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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONSFOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001(in thousands, except per share data)
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2003 |
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2002 |
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2001 |
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Net revenues............................................................................................................. |
$4,737,958 |
$4,108,051 |
$3,627,771 |
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2,768,623 |
2,432,388 |
2,151,594 |
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Selling, general and
administrative........................................................................ |
1,165,700 |
1,074,841 |
1,018,680 |
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- |
- |
38,392 |
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8,201 |
8,373 |
7,715 |
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Other operating (income) expense, net................................................................. |
(1,020) |
307 |
(160) |
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Total
operating costs and expenses................................................................. |
3,941,504 |
3,515,909 |
3,216,221 |
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Operating income ................................................................................................... |
796,454 |
592,142 |
411,550 |
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Other income (expense): |
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(59,789) |
(53,673) |
(70,523) |
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Minority share of income........................................................................................ |
(17,630) |
(14,874) |
(9,953) |
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Equity earnings in unconsolidated joint ventures.............................................. |
17,439 |
16,714 |
10,763 |
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Loss on debt extinguishment................................................................................. |
- |
- |
(42,012) |
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1,324 |
2,068 |
(3,236) |
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(58,656) |
(49,765) |
(114,961) |
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Income before taxes................................................................................................. |
737,798 |
542,377 |
296,589 |
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Income tax expense.................................................................................................. |
301,081 |
220,223 |
134,286 |
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Net income................................................................................................................ |
$ 436,717 |
$ 322,154 |
$ 162,303 |
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Basic earnings per
common share: |
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Net
income................................................................................................................ |
$ 4.22 |
$ 3.34 |
$ 1.74 |
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Weighted average common shares outstanding - basic
................................... |
103,416 |
96,467 |
93,053 |
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Diluted earnings per
common share: |
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Net income................................................................................................................. |
$ 4.12 |
$ 3.23 |
$ 1.66 |
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Weighted average common shares outstanding - diluted
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105,932 |
99,790 |
97,610 |
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The accompanying notes are an integral part of these statements.
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