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This excerpt taken from the CVS 10-K filed Feb 27, 2007. Net earnings increased $144.2 million or 11.8% to $1.4
billion (or $1.60 per diluted share) in 2006. This compares to $1.2 billion (or
$1.45 per diluted share) in 2005, and $918.8 million (or $1.10 per diluted
share) in 2004. For internal comparisons, management finds it useful to assess
year-to-year performance excluding the $40.2 million ($24.7 million after-tax)
SAB 108 Adjustments and the tax reversal discussed above, and uses $1.3 billion
(or $1.56 per diluted share) for comparable net earnings in 2006. In addition,
management finds it useful to remove the $52.6 million tax reserve reversal
discussed above, and uses $1.2 billion (or $1.39 per diluted share) for
comparable net earnings in 2005. Further, management finds it useful to remove
the $40.5 million after-tax effect of the $65.9 million Lease Adjustment
to total operating expense and the $60.0 million tax reserve reversal,
discussed above, and uses $899.3 million (or $1.08 per diluted share) for its
internal comparisons in 2004.
21
This excerpt taken from the CVS 10-Q filed May 9, 2005. Net earnings
for the first
quarter of 2005 increased $45.1 million (or 18.4%) to $289.7 million, or $0.69
per diluted share, compared to $244.6 million, or $0.59 per diluted share, in
the first quarter of 2004.
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