Cardinal Health 2011 Annual Report Download - page 102

Download and view the complete annual report

Please find page 102 of the 2011 Cardinal Health annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 122

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122

1
8. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
T
he following is selected quarterly financial data for fiscal 2011 and 2010. The sum of the quarters may no
t
equa
l
year-to-
d
ate
d
ue to roun
di
ng.
(
in millions, except per common share amounts
)
F
i
r
s
t
Q
uarter
S
econ
d
Q
uarte
r
Th
i
r
d
Q
uarter
Fou
rt
h
Q
uarte
r
F
isca
l 2011
R
e
v
enu
e
.............................................
$
24,437.5 $25,371.8 $26,071.4 $26,763.5
Gross mar
g
in
.........................................
9
62.2 994.2 1,162.2 1,043.4
D
i
str
ib
ut
i
on, se
lli
ng, genera
l
an
d
a
d
m
i
n
i
strat
i
ve expenses .....
.
5
91.9 621.9 697.3 683.8
Earnin
g
s from continuin
g
operations
.......................
29
4.4 215.0 24
9
.5 207.3
Earnin
g
s/(loss) from discontinued operations
.
............... 0.4 0.4 (3.
5
) (4.6
)
Net earn
i
ngs .........................................
.
2
94.8 215.4 246.0 202.7
Earnin
g
s from continuin
g
operations per Common Share
:
Bas
i
c
................................................ $
0
.84 $ 0.62 $ 0.72 $ 0.5
9
D
il
ute
d
.............................................
.
0
.
8
4
0
.
6
1
0
.71
0
.
58
(
in millions, except per common share amounts
)
F
i
r
s
t
Q
uarter
S
econ
d
Q
uarte
r
Th
i
r
d
Q
uarter
Fou
rt
h
Q
uarter
(
1
)
F
i
scal 201
0
R
e
v
enu
e
.............................................
$
24
,
780.7
$
24
,
919.7
$
24
,
342.8
$
24
,
459.
6
Gross mar
g
in
.........................................
9
08.8 9
5
7.7 1,010.1 904.1
D
i
str
ib
ut
i
on, se
lli
ng, genera
l
an
d
a
d
m
i
n
i
strat
i
ve expenses .....
.
5
86.1 605.2 628.6 588.2
Earn
i
n
g
s/(
l
oss)
f
rom cont
i
nu
i
n
g
operat
i
ons
..................
(6
1.8
)
230.2 224.8 193.8
Earnin
g
s/(loss) from discontinued operations
................
23.6 4.3 (2.4) 29.7
Net earn
i
ngs/(
l
oss) ....................................
.
(
38.2
)
234.5 222.4 223.5
Earn
i
n
g
s/(
l
oss)
f
rom cont
i
nu
i
n
g
operat
i
ons per Common S
h
are
:
Bas
i
c
................................................ $ (0.17) $ 0.64 $ 0.63 $ 0.54
D
il
ute
d
.............................................
.
(
0.17
)
0.64 0.62 0.54
(1) Dur
i
ng t
h
e
f
ourt
h
quarter o
ffi
sca
l
2010, we recor
d
e
d
an out-o
f
-per
i
o
di
ncrease
i
n
i
ncome tax expense o
f
$
14.7 million related to our state
p
rovision-to-return reconciliation (of which $5.1 million
p
ertained to th
e
first three
q
uarters of fiscal 2010 and
$
9.6 million
p
ertained to fiscal 2009). The amounts were not material
i
n
di
v
id
ua
ll
yor
i
nt
h
e aggregate to current or pr
i
or per
i
o
d
s.
1
9. SUBSEQUENT EVENT
S
S
ubsequent to June 30, 2011 and throu
g
hAu
g
ust 12, 2011, we repurchased 6.7 million Common Shares
h
aving an aggregate cost of approximately
$
300.0 million. These repurchases are pursuant to the
$
750.0 million
s
h
are repurc
h
ase program re
f
erence
di
n Note 14. T
h
e average pr
i
ce pa
id
per common s
h
are
f
or a
ll
Commo
n
Shares repurchased durin
g
Jul
y
and Au
g
ust 2011 was $44.89.
I
n August 2011, we terminated
$
640.0 million (notional amount) of pay-floating interest rate swaps an
d
received net settlement proceeds of $33.7 million. These swaps were previousl
y
desi
g
nated as fair value
h
edges. There was no immediate impact to the statements of earnings; however, the fair value adjustment to debt
w
ill b
e amort
i
ze
d
over t
h
e
lif
eo
f
t
h
eun
d
er
l
y
i
ng
d
e
b
tasare
d
uct
i
on to
i
nterest expense.
76