Previous   Next
 

QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001

(in thousands, except per share data)




 

2003

2002

2001

Net revenues.............................................................................................................

  $4,737,958

  $4,108,051

  $3,627,771

 

 

 

 

Operating costs and expenses:

 

 

 

Cost of services........................................................................................................

    2,768,623

    2,432,388

    2,151,594

Selling, general and administrative........................................................................

    1,165,700

    1,074,841

    1,018,680

Amortization of goodwill........................................................................................

                  -

                  -

         38,392

Amortization of intangible assets..........................................................................

           8,201

           8,373

           7,715

Other operating (income) expense, net.................................................................

         (1,020)

              307

            (160)

Total operating costs and expenses.................................................................

    3,941,504

    3,515,909

    3,216,221

 

 

 

 

Operating income ...................................................................................................

       796,454

       592,142

       411,550

 

 

 

 

Other income (expense):

 

 

 

Interest expense, net................................................................................................

       (59,789)

       (53,673)

       (70,523)

Minority share of income........................................................................................

       (17,630)

       (14,874)

         (9,953)

Equity earnings in unconsolidated joint ventures..............................................

         17,439

        16,714

         10,763

Loss on debt extinguishment.................................................................................

                  -

                  -

       (42,012)

Other income (expense), net...................................................................................

           1,324

          2,068

         (3,236)

Total non-operating expenses, net....................................................................

      (58,656)

      (49,765)

     (114,961)

 

 

 

 

Income before taxes.................................................................................................

       737,798

       542,377

       296,589

Income tax expense..................................................................................................

       301,081

       220,223

       134,286

Net income................................................................................................................

    $ 436,717

    $ 322,154

    $ 162,303

 

 

 

 

Basic earnings per common share:

 

 

 

Net income................................................................................................................

    $       4.22

    $       3.34

    $       1.74

Weighted average common shares outstanding - basic ...................................

       103,416

         96,467

         93,053

 

 

 

 

Diluted earnings per common share:

 

 

 

Net income.................................................................................................................

    $       4.12

    $       3.23

    $       1.66

Weighted average common shares outstanding - diluted ................................

       105,932

         99,790

         97,610

 

 

 

 










The accompanying notes are an integral part of these statements.

 

 

Previous   Next