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Cardinal Health Reports Fiscal 2008 Results, Provides Fiscal 2009 Outlook
Date:8/7/2008

ial separation of the company's primary operating and reporting segments, which could involve a tax-free spin-off of the clinical and medical products businesses as a separate, publicly traded company. Cardinal Health plans to announce its decision within approximately 60 to 90 days.

"For two years, we have been taking steps to sharpen our focus on health care supply chain services and clinical and medical products, culminating with our announcement in July to operate these businesses in two distinct segments that reflect the unique characteristics and requirements of each," said R. Kerry Clark, chairman and chief executive officer of Cardinal Health. "As we now consider a spin-off of our clinical and medical products businesses, our goal is simple: to have two thriving businesses, delivering maximum value to customers and shareholders over the long term."

Fiscal 2008 Results

Consolidated revenue for fiscal 2008 grew 5 percent to $91 billion and GAAP earnings from continuing operations rose 58 percent to $1.3 billion. Diluted earnings per share from continuing operations grew 76 percent to $3.64, or 11 percent to $3.80 on a non-GAAP basis. Earnings in the prior year were negatively affected by a $600 million expense to resolve securities litigation.

During the fourth quarter, ended June 30, consolidated revenue increased 3 percent to $23 billion, and earnings from continuing operations increased 39 percent to $330 million. Earnings in the fourth quarter of the prior year were dampened by merger-related charges from the company's acquisition of VIASYS Healthcare. Excluding the impact of merger charges and other items, non-GAAP earnings from continuing operations increased 1 percent to $348 million(2), or 9 percent to $0.97 on a diluted per-share basis.

"Overall, fourth quarter results were in line with our expectations," Clark said. "We continued to demonstrate to customers the value of our clinically differentiated medical technolo
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SOURCE Cardinal Health, Inc.
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