Quest Diagnostics 2008 Annual Report Download - page 52

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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 2004
through 2008 from the audited consolidated financial statements of our Company. Effective January 1, 2006, the
Company adopted Statement of Financial Accounting Standards, or SFAS, No. 123, revised 2004, “Share-Based
Payment” (“SFAS 123R”), using the modified prospective approach and therefore has not restated results for
prior periods. Under this approach, awards that are granted, modified or settled after January 1, 2006 will be
measured and accounted for in accordance with SFAS 123R. Unvested awards that were granted prior to January
1, 2006 will continue to be accounted for in accordance SFAS No. 123, “Accounting for Stock-Based
Compensation,” as amended by SFAS 148, “Accounting for Stock-Based Compensation – Transition and
Disclosure – an amendment to SFAS No. 123,” except that compensation cost will be recognized in the
Company’s results of operations. During the third quarter of 2006, the Company completed its wind down of
NID, a test kit manufacturing subsidiary, and classified the operations of NID as discontinued operations. The
selected historical financial data presented below has been restated to report the results of NID as discontinued
operations for all periods presented. 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.
2008 2007(a) 2006(b) 2005(c) 2004
Year Ended December 31,
(in thousands, except per share data)
Operations Data:
Net revenues .................................. $7,249,447 $ 6,704,907 $6,268,659 $ 5,456,726 $5,066,986
Operating income . . . .......................... 1,222,376 (d) 1,091,336 (e) 1,128,077 (f) 1,007,548 (g) 880,854 (h)
Income from continuing operations ............. 632,184 (i)(j) 553,828 (k) 625,692 (l) 573,196 (m) 492,415 (n)
(Loss)/income from discontinued operations..... (50,694)(o) (213,889)(p) (39,271)(q) (26,919)(r) 6,780
Net income ................................... 581,490 339,939 586,421 546,277 499,195
Earnings per common share – basic: (s)
Income from continuing operations ............. $ 3.25 $ 2.87 $ 3.18 $ 2.84 $ 2.42
(Loss)/income from discontinued operations..... (0.26) (1.11) (0.20) (0.13) 0.03
Net income ................................... $ 2.99 $ 1.76 $ 2.98 $ 2.71 $ 2.45
Earnings per common share – diluted: (s) (t)
Income from continuing operations ............. $ 3.23 $ 2.84 $ 3.14 $ 2.79 $ 2.32
(Loss)/income from discontinued operations..... (0.26) (1.10) (0.20) (0.13) 0.03
Net income ................................... $ 2.97 $ 1.74 $ 2.94 $ 2.66 $ 2.35
Dividends per common share (s) ............... $ 0.40 $ 0.40 $ 0.40 $ 0.36 $ 0.30
Balance Sheet Data (at end of year):
Cash and cash equivalents ..................... $ 253,946 $ 167,594 $ 149,640 $ 92,130 $ 73,302
Accounts receivable, net ....................... 832,873 881,967 774,414 732,907 649,281
Goodwill, net ................................. 5,054,926 5,220,104 3,391,046 3,197,227 2,506,950
Total assets ................................... 8,403,830 8,565,693 5,661,482 5,306,115 4,203,788
Long-term debt................................ 3,078,089 3,377,212 1,239,105 1,255,386 724,021
Total debt. .................................... 3,083,231 3,540,793 1,555,979 1,592,225 1,098,822
Total stockholders’ equity...................... 3,604,896 3,324,242 3,019,171 2,762,984 2,288,651
Other Data:
Net cash provided by operating activities ....... $1,063,049 $ 926,924 $ 951,896 $ 851,583 $ 798,780
Net cash used in investing activities ............ (198,883) (1,759,193) (414,402) (1,079,793) (173,700)
Net cash (used in) provided by financing
activities.................................... (777,814) 850,223 (479,984) 247,038 (706,736)
Provision for doubtful accounts ................ 326,228 300,226 243,443 233,628 226,310
Rent expense.................................. 190,706 170,788 153,185 139,660 132,883
Capital expenditures . .......................... 212,681 219,101 193,422 224,270 176,125
Depreciation and amortization. ................. 264,593 237,879 197,398 176,124 168,726
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