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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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SOURCE CVS Caremark Corporation
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