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Cardinal Health, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
49
17. Selected Quarterly Financial Data
(Unaudited)
The following is selected quarterly financial data for fiscal 2014
and 2013. The sum of the quarters may not equal year-to-date
due to rounding.
(in millions, except per
common share amounts)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter (1)
Fiscal 2014
Revenue $ 24,523 $ 22,240 $ 21,427 $ 22,894
Gross margin 1,264 1,345 1,297 1,256
Distribution, selling,
general and
administrative expenses 732 766 736 795
Earnings from continuing
operations 340 275 315 234
Earnings/(loss) from
discontinued operations (1) 3 — —
Net earnings 339 278 315 234
Earnings from
continuing operations
per common share:
Basic $ 1.00 $ 0.80 $ 0.92 $ 0.69
Diluted 0.99 0.79 0.91 0.68
(in millions, except per
common share amounts)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter (2)
Fiscal 2013
Revenue $ 25,889 $ 25,232 $ 24,552 $ 25,420
Gross margin 1,159 1,224 1,291 1,247
Distribution, selling,
general and
administrative expenses 690 699 712 775
Earnings/(loss) from
continuing operations 272 303 346 (586)
Loss from discontinued
operations, net of tax (1) — (1) —
Net earnings/(loss) 271 303 345 (586)
Earnings/(loss) from
continuing operations
per common share:
Basic $ 0.80 $ 0.89 $ 1.01 $ (1.72)
Diluted (3) 0.79 0.88 1.00 (1.72)
(1) During the fourth quarter of fiscal 2014, we recorded an out-of-period
decrease in revenue of $14 million related to customer pricing
adjustments, of which $1 million pertained to each of the first three
quarters of fiscal 2014 and each quarter of fiscal 2013. The amounts were
not material individually or in the aggregate to current or prior periods.
(2) During the fourth quarter of fiscal 2013, we recorded an out-of-period
increase in income tax expense of $14 million related to uncertain tax
benefits, of which generally less than $1 million pertained to the each of
the first three quarters of fiscal 2013. The amounts were not material
individually or in the aggregate to current or prior periods.
(3) Due to the loss from continuing operations incurred during the fourth
quarter of fiscal 2013, potential dilutive common shares have not been
included in the denominator of the diluted per share computation for this
period due to their antidilutive effect.