LabCorp 2006 Annual Report Download - page 33

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CONSOLIDATED STATEMENTS OF OPERATIONS
Laboratory Corporation of America® Holdings 2006 31
............................... ........
.......................................
Years Ended December 31,
(in millions, except per share data) 2006 2005 2004
Net sales $ 3,590.8 $ 3,327.6 $ 3,084.8
Cost of sales 2,061.4 1,937.3 1,795.5
Gross profit 1,529.4 1,390.3 1,289.3
Selling, general and administrative expenses 779.1 703.9 649.1
Amortization of intangibles and other assets 52.2 51.4 42.7
Restructuring and other special charges 1.0 16.9 (0.9)
Operating income 697.1 618.1 598.4
Other income (expenses):
Investment loss – (3.1) –
Interest expense (47.8) (34.4) (36.1)
Income from joint venture partnerships, net 66.7 58.3 51.3
Investment income 7.7 1.8 3.5
Other, net (2.8) – (1.8)
Earnings before income taxes 720.9 640.7 615.3
Provision for income taxes 289.3 254.5 252.3
Net earnings $ 431.6 $ 386.2 $ 363.0
Basic earnings per common share $ 3.48 $ 2.89 $ 2.60
Diluted earnings per common share $ 3.24 $ 2.71 $ 2.45
The accompanying notes are an integral part of these consolidated financial statements.