Delaware
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1-11353
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13-3757370
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(State or other jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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358 South Main Street,
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Burlington, North Carolina
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27215
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336-229-1127
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(Address of principal executive offices)
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(Zip Code)
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(Registrant’s telephone number including area code)
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[ ]
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01
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Regulation FD Disclosure
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By:
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/s/ F. SAMUEL EBERTS III
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F. Samuel Eberts III
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Chief Legal Officer and Secretary
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Three Months Ended Jun 30,
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Six Months Ended Jun 30,
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2010
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2009
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+/(-)
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2010
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2009
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+/(-)
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Revenue (1)
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$ 1,238.4
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$ 1,188.8
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4.2%
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$ 2,432.0
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$ 2,344.5
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3.7%
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Adjusted Operating Income
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$ 270.5
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$ 254.9
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6.1%
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$ 514.0
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$ 495.4
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3.8%
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Adjusted Operating Income Margin
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21.8%
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21.4%
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40
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bp
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21.1%
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21.1%
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-
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bp
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Adjusted EPS (1)
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$ 1.46
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$ 1.30
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12.3%
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$ 2.76
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$ 2.51
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10.0%
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Operating Cash Flow
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$ 216.2
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$ 182.4
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18.5%
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$ 448.2
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$ 391.3
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14.5%
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Less: Capital Expenditures
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$ (34.5)
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$ (23.7)
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45.6%
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$ (59.0)
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$ (54.4)
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8.5%
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Free Cash Flow
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$ 181.7
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$ 158.7
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14.5%
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$ 389.2
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$ 336.9
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15.5%
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(1) During the first quarter inclement weather reduced revenue by an estimated $23 million and EPS by approximately eight cents
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Reconciliation of non-GAAP Financial Measures
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(In millions, except per share data)
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Three Months Ended June 30,
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Six Months Ended June 30,
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2010
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2009
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2010
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2009
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Adjusted Operating Income
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Operating income
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$ 270.5
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$ 244.7
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$ 504.7
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$ 485.2
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Restructuring and other special charges
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$ -
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$ 10.2
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$ 9.3
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$ 10.2
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Adjusted operating income
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$ 270.5
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$ 254.9
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$ 514.0
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$ 495.4
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Adjusted EPS
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Diluted earnings per common share
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$ 1.46
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$ 1.24
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$ 2.70
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$ 2.46
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Impact of restructuring and other special charges (1) (2)
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$ -
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$ 0.06
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$ 0.06
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$ 0.05
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Adjusted EPS
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$ 1.46
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$ 1.30
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$ 2.76
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$ 2.51
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(1) After tax impact of restructuring and other special charges for the three months and six months ended June 30, 2010 ($- million divided by
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105.4 million shares and $5.7 million divided by 105.9 million shares, respectively)
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(2) After tax impact of restructuring and other special charges for the three months and six months ended June 30, 2009 ($6.0 million divided by
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109.5 and 109.4 million shares, respectively)
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Laboratory Corporation of America
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||||||||||||
Other Financial Information
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FY 2009 and Q1/Q2 2010
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($ in millions)
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||||||||||||
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Q1 09
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Q2 09
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Q3 09
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Q4 09
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Q1 10
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Q2 10
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Bad debt as a percentage of sales
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5.30%
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5.30%
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5.30%
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5.30%
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5.05%
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4.80%
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Days sales outstanding
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52
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50
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48
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44
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46
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45
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A/R coverage (Allow. for Doubtful Accts. / A/R)
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19.5%
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20.6%
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21.9%
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23.2%
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21.7%
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20.7%
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