Quest Diagnostics 2012 Annual Report Download - page 119

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F- 46
2011 (a)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total
Yea r
(g) (h) (i) (j) (k)
Net revenues $ 1,794,010 $ 1,874,695 $ 1,875,005 $ 1,848,222 $ 7,391,932
Gross profit 704,558 777,292 767,739 779,415 3,029,004
Income (loss) from continuing operations (49,542) 170,848 179,173 193,613 494,092
Income from discontinued operations, net of taxes 2,880 679 2,720 5,279 11,558
Net income (loss) (46,662) 171,527 181,893 198,892 505,650
Less: Net income attributable to noncontrolling
interests 7,199 8,384 10,045 9,455 35,083
Net income (loss) attributable to Quest Diagnostics $ (53,861) $ 163,143 $ 171,848 $ 189,437 $ 470,567
Amounts attributable to Quest Diagnostics'
stockholders:
Income (loss) from continuing operations $ (56,741) $ 162,464 $ 169,128 $ 184,158 $ 459,009
Income from discontinued operations, net of taxes 2,880 679 2,720 5,279 11,558
Net income (loss) $ (53,861) $ 163,143 $ 171,848 $ 189,437 $ 470,567
Earnings per share attributable to Quest
Diagnostics' stockholders - basic:
Income (loss) from continuing operations $ (0.35) $ 1.02 $ 1.07 $ 1.17 $ 2.88
Income from discontinued operations 0.02 0.01 0.01 0.03 0.07
Net income (loss) $ (0.33) $ 1.03 $ 1.08 $ 1.20 $ 2.95
Earnings per share attributable to Quest
Diagnostics' stockholders - diluted:
Income (loss) from continuing operations $ (0.35) $ 1.01 $ 1.06 $ 1.16 $ 2.85
Income from discontinued operations 0.02 0.01 0.01 0.03 0.07
Net income (loss) $ (0.33) $ 1.02 $ 1.07 $ 1.19 $ 2.92
(a) In December 2012, the Company committed to a plan to sell HemoCue and completed the sale of OralDNA. During the
third quarter of 2006, the Company completed its wind down of NID and classified the operations of NID as discontinued
operations. Results of operations have been prepared to report the results of HemoCue, OralDNA and NID as discontinued
operations for all periods presented (see Note 18).
(b) Includes pre-tax charges of $13.1 million , primarily associated with professional fees incurred in connection with further
restructuring and integrating the Company. Of these costs, $4.0 million and $9.1 million were included in cost of services
and selling, general and administrative expenses, respectively. Also includes pre-tax charges of $7.1 million, principally
representing severance and other separation benefits as well as accelerated vesting of certain equity awards in connection
with the succession of the Company's prior CEO.
(c) Includes pre-tax charges of $12.3 million, primarily associated with professional fees and workforce reductions incurred in
connection with further restructuring and integrating the Company. Of these costs, $4.6 million and $7.7 million were
included in cost of services and selling, general and administrative expenses, respectively. Also includes pre-tax charges of
$3.0 million, principally representing severance and other separation benefits as well as accelerated vesting of certain
equity awards in connection with the succession of the Company's prior CEO.
(d) Includes pre-tax charges of $44.2 million, primarily associated with workforce reductions and professional fees incurred in
connection with further restructuring and integrating the Company. Of these costs, $20.1 million and $24.1 million were
included in cost of services and selling, general and administrative expenses, respectively.
(e) Includes pre-tax charges of $36.4 million, primarily associated with workforce reductions and professional fees incurred in
connection with further restructuring and integrating the Company. Of these costs, $22.9 million and $13.5 million were
included in cost of services and selling, general and administrative expenses, respectively. In addition, management
estimates that the impact of severe weather during the fourth quarter adversely affected operating income by $16 million.
(f) Includes related charges in discontinued operations for the asset impairment associated with HemoCue and the loss on sale
associated with OralDNA totaling $86 million. Discontinued operations also includes a $7.5 million income tax expense
related to the re-valuation of deferred tax assets associated with HemoCue and a $4.4 million income tax benefit related to
the remeasurement of deferred taxes associated with HemoCue as a result of an enacted income tax rate change in Sweden.
QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
Quarterly Operating Results (unaudited)
(in thousands, except per share data)