LabCorp 2012 Annual Report Download - page 8

6
The selected financial data presented below under the captions “Statement of Operations Data” and “Balance Sheet Data”
as of and for the five-year period ended December 31, 2012 are derived from consolidated financial statements of the
Company, which have been audited by an independent registered public accounting firm. This data should be read in conjunction
with the accompanying notes, the Company’s consolidated financial statements and the related notes thereto, and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” all included elsewhere herein.
Year Ended December 31,
(In millions, except per share amounts) 2012(a) 2011(b) (c) 2010(d) 2009(e) 2008(f)
Statement of Operations Data:
Net sales $ 5,671.4 $ 5,542.3 $ 5,003.9 $ 4,694.7 $ 4,505.2
Gross profit 2,249.7 2,274.7 2,097.8 1,970.9 1,873.8
Operating income 1,023.5 948.4 978.8 935.9 842.9
Net earnings attributable to Laboratory
Corporation of America Holdings 583.1 519.7 558.2 543.3 464.5
Basic earnings per common share $ 6.09 $ 5.20 $ 5.42 $ 5.06 $ 4.23
Diluted earnings per common share $ 5.99 $ 5.11 $ 5.29 $ 4.98 $ 4.16
Basic weighted average common
shares outstanding 95.7 100.0 103.0 107.4 109.7
Diluted weighted average common
shares outstanding 97.4 101.8 105.4 109.1 111.8
Balance Sheet Data:
Cash and cash equivalents, and
short-term investments $ 466.8 $ 159.3 $ 230.7 $ 148.5 $ 219.7
Goodwill and intangible assets, net 4,569.4 4,302.5 4,275.4 3,239.3 2,994.8
Total assets 6,795.0 6,111.8 6,187.8 4,837.8 4,669.5
Long-term obligations(g) 2,655.0 2,221.0 2,188.4 1,394.4 1,721.3
Total shareholders’ equity 2,717.4 2,503.5 2,466.3 2,106.1 1,688.3
(a) During 2012, the Company recorded net restructuring charges of $25.3. The charges were comprised of $16.2 in severance and other
personnel costs and $19.6 in facility-related costs primarily associated with the ongoing integration activities of Orchid and the Integrated
Genetics Division (formerly Genzyme Genetics) and costs associated with the previously announced termination of an executive vice president.
These charges were offset by the reversal of previously established reserves of $6.3 in unused severance and $4.2 in unused facility-related
costs. As part of the Clearstone integration, the Company also recorded a $6.9 loss on the disposal of one of its European subsidiaries in
Other, net under Other income (expenses) during 2012. In addition, the Company recorded $6.2 in accelerated amortization relating to the
termination of a licensing agreement.
(b) During 2011, the Company recorded net restructuring charges of $44.6. Of this amount, $27.4 related to severance and other personnel costs,
and $22.0 primarily related to facility-related costs associated with the ongoing integration of certain acquisitions including Genzyme Genetics
and Westcliff Medical Laboratories, Inc. (“Westcliff”). These charges were offset by restructuring credits of $4.8 resulting from the reversal of
unused severance and facility closure liabilities. In addition, the Company recorded fixed assets impairment charges of $18.9 primarily related
to equipment, computer systems and leasehold improvements in closed facilities. The Company also recorded special charges of $14.8 related
to the write-off of certain assets and liabilities related to an investment made in prior years, along with a $2.6 write-off of an uncollectible
receivable from a past installment sale of one of the Company’s lab operations.
LABORATORY CORPORATION OF AMERICA
Selected Financial Data