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Cardinal Health Reports First Quarter Results
Date:10/29/2008

- Revenue increases 11 percent to $24 billion - GAAP diluted earnings per share from continuing operations decline 16

percent to $0.69 and 14 percent to $0.74 on a non-GAAP basis

- Spin-off planning remains on target

- Full-year guidance remains unchanged

DUBLIN, Ohio, Oct. 29 /PRNewswire-FirstCall/ -- Cardinal Health, a global provider of products and services that improve the safety and productivity of health care, today reported an 11 percent increase in revenue to $24 billion, driven by strong sales in the Healthcare Supply Chain Services segment and continued growth within Clinical and Medical Products.

For the quarter ended Sept. 30, the Healthcare Supply Chain Services segment achieved double-digit revenue growth, which helped partially offset the expected year-over-year profit decline from previously disclosed contract re-pricings and anti-diversion efforts for controlled substances.

First-quarter GAAP earnings per share (EPS) declined 16 percent from the prior year period to $0.69. Special items primarily related to the restructuring announced on July 8 and impairments resulted in a $0.05 dilutive impact, bringing non-GAAP EPS from continuing operations(1) to $0.74.

In early October, Cardinal Health entered into an agreement with the U.S. Drug Enforcement Administration (DEA) to resume shipments of controlled substances from three of the company's distribution centers, which is anticipated to contribute to growth in the second half of the fiscal year. The company expects these facilities to fully resume shipment of controlled substances by the end of November.

"The company performed as expected with double-digit revenue and profit performance from Clinical and Medical Products, and I am encouraged by continued signs of early progress in the pharmaceutical supply chain business," said R. Kerry Clark, chairman and CEO of Cardinal Health. "We remain focus
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SOURCE Cardinal Health, Inc.
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