LabCorp 2007 Annual Report Download - page 35

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Consolidated Statements of Operations
Laboratory Corporation of America® Holdings 2007 33
Years Ended December 31,
(in millions, except per share data) 2007 2006 2005
Net sales $ 4,068.2 $ 3,590.8 $ 3,327.6
Cost of sales 2,377.0 2,061.4 1,937.3
Gross profi t 1,691.2 1,529.4 1,390.3
Selling, general and administrative expenses 808.7 779.1 703.9
Amortization of intangibles and other assets 54.9 52.2 51.4
Restructuring and other special charges 50.6 1.0 16.9
Operating income 777.0 697.1 618.1
Other income (expenses):
Investment loss – – (3.1)
Interest expense (56.6) (47.8) (34.4)
Income from joint venture partnerships, net 77.9 66.7 58.3
Investment income 5.4 7.7 1.8
Other, net (1.4) (2.8) –
Earnings before income taxes 802.3 720.9 640.7
Provision for income taxes 325.5 289.3 254.5
Net earnings $ 476.8 $ 431.6 $ 386.2
Basic earnings per common share $ 4.08 $ 3.48 $ 2.89
Diluted earnings per common share $ 3.93 $ 3.24 $ 2.71
The accompanying notes are an integral part of these consolidated fi nancial statements.
Laboratory Corporation of America