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53
2013 Annual Report
Consolidated Statements of Income
YEAR ENDED DECEMBER 31,
In millions, except per share amounts
2013 2012 2011
Net revenues
$ 126,761
$ 123,120 $ 107,080
Cost of revenues
102,978
100,632 86,518
Gross profit
23,783
22,488 20,562
Operating expenses
15,746
15,278 14,231
Operating profit
8,037
7,210 6,331
Interest expense, net
509
557 584
Loss on early extinguishment of debt
—
348 —
Income before income tax provision
7,528
6,305 5,747
Income tax provision
2,928
2,436 2,258
Income from continuing operations
4,600
3,869 3,489
Loss from discontinued operations, net of tax
(8)
(7) (31)
Net income
4,592
3,862 3,458
Net loss attributable to noncontrolling interest
—
2 4
Net income attributable to CVS Caremark
$ 4,592
$ 3,864 $ 3,462
Basic earnings per common share:
Income from continuing operations attributable to CVS Caremark
$ 3.78
$ 3.05 $ 2.61
Loss from discontinued operations attributable to CVS Caremark
$ (0.01)
$ (0.01) $ (0.02)
Net income attributable to CVS Caremark
$ 3.77
$ 3.04 $ 2.59
Weighted average common shares outstanding
1,217
1,271 1,338
Diluted earnings per common share:
Income from continuing operations attributable to CVS Caremark
$ 3.75
$ 3.02 $ 2.59
Loss from discontinued operations attributable to CVS Caremark
$ (0.01)
$ (0.01) $ (0.02)
Net income attributable to CVS Caremark
$ 3.74
$ 3.02 $ 2.57
Weighted average common shares outstanding
1,226
1,280 1,347
Dividends declared per common share
$ 0.90
$ 0.65 $ 0.50
See accompanying notes to consolidated financial statements.