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CVS Caremark Reports Record Results in Fourth Quarter and Year 2008
Date:2/19/2009

n the comparable 2007 fiscal period. GAAP earnings per diluted share from continuing operations for the fiscal year were $2.27, compared with $1.92 in the comparable 2007 fiscal period.

Tom Ryan, Chairman, President and Chief Executive Officer of CVS Caremark said, "I'm really proud of what our team accomplished last year. We made significant strides in solidifying the culture across our enterprise, and our colleagues are working together to take advantage of our strong competitive position. We introduced our Proactive Pharmacy Care offerings, which provide earlier, easier, and more effective pharmacy and health services that improve health outcomes and reduce overall costs for our clients, their plan participants and our customers. In this difficult economic climate and a landscape where control of health care costs is urgently needed, our unique capabilities should prove more valuable than ever.

2008 was a year of very significant accomplishments for CVS Caremark. Across the enterprise our colleagues remained focused on customer service, execution, and expense control. As a result, our overall financial results were excellent for the year, with revenues increasing 15%, same store sales leading the industry, operating margins hitting an all-time record, and Adjusted EPS from continuing operations climbing 20%. We also generated $2 billion in free cash flow for the year," concluded Mr. Ryan.

Loss from discontinued operations:

In connection with certain business dispositions completed between 1991 and 1997, the Company continues to guarantee store lease obligations for a number of former subsidiaries, including Linens 'n Things. On May 2, 2008, Linens Holding Co. and certain affiliates, which operate Linens 'n Things, filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Pursuant to the court orde
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SOURCE CVS Caremark Corporation
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