Quest Diagnostics 2000 Annual Report Download - page 102

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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands unless otherwise indicated)
F-32
Condensed Consolidating Statement of Operations
For the Year Ended December 31, 1998
Parent
Subsidiary
Guarantors
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Net revenues............................................................ $ 594,544 $ 828,119 $ 35,944 $ -- $ 1,458,607
Costs and expenses:
Cost of services ................................................... 365,065 510,945 20,783 -- 896,793
Selling, general and administrative..................... 239,329 196,984 9,572 -- 445,885
Interest, net 8,608 24,190 605 -- 33,403
Amortization of intangible assets ....................... 7,538 13,766 393 -- 21,697
Royalty (income) expense .................................. (73,138) 73,138 -- -- --
Other, net............................................................. (219) 6 7,181 -- 6,968
Total ................................................................ 547,183 819,029 38,534 -- 1,404,746
Income (loss) before taxes ...................................... 47,361 9,090 (2,590) -- 53,861
Income tax expense (benefit).................................. 18,961 9,248 (1,233) -- 26,976
Equity loss from subsidiaries.................................. (1,515) -- -- 1,515 --
Net income (loss) .................................................... $ 26,885 $ (158) $ (1,357) $ 1,515 $ 26,885
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2000
Parent
Subsidiary
Guarantors
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Cash flows from operating activities:
Net income .............................................................. $ 102,052 $ 97,376 $ 14,136 $ (111,512) $ 102,052
Extraordinary loss, net of taxes............................... 223 2,673 -- -- 2,896
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization............................ 30,447 99,234 4,615 -- 134,296
Provision for doubtful accounts.......................... 14,333 117,927 102,434 -- 234,694
Provisions for restructuring and other special
charges............................................................. 2,594 (4,134) 3,640 -- 2,100
Other, net............................................................. (96,318) 140,905 15,850 3,273 63,710
Changes in operating assets and liabilities ......... 73,941 (168,296) (184,177) 108,239 (170,293)
Net cash provided by (used in) operating
activities............................................................... 127,272 285,685 (43,502) -- 369,455
Net cash provided by (used in) investing
activities............................................................... 89,886 (66,325) (4,948) (66,628) (48,015)
Net cash provided by (used in) financing
activities............................................................... (217,158) (74,361) 47,644 66,628 (177,247)
Net change in cash and cash equivalents................ -- 144,999 (806) -- 144,193
Cash and cash equivalents, beginning of year........ -- 18,864 8,420 -- 27,284
Cash and cash equivalents, end of year .................. $ -- $ 163,863 $ 7,614 $ -- $ 171,477