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ADJUSTED PRE-TAX INCOME (excluding
specified item) $672 $578 (3) 16%
ADJUSTED NET INCOME (excluding
specified item) $544 $477 (3) 14%
ADJUSTED DILUTED EPS (excluding
specified item) $0.85 $0.72 (3) 18%
(1) A restructuring charge of $70 million ($46 million, or $0.07 per
share, on an after-tax basis) in 2007 was primarily for costs and
asset impairments associated with the consolidation of certain
commercial and manufacturing operations outside of the United States.
(2) Income tax expense in 2007 included a $15 million benefit related to
an audit settlement and the extension of tax incentives in
jurisdictions outside the United States. The effective income tax
rate in 2007 was also favorably impacted by the restructuring charge
described in Note 1 above.
(3) Refer to page 6 for a description of the adjustment and a
reconciliation to GAAP (generally accepted accounting principles)
measures.
Non-GAAP Financial Measures: The non-GAAP financial measures contained in
this press release (pre-tax income, net income and per-share earnings,
excluding certain items) adjust for factors that are unusual or
nonrecurring. Unusual or nonrecurring items can be highly variable,
difficult to predict, and of a size that may substantially impact the
company's reported operations for a period. Management believes that non-
GAAP financial measures can facilitate a fuller analysis of the company's
results of operations, particularly in evaluating performance period over
period. Management uses these non-GAAP financial measures internally in
financial pl
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| SOURCE Baxter International Inc. Copyright©2008 PR Newswire. All rights reserved |
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