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| Years Ended December 31, | ||||||
| In millions, except per share amounts | 1998 | 1997 | 1996 | |||
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| Net sales | $15,273.6 | $13,749.6 | $11,831.6 | |||
| Cost of goods sold, buying and warehousing costs | 11,144.4 | 10,031.3 | 8,530.7 | |||
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| Gross margin | 4,129.2 | 3,718.3 | 3,300.9 | |||
| Selling, general and administrative expenses | 2,949.0 | 2,776.0 | 2,490.8 | |||
| Depreciation and amortization | 249.7 | 238.2 | 205.4 | |||
| Merger, restructuring and other nonrecurring charges | 158.3 | 442.7 | 12.8 | |||
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| Total operating expenses | 3,357.0 | 3,456.9 | 2,709.0 | |||
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| Operating profit | 772.2 | 261.4 | 591.9 | |||
| Gain on sale of securities | — | — | (121.4) | |||
| Dividend income | — | — | (5.6) | |||
| Interest expense, net | 60.9 | 44.1 | 75.5 | |||
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| Other expense (income), net | 60.9 | 44.1 | (51.5) | |||
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| Earnings from continuing operations before income taxes and extraordinary item | 711.3 | 217.3 | 643.4 | |||
| Income tax provision | (314.9) | (140.8) | (271.0) | |||
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| Earnings from continuing operations before extraordinary item | 396.4 | 76.5 | 372.4 | |||
| Discontinued operations: | ||||||
| Loss from operations, net of tax benefit of $31.0 | — | — | (54.8) | |||
| Gain (loss) on disposal, net of tax (provision) benefit of $(12.4), $56.2 in 1997 and 1996, respectively and minority interest of $22.2 in 1996 | — | 17.5 | (109.4) | |||
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| Earnings (loss) from discontinued operations | — | 17.5 | (164.2) | |||
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| Earnings before extraordinary item | 396.4 | 94.0 | 208.2 | |||
| Extraordinary item, loss related to early retirement of debt, net of income tax benefit of $11.4 | — | (17.1) | — | |||
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| Net earnings | 396.4 | 76.9 | 208.2 | |||
| Preference dividends, net of income tax benefit | (13.6) | (13.7) | (14.5) | |||
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| Net earnings available to common shareholders | $382.8 | $63.2 | $193.7 | |||
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| Basic earnings per common share: | ||||||
| Earnings from continuing operations before extraordinary item | $0.99 | $0.17 | $0.98 | |||
| Earnings (loss) from discontinued operations | — | 0.05 | (0.45) | |||
| Extraordinary item, net of tax benefit | — | (0.05) | — | |||
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| Net earnings | $0.99 | $0.17 | $0.53 | |||
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| Weighted average common shares outstanding | 387.1 | 377.2 | 366.9 | |||
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| Diluted earnings per common share: | ||||||
| Earnings from continuing operations before extraordinary item | $0.98 | $0.16 | $0.95 | |||
| Earnings (loss) from discontinued operations | — | 0.05 | (0.43) | |||
| Extraordinary item, net of tax benefit | — | (0.05) | — | |||
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| Net earnings | $0.98 | $0.16 | $0.52 | |||
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| Weighted average common shares outstanding | 405.2 | 385.1 | 383.6 | |||
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| Dividends per common share | $0.225 | $0.220 | $0.220 | |||
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See accompanying notes to consolidated financial statements.
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copyright
©1998 CVS/pharmacy, Inc.
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