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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2003 AND 2002

(in thousands, except per share data)



 

2003

2002

     

Assets

 

 

Current assets:

 

 

Cash and cash equivalents.........................................................................................

    $      154,958

    $        96,777

Accounts receivable, net of allowance of $211,739 and $193,456

    at December 31, 2003 and 2002, respectively........................................................

 

            609,187

 

            522,131

Inventories.....................................................................................................................

              72,484

              60,899

Deferred income taxes..................................................................................................

            108,975

            102,700

Prepaid expenses and other current assets..............................................................

              50,182

              41,936

    Total current assets.................................................................................................

            995,786

            824,443

Property, plant and equipment, net...........................................................................

            607,305

            570,149

Goodwill, net..................................................................................................................

         2,518,875

         1,788,850

Intangible assets, net...................................................................................................

              16,978

              22,083

Deferred income taxes.................................................................................................

              49,635

              29,756

Other assets..................................................................................................................

            112,839

              88,916

Total assets....................................................................................................................

    $   4,301,418

    $   3,324,197

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

Current liabilities:

 

 

Accounts payable and accrued expenses................................................................

    $      649,850

    $      609,945

Current portion of long-term debt..............................................................................

              73,950

              26,032

    Total current liabilities.............................................................................................

            723,800

            635,977

Long-term debt.............................................................................................................

         1,028,707

            796,507

Other liabilities...........................................................................................................

            154,217

            122,850

Commitments and contingencies

 

 

Common stockholders’ equity:

 

 

Common stock, par value $0.01 per share; 300,000 shares authorized; 106,804
and 97,963 shares issued at December 31, 2003 and 2002, respectively...........

 

                1,068

 

                   980

Additional paid-in capital............................................................................................

         2,267,014

         1,817,511

Retained earnings (accumulated deficit)...................................................................

            380,559

            (40,772)

Unearned compensation..............................................................................................

              (2,346)

              (3,332)

Accumulated other comprehensive income (loss)..................................................

                5,947

              (5,524)

Treasury stock, at cost; 3,990 shares at December 31, 2003..................................

          (257,548)

                        -

    Total common stockholders’ equity......................................................................

         2,394,694

         1,768,863

Total liabilities and stockholders’ equity................................................................

    $   4,301,418

    $   3,324,197














The accompanying notes are an integral part of these statements.

 

 

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