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CVS » Topics » Pharmacy Services Segment - Comparable Financial Information (1)

This excerpt taken from the CVS 8-K filed Feb 19, 2009.

Pharmacy Services Segment – Comparable Financial Information (1)

 

      (Unaudited)
Fiscal Quarter Ended

In millions, except per adjusted claim amounts

    December 31,
2008(3)		    December 29,
2007

Operating profit

    $ 760.4    $ 732.3

Merger and integration costs(2)

      4.2      22.0
             

Comparable operating profit

    $ 764.6    $ 754.3

Depreciation and amortization

      92.7      90.2
             

EBITDA

    $ 857.3    $ 844.5

Adjusted claims

      204.7      188.4
             

EBITDA per adjusted claim

    $ 4.19    $ 4.48
             

 

(1) The Comparable Financial Information combines the historical Pharmacy Services Segment results of CVS and Caremark assuming the Caremark Merger and any adjustments to the estimated assets acquired and liabilities assumed as of March 22, 2007 occurred at the beginning the fiscal year ended December 29, 2007. Accordingly, the comparable results include incremental depreciation and amortization expense resulting from the fixed and intangible assets recorded in connection with the Caremark Merger and exclude merger-related expenses and integration costs. The comparable financial information, which is used by management to assess year-to-year performance, has been provided for illustrative purposes only and does not purport to be indicative of the actual results that would have been achieved by the combined business segment for the periods presented or that will be achieved by the combined business segment in the future.
(2) Merger and integration costs for the quarter ended December 31, 2008 primarily include severance, system integration and facility consolidation costs. Merger and integration costs for the fiscal quarter ended December 29, 2007 primarily include severance and retention, system integration and facility consolidation costs.
(3) The fourth quarter of fiscal 2008 includes the results of RxAmerica from the acquisition date (October 20, 2008) forward.

This excerpt taken from the CVS 8-K filed Jul 31, 2008.

Pharmacy Services Segment – Comparable Financial Information (1)

 

      (Unaudited)
13 Weeks Ended

In millions, except per adjusted claim amounts

    June 28,
2008		    June 30,
2007

Operating profit

    $ 614.1    $ 597.6

Merger and integration costs(2)

      5.0      18.8
             

Comparable operating profit

    $ 619.1    $ 616.4

Depreciation and amortization

      87.6      92.0
             

EBITDA

    $ 706.7    $ 708.4

Adjusted claims

      178.1      184.9
             

EBITDA per adjusted claim

    $ 3.97    $ 3.83
             

 

(1) The Comparable Financial Information combines the historical Pharmacy Services Segment results of CVS and Caremark assuming the Caremark Merger and any adjustments to the estimated assets acquired and liabilities assumed as of March 22, 2007 occurred at the beginning of the twenty-six week period ended June 30, 2007. The comparable results include incremental depreciation and amortization resulting from the fixed and intangible assets recorded in connection with the Caremark Merger and exclude merger-related expenses and integration costs. The comparable financial information, which is used by management to assess year-to-year performance, has been provided for illustrative purposes only and does not purport to be indicative of the actual results that would have been achieved by the combined business segment for the periods presented or that will be achieved by the combined business segment in the future.
(2) Merger and integration costs for the thirteen weeks ended June 28, 2008 primarily consist of system integration and facility consolidation costs. Merger and integration costs for the thirteen weeks ended June 30, 2007 include $10.6 million of severance and retention costs and $8.2 million of other merger-related costs.
This excerpt taken from the CVS 8-K filed May 1, 2008.

Pharmacy Services Segment – Comparable Financial Information (1)

 

     (Unaudited)
13 Weeks Ended

In millions, except per adjusted claim amounts

    March 29,
2008		    March 31,
2007

Operating profit

    $ 530.0    $ 290.9

Merger and integration costs(2)

      10.4      215.2
             

Comparable operating profit

    $ 540.4    $ 506.1

Depreciation and amortization

      86.5      88.3
             

EBITDA

    $ 626.9    $ 594.4

Adjusted claims

      184.1      186.3
             

EBITDA per adjusted claim

    $ 3.41    $ 3.19
             

 

(1) The Comparable Financial Information combines the historical Pharmacy Services Segment results of CVS and Caremark assuming the Caremark Merger and any adjustments to the estimated assets acquired and liabilities assumed as of March 22, 2007 occurred at the beginning of the period ended March 31, 2007. Accordingly, the comparable results include incremental depreciation and amortization resulting from the fixed and intangible assets recorded in connection with the Caremark Merger and exclude merger-related expenses and integration costs. The comparable financial information, which is used by management to assess year-to-year performance, has been provided for illustrative purposes only and does not purport to be indicative of the actual results that would have been achieved by the combined business segment for the periods presented or that will be achieved by the combined business segment in the future.
(2) Merger and integration costs for the thirteen weeks ended March 29, 2008 primarily consist of severance and retention costs. Merger and integration costs for the thirteen weeks ended March 31, 2007, include $80.3 million of stock option expense associated with the accelerated vesting of certain Caremark stock options, which vested upon consummation of the merger due to change in control provisions of the underlying Caremark stock option plans, $42.9 million of change in control payments due upon the consummation of the merger due to change in control provisions in certain Caremark employment agreements and merger-related costs of $92.1 million. Merger-related costs include $43.8 million of investment banker fees, $32.8 million of legal and accounting fees and $15.5 million of other merger-related costs incurred by Caremark.
This excerpt taken from the CVS 8-K filed Jan 31, 2008.

Pharmacy Services Segment – Comparable Financial Information (1)

 

     (Unaudited)
     13 Weeks Ended

In millions, except per adjusted claim amounts

    December 29,
2007		    December 30,
2006

Operating profit

    $ 754.3    $ 532.6

Depreciation and amortization

      90.2      89.2
             

EBITDA

    $ 844.5    $ 621.8

Adjusted claims

      188.4      185.1
             

EBITDA per adjusted claim

    $ 4.48    $ 3.36
             

 

(1) The Comparable Financial Information combines the historical Pharmacy Services Segment results of CVS and Caremark assuming the Caremark Merger and any adjustments to the estimated assets acquired and liabilities assumed as of March 22, 2007 occurred at the beginning of each period presented. The historical results of Caremark are based on calendar quarter/year reporting periods, whereas the historical results of the Pharmacy Services Segment of CVS are based on a 52-week fiscal year ending on the Saturday nearest to December 31. In each period presented, the comparable results include incremental depreciation and amortization resulting from the preliminary fixed and intangible assets recorded in connection with the Caremark Merger and exclude merger-related expenses and integration costs. The comparable financial information has been provided for illustrative purposes only and does not purport to be indicative of the actual results that would have been achieved by the combined business segment for the periods presented or that will be achieved by the combined business segment in the future.
This excerpt taken from the CVS 8-K filed Nov 1, 2007.

Pharmacy Services Segment – Comparable Financial Information (1)

 

      (Unaudited)
     13 Weeks Ended

(In millions, except per adjusted claim amounts)

   

September 29,

2007

   

September 30,

2006

Operating profit

    $ 671.8    $ 495.2

Depreciation and amortization

      99.0      98.7
             

EBITDA

    $ 770.8    $ 593.9

Adjusted claims

      182.8      181.1
             

EBITDA per adjusted claim

    $ 4.22    $ 3.28
             
(1) The comparable financial information combines the historical Pharmacy Services Segment results of CVS and Caremark assuming the Caremark Merger occurred at the beginning of each period presented. In each period presented, the comparable results include incremental depreciation and amortization resulting from the preliminary fixed and intangible assets recorded in connection with the Caremark Merger and exclude merger-related expenses and integration costs. The comparable financial information has been provided for illustrative purposes only and does not purport to be indicative of the actual results that would have been achieved by the combined business segment for the periods presented or that will be achieved by the combined business segment in the future.

EXCERPTS ON THIS PAGE:

8-K
Feb 19, 2009
8-K
Jul 31, 2008
8-K
May 1, 2008
8-K
Jan 31, 2008
8-K
Nov 1, 2007

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