Cardinal Health 2012 Annual Report Download - page 27

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Cardinal Health, Inc. and Subsidiaries
Consolidated Statements of Earnings
25
(in millions, except per Common Share amounts) 2012 2011 2010
Revenue $ 107,552 $102,644 $ 98,503
Cost of products sold 103,011 98,482 94,722
Gross margin 4,541 4,162 3,781
Operating expenses:
Distribution, selling, general and administrative expenses 2,677 2,528 2,397
Restructuring and employee severance 21 15 91
Acquisition-related costs 33 90 19
Impairments and loss on disposal of assets 21 929
Litigation (recoveries)/charges, net (3)6 (62)
Operating earnings 1,792 1,514 1,307
Other income, net (1)(22) (13)
Interest expense, net 95 93 113
Loss on extinguishment of debt ——40
Gain on sale of investment in CareFusion —(75) (45)
Earnings before income taxes and discontinued operations 1,698 1,518 1,212
Provision for income taxes 628 552 625
Earnings from continuing operations 1,070 966 587
Earnings/(loss) from discontinued operations, net of tax (1)(7)55
Net earnings $1,069 $959 $642
Basic earnings/(loss) per Common Share:
Continuing operations $3.10 $2.77 $ 1.64
Discontinued operations —(0.02) 0.15
Net basic earnings per Common Share $3.10 $2.75 $ 1.79
Diluted earnings/(loss) per Common Share:
Continuing operations $3.06 $2.74 $ 1.62
Discontinued operations —(0.02) 0.15
Net diluted earnings per Common Share $3.06 $2.72 $ 1.77
Weighted average number of Common Shares outstanding:
Basic 345 349 359
Diluted 349 353 361
The accompanying notes are an integral part of these consolidated statements.