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CVS Caremark Reports Record Results in Fourth Quarter and Fiscal 2009
Date:2/8/2010
claims) by 3 and adding the 30-day claims. EBITDA can be reconciled to operating profit, which we believe to be the most directly comparable GAAP financial measure.
The following is a reconciliation of operating profit to EBITDA:
Pharmacy Services Segment
In millions, except (Unaudited) (Unaudited)
per adjusted Fourth Quarter Ended (1) Fiscal Year Ended (1)
claim amounts December 31, December 31, December 31, December 31,
2009 2008(2)(3) 2009 2008(2)(3)
Operating profit $833 $809 $2,866 $2,755
Depreciation and
amortization 100 91 377 357
EBITDA $933 $900 $3,243 $3,112
Adjusted claims 198.2 204.8 777.5 742.3
EBITDA per adjusted
claim $4.71 $4.40 $4.17 $4.19
(1) On December 23, 2008, the Company's Board of Directors approved a
change in the Company's fiscal year end from the Saturday nearest
December 31 of each year to December 31 of each year to better reflect
the Company's position in the health care, rather than the retail,
industry. As you review the Company's operating performance, please
consider that the fourth quarter of 2009 and 2008 include 92 days and
95 days, respectively, and the fiscal years ended December 31, 2009
and 2008 include 365 days and 368 days, respectively.
(2) Excluding the impact of RxAmerica, EBITDA per adjusted claim would
have been $4.89 for the fourth quarter of 2009 and $4.43 for the
fiscal year ended December 31, 2009.
(3) The fourth quarter and fiscal year ended December 31, 2009 have been
revised to conform to the current presentation of the Pharmacy
Ser
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