LabCorp 2011 Annual Report Download - page 25

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23
LABORATORY CORPORATION OF AMERICA
Management’s Discussion and Analysis
of Financial Condition and Results of Operations (in millions)
23
LABORATORY CORPORATION OF AMERICA
Consolidated Statements of Operations
Years Ended December 31,
(In Millions, Except Per Share Data) 2011 2010 2009
Net sales $ 5,542.3 $ 5,003.9 $ 4,694.7
Cost of sales 3,267.6 2,906.1 2,723.8
Gross profit 2,274.7 2,097.8 1,970.9
Selling, general and administrative expenses 1,159.6 1,034.3 958.9
Amortization of intangibles and other assets 85.8 72.7 62.6
Restructuring and other special charges 80.9 12.0 13.5
Operating income 948.4 978.8 935.9
Other income (expenses):
Interest expense (87.5) (70.0) (62.9)
Equity method income, net 9.5 10.6 13.8
Investment income 1.3 1.1 1.6
Other, net (5.6) (4.9) (3.8)
Earnings before income taxes 866.1 915.6 884.6
Provision for income taxes 333.0 344.0 329.0
Net earnings 533.1 571.6 555.6
Less: Net earnings attributable to the noncontrolling interest (13.4) (13.4) (12.3)
Net earnings attributable to Laboratory Corporation of America Holdings $ 519.7 $ 558.2 $ 543.3
Basic earnings per common share $ 5.20 $ 5.42 $ 5.06
Diluted earnings per common share $ 5.11 $ 5.29 $ 4.98
The accompanying notes are an integral part of these consolidated financial statements.