LabCorp 2009 Annual Report Download - page 39

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LABORATORY CORPORATION OF AMERICA 37
Years Ended December 31,
(In Millions, Except Per Share Data) 2009 2008 2007
Net sales $ 4,694.7 $ 4,505.2 $ 4,068.2
Cost of sales 2,723.8 2,631.4 2,377.0
Gross profit 1,970.9 1,873.8 1,691.2
Selling, general and administrative expenses 958.9 935.1 808.7
Amortization of intangibles and other assets 62.6 57.9 54.9
Restructuring and other special charges 13.5 37.9 50.6
Operating income 935.9 842.9 777.0
Other income (expenses):
Interest expense (62.9) (72.0) (56.6)
Income from joint venture partnerships, net 13.8 14.4 77.9
Investment income 1.6 2.5 5.4
Other, net (3.8) (2.1) (1.4)
Earnings before income taxes 884.6 785.7 802.3
Provision for income taxes 329.0 307.9 325.5
Net earnings 555.6 477.8 476.8
Less: Net earnings attributable to the noncontrolling interest (12.3) (13.3) –
Net earnings attributable to Laboratory Corporation of America Holdings $ 543.3 $ 464.5 $ 476.8
Basic earnings per common share $ 5.06 $ 4.23 $ 4.08
Diluted earnings per common share $ 4.98 $ 4.16 $ 3.93
The accompanying notes are an integral part of these consolidated financial statements.
LABORATORY CORPORATION OF AMERICA
Consolidated Statements of Operations