Cephalon Announces Strong Third Quarter Financi...((1881) 15761 Other as...)

Other assets (28,552) (43,731)

Accounts payable and

accrued expenses 380,776 (45,820)

Other liabilities 49,465 (13,580)

Net cash provided by

operating activities 274,321 251,190

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property and

equipment (70,887) (97,122)

Acquisition of intangible assets (99,152) (115,000)

Proceeds from sale of investment 12,291 -

Sales and (purchases) of

available-for-sale investments, net (43,186) 242,660

Net cash provided by (used for)

investing activities (200,934) 30,538

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from exercises of

common stock options 74,375 112,794

Windfall tax benefits from

stock-based compensation 9,934 21,912

Acquisition of treasury stock (128) (433)

Payments on and retirements of long-term

debt (2,902) (2,528)

Net cash provided by financing activities 81,279 131,745

EFFECT OF EXCHANGE RATE CHANGES ON

CASH AND CASH EQUIVALENTS 10,804 11,830

NET INCREASE IN CASH AND CASH EQUIVALENTS 165,470 425,303

CASH AND CASH EQUIVALENTS, BEGINNING

OF PERIOD 496,512 205,060

CASH AND CASH EQUIVALENTS, END OF PERIOD $661,982 $630,363

CEPHALON, INC. AND SUBSIDIARIES

Reconciliation of Proje
'/>"/>