CVS 2009 Annual Report Download - page 48

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Consolidated Statements of Operations
Fiscal Year Ended
in millions, except per share amounts Dec. 31, 2009 Dec. 31, 2008 Dec. 29, 2007
Net revenues $ 98,729 $ 87,472 $ 76,330
Cost of revenues 78,349 69,182 60,222
Gross profit 20,380 18,290 16,108
Operating expenses 13,942 12,244 11,314
Operating profit 6,438 6,046 4,794
Interest expense, net 525 509 435
Income before income tax provision 5,913 5,537 4,359
Income tax provision 2,205 2,193 1,722
Income from continuing operations 3,708 3,344 2,637
Loss from discontinued operations, net of income tax benefit (12) (132) –
Net income 3,696 3,212 2,637
Preference dividends, net of income tax benefit – 14 14
Net income available to common shareholders $ 3,696 $ 3,198 $ 2,623
BASIC EARNINGS PER COMMON SHARE:
Income from continuing operations $ 2.59 $ 2.32 $ 1.97
Loss from discontinued operations (0.01) (0.09) –
Net income $ 2.58 $ 2.23 $ 1.97
Weighted average common shares outstanding 1,434 1,434 1,328
DILUTED EARNINGS PER COMMON SHARE:
Income from continuing operations $ 2.56 $ 2.27 $ 1.92
Loss from discontinued operations (0.01) (0.09) –
Net income $ 2.55 $ 2.18 $ 1.92
Weighted average common shares outstanding 1,450 1,469 1,372
Dividends declared per common share $ 0.30500 $ 0.25800 $ 0.22875
See accompanying notes to consolidated financial statements.
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