CareFusion Files Fiscal 2012 Form 10-K
SAN DIEGO, Jan. 31, 2013 /PRNewswire/ -- CareFusion Corporation (NYSE: CFN) today announced that it has filed its annual report on Form 10-K for the fiscal year ended June 30, 2012. The company had delayed the filing to correct its accounting for sales-type leases in its Pyxis® medication and supply dispensing product lines.
The accounting correction resulted in immaterial revisions to CareFusion's preliminary fourth quarter and full-year fiscal 2012 financial results, its financial statements for fiscal years ended June 30, 2010 and 2011, and selected financial data for the fiscal years ended June 30, 2008 through 2011. Although the effect of these revisions was not material to these financial statements, the cumulative impact would have been material in the fiscal year ended June 30, 2012, which is why the company made the revisions. These corrections are considered a restatement under generally accepted accounting principles.
"This accounting matter did not materially affect our financial results and, importantly, has no effect on the cash flows we receive under our lease arrangements," said James F. Hinrichs, chief financial officer. "We are pleased to have this work completed and remain on track to become current in our Form 10-Q filings by our next deadline on Feb. 11."
The company intends to report its first and second quarter fiscal 2013 results on Feb. 7.
Revised financial results
Revisions to the company's preliminary fourth quarter and full-year fiscal 2012 results reflect both the impact of the accounting modification on sales-type leases and other accounting items recorded in the fourth quarter because it was considered an open accounting period until CareFusion filed its Form 10-K. This included a $7 million increase in recall reserves related to a previously disclosed product recall.
For the three months ended June 30, 2012, revenue was $961 million; operating income was $155 million, or $162 million on an adjusted basis excluding nonrecurring items; and adjusted operating income was 16.9 percent of revenue. Operating expenses during the quarter totaled $320 million, and adjusted operating expenses were $313 million. Income from continuing operations was $91 million, or $0.41 per diluted share. Adjusted income from continuing operations during the quarter was $98 million, or $0.44 per diluted share.
For the fiscal year ended June 30, 2012, revenue was $3.6 billion; operating income was $574 million, or $611 million on an adjusted basis excluding nonrecurring items; and adjusted operating income was 17 percent of revenue. Operating expenses during the year were $1.2 billion on both a reported and an adjusted basis. Income from continuing operations was $361 million, or $1.60 per diluted share. Adjusted income from continuing operations during the year was $390 million, or $1.72 per diluted share.
Conference call
CareFusion plans to release first and second quarter fiscal 2013 results on Thursday, Feb. 7, following the close of trading on the New York Stock Exchange.
The company will host a conference call on Feb. 7 at 2 p.m. PST (5 p.m. EST) to discuss the results for its first quarter fiscal 2013, ended on Sept. 30, 2012, and second quarter fiscal 2013, ended on Dec. 31, 2012. To access the call, visit the Investors page at www.carefusion.com/. Log on at least 15 minutes before the call begins to register and download or install any necessary audio software.
Investors and other interested parties may also access the call by dialing (800) 706-7748 within the U.S. or (617) 614-3473 from outside the U.S., and use the access code 86859607. A replay of the conference call will be available from 4 p.m. PST (7 p.m. EST) on Feb. 7 through 8:59 p.m. PST on Feb. 14 and can be accessed by dialing (888) 286-8010 in the U.S. or (617) 801-6888 from outside the U.S. and using the access code 52148625.
About CareFusion Corporation
CareFusion (NYSE: CFN) is a global corporation serving the health care industry with products and services that help hospitals measurably improve the safety and quality of care. The company develops market-leading technologies including Alaris® infusion pumps, Pyxis® automated dispensing and patient identification systems, AVEA®, AirLife™ and LTV® series ventilation and respiratory products, ChloraPrep® products, MedMined® services for data mining surveillance, V. Mueller® surgical instruments, and an extensive line of products that support interventional medicine. CareFusion employs more than 15,000 people across its global operations. More information may be found at www.carefusion.com.
Use of Non-GAAP Financial Measures by CareFusion Corporation
This CareFusion news release and the information contained herein present non-GAAP financial measures that exclude certain amounts, as follows: "adjusted operating expenses," "adjusted operating income," and "adjusted segment profit," which exclude nonrecurring items primarily related to the spinoff and nonrecurring restructuring and acquisition integration charges; and "adjusted income from continuing operations" and "adjusted diluted earnings per share from continuing operations," and "adjusted effective tax rate," which exclude nonrecurring items primarily related to the spinoff, nonrecurring restructuring and acquisition integration charges and nonrecurring tax items. The most directly comparable GAAP financial measures for these non-GAAP financial measures are operating expenses, operating income, segment profit, income from continuing operations, diluted earnings per share from continuing operations, and effective tax rate. The company has included below unaudited adjusted financial information for the quarter ended June 30, 2012, and the fiscal years ended June 30, 2010, 2011 and 2012, including a reconciliation of GAAP to non-GAAP financial measures.
The company's management uses these non-GAAP financial measures to evaluate the company's performance and provides them to investors as a supplement to the company's reported results, as they believe this information provides additional insight into the company's operating performance by disregarding certain non-recurring items. These non-GAAP financial measures should not be considered in isolation, as a substitute for, or as superior to, financial measures calculated in accordance with GAAP, and the company's financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. While the types of items and charges excluded from the company's non-GAAP financial measures may occur in the future, the company's management believes that they are not reflective of the day-to-day offering of its products and services and relate more to strategic, multi-year corporate actions, without predictable trends, or discrete and unusual or infrequent transactions that are not indicative of future operations or business trends.
Cautions Concerning Forward-looking Statements
The CareFusion news release and the information contained herein present "forward-looking statements" addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments, including statements regarding the modified application of lease accounting principles to the company's sales-type leases; and the timing for filing the company's Form 10-Q for the quarter ended Sept. 30 and Form 10-Q for the quarter ended Dec. 31. CareFusion intends forward-looking terminology such as "believes," "expects," "may," "will," "should," "anticipates," "plans," or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause the company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that additional information may arise during the course of the company's lease accounting review that may require the company to make additional adjustments; the time and effort required to complete the company's analysis and the review by the company's independent auditors; and the time and effort required to prepare and file its periodic reports with the SEC, as well as other risks described more fully in Item 1A in the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2012, which are expressly incorporated herein by reference, and other factors as may periodically be described in the company's filings with the SEC. The CareFusion news release and the information contained herein reflect management's views as of Jan. 31, 2013. Except to the limited extent required by applicable law, CareFusion undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
| CAREFUSION CORPORATION |
||||||||||
| CONSOLIDATED STATEMENTS OF INCOME |
||||||||||
| (UNAUDITED) |
||||||||||
| Quarter Ended |
Fiscal Year Ended |
|||||||||
| June 30, |
June 30, |
|||||||||
| 2012 |
2012 |
|||||||||
| (in millions, except per share amounts) |
Preliminary1 |
As Reported2 |
Preliminary1 |
As Reported2 |
||||||
| Revenue |
$ |
968 |
$ |
961 |
$ |
3,601 |
$ |
3,598 |
||
| Cost of Products Sold |
479 |
486 |
1,788 |
1,794 |
||||||
| Gross Margin |
489 |
475 |
1,813 |
1,804 |
||||||
| Selling, General and Administrative Expenses |
260 |
267 |
1,026 |
1,033 |
||||||
| Research and Development Expenses |
46 |
46 |
164 |
164 |
||||||
| Restructuring and Acquisition Integration Charges |
7 |
7 |
33 |
33 |
||||||
| Gain on the Sale of Assets |
- |
- |
- |
- |
||||||
| Operating Income |
176 |
155 |
590 |
574 |
||||||
| Interest Expense and Other, Net |
23 |
24 |
86 |
87 |
||||||
| Income Before Income Tax |
153 |
131 |
504 |
487 |
||||||
| Provision for Income Tax |
46 |
40 |
131 |
126 |
||||||
| Income from Continuing Operations |
107 |
91 |
373 |
361 |
||||||
| Discontinued Operations: |
||||||||||
| Loss from the Disposal of Discontinued Businesses, Net of Tax |
(5) |
(4) |
(78) |
(78) |
||||||
| Income from the Operations of Discontinued Businesses, Net of Tax |
8 |
9 |
8 |
10 |
||||||
| Income (Loss) from Discontinued Operations, Net of Tax |
3 |
5 |
(70) |
(68) |
||||||
| Net Income |
$ |
110 |
$ |
96 |
$ |
303 |
$ |
293 |
||
| Per Share Amounts:3 |
||||||||||
| Basic Earnings (Loss) per Common Share: |
||||||||||
| Continuing Operations |
$ |
0.48 |
$ |
0.41 |
$ |
1.67 |
$ |
1.62 |
||
| Discontinued Operations |
$ |
0.02 |
$ |
0.02 |
$ |
(0.32) |
$ |
(0.31) |
||
| Basic Earnings per Common Share |
$ |
0.50 |
$ |
0.43 |
$ |
1.35 |
$ |
1.31 |
||
| Diluted Earnings (Loss) per Common Share: |
||||||||||
| Continuing Operations |
$ |
0.48 |
$ |
0.41 |
$ |
1.65 |
$ |
1.60 |
||
| Discontinued Operations |
$ |
0.02 |
$ |
0.02 |
$ |
(0.31) |
$ |
(0.30) |
||
| Diluted Earnings per Common Share |
$ |
0.49 |
$ |
0.43 |
$ |
1.34 |
$ |
1.30 |
||
| Weighted-Average Number of Common Shares Outstanding: |
||||||||||
| Basic |
221.7 |
221.7 |
223.7 |
223.7 |
||||||
| Diluted |
224.2 |
224.2 |
226.0 |
226.0 |
||||||
| Adjusted Financial Measures:4,5 |
||||||||||
| Operating Expenses |
$ |
306 |
$ |
313 |
$ |
1,186 |
$ |
1,193 |
||
| Operating Income |
$ |
183 |
$ |
162 |
$ |
627 |
$ |
611 |
||
| Income from Continuing Operations |
$ |
114 |
$ |
98 |
$ |
402 |
$ |
390 |
||
| Diluted EPS from Continuing Operations |
$ |
0.51 |
$ |
0.44 |
$ |
1.78 |
$ |
1.72 |
||
| Effective Tax Rate |
28.7% |
28.4% |
25.7% |
25.6% |
||||||
| 1 |
Preliminary financial results provided on August 9, 2012 and included on our Form 8-K filed on that same date. |
||||||||||
| 2 |
Financial results included within the fiscal 2012 Form 10-K filed on January 31, 2013. |
||||||||||
| 3 |
Earnings per share calculations are performed separately for each component presented. Therefore, the sum of the per share components from the table may not equal the per share amounts presented. |
||||||||||
| 4 |
Adjusted financial measures are non-GAAP measures that exclude certain nonrecurring items, as discussed above under Use of Non-GAAP Financial Measures. These measures are reconciled to comparable GAAP measures in the Reconciliation of Non-GAAP Financial Measures included on the pages that follow. |
||||||||||
| 5 |
Through June 30, 2012, the Company included the impact of acquisition related intangible amortization expense within its Adjusted Financial Measures. The Adjusted Financial Measures within this table and the tables that follow include the impact of acquisition related intangible asset amortization expense, which conforms to the presentation under which these periods were originally reported. |
||||||||||
| CAREFUSION CORPORATION |
||||||||||
| CONSOLIDATED STATEMENTS OF INCOME |
||||||||||
| (UNAUDITED) |
||||||||||
| Fiscal Years Ended |
||||||||||
| June 30, |
||||||||||
| 2011 |
2010 |
|||||||||
| (in millions, except per share amounts) |
As Reported1 |
As Restated2 |
As Reported1 |
As Restated2 |
||||||
| Revenue |
$ |
3,432 |
$ |
3,440 |
$ |
3,376 |
$ |
3,377 |
||
| Cost of Products Sold |
1,671 |
1,672 |
1,685 |
1,686 |
||||||
| Gross Margin |
1,761 |
1,768 |
1,691 |
1,691 |
||||||
| Selling, General and Administrative Expenses |
1,067 |
1,067 |
1,090 |
1,090 |
||||||
| Research and Development Expenses |
146 |
146 |
148 |
148 |
||||||
| Restructuring and Acquisition Integration Charges |
64 |
64 |
15 |
15 |
||||||
| Gain on the Sale of Assets |
(13) |
(13) |
(12) |
(12) |
||||||
| Operating Income |
497 |
504 |
450 |
450 |
||||||
| Interest Expense and Other, Net |
79 |
79 |
105 |
105 |
||||||
| Income Before Income Tax |
418 |
425 |
345 |
345 |
||||||
| Provision for Income Tax |
124 |
126 |
184 |
184 |
||||||
| Income from Continuing Operations |
294 |
299 |
161 |
161 |
||||||
| Discontinued Operations: |
||||||||||
| Loss from the Disposal of Discontinued Businesses, Net of Tax |
(45) |
(45) |
(8) |
(8) |
||||||
| Income (Loss) from the Operations of Discontinued Businesses, Net of Tax |
(5) |
(5) |
41 |
41 |
||||||
| Income (Loss) from Discontinued Operations, Net of Tax |
(50) |
(50) |
33 |
33 |
||||||
| Net Income |
$ |
244 |
$ |
249 |
$ |
194 |
$ |
194 |
||
| Per Share Amounts:3 |
||||||||||
| Basic Earnings (Loss) per Common Share: |
||||||||||
| Continuing Operations |
$ |
1.32 |
$ |
1.34 |
$ |
0.73 |
$ |
0.73 |
||
| Discontinued Operations |
$ |
(0.23) |
$ |
(0.23) |
$ |
0.15 |
$ |
0.15 |
||
| Basic Earnings per Common Share |
$ |
1.09 |
$ |
1.11 |
$ |
0.88 |
$ |
0.88 |
||
| Diluted Earnings (Loss) per Common Share: |
||||||||||
| Continuing Operations |
$ |
1.30 |
$ |
1.32 |
$ |
0.72 |
$ |
0.72 |
||
| Discontinued Operations |
$ |
(0.22) |
$ |
(0.22) |
$ |
0.15 |
$ |
0.15 |
||
| Diluted Earnings per Common Share |
$ |
1.08 |
$ |
1.10 |
$ |
0.87 |
$ |
0.87 |
||
| Weighted-Average Number of Common Shares Outstanding: |
||||||||||
| Basic |
222.8 |
222.8 |
221.5 |
221.5 |
||||||
| Diluted |
225.1 |
225.1 |
223.0 |
223.0 |
||||||
| Adjusted Financial Measures:4,5 |
||||||||||
| Operating Expenses |
$ |
1,158 |
$ |
1,158 |
$ |
1,175 |
$ |
1,175 |
||
| Operating Income |
$ |
603 |
$ |
610 |
$ |
516 |
$ |
516 |
||
| Income from Continuing Operations |
$ |
374 |
$ |
379 |
$ |
304 |
$ |
304 |
||
| Diluted EPS from Continuing Operations |
$ |
1.66 |
$ |
1.68 |
$ |
1.36 |
$ |
1.36 |
||
| Effective Tax Rate |
28.7% |
28.7% |
29.8% |
29.8% |
||||||
| ____________ |
||||||||||
| 1 |
Financial results as previously reported in filings with the SEC and included in our Form 8-K filed on August 9, 2012. |
|||||||||
| 2 |
Financial results included within the fiscal 2012 Form 10-K filed on January 31, 2013. |
|||||||||
| 3 |
Earnings per share calculations are performed separately for each component presented. Therefore, the sum of the per share components from the table may not equal the per share amounts presented. |
|||||||||
| 4 |
Adjusted financial measures are non-GAAP measures that exclude certain nonrecurring items, as discussed above under Use of Non-GAAP Financial Measures. These measures are reconciled to comparable GAAP measures in the Reconciliation of Non-GAAP Financial Measures included on the pages that follow. |
|||||||||
| 5 |
Through June 30, 2012, the Company included the impact of acquisition related intangible amortization expense within its Adjusted Financial Measures. The Adjusted Financial Measures within this table and the tables that follow include the impact of acquisition related intangible asset amortization expense, which conforms to the presentation under which these periods were originally reported. |
|||||||||
| CAREFUSION CORPORATION |
||||||||||||||||||
| SEGMENT AND SELECT BUSINESS LINE REVENUES |
||||||||||||||||||
| (UNAUDITED) |
||||||||||||||||||
| Quarter Ended |
Fiscal Year Ended |
Fiscal Year Ended |
Fiscal Year Ended |
|||||||||||||||
| June 30, |
June 30, |
June 30, |
June 30, |
|||||||||||||||
| 2012 |
2012 |
2011 |
2010 |
|||||||||||||||
| (in millions) |
Preliminary1 |
As Reported2 |
Preliminary1 |
As Reported2 |
As Reported3 |
As Restated2 |
As Reported3 |
As Restated2 |
||||||||||
| Medical Systems |
||||||||||||||||||
| Dispensing Technologies |
$ |
285 |
$ |
278 |
$ |
1,041 |
$ |
1,038 |
$ |
902 |
$ |
910 |
$ |
867 |
$ |
868 |
||
| Infusion Systems |
266 |
266 |
955 |
955 |
889 |
889 |
840 |
840 |
||||||||||
| Respiratory Technologies |
88 |
88 |
295 |
295 |
267 |
267 |
338 |
338 |
||||||||||
| Other |
7 |
7 |
26 |
26 |
24 |
24 |
25 |
25 |
||||||||||
| Total Medical Systems |
$ |
646 |
$ |
639 |
$ |
2,317 |
$ |
2,314 |
$ |
2,082 |
$ |
2,090 |
$ |
2,070 |
$ |
2,071 |
||
| Procedural Solutions4 |
||||||||||||||||||
| Infection Prevention |
$ |
145 |
$ |
145 |
$ |
576 |
$ |
576 |
$ |
568 |
$ |
568 |
$ |
463 |
$ |
463 |
||
| Medical Specialties |
80 |
80 |
317 |
317 |
322 |
322 |
310 |
310 |
||||||||||
| Specialty Disposables |
65 |
65 |
266 |
266 |
304 |
304 |
300 |
300 |
||||||||||
| Other |
32 |
32 |
125 |
125 |
156 |
156 |
233 |
233 |
||||||||||
| Total Procedural Solutions |
$ |
322 |
$ |
322 |
$ |
1,284 |
$ |
1,284 |
$ |
1,350 |
$ |
1,350 |
$ |
1,306 |
$ |
1,306 |
||
| Total CareFusion |
$ |
968 |
$ |
961 |
$ |
3,601 |
$ |
3,598 |
$ |
3,432 |
$ |
3,440 |
$ |
3,376 |
$ |
3,377 |
||
| ____________ |
|||||||||||||||||||
| 1 |
Preliminary financial results provided on August 9, 2012 and included in our Form 8-K filed on that same date. |
||||||||||||||||||
| 2 |
Financial results included within the fiscal 2012 Form 10-K filed on January 31, 2013. |
||||||||||||||||||
| 3 |
Financial results as previously reported in filings with the SEC and included in our Form 8-K filed on August 9, 2012. |
||||||||||||||||||
| 4 |
Reflects the impact of businesses reclassified to discontinued operations. |
||||||||||||||||||
| CAREFUSION CORPORATION |
|||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|||||||||||||||
| (UNAUDITED) |
|||||||||||||||
| Adjusted Financial Data: |
|||||||||||||||
| Segment Profit |
|||||||||||||||
| (in millions, except per share amounts) |
Medical Systems |
Procedural Solutions |
SG&A Expenses |
Operating Expenses7 |
Operating Income |
Income from Continuing Operations |
Diluted |
||||||||
| Quarter Ended June 30, 2012 |
|||||||||||||||
| GAAP, As Reported1 |
$ |
127 |
$ |
28 |
$ |
267 |
$ |
320 |
$ |
155 |
$ |
91 |
$ |
0.41 |
|
| Restructuring and Acquisition Integration2 |
3 |
4 |
- |
(7) |
7 |
7 |
0.03 |
||||||||
| Adjusted |
$ |
130 |
$ |
32 |
$ |
267 |
$ |
313 |
$ |
162 |
$ |
98 |
$ |
0.44 |
|
| Fiscal Year Ended June 30, 2012 |
|||||||||||||||
| GAAP, As Reported1 |
$ |
465 |
$ |
109 |
$ |
1,033 |
$ |
1,230 |
$ |
574 |
$ |
361 |
$ |
1.60 |
|
| Restructuring and Acquisition Integration2 |
18 |
15 |
- |
(33) |
33 |
33 |
0.16 |
||||||||
| Spinoff3 |
3 |
1 |
(4) |
(4) |
4 |
4 |
0.02 |
||||||||
| Income Tax Items4 |
- |
- |
- |
- |
- |
(8) |
(0.04) |
||||||||
| Adjusted |
$ |
486 |
$ |
125 |
$ |
1,029 |
$ |
1,193 |
$ |
611 |
$ |
390 |
$ |
1.72 |
|
| Fiscal Year Ended June 30, 2011 |
|||||||||||||||
| GAAP, As Restated1 |
$ |
382 |
$ |
109 |
$ |
1,067 |
$ |
1,277 |
$ |
504 |
$ |
299 |
$ |
1.32 |
|
| Restructuring and Acquisition Integration2 |
34 |
30 |
- |
(64) |
64 |
64 |
0.29 |
||||||||
| Spinoff3 |
31 |
24 |
(55) |
(55) |
55 |
55 |
0.25 |
||||||||
| Income Tax Items4 |
- |
- |
- |
- |
- |
(26) |
(0.12) |
||||||||
| Gain on the Sale of Assets5 |
- |
- |
- |
- |
(13) |
(13) |
(0.06) |
||||||||
| Adjusted |
$ |
447 |
$ |
163 |
$ |
1012 |
$ |
1,158 |
$ |
610 |
$ |
379 |
$ |
1.68 |
|
| Fiscal Year Ended June 30, 2010 |
|||||||||||||||
| GAAP, As Restated1 |
$ |
348 |
$ |
90 |
$ |
1,090 |
$ |
1,253 |
$ |
450 |
$ |
161 |
$ |
0.72 |
|
| Restructuring and Acquisition Integration2 |
5 |
10 |
- |
(15) |
15 |
15 |
0.07 |
||||||||
| Spinoff3 |
35 |
28 |
(63) |
(63) |
63 |
63 |
0.28 |
||||||||
| Income Tax Items4 |
- |
- |
- |
- |
- |
55 |
0.25 |
||||||||
| Interest Expense and Other, Net |
- |
- |
- |
- |
- |
22 |
0.10 |
||||||||
| Gain on the Sale of Assets6 |
- |
- |
- |
- |
(12) |
(12) |
(0.05) |
||||||||
| Adjusted |
$ |
388 |
$ |
128 |
$ |
1,027 |
$ |
1,175 |
$ |
516 |
$ |
304 |
$ |
1.36 |
|
| ____________ |
|||||||||||||||
| 1 |
Financial results included within the fiscal 2012 Form 10-K filed on January 31, 2013. |
||||||||||||||
| 2 |
Restructuring and acquisition integration charges primarily relate to nonrecurring expenses associated with closing and consolidating facilities, as well as rationalizing headcount, and aligning operations. |
||||||||||||||
| 3 |
Spinoff charges primarily relate to nonrecurring incremental expenses associated with our spinoff from Cardinal Health, Inc. |
||||||||||||||
| 4 |
Income tax items primarily relate to the tax impact of nonrecurring restructuring and acquisition integration and spinoff charges, as well as nonrecurring discrete benefits or charges associated with the spinoff. |
||||||||||||||
| 5 |
The $13 million net gain on the sale of assets relates primarily to the sale of our OnSite Services business ($15 million gain), offset by a post closing adjustment related to the sale of our Research Services business ($2 million loss). |
||||||||||||||
| 6 |
The $12 million net gain on the sale of assets relates primarily to the sale of our Research Services business. |
||||||||||||||
| 7 |
Operating expenses consist of selling, general and administrative, research and development, and restructuring and acquisition integration expenses. |
||||||||||||||
| 8 |
Earnings per share calculations are performed separately for each component presented. Therefore, the sum of the per share components from the table may not equal the per share amounts presented. |
||||||||||||||
| CAREFUSION CORPORATION |
|||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|||||||
| (UNAUDITED) |
|||||||
| Adjusted Effective Tax Rate: |
|||||||
| (in millions) |
GAAP |
Nonrecurring |
Adjusted3 |
||||
| Quarter Ended June 30, 2012 |
|||||||
| Income Before Income Tax |
$ |
131 |
$ |
7 |
$ |
138 |
|
| Provision for Income Tax |
$ |
40 |
$ |
- |
$ |
40 |
|
| Effective Tax Rate4 |
30.0% |
2.2% |
28.4% |
||||
| Fiscal Year Ended June 30, 2012 |
|||||||
| Income Before Income Tax |
$ |
487 |
$ |
37 |
$ |
524 |
|
| Provision for Income Tax |
$ |
126 |
$ |
8 |
$ |
134 |
|
| Effective Tax Rate4 |
25.9% |
22.0% |
25.6% |
||||
| GAAP |
Nonrecurring |
Adjusted3 |
|||||
| Fiscal Year Ended June 30, 2011 |
|||||||
| Income Before Income Tax |
$ |
425 |
$ |
106 |
$ |
531 |
|
| Provision for Income Tax |
$ |
126 |
$ |
26 |
$ |
152 |
|
| Effective Tax Rate4 |
29.9% |
24.3% |
28.7% |
||||
| Fiscal Year Ended June 30, 2010 |
|||||||
| Income Before Income Tax |
$ |
345 |
$ |
88 |
$ |
433 |
|
| Provision for Income Tax |
$ |
184 |
$ |
(55) |
$ |
129 |
|
| Effective Tax Rate4 |
53.3% |
(63.1)% |
29.8% |
||||
| ____________ |
|||||||
| 1 |
Financial results included within the fiscal 2012 Form 10-K filed on January 31, 2013. |
||||||
| 2 |
Reflects nonrecurring charges primarily related to the spinoff, nonrecurring restructuring and acquisition integration charges, and nonrecurring income tax items. |
||||||
| 3 |
Adjusted financial information reflects GAAP results adjusted on a non-GAAP basis to exclude nonrecurring items noted. |
||||||
| 4 |
Effective Tax Rate calculations are performed based on whole dollar amounts, and therefore may not equal the calculations based on amounts rounded in millions presented in the table above. |
||||||
SOURCE CareFusion Corporation
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