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Cardinal Health Reports Third Quarter Results
Date:4/30/2009

- Revenue increases 9 percent to $24.9 billion

- GAAP earnings from continuing operations decline 14 percent to $314 million and decrease 10 percent to $350 million on a non-GAAP basis

- GAAP diluted earnings per share from continuing operations decline 15 percent to $0.87 and decrease 10 percent to $0.97 on a non-GAAP basis

DUBLIN, Ohio, April 30 /PRNewswire-FirstCall/ -- Cardinal Health, a global provider of products and services that improve the safety and productivity of health care, today reported solid revenue growth for its fiscal third quarter and an expected decline in earnings, primarily due to a previously disclosed deferral in hospital capital spending.

Revenue for the quarter ended March 31, rose 9 percent to $24.9 billion, driven by sales growth from the Healthcare Supply Chain Services segment. Non-GAAP earnings from continuing operations(1) declined 10 percent to $350 million, and non-GAAP diluted earnings per share from continuing operations(2) decreased 10 percent to $0.97 from the prior year period. Including the $36 million after tax or $0.10 per share impact of special items, impairments and other costs associated with the planned spinoff of CareFusion Corporation, GAAP earnings from continuing operations were $314 million or $0.87 per share.

The year-over-year earnings decline was primarily driven by a deferral in hospital capital spending affecting the company's Clinical and Medical Products segment, an additional reserve associated with the costs to remediate certain models of the company's Alaris(R) infusion pump products, the negative impact on sales from a hold on shipping certain Alaris(R) products and the negative effect of foreign exchange rates. The earnings decline was partially offset by a lower tax rate, due to a tax refund claim filed during the quarter.

"The revenue and profit growth from the Healthcare Supply Chain Servic
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SOURCE Cardinal Health, Inc.
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