LabCorp 2008 Annual Report Download - page 35

Download and view the complete annual report

Please find page 35 of the 2008 LabCorp annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 58

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58

Laboratory Corporation of America
Laboratory Corporation of America® Holdings 2008 33
Years Ended December 31,
(In Millions, Except Per Share Data) 2008 2007 2006
Net sales $ 4,505.2 $ 4,068.2 $ 3,590.8
Cost of sales 2,631.4 2,377.0 2,061.4
Gross profit 1,873.8 1,691.2 1,529.4
Selling, general and administrative expenses 935.1 808.7 779.1
Amortization of intangibles and other assets 57.9 54.9 52.2
Restructuring and other special charges 37.9 50.6 1.0
Operating income 842.9 777.0 697.1
Other income (expenses):
Interest expense (72.0) (56.6) (47.8)
Income from joint venture partnerships, net 14.4 77.9 66.7
Investment income 2.5 5.4 7.7
Other, net (2.1) (1.4) (2.8)
Earnings before minority interest and income taxes 785.7 802.3 720.9
Minority interest (13.3) – –
Earnings before income taxes 772.4 802.3 720.9
Provision for income taxes 307.9 325.5 289.3
Net earnings $ 464.5 $ 476.8 $ 431.6
Basic earnings per common share $ 4.23 $ 4.08 $ 3.48
Diluted earnings per common share $ 4.16 $ 3.93 $ 3.24
The accompanying notes are an integral part of these consolidated financial statements.
Consolidated Statements of Operations