Quest Diagnostics 2010 Annual Report Download - page 69

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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009 AND 2008
(in thousands, except per share data)
2010 2009 2008
Net revenues ......................................................... $7,368,925 $7,455,243 $7,249,447
Operating costs and expenses:
Cost of services ....................................................... 4,317,247 4,321,475 4,256,156
Selling, general and administrative ..................................... 1,707,673 1,747,618 1,736,934
Amortization of intangible assets . ...................................... 39,221 37,062 37,293
Other operating expense (income), net .................................. 9,249 (10,023) (3,312)
Total operating costs and expenses................................. 6,073,390 6,096,132 6,027,071
Operating income .................................................... 1,295,535 1,359,111 1,222,376
Other income (expense):
Interest expense, net ................................................... (146,088) (144,068) (179,764)
Equity earnings in unconsolidated joint ventures......................... 29,557 33,207 29,736
Other income (expense), net. ........................................... 5,331 (20,318) (21,691)
Total non-operating expenses, net .................................. (111,200) (131,179) (171,719)
Income from continuing operations before taxes ...................... 1,184,335 1,227,932 1,050,657
Income tax expense................................................... 425,531 460,474 386,768
Income from continuing operations .................................. 758,804 767,458 663,889
Loss from discontinued operations, net of taxes....................... (1,787) (1,236) (50,694)
Net income ........................................................... 757,017 766,222 613,195
Less: Net income attributable to noncontrolling interests ............. 36,123 37,111 31,705
Net income attributable to Quest Diagnostics ......................... $ 720,894 $ 729,111 $ 581,490
Amounts attributable to Quest Diagnostics’ stockholders:
Income from continuing operations ..................................... $ 722,681 $ 730,347 $ 632,184
Loss from discontinued operations, net of taxes ......................... (1,787) (1,236) (50,694)
Net income . . . ........................................................ $ 720,894 $ 729,111 $ 581,490
Earnings per share attributable to Quest Diagnostics’ common
stockholders – basic:
Income from continuing operations ..................................... $ 4.09 $ 3.92 $ 3.25
Loss from discontinued operations ...................................... (0.01) (0.01) (0.26)
Net income ........................................................... $ 4.08 $ 3.91 $ 2.99
Earnings per share attributable to Quest Diagnostics’ common
stockholders – diluted:
Income from continuing operations ..................................... $ 4.06 $ 3.88 $ 3.22
Loss from discontinued operations ...................................... (0.01) (0.01) (0.26)
Net income ........................................................... $ 4.05 $ 3.87 $ 2.96
Dividends per common share ......................................... $ 0.40 $ 0.40 $ 0.40
The accompanying notes are an integral part of these statements.
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