Quest Diagnostics 2013 Annual Report Download - page 75

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F- 3
QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
(in millions, except per share data)
2013 2012 2011
Net revenues $ 7,146 $ 7,383 $ 7,392
Operating costs and expenses:
Cost of services 4,326 4,365 4,363
Selling, general and administrative 1,704 1,745 1,743
Amortization of intangible assets 79 75 61
Gain on sale of royalty rights (474)— —
Other operating expense (income), net 36 (3) 238
Total operating costs and expenses 5,671 6,182 6,405
Operating income 1,475 1,201 987
Other income (expense):
Interest expense, net (159)(165)(170)
Equity in earnings of equity method investees 24 26 29
Other income, net 8 6 3
Total non-operating expenses, net (127)(133)(138)
Income from continuing operations before taxes 1,348 1,068 849
Income tax expense 500 402 355
Income from continuing operations 848 666 494
Income (loss) from discontinued operations, net of taxes 35 (74)12
Net income 883 592 506
Less: Net income attributable to noncontrolling interests 34 36 35
Net income attributable to Quest Diagnostics $ 849 $ 556 $ 471
Amounts attributable to Quest Diagnostics’ stockholders:
Income from continuing operations $ 814 $ 630 $ 459
Income (loss) from discontinued operations, net of taxes 35 (74)12
Net income $ 849 $ 556 $ 471
Earnings per share attributable to Quest Diagnostics’ common
stockholders - basic:
Income from continuing operations $ 5.35 $ 3.96 $ 2.88
Income (loss) from discontinued operations 0.23 (0.47) 0.07
Net income $ 5.58 $ 3.49 $ 2.95
Earnings per share attributable to Quest Diagnostics’ common
stockholders - diluted:
Income from continuing operations $ 5.31 $ 3.92 $ 2.85
Income (loss) from discontinued operations 0.23 (0.46) 0.07
Net income $ 5.54 $ 3.46 $ 2.92
Dividends per common share $ 1.20 $ 0.81 $ 0.47
The accompanying notes are an integral part of these statements.