-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BNRDkqDm9PMX7sSbNbUsQ9xpB/gvjZYu6XDWIOeUVYgj6Kx/fRi1DOxYKvX/UStT NKzMQdvuLjdUfQW7BNTEMg== 0000950117-03-004624.txt : 20031031 0000950117-03-004624.hdr.sgml : 20031031 20031031102248 ACCESSION NUMBER: 0000950117-03-004624 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031031 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QUEST DIAGNOSTICS INC CENTRAL INDEX KEY: 0001022079 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEDICAL LABORATORIES [8071] IRS NUMBER: 161387862 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12215 FILM NUMBER: 03968522 BUSINESS ADDRESS: STREET 1: ONE MALCOLM AVE CITY: TETERBORO STATE: NJ ZIP: 07608 BUSINESS PHONE: 2013935000 MAIL ADDRESS: STREET 1: ONE MALCOLM AVE CITY: TETERBORO STATE: NJ ZIP: 07601 FORMER COMPANY: FORMER CONFORMED NAME: CORNING CLINICAL LABORATORIES INC DATE OF NAME CHANGE: 19960903 8-K 1 a36394.txt QUEST DIAGNOSTICS INCORPORATED SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 - -------------------------------------------------------------------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported): October 31, 2003 Commission file number 1-12215 Quest Diagnostics Incorporated One Malcolm Avenue Teterboro, NJ 07608 (201) 393-5000 Delaware (State of Incorporation) 16-1387862 (I.R.S. Employer Identification Number) Item 5. Other Events and Regulation FD Disclosure/Item 12. Results of Operation and Financial Condition. The following information is being filed pursuant to Item 5, "Other Events and Regulation FD Disclosure" and furnished pursuant to Item 12, "Results of Operation and Financial Condition". In conjunction with the preparation of its earnings press release and Form 10-Q for the quarter ended September 30, 2003, Quest Diagnostics Incorporated (the "Company") began reporting operating income on the face of its consolidated statement of operations. The accompanying exhibit presents the Company's historical results of operations for 2002 and 2003 on a basis consistent with the presentation (the "New Presentation") of its statements of operations in its earnings press release and Report on Form 10-Q for the quarter ended September 30, 2003. Certain amounts reported in the Company's historical consolidated statements of operations for the periods presented have been reclassified to conform to the New Presentation. The revised presentation provides additional detail on the amounts previously included in the line item "other, net" and provides subtotals of "total operating costs and expenses", "operating income" and "total non-operating expenses, net." No other historical amounts previously reported were impacted by the change in presentation. Although not required by the applicable SEC rules, we believe the New Presentation provides useful information to users of the Company's financial statements. Item 7. Financial Statements and Exhibits (c) Exhibit 99.1 Quest Diagnostics Incorporated - Consolidated Statements of Operations for each of the quarters and nine months ended September 30, 2003, and for each of the quarters and year ended December 31, 2002.
Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. October 31, 2003 QUEST DIAGNOSTICS INCORPORATED By: /s/ Robert A. Hagemann ---------------------- Robert A. Hagemann EX-99 3 ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)
Nine Months Three Months Ended Ended ------------------------------------------ ---------- March 31, June 30, September 30, September 30, 2003 2003 2003 2003 ---------- ---------- ---------- ---------- Net revenues ................................... $1,092,797 $1,219,935 $1,221,221 $3,533,953 ---------- ---------- ---------- ---------- Operating costs and expenses: Cost of services ............................... 648,097 703,124 711,180 2,062,401 Selling, general and administrative ............ 279,199 296,062 292,413 867,674 Amortization of intangible assets .............. 2,023 2,068 2,055 6,146 Other operating (income) expense, net .......... 223 10 (1,950) (1,717) ---------- ---------- ---------- ---------- Total operating costs and expenses .......... 929,542 1,001,264 1,003,698 2,934,504 ---------- ---------- ---------- ---------- Operating income ............................... 163,255 218,671 217,523 599,449 Other income (expense): Interest expense, net .......................... (13,909) (16,866) (14,472) (45,247) Minority share of income ....................... (3,803) (4,415) (4,607) (12,825) Equity earnings in unconsolidated joint ventures 4,056 4,554 4,371 12,981 Other income (expense), net .................... (805) 1,461 (62) 594 ---------- ---------- ---------- ---------- Total non-operating expenses, net............ (14,461) (15,266) (14,770) (44,497) ---------- ---------- ---------- ---------- Income before taxes ............................ 148,794 203,405 202,753 554,952 Income tax expense ............................. 60,758 82,993 82,729 226,480 ---------- ---------- ---------- ---------- Net income ..................................... $ 88,036 $ 120,412 $ 120,024 $ 328,472 ========== ========== ========== ========== =============================================================================================================== Basic earnings per common share: Net income ..................................... $ 0.88 $ 1.15 $ 1.15 $ 3.18 Weighted average common shares outstanding - basic ....................... 100,037 105,049 104,787 103,291 =============================================================================================================== Diluted earnings per common share: Net income ..................................... $ 0.86 $ 1.12 $ 1.12 $ 3.10 Weighted average common shares outstanding - diluted ....................... 102,455 107,677 107,278 105,804
QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)
Three Months Ended Year Ended ----------------------------------------------------------- ---------- March 31, June 30, September 30, December 31, December 31, 2002 2002 2002 2002 2002 -------- ---------- ---------- ---------- ---------- Net revenues .......................... $946,762 $1,068,810 $1,058,714 $1,033,765 $4,108,051 -------- ---------- ---------- ---------- ---------- Operating costs and expenses: Cost of services ...................... 557,738 630,258 625,075 619,317 2,432,388 Selling, general and administrative ... 258,403 276,821 272,587 267,030 1,074,841 Amortization of intangible assets ..... 2,155 2,065 2,023 2,130 8,373 Other operating (income) expense, net . 2,329 (502) 1,074 (2,594) 307 -------- ---------- ---------- ---------- ---------- Total operating costs and expenses .. 820,625 908,642 900,759 885,883 3,515,909 -------- ---------- ---------- ---------- ---------- Operating income ...................... 126,137 160,168 157,955 147,882 592,142 Other income (expense): Interest expense, net ................. (12,675) (14,916) (13,388) (12,694) (53,673) Minority share of income .............. (3,882) (3,938) (3,661) (3,393) (14,874) Equity earnings in unconsolidated joint ventures ............................ 3,602 4,326 3,834 4,952 16,714 Other income (expense), net ........... (659) 832 1,405 490 2,068 -------- ---------- ---------- ---------- ---------- Total non-operating expenses, net.... (13,614) (13,696) (11,810) (10,645) (49,765) -------- ---------- ---------- ---------- ---------- Income before taxes ................... 112,523 146,472 146,145 137,237 542,377 Income tax expense .................... 45,834 59,321 59,528 55,540 220,223 -------- ---------- ---------- ---------- ---------- Net income ............................ $ 66,689 $ 87,151 $ 86,617 $ 81,697 $ 322,154 ======== ========== ========== ========== ========== ======================================================================================================================== Basic earnings per common share: Net income ............................ $0.70 $ 0.90 $ 0.89 $ 0.84 $ $3.34 Weighted average common shares outstanding - basic ................. 95,422 96,393 96,900 97,155 96,467 ======================================================================================================================== Diluted earnings per common share: Net income ............................ $ 0.67 $ 0.87 $ 0.87 $ 0.82 $ 3.23 Weighted average common shares outstanding - diluted ............... 99,307 100,297 99,712 99,843 99,790
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