Quest Diagnostics 2006 Annual Report Download - page 126

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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
(in thousands, except per share data)
Quarterly Operating Results (unaudited)
First
Quarter (i)
Second
Quarter (i)
Third
Quarter
Fourth
Quarter
Total
Year
2006
Net revenue from continuing
operations ....................... $1,553,105 $1,583,082 $1,583,202 $1,549,270 $6,268,659
Gross profit from continuing
operations ....................... 636,945 656,385 649,467 629,856 2,572,653
Net income from continuing
operations ....................... $ 154,604 $ 155,960 $ 163,853 $ 151,275 $ 625,692
Net (loss) from discontinued
operations ....................... (9,967) (23,984) (3,331) (1,989) (39,271)
Net income ........................ $ 144,637 (a) $ 131,976 (b) $ 160,522 (c) $ 149,286 (d) $ 586,421
Earnings per common share – basic
Income from continuing operations . . $ 0.78 $ 0.79 $ 0.83 $ 0.78 $ 3.18
(Loss) from discontinued operations . (0.05) (0.12) (0.02) (0.01) (0.20)
Net income ........................ $ 0.73 $ 0.67 $ 0.81 $ 0.77 $ 2.98
Earnings per common
share – dilutive
Income from continuing operations . . $ 0.77 $ 0.78 $ 0.82 $ 0.77 $ 3.14
(Loss) from discontinued operations . (0.05) (0.12) (0.02) (0.01) (0.20)
Net income ........................ $ 0.72 $ 0.66 $ 0.80 $ 0.76 $ 2.94
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total
Year
2005(e) (i)
Net revenue from continuing
operations ....................... $1,304,596 $1,363,717 $1,361,116 $1,427,297 $5,456,726
Gross profit from continuing
operations ....................... 532,115 571,145 562,042 570,711 2,236,013
Net income from continuing
operations ....................... $ 131,821 $ 152,427 $ 139,834 $ 149,114 $ 573,196
Net (loss) from discontinued
operations ....................... (210) (3,338) (4,586) (18,785) (26,919)
Net income ........................ $ 131,611 $ 149,089 $ 135,248 (f) $ 130,329 (g) $ 546,277
Earnings per common share – basic
Income from continuing operations . . $ 0.65 $ 0.76 $ 0.69 $ 0.74 $ 2.84
(Loss) from discontinued operations . – (0.02) (0.02) (0.09) (0.13)
Net income ........................ $ 0.65 (h) $ 0.74 $ 0.67 $ 0.65 $ 2.71
Earnings per common
share – dilutive
Income from continuing operations . . $ 0.64 $ 0.74 $ 0.68 $ 0.73 $ 2.79
(Loss) from discontinued operations . – (0.02) (0.02) (0.09) (0.13)
Net income ........................ $ 0.64 (h) $ 0.72 $ 0.66 $ 0.64 $ 2.66
(a) In the first quarter of 2006, the Company recorded $19.4 million of stock-based compensation expense in
accordance with SFAS 123R, $21 million in charges as a result of finalizing its plan of integration of
LabOne, Inc., $4.1 million in charges related to consolidating operations in California into a new facility and
a $15.8 million gain on an investment.
(b) In the second quarter of 2006, the Company recorded $20 million of stock-based compensation expense in
accordance with SFAS 123R, $28 million in charges as a result of discontinuing NID’s operations, and a
$12.3 million charge associated with the write-down of an investment.
F-39