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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES


The following is a reconciliation of non-GAAP measures presented in the financial highlights to their most comparable measure under generally accepted accounting principles.

 

Year ended December 31,

(in thousands, except per share data)
 

2003

 

2002

 

2001

 

2000

 

1999

Net income (loss)

        $436,717

 

    $322,154

 

    $162,303

 

    $102,052

 

   $  (3,413)

Add:

Amortization of goodwill, net of taxes ....................................

                     -

 

                  -

 

       35,964

 

        36,023

 

       22,013

Provision for restructuring and other special charges,
   net of taxes ...............................................................................

                     -

 

                  -

  

                -

 

          1,260

 

       44,118

Loss on debt extinguishment, net of taxes..............................

                     -

 

                  -

 

       25,207

 

          2,896

 

         2,139

Adjusted net income

        $436,717

 

    $322,154

 

   $223,474

 

    $142,231

 

    $ 64,857

Diluted earnings per common share

 

 

 

 

 

 

 

 

 

Reported net income (loss) .......................................................

        $     4.12

 

    $      3.23

 

   $      1.66

 

    $     1.08

 

    $   (0.05)

Adjusted diluted earnings per common share........................

        $     4.12

 

    $      3.23

 

   $      2.29

 

    $     1.51

 

    $     0.91

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

         105,932

 

        99,790

 

       97,610

 

       94,300

 

       71,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

       $796,454

 

    $592,142

 

   $411,550

 

   $317,527

 

    $ 78,980

Add:

 

 

 

 

 

 

 

 

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

                     -

 

                 -

 

       38,392

 

       37,862

 

       23,530

Provision for restructuring and other special charges .........

                     -

 

                 -

 

                -

 

         2,100

 

       73,385

Adjusted operating income ......................................................

       $796,454

 

    $592,142

 

   $449,942

 

   $357,489

 

   $175,895
                   

 

 

 

 

Reconciliation of Non-GAAP Measures

 

 

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