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CVS Caremark Reports Record First Quarter Results
Date:5/2/2012

ties

(14)(26)Net cash provided by operating activities

$
2,786$
,866 

(1)
Effective January 1, 2012, the Company changed its methods of accounting for prescription drug inventories in the Retail Pharmacy segment. Additional details of this accounting change are discussed in Note 2 to the condensed consolidated financial statements included in the Company's Form 10-Q for the quarter ended March 31, 2012. 

Adjusted Earnings Per Share
(Unaudited) 

For internal comparisons, management finds it useful to assess year-to-year performance by adjusting diluted earnings per share for amortization, which primarily relates to acquisition activities.

The Company defines adjusted earnings per share as income before income tax provision plus amortization, less adjusted income tax provision, plus net loss attributable to noncontrolling interest divided by the weighted average diluted common shares outstanding.

The following is a reconciliation of income before income tax provision to adjusted earnings per share:

 

 Three Months EndedMarch 31, In millions, except per share amounts

20122011(2)Income before income tax provision

$
,272$
,171Amortization

118106Adjusted income before income tax provision

1,3901,277Adjusted income tax provision(1)

542503Adjusted income from continuing operations

848774Net loss attributable to noncontrolling interest

11Adjusted income from continuing operations attributable to CVS Caremark

$
849$
775Weighted average diluted common shares outstanding

1,3091,371Adjusted earnings per share from continuing operations attributable to CVS Caremark

$
.65$
.57(1)
The adjusted income tax provision is computed using the effective income tax rate from the consolidated statement of income.(2)
The adjusted results
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SOURCE CVS Caremark Corporation
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