Quest Diagnostics 2007 Annual Report Download - page 73

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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2007, 2006 AND 2005
(in thousands, except per share data)
2007 2006 2005
Net revenues ......................................................... $6,704,907 $6,268,659 $5,456,726
Operating costs and expenses:
Cost of services ....................................................... 3,969,848 3,696,006 3,220,713
Selling, general and administrative ..................................... 1,612,858 1,410,716 1,215,862
Amortization of intangible assets . ...................................... 27,904 10,843 4,637
Other operating expense, net ........................................... 2,961 23,017 7,966
Total operating costs and expenses................................. 5,613,571 5,140,582 4,449,178
Operating income .................................................... 1,091,336 1,128,077 1,007,548
Other income (expense):
Interest expense, net ................................................... (178,314) (91,425) (57,354)
Minority share of income .............................................. (26,510) (23,900) (19,495)
Equity earnings in unconsolidated joint ventures......................... 26,969 28,469 26,185
Other expense, net..................................................... (1,079) (7,948) (6,876)
Total non-operating expenses, net .................................. (178,934) (94,804) (57,540)
Income from continuing operations before taxes ...................... 912,402 1,033,273 950,008
Income tax expense................................................... 358,574 407,581 376,812
Income from continuing operations ................................... 553,828 625,692 573,196
Loss from discontinued operations, net of taxes....................... (213,889) (39,271) (26,919)
Net income ........................................................... $ 339,939 $ 586,421 $ 546,277
Earnings per common share – basic:
Income from continuing operations ..................................... $ 2.87 $ 3.18 $ 2.84
Loss from discontinued operations ...................................... (1.11) (0.20) (0.13)
Net income ........................................................... $ 1.76 $ 2.98 $ 2.71
Earnings per common share – diluted:
Income from continuing operations ..................................... $ 2.84 $ 3.14 $ 2.79
Loss from discontinued operations ...................................... (1.10) (0.20) (0.13)
Net income ........................................................... $ 1.74 $ 2.94 $ 2.66
Dividends per common share ......................................... $ 0.40 $ 0.40 $ 0.36
The accompanying notes are an integral part of these statements.
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