CVS 2010 Annual Report Download - page 49

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Consolidated Statements of Income
Year Ended December 31,
in millions, except per share amounts 2010 2009 2008
Net revenues $ 96,413 $ 98,729 $ 87,472
Cost of revenues 76,156 78,349 69,182
Gross profit 20,257 20,380 18,290
Operating expenses 14,092 13,942 12,244
Operating profit 6,165 6,438 6,046
Interest expense, net 536 525 509
Income before income tax provision 5,629 5,913 5,537
Income tax provision 2,190 2,205 2,193
Income from continuing operations 3,439 3,708 3,344
Loss from discontinued operations, net of income tax benefit (15) (12) (132)
Net income 3,424 3,696 3,212
Net loss attributable to noncontrolling interest 3 – –
Preference dividends, net of income tax benefit – – (14)
Net income attributable to CVS Caremark $ 3,427 $ 3,696 $ 3,198
Basic earnings per common share:
Income from continuing operations attributable to CVS Caremark $ 2.52 $ 2.59 $ 2.32
Loss from discontinued operations attributable to CVS Caremark (0.01) (0.01) (0.09)
Net income attributable to CVS Caremark $ 2.51 $ 2.58 $ 2.23
Weighted average common shares outstanding 1,367 1,434 1,434
Diluted earnings per common share:
Income from continuing operations attributable to CVS Caremark $ 2.50 $ 2.56 $ 2.27
Loss from discontinued operations attributable to CVS Caremark (0.01) (0.01) (0.09)
Net income attributable to CVS Caremark $ 2.49 $ 2.55 $ 2.18
Weighted average common shares outstanding 1,377 1,450 1,469
Dividends declared per common share $ 0.350 $ 0.305 $ 0.258
See accompanying notes to consolidated financial statements.
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