Quest Diagnostics 2009 Annual Report Download - page 110

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Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2009
Parent
Subsidiary
Guarantors
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Net revenues ................................ $ 877,940 $6,140,346 $767,481 $(330,524) $7,455,243
Operating costs and expenses:
Cost of services........................... 518,958 3,550,414 252,103 - 4,321,475
Selling, general and administrative ......... 171,724 1,232,366 373,542 (30,014) 1,747,618
Amortization of intangible assets........... 72 30,218 6,772 - 37,062
Royalty (income) expense . . . .............. (405,393) 405,393 - - -
Other operating (income) expense, net ..... (13,017) (521) 3,515 - (10,023)
Total operating costs and expenses . ..... 272,344 5,217,870 635,932 (30,014) 6,096,132
Operating income ........................... 605,596 922,476 131,549 (300,510) 1,359,111
Non-operating (expense) income, net ......... (172,522) (274,924) 15,757 300,510 (131,179)
Income from continuing operations before
taxes ..................................... 433,074 647,552 147,306 - 1,227,932
Income tax expense . . ....................... 163,846 252,220 44,408 - 460,474
Income from continuing operations ........... 269,228 395,332 102,898 - 767,458
Loss from discontinued operations, net of
taxes ..................................... - (1,236) - - (1,236)
Equity earnings from subsidiaries ............ 459,883 - - (459,883) -
Net income ................................. 729,111 394,096 102,898 (459,883) 766,222
Less: Net income attributable to
noncontrolling interests .................... - - 37,111 - 37,111
Net income attributable to Quest
Diagnostics ............................... $ 729,111 $ 394,096 $ 65,787 $(459,883) $ 729,111
Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2008
Parent
Subsidiary
Guarantors
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Net revenues ................................ $ 829,484 $5,999,552 $653,183 $(232,772) $7,249,447
Operating costs and expenses:
Cost of services........................... 486,922 3,527,559 241,675 - 4,256,156
Selling, general and administrative ......... 191,583 1,234,815 334,772 (24,236) 1,736,934
Amortization of intangible assets........... 268 30,857 6,168 - 37,293
Royalty (income) expense . . . .............. (424,404) 424,404 - - -
Other operating expense (income), net ..... 404 (511) (3,205) - (3,312)
Total operating costs and expenses . ..... 254,773 5,217,124 579,410 (24,236) 6,027,071
Operating income ........................... 574,711 782,428 73,773 (208,536) 1,222,376
Non-operating (expense) income, net ......... (188,720) (198,595) 7,060 208,536 (171,719)
Income from continuing operations before
taxes ..................................... 385,991 583,833 80,833 - 1,050,657
Income tax expense . . ....................... 130,746 237,119 18,903 - 386,768
Income from continuing operations ........... 255,245 346,714 61,930 - 663,889
(Loss) income from discontinued operations,
net of taxes............................... - (55,511) 4,817 - (50,694)
Equity earnings from subsidiaries ............ 326,245 - - (326,245) -
Net income ................................. 581,490 291,203 66,747 (326,245) 613,195
Less: Net income attributable to
noncontrolling interests .................... - - 31,705 - 31,705
Net income attributable to Quest
Diagnostics ............................... $ 581,490 $ 291,203 $ 35,042 $(326,245) $ 581,490
F-40
QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(dollars in thousands unless otherwise indicated)