Express Scripts 2012 Annual Report Download - page 97

Express Scripts 2012 Annual Report 95
)
132.6 504.6 810.2 410.7
300.6 417.5 702.0 107.8
832.0 087.1 108.2 2.9
265.1 87.7 4.5 98.4
566.9 9.4 3.7 04.5
70.2 53.4 11.3 522.8
0.4) 5.4) 11.8)
70.2 3.0 5.9 511.0
.4 3.4 4.5 6.9
.8 9.6 91.4 4.1
55 .19 50 0.63
ts - -
55 .19 0.62
ipts
55 0.18 49 0.62
ts .01)
55 0.18 .47 0.61
.8 50.0 6.8 5.9
- 0.4) 15.4) 11.8)
ers .8 9.6 91.4
Quarters
(in millions, except per share data)
First
Second
Third(1)
Fourth(1)
Fiscal 2011
Total revenues(5)
$ 11,094.5
$ 11,361.4
$ 11,571.0
$ 12,101.4
Cost of revenues(5)
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
229.6
268.0
Operating income
552.4
579.3
606.2
576.5
Net income
$ 326.5
$ 334.2
$ 325.8
$ 292.0
Less: Net income attributable to non-controlling interest
-
-
1.1
1.6
Net income attributable to Express Scripts
326.5
334.2
324.7
290.4
Basic earnings per share attributable to Express Scripts:
$ 0.62
$ 0.66
$ 0.67
$ 0.60
Diluted earnings per share attributable to Express Scripts:
$ 0.61
$ 0.66
$ 0.66
$ 0.59
(1) Revised to reflect non-controlling interest. As stated within Note 1 – Summary of significant accounting policies, the above unaudited
quarterly financial data has been revised to reflect net income attributable to members of our consolidated affiliates. This revision
results in adjustments from the SG&A line item to the “Net income attributable to non-controlling interest” line item. These revisions
provide comparable data year-over-year, are immaterial to any previously issued financial statements, and do not result in a change in
our results of operations for any period. Accordingly, we will revise our previously issued financial statements within future filings.
Within the above 2012 quarterly financial data, changes presented above reflect revisions from the SG&A line item to the “Net
income attributable to non-controlling interest” line item in the amount of $2.4 million, $3.4 million, $4.5 million and $6.9 million
during the first, second, third and fourth quarters, respectively. Within the above 2011 quarterly financial data, changes presented
above reflect revisions from the SG&A line item to the “Net income attributable to non-controlling interest” line item in the amount of
$1.1 million and $1.6 million during the third and fourth quarters, respectively.
(2) Restated to exclude the discontinued operations of EAV, UBC and European operations.
(3) In September of 2012, the Company identified $36.4 million of transaction expenses related to the Merger which occurred subsequent
to consummation of the Merger and were inadvertently excluded in the filed Form 10-Q for the three and six months ended June 30,
2012. These costs should have been accrued as of June 30, 2012. In accordance with Staff Accounting Bulletin No. 99 the Company
assessed the materiality of the error and concluded that the error was not material to our financial statements for the three and six
months ended June 30, 2012, but that the June 30, 2012 financial statements would be revised. The Company has revised these
transaction expenses, which are reported within the SG&A line item of the accompanying unaudited quarterly financial data. The
result of this adjustment revises SG&A, Operating Income, Net Income, and basic and diluted earnings per share for the three months
ended June 30, 2012, as reflected above.
(4) Includes the April 2, 2012 acquisition of Medco.
(5) Includes retail pharmacy co-payments of $1,496.6 and $1,526.5 for the three months ended March 31, 2012 and 2011, respectively,
$3,519.1 and $1,457.1 for the three months ended June 30, 2012 and 2011, respectively, $3,348.9 and $1,390.4 for the three months
ended September 30, 2012 and 2011, respectively, and $3,304.0 and $1,412.6 for the three months ended December 31, 2012 and
2011, respectively.