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CareFusion Reports Preliminary First Quarter Fiscal 2013 Results
Date:11/8/2012

SAN DIEGO, Nov. 8, 2012 /PRNewswire/ -- CareFusion Corp. (NYSE: CFN) today reported preliminary results for its first quarter of fiscal 2013, ended Sept. 30, and provided an update on plans to file its Form 10-K for fiscal 2012. 

"We had another quarter of solid strategic progress and strong execution across the company, including balanced contributions from both segments," said Kieran T. Gallahue, chairman and CEO. "Our Medical Systems and Procedural Solutions segments performed in line with our expectations, putting us in a good position as we begin the year.

"While we are not able to provide a full financial update today, we now have a path toward completing the filing of our fiscal 2012 Form 10-K. As our Finance team completes this necessary work, the rest of our organization remains absolutely focused on our customers, as demonstrated in this quarter's results."

As previously disclosed, the company delayed the filing of its Form 10-K for fiscal 2012 to consult with the SEC about its accounting policy for sales-type leases in its Pyxis® medication and supply dispensing product lines.  As a result of these discussions, the company has determined that it will modify the manner in which it applies lease accounting principles to its Pyxis sales-type leases. The company is now in the process of analyzing the impact on its financials. The modified application of lease accounting principles will impact how the company records revenue for its sales-type leases.  As a result, the amount of revenue recorded at the inception of each lease and the amount recorded as finance income during the term of each lease may change. In some cases, more revenue may be recognized at the inception of the lease and, in other cases, more revenue may be recognized as finance income during the lease term.  However, this should not result in any change in th
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