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Quest Diagnostics Reports Fourth Quarter 2011 Financial Results; Provides Guidance for 2012
Date:1/24/2012

pense of $41.3 million associated with the Medi-Cal charge was calculated by applying a combined federal and the applicable state tax rate of 36% to the portion of the settlement for which a tax benefit has been recorded.  Income tax expense of $4.8 million associated with transaction costs was calculated by applying a combined federal and state rate of 38.7% to those costs for which a tax benefit has been recorded. For the estimated impact of severe weather, restructuring and integration charges, and CEO succession costs, income tax expense was calculated using a combined federal and state rate of 38.7%.   

 

 Three months ended December 31, 2010(dollars in millions, except per share data) 

 As ReportedRestructuringCharges(j) 

EmploymentLitigationSettlementAs Adjusted 

 

 

 

 

  

Operating income

$
294.2

$
9.6

$
9.6

$
313.4 

Operating income as a % of net revenues

16.1%

0.6%

0.5%

17.2% 

Income from continuing operations (k)

166.8

5.9

5.9

178.6 

Diluted earnings per common share

0.97

0.03

0.03

1.03 

 

 

 

(j)

Includes $9.6 million of pre-tax restructuring charges, principally associated with workforce reductions.  

 

 

  

 

 

(k)

For both the restructuring charges, and the employment litigation settlement, income tax expense was calculated using a combined federal and state rate of 39%.   

 

 Twelve months ended December 31, 2010(dollars in millions, except per share data) 

 As ReportedSeve
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SOURCE Quest Diagnostics Incorporated
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