those expressed in, or implied by, such forward-looking
statements.  Readers are cautioned not to place undue reliance on these forward-
looking statements, which speak only as of the date hereof.  Except as otherwise
required by law, the Company does not undertake any obligation to publicly
release any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.


#     #     #


Contact:

Patrick C. Lee
(859) 392-3444
patrick.lee@omnicare.com





Omnicare, Inc.
and Subsidiary
Companies

Summary Consolidated
Statements of Income, GAAP
Basis

(000s, except
per share
amounts)

Unaudited



                                    Three months ended                    Six months ended

                    June 30,       March 31,        June 30,        June 30,        June 30,

                       2011            2011            2010            2011            2010



Net sales         $  1,555,906    $  1,525,571    $  1,491,425    $  3,081,477    $  2,983,796

Cost of sales       1,219,513       1,190,611       1,164,170       2,410,124       2,315,197

Gross profit           336,393         334,960         327,255         671,353         668,599

Selling,
general and            192,474         190,167         185,919         382,641         368,690
administrative
expenses

Provision for
doubtful                24,357          24,530          20,986          48,887          42,928
accounts

Settlement,
litigation and          19,816                          29,361          25,829          34,867
other related                            6,013
charges

Other
miscellaneous           2,332           1,889           5,285           4,221           11,050
charges

Operating               97,414         112,361          85,704         209,775         211,064
income

Investment
income                     255             296           1,105             551           2,769

Interest              (27,996)        (28,805)        (39,712)        (56,801)        (68,320)
expense

Amortization
of discount on                                                        (11,862)        (14,804)
convertible            (5,989)         (5,873)         (7,473)
notes

Income from
continuing
operations              63,684          77,979          39,624         141,663         130,709
before income
taxes

Income tax              27,403          28,824          15,879          56,227          49,523
expense

Income from
continuing              36,281          49,155          23,745          85,436          81,186
operations

Loss from
discontinued          (37,728)        (19,851)        (12,146)        (57,579)        (18,735)
operations

Net income     $       (1,447) $       29,304  $       11,599  $       27,857  $       62,451
(loss)



Earnings
(loss) per
common share -
Basic:

Continuing         $               $               $               $               $
operations                0.32            0.43            0.20            0.75            0.69

Discontinued
operations              (0.33)          (0.17)          (0.10)          (0.51)          (0.16)

Net income           $             $               $               $               $
(loss)                  (0.01)           0.26            0.10            0.24            0.53



Earnings
(loss) per
common share -
Diluted:

Continuing         $               $               $               $               $
operations                0.32            0.43            0.20            0.74            0.69

Discontinued
operations              (0.33)          (0.17)          (0.10)          (0.50)          (0.16)

Net income     $        (0.01) $          0.26 $          0.10 $          0.24 $          0.53
(loss)



Weighted
average number
of common

shares
outstanding:

Basic                 113,487         114,129         117,434         113,806         117,598

Diluted               114,701         115,064         118,116         115,081         118,285



The footnotes and definitions presented at the separate "Footnotes and Definitions to
Financial Information" pages are an integral part of this financial information.




Omnicare, Inc. and Subsidiary
Companies

(000s)

Unaudited



Condensed Consolidated Balance Sheets Information,
GAAP Basis:

                                          June 30,              December 31,

                                             2011                     2010

Assets:

Cash and cash equivalents,          $          524,013          $        496,503
including restricted cash

Accounts receivable, net                     1,001,182                 1,011,823

Inventories                                    356,597                   418,965

Total current assets                         2,274,792                 2,457,796

Properties and equipment, net                  201,477                   204,717

Goodwill                                     4,250,201                 4,234,821

Total noncurrent assets                      4,851,262                 4,905,617

Total assets                                 7,126,054                 7,363,413



Liabilities and Stockholders
Equity:

Total current liabilities                      484,782                   594,254

Long-term debt, notes and                    1,955,977                 2,106,758
convertible debentures

Total noncurrent liabilities                 2,840,772                 2,953,215

Total liabilities                            3,325,554                 3,547,469

Stockholders' equity                         3,800,500                 3,815,944

Total liabilities and                        7,126,054                 7,363,413
stockholders' equity



Condensed Consolidated Statement of Cash Flows Information, GAAP Basis:

                                  Three months ended         Six months ended

                                      June 30, 2011             June 30, 2011

Cash flows from operating
activities:

Net income (loss)                 $            (1,447)         $          27,857

Loss from discontinued                          37,728                    57,579
operations

Adjustments to reconcile net
income (loss) to net cash

flows from operating                           100,665                   195,439
activities

Net cash flows from operating
activities of continuing                       136,946                   280,875
operations

Net cash flows (used in) from
operating activities of                           (26)                       420
discontinued operations

Net cash flows from operating                  136,920                   281,295
activities



Cash flows from (used in)
investing activities:

Net cash flows from (used in)
investing activities of                       (10,431)                  (29,661)
continuing operations

Net cash flows used in
investing activities of                           (40)                     (413)
discontinued operations

Net cash flows from (used in)                 (10,471)                  (30,074)
investing activities



Net cash flows (used in)
financing activities of                       (56,396)                 (222,653)
continuing operations



Net increase in cash and cash                   70,629                    27,133
equivalents

Less increase in cash and
cash equivalents of                               (66)                         7
discontinued operations

Increase in cash and cash
equivalents of continuing          $            70,695         $          27,126
operations



The footnotes and definitions presented at the separate "Footnotes and
Definitions to Financial Information" pages are an integral part of this
financial information.




Omnicare, Inc.
and Subsidiary
Companies

Reconciliation Statement and Definitions, Non-GAAP Basis (a)

(000s, except
per share
amounts)

Unaudited



                                      Three months ended                    Six months ended

                      June 30,        March 31,       June 30,        June 30,        June 30,

                         2011             2011           2010            2011            2010

Adjusted
earnings per
share ("EPS")
from continuing
operations:

Diluted
earnings (loss)
per share from  $        0.32    $        0.43    $        0.20  $        0.74    $        0.69
continuing
operations

Special items:
(a)

Settlement,
litigation and            0.14             0.03             0.17           0.17             0.20
other related
charges

Amortization of
discount on               0.03             0.03             0.04           0.06             0.08
convertible
notes

Other
miscellaneous             0.01             0.02             0.08           0.03             0.11
charges, net

Total - Special           0.19             0.08             0.29           0.27             0.39
items

Adjusted
diluted
earnings per    $        0.50    $        0.51    $        0.49  $        1.01    $        1.08
share from
continuing
operations



Adjusted gross
profit:

Gross profit
from continuing $  336,393       $  334,960       $  327,255     $  671,353       $  668,599
operations

Special items                  -                -            466               -             909


Adjusted gross  $  336,393       $  334,960       $  327,721     $  671,353       $  669,508
profit



Adjusted
earnings before
interest,
income taxes,
depreciation

 and
amortization
("EBITDA") from
continuing
operations:

EBIT from
continuing      $    97,414      $  112,361       $    85,704    $  209,775       $  211,064
operations

Depreciation
and                   32,755           31,810           32,465         64,565           67,900
amortization
expense

Amortization of
discount on          (5,989)          (5,873)          (7,473)      (11,862)         (14,804)
convertible
notes

EBITDA from
continuing          124,180          138,298          110,696        262,478          264,160
operations

Special items         22,148             7,902          33,819         30,050           44,250

Adjusted EBITDA
from continuing $  146,328       $  146,200       $  144,515     $  292,528       $  308,410
operations



EBITDA from continuing
operations to net cash flows
from operating activities:

EBITDA from
continuing      $  124,180       $ 138,298        $  110,696     $  262,478       $  264,160
operations

(Subtract)/Add:

Interest
expense, net of    (27,741)         (28,509)          (38,607)      (56,250)         (65,551)
investment
income

Income tax         (27,403)         (28,824)          (15,879)      (56,227)         (49,523)
provision

Debt redemption         (187)         (1,079)            2,060        (1,266)            2,060
costs

Tender premium                -                -        (7,323)                -       (7,323)


Changes in
assets and
liabilities,
net of effects
from

acquisition and
divestiture of        68,097           64,043         (15,690)       132,140              9,126
businesses

Net cash flows
from operating
activities of       136,946          143,929            35,257       280,875          152,949
continuing
operations

Net cash flows
(used in) from
operating                  (26)             446              303                             628
activities of                                                    420
discontinued
operations

Net cash flows
from operating  $  136,920       $  144,375       $    35,560    $  281,295       $  153,577
activities



The footnotes and definitions presented at the separate
"Footnotes and Definitions to Financial Information" pages are
an integral part of this financial information.



Omnicare, Inc. and Subsidiary Companies

Footnotes and Definitions to Financial Information

(000s, except per share amounts and unless otherwise stated)

Unaudited

Footnotes:

Non-GAAP Information:

Omnicare, Inc. ("Omnicare" or the "Company") management believes that presenting
certain non-GAAP financial measures, which exclude items not considered part of
the core operating results of the Company and certain non-cash charges, enhances
investors' understanding of how Omnicare management assesses the performance of
the Company's business.  Omnicare management uses non-GAAP measures for
budgeting purposes, measuring actual results, allocating resources and in
determining employee incentive compensation.  Omnicare's method of calculating
non-GAAP financial results may differ from those used by other companies and,
therefore, comparability may be limited.



 a. Financial results from continuing operations included special item charges
    of approximately $28 million, $15 million and $52 million in the three
    months ended June 30 and March 31, 2011 and June 30, 2010, respectively and
    approximately $43 million and $71 million in the six months ended June
    30, 2011 and 2010, respectively.  Additional information regarding the
    special item charges follows:

      i. Operating income includes settlement, litigation and other related
         charges (including related professional expenses) for resolution of
         certain regulatory matters with various states and regulatory agencies,
         as well as costs associated with certain large customer disputes,
         purported class and derivative actions against the Company, and
         settlement of the investigation by the United States Attorney's Office,
         District of Massachusetts (in the 2010 period).  Additionally, Omnicare
         has made, and will continue to make, disclosures to the applicable
         governmental agencies of amounts, if any, determined to represent over-
         payments from the respective programs and, where applicable, those
         amounts, as well as any amounts relating to certain inspections,
         audits, inquiries and investigations activity are included in the
         pretax items recognized.

     ii. Financial results from continuing operations for the three months ended
         June 30 and March 31, 2011 and June 30, 2010 and the six months ended
         June 30, 2011 and 2010 included the following special item charges
         which are included in the cost of sales, other miscellaneous charges
         and interest expense captions of the income statement:

            i. Operating income for the three months ended June 30 and March
               31, 2011 and June 30, 2010 included acquisition and other related
               costs/(credits) of approximately $2.3 million, $1.9 million and
               and $(0.2) millions, respectively.  These expenses were primarily
               related to professional fees and acquisition related
               restructuring costs for acquisitions, offset by reductions in the
               Company's original estimate of contingent consideration payable
               for acquisitions in the 2010 period.  The six months ended June
               30, 2011 and 2010 included similar expenses of approximately $4.2
               million and $0.1 million, respectively.

           ii. Financial results from continuing operations for the three months
               ended March 31, 2011 and the six months ended June 30, 2011
               includes charges of approximately $1.1 million for net debt
               redemption costs related to the early redemption of $175 million
               of 6.125% Senior Subordinated Notes, due 2013.  The three and six
               months ended June 30, 2010 includes approximately $9.8 million of
               debt redemption costs related to the Company's Q2 2010
               refinancing transactions.

          iii. Operating income includes restructuring and other related charges
               of approximately $3.5 million and $7.0 million for the three and
               six months ended June 30, 2010, respectively, in connection with
               the "Omnicare Full Potential" Plan.

           iv. For the three and six months ended June 30, 2010, operating
               income includes a special charge of approximately $0.7 million
               and $1.9 million, respectively, for additional costs (net of
               recoveries) precipitated by the quality control, product recall
               and fire issues at one of the Company's repackaging locations
               ("Repack Matters").

            v. Operating income includes charges of approximately $1.3 million
               and $2.6 million for the three and six months ended June
               30, 2010, respectively, relating to the accounting for share-
               based payments, which primarily relates to non-cash stock option
               expense.



     iii. The Company recorded non-cash interest expense from the amortization
          of debt discount on its convertible notes of approximately $6 million
          in the three months ended June 30 and March 31, 2011, respectively.
          These costs totaled approximately $7 million for the three months
          ended June 30, 2010 and $12 million and $15 million for the six months
          ended June 30, 2011 and 2010, respectively.



Discontinued Operations:

In 2009, the Company commenced activities to divest certain home healthcare and
related ancillary businesses ("the Disposal Group") that are non-strategic in
nature.  Also, in connection with the reallocation of resources started in the
second half of 2010 and the previously disclosed unfavorable market conditions
experienced by its Contract Research Services organization ("CRO Services")
business, the Company committed to a plan to divest of its CRO Services business
in the first quarter of 2011 and completed the divestiture in April 2011. Also,
in the second quarter of 2011, the Company divested its Tidewater Group
Purchasing Organization ("Tidewater").  The Company determined that the CRO
Services and Tidewater businesses were no longer good strategic fits within the
Company's portfolio of assets.  For the three and six months ended June
30, 2011, CRO Services and Tidewater recorded impairment losses to reduce the
carrying value of the CRO Services and Tidewater operations to fair value based
on the final terms of the divestiture as of June 30, 2011.  The results from
operations for all periods presented have been revised to reflect the results of
the Disposal Group and Tidewater (collectively, the "Non-Core Disposal Group"),
as well as CRO Services as discontinued operations, including certain expenses
of the Company related to the divestitures.

Definitions:

GAAP:

Amounts that conform with U.S. Generally Accepted Accounting Principles
("GAAP").

Non-GAAP:

Amounts that do not conform with U.S. GAAP.

Earnings Per Share:

EPS (basic EPS; special items, net of taxes; adjusted basic EPS; diluted EPS;
and adjusted diluted EPS) is reported independently for each amount presented.
 Accordingly, the sum of the individual amounts may not necessarily equal the
separately calculated amounts for the corresponding period.

EBIT:

EBIT represents earnings before interest expense (net of investment income) and
income taxes.

EBITDA:

EBITDA represents earnings before interest expense (net of investment income),
income taxes, depreciation and amortization.  Omnicare uses EBITDA primarily as
an indicator of the Company's ability to service its debt, and believes that
certain investors find EBITDA to be a useful financial measure for the same
purpose.  EBITDA does not represent net cash flows from operating activities, as
defined by U.S. GAAP, and should not be considered as a substitute for operating
cash flows as a measure of liquidity.  Omnicare's calculation of EBITDA may
differ from the calculation of EBITDA by others.  Certain special items must be
added back to (or deducted from) EBITDA and/or Adjusted EBITDA to avoid "double-
counting" in the Company's calculation of EBITDA.









This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Omnicare via Thomson Reuters ONE

[HUG#1532477]