Quest Diagnostics 2003 Annual Report Download - page 51

SELECTED HISTORICAL FINANCIAL DATA OF OUR COMPANY
The following table summarizes selected historical financial data of our Company and our subsidiaries at the
dates and for each of the periods presented. We derived the selected historical financial data for the years 1999
through 2003 from the audited consolidated financial statements of our Company. As discussed in Note 2 to the
Consolidated Financial Statements, all per share data has been restated to reflect our two-for-one stock split effected
on May 31, 2001. In April 2002, the Financial Accounting Standards Board, or FASB, issued Statement of Financial
Accounting Standards, or SFAS, No. 145, “Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB
Statement No. 13, and Technical Corrections’’, or SFAS 145. Pursuant to SFAS 145, extraordinary losses associated
with the extinguishment of debt in 1999, 2000 and 2001, previously presented net of applicable taxes, were
reclassified to other non-operating expenses. The selected historical financial data is only a summary and should be
read together with the audited consolidated financial statements and related notes of our Company and management’s
discussion and analysis of financial condition and results of operations included elsewhere in this Annual Report on
Form 10-K.
Year Ended December 31,
2003(a) 2002(b) 2001 2000 1999(c)
(in thousands, except per share data)
Operations Data:
Net revenues ..................... $4,737,958 $4,108,051 $3,627,771 $3,421,162 $ 2,205,243
Amortization of goodwill(d) ....... - - 38,392 37,862 23,530
Provisions for restructuring and
other special charges ........... - - - 2,100 (e) 73,385 (f)
Operating income ................ 796,454 592,142 411,550 317,527 (e) 78,980 (f)
Loss on debt extinguishment ...... - - 42,012 (g) 4,826 (h) 3,566 (i)
Net income (loss) ................ 436,717 322,154 162,303 (g) 102,052 (e),(h) (3,413)(f),(i)
Basic net income (loss) per
common share:
Net income (loss) ................ $ 4.22 $ 3.34 $ 1.74 $ 1.14 $ (0.05)
Diluted net income (loss) per
common share:(j)
Net income (loss) ................ $ 4.12 $ 3.23 $ 1.66 $ 1.08 $ (0.05)
Dividends per common share ...... $ 0.15 $ - $ - $ - $ -
Balance Sheet Data (at end of year):
Accounts receivable, net .......... $ 609,187 $ 522,131 $ 508,340 $ 485,573 $ 539,256
Total assets ...................... 4,301,418 3,324,197 2,930,555 2,864,536 2,878,481
Long-term debt .................. 1,028,707 796,507 820,337 760,705 1,171,442
Preferred stock ................... - - - (k) 1,000 1,000
Common stockholders’ equity ..... 2,394,694 1,768,863 1,335,987 1,030,795 862,062
Other Data:
Net cash provided by operating
activities ....................... $ 662,799 $ 596,371 $ 465,803 $ 369,455 $ 249,535
Net cash used in investing
activities ....................... (417,050) (477,212) (296,616) (48,015) (1,107,990)
Net cash (used in) provided by
financing activities ............. (187,568) (144,714) (218,332) (177,247) 682,831
Provision for doubtful accounts . . . . 228,222 217,360 218,271 234,694 142,333
Rent expense .................... 120,748 96,547 82,769 76,515 59,073
Capital expenditures .............. 174,641 155,196 148,986 116,450 76,029
(a) On February 28, 2003, we completed the acquisition of Unilab Corporation, or Unilab. Consolidated
operating results for 2003 include the results of operations of Unilab subsequent to the closing of the
acquisition. See Note 3 to the Consolidated Financial Statements.
(b) On April 1, 2002, we completed the acquisition of American Medical Laboratories, Incorporated, or AML.
Consolidated operating results for 2002 include the results of operations of AML subsequent to the closing
of the acquisition. See Note 3 to the Consolidated Financial Statements.
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