Quest Diagnostics 1996 Annual Report Download - page 22

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21
QUEST DIAGNOSTICS INCORPORATED
AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
Pro Forma
1996 (a) 1996 1995 1994
____________ ________ _________ _________
YEARS ENDED DECEMBER 31
(in millions, except
per share data)
Net revenues $ 1,616.3 $ 1,616.3 $ 1,629.4 $ 1,633.7
Net income (loss) before restructuring and 15.6 (15.9) (19.2) 82.3
other non-recurring charges
Net income (loss) (b) (594.5) (626.0) (52.1) 28.3
Weighted average common shares outstanding 28.8
Earnings per common share $ 0.54
before restructuring charges and
other non-recurring charges (c)
Adjusted EBITDA (d) $ 166.4 $ 166.4 $ 176.5 $ 295.4
(a)
Assumes that the spin-off from Corning Incorporated had been completed and the change in accounting
policy for intangible assets had been adopted as of January 1, 1996.
(b)
Includes non-recurring charges totaling $669 million, $51 million, and $80 million in 1996, 1995,
and 1994, respectively.
(c)
Historical earnings per share data is not meaningful as the Company’s historical capital structure is not
comparable to the capital structure subsequent to its spin-off from Corning Incorporated.
(d)
Adjusted EBITDA represents income (loss) before income taxes, net interest expense, depreciation, amortiza-
tion and restructuring and other non-recurring charges.