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Mylan Reports Adjusted Diluted EPS of $0.53 for the Quarter, an 18% Increase Over Prior Year Quarter; and $2.04 for the Year, a 27% Increase Over Prior Year
Date:2/21/2012

ion for the year ended December 31, 2011, compared to $781 million for the prior year. The increase in adjusted cash provided by operating activities was the result of an increase in profitability and focus on working capital in 2011. On a GAAP basis, cash provided by operating activities was $720 million for the year ended December 31, 2011, compared to $931 million for the prior year. Capital expenditures were approximately $280 million in the current year as compared to approximately $193 million in the prior year.  The increase is the result of our previously announced planned expansions and integration plans.

Mylan's leverage ratio, defined as total notional debt to adjusted EBITDA, was approximately 2.9:1 at December 31, 2011 as compared to 3.7:1 at December 31, 2010.

Non-GAAP Financial Measures Mylan is disclosing non-GAAP financial measures when providing financial results. Primarily due to acquisitions, Mylan believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with accounting principles generally accepted in the U.S. (GAAP). In addition to disclosing its financial results determined in accordance with GAAP, Mylan is disclosing non-GAAP results that exclude items such as amortization expense and other costs directly associated with the acquisitions as well as certain other expense, revenue and operating cash flow items in order to supplement investors' and other readers' understanding and assessment of the company's financial performance, because the company's management uses these measures internally for forecasting, budgeting and measuring its operating performance. In addition, the company believes that including EBITDA and supplemental adjustments applied in presenting adjusted EBITDA and our leverage ratio pursuant to our cre
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