Quest Diagnostics 2009 Annual Report Download - page 111

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Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2007
Parent
Subsidiary
Guarantors
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Net revenues ................................ $ 821,908 $5,488,797 $715,478 $(321,276) $6,704,907
Operating costs and expenses:
Cost of services........................... 458,544 3,265,817 245,487 - 3,969,848
Selling, general and administrative ......... 162,857 1,153,522 319,934 (23,455) 1,612,858
Amortization of intangible assets........... 222 21,013 6,669 - 27,904
Royalty (income) expense . . . .............. (393,975) 393,975 - - -
Other operating expense (income), net ..... 51 (2,578) 5,488 - 2,961
Total operating costs and expenses . ..... 227,699 4,831,749 577,578 (23,455) 5,613,571
Operating income ........................... 594,209 657,048 137,900 (297,821) 1,091,336
Non-operating (expense) income, net ......... (178,849) (282,187) 10,791 297,821 (152,424)
Income from continuing operations before
taxes ..................................... 415,360 374,861 148,691 - 938,912
Income tax expense . . ....................... 157,270 150,994 50,310 - 358,574
Income from continuing operations ........... 258,090 223,867 98,381 - 580,338
(Loss) income from discontinued operations,
net of taxes............................... - (213,917) 28 - (213,889)
Equity earnings from subsidiaries ............ 81,849 - - (81,849) -
Net income ................................. 339,939 9,950 98,409 (81,849) 366,449
Less: Net income attributable to
noncontrolling interests .................... - - 26,510 - 26,510
Net income attributable to Quest Diagnostics . $ 339,939 $ 9,950 $ 71,899 $ (81,849) $ 339,939
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2009
Parent
Subsidiary
Guarantors
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Cash flows from operating activities:
Net income ................................. $ 729,111 $ 394,096 $ 102,898 $(459,883) $ 766,222
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization ............. 54,627 185,743 16,317 - 256,687
Provision for doubtful accounts ............ 5,986 68,089 246,899 - 320,974
Provision for special charges .............. - - - - -
Other, net ................................ (381,358) 96,546 7,267 459,883 182,338
Changes in operating assets and liabilities . . 228,809 (559,602) (198,010) - (528,803)
Net cash provided by operating activities ..... 637,175 184,872 175,371 - 997,418
Net cash (used in) provided by investing
activities. ................................. (15,549) (160,259) 14,372 (34,468) (195,904)
Net cash used in financing activities . . . ...... (375,233) (13,871) (166,568) 34,468 (521,204)
Net change in cash and cash equivalents ..... 246,393 10,742 23,175 - 280,310
Cash and cash equivalents, beginning of year . 218,565 6,715 28,666 - 253,946
Cash and cash equivalents, end of year. ...... $ 464,958 $ 17,457 $ 51,841 $ - $ 534,256
F-41
QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(dollars in thousands unless otherwise indicated)