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Express Scripts 2011 Annual Report 85
13. Quarterly financial data (unaudited)
The following is a presentation of our unaudited quarterly financial data:
Quarters
(in millions, except per share data)
First Second
Third Fourth
Fiscal 2011(1)
Total revenues (2)
$ 11,094.5
$ 11,361.4
$ 11,571.0
$ 12,101.4
Cost of revenues (2)
10,349.0
10,577.3
10,735.2
11,256.9
Gross profit
745.5
784.1
835.8
844.5
Selling, general and administrative
193.1
204.8
230.7
269.6
Operating income
552.4
579.3
605.1
574.9
Net income
$ 326.5
$ 334.2
$ 324.7
$ 290.4
Basic earnings per share
$ 0.62
$ 0.66
$ 0.67
$ 0.60
Diluted earnings per share
$ 0.61
$ 0.66
$ 0.66
$ 0.59
Fiscal 2010(1) (3)
Total revenues (2)
$ 11,138.4
$ 11,288.8
$ 11,251.8
$ 11,294.2
Cost of revenues (2)
10,475.2
10,531.3
10,487.7
10,520.8
Gross profit
663.2
757.5
764.1
773.4
Selling, general and administrative
208.5
227.2
236.1
215.5
Operating income
454.7
530.3
528.0
557.9
Net income from continuing operations
260.6
307.3
307.1
329.6
Net loss from discontinued operations, net
of tax
(0.4)
(17.4)
(5.6)
-
Net income
$ 260.2
$ 289.9
$ 301.5
$ 329.6
Basic earnings (loss) per share:
Continuing operations
$ 0.47
$ 0.56
$ 0.58
$ 0.62
Discontinued operations
-
(0.03)
(0.01)
-
Net earnings
0.47
0.53
0.57
0.62
Diluted earnings (loss) per share:
Continuing operations
$ 0.47
$ 0.56
$ 0.57
$ 0.62
Discontinued operations
-
(0.03)
(0.01)
-
Net earnings
0.47
0.53
0.56
0.62
(1) Includes the December 1, 2009 acquisition of NextRx.
(2) Includes retail pharmacy co-payments of $1,526.5 and $1,662.6 for the three months ended March 31, 2011 and 2010, respectively,
$1,457.1 and $1,547.3 for the three months ended June 30, 2011 and 2010, respectively, $1,390.4 and $1,478.5 for the three months
ended September 30, 2011 and 2010, respectively, and $1,412.6 and $1,493.0 for the three months ended December 31, 2011 and
2010, respectively.
(3) Restated to exclude the discontinued operations of PMG