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Delaware
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13-3757370
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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358 South Main Street,
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||
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Burlington, North Carolina
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27215
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer [X]
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Accelerated Filer [ ]
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Non-accelerated filer [ ] (Do not check if a smaller reporting company)
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Smaller reporting company [ ]
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Item 1
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September 30, 2010 and December 31, 2009
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Three and nine month periods ended September 30, 2010 and 2009
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Nine months ended September 30, 2010 and 2009
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Nine months ended September 30, 2010 and 2009
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Item 2
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Condition and Results of Operations
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Item 3
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Item 4
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Item 1
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Item 1A
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Item 2
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Item 6
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September 30,
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December 31,
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|||||||
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2010
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2009
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|||||||
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ASSETS
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||||||||
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Current assets:
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||||||||
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Cash and cash equivalents
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$ | 96.9 | $ | 148.5 | ||||
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Accounts receivable, net of allowance for doubtful
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||||||||
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accounts of $162.2 and $173.1 at September 30, 2010
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||||||||
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and December 31, 2009, respectively
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631.0 | 574.2 | ||||||
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Supplies inventories
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88.2 | 90.0 | ||||||
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Prepaid expenses and other
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68.7 | 80.1 | ||||||
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Deferred income taxes
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63.9 | 42.8 | ||||||
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Total current assets
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948.7 | 935.6 | ||||||
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Property, plant and equipment, net
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504.6 | 500.8 | ||||||
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Goodwill, net
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2,034.7 | 1,897.1 | ||||||
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Intangible assets, net
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1,382.2 | 1,342.2 | ||||||
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Investments in joint venture partnerships
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79.9 | 71.4 | ||||||
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Other assets, net
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97.5 | 90.7 | ||||||
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Total assets
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$ | 5,047.6 | $ | 4,837.8 | ||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
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Current liabilities:
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||||||||
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Accounts payable
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$ | 177.1 | $ | 183.1 | ||||
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Accrued expenses and other
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348.8 | 275.7 | ||||||
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Noncontrolling interest
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-- | 142.4 | ||||||
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Short-term borrowings and current portion of long-term debt
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425.4 | 417.2 | ||||||
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Total current liabilities
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951.3 | 1,018.4 | ||||||
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Long-term debt, less current portion
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920.6 | 977.2 | ||||||
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Deferred income taxes and other tax liabilities
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599.4 | 577.7 | ||||||
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Noncontrolling interest
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143.6 | -- | ||||||
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Other liabilities
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142.5 | 158.4 | ||||||
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Total liabilities
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2,757.4 | 2,731.7 | ||||||
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Commitments and contingent liabilities
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-- | -- | ||||||
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Noncontrolling interest
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20.0 | -- | ||||||
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Shareholders’ equity
|
||||||||
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Common stock, 101.7 and 105.3 shares outstanding at
|
||||||||
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September 30, 2010 and December 31, 2009, respectively
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12.1 | 12.5 | ||||||
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Additional paid-in capital
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-- | 36.7 | ||||||
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Retained earnings
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3,114.8 | 2,927.9 | ||||||
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Less common stock held in treasury
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(934.9 | ) | (932.5 | ) | ||||
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Accumulated other comprehensive income
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78.2 | 61.5 | ||||||
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Total shareholders’ equity
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2,270.2 | 2,106.1 | ||||||
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Total liabilities and shareholders’ equity
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$ | 5,047.6 | $ | 4,837.8 | ||||
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Three Months Ended
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Nine Months Ended
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|||||||||||||||
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September 30,
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September 30,
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|||||||||||||||
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2010
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2009
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2010
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2009
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|||||||||||||
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Net sales
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$ | 1,276.5 | $ | 1,185.1 | $ | 3,708.5 | $ | 3,529.6 | ||||||||
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Cost of sales
|
748.8 | 687.0 | 2,140.3 | 2,034.7 | ||||||||||||
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Gross profit
|
527.7 | 498.1 | 1,568.2 | 1,494.9 | ||||||||||||
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Selling, general and administrative expenses
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270.5 | 247.3 | 761.9 | 718.4 | ||||||||||||
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Amortization of intangibles and other assets
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18.0 | 15.9 | 53.1 | 46.2 | ||||||||||||
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Restructuring and other special charges
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3.9 | -- | 13.2 | 10.2 | ||||||||||||
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Operating income
|
235.3 | 234.9 | 740.0 | 720.1 | ||||||||||||
|
Other income (expenses):
|
||||||||||||||||
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Interest expense
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(21.6 | ) | (15.0 | ) | (50.7 | ) | (48.2 | ) | ||||||||
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Income from joint venture partnerships, net
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4.2 | 4.2 | 12.6 | 10.9 | ||||||||||||
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Investment income
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0.3 | 0.3 | 0.8 | 1.1 | ||||||||||||
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Other, net
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(1.6 | ) | (1.3 | ) | (3.0 | ) | (2.5 | ) | ||||||||
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Earnings before income taxes
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216.6 | 223.1 | 699.7 | 681.4 | ||||||||||||
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Provision for income taxes
|
73.5 | 88.5 | 263.2 | 271.6 | ||||||||||||
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Net earnings
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143.1 | 134.6 | 436.5 | 409.8 | ||||||||||||
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Less: Net earnings attributable to the noncontrolling interest
|
(3.1 | ) | (3.2 | ) | (10.1 | ) | (9.2 | ) | ||||||||
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Net earnings attributable to Laboratory Corporation of America Holdings
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$ | 140.0 | $ | 131.4 | $ | 426.4 | $ | 400.6 | ||||||||
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Basic earnings per common share
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$ | 1.37 | $ | 1.22 | $ | 4.12 | $ | 3.71 | ||||||||
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Diluted earnings per common share
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$ | 1.34 | $ | 1.21 | $ | 4.05 | $ | 3.67 | ||||||||
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Accumulated
|
||||||||||||||||||||||||
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Additional
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Other
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Total
|
||||||||||||||||||||||
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Common
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Paid-in
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Retained
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Treasury
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Comprehensive
|
Shareholders’
|
|||||||||||||||||||
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Stock
|
Capital
|
Earnings
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Stock
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Income (Loss)
|
Equity
|
|||||||||||||||||||
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BALANCE AT DECEMBER 31, 2008
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$ | 12.8 | $ | 237.4 | $ | 2,384.6 | $ | (929.8 | ) | $ | (16.7 | ) | $ | 1,688.3 | ||||||||||
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Comprehensive earnings:
|
||||||||||||||||||||||||
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Net earnings attributable to Laboratory
|
||||||||||||||||||||||||
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Corporation of America Holdings
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-- | -- | 400.6 | -- | -- | 400.6 | ||||||||||||||||||
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Other comprehensive earnings:
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||||||||||||||||||||||||
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Foreign currency translation adjustments
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-- | -- | -- | -- | 83.7 | 83.7 | ||||||||||||||||||
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Interest rate swap adjustments
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-- | -- | -- | -- | 1.1 | 1.1 | ||||||||||||||||||
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Tax effect of other comprehensive
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||||||||||||||||||||||||
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earnings adjustments
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-- | -- | -- | -- | (33.0 | ) | (33.0 | ) | ||||||||||||||||
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Comprehensive earnings
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452.4 | |||||||||||||||||||||||
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Issuance of common stock under
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||||||||||||||||||||||||
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employee stock plans
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-- | 18.1 | -- | -- | -- | 18.1 | ||||||||||||||||||
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Surrender of restricted stock awards
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-- | -- | -- | (2.7 | ) | -- | (2.7 | ) | ||||||||||||||||
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Conversion of zero-coupon convertible debt
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0.1 | 11.3 | -- | -- | -- | 11.4 | ||||||||||||||||||
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Stock compensation
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-- | 26.1 | -- | -- | -- | 26.1 | ||||||||||||||||||
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Income tax benefit from stock
|
||||||||||||||||||||||||
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options exercised
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-- | 0.3 | -- | -- | -- | 0.3 | ||||||||||||||||||
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Purchase of common stock
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(0.3 | ) | (164.8 | ) | -- | -- | -- | (165.1 | ) | |||||||||||||||
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BALANCE AT SEPTEMBER 30, 2009
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$ | 12.6 | $ | 128.4 | $ | 2,785.2 | $ | (932.5 | ) | $ | 35.1 | $ | 2,028.8 | |||||||||||
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BALANCE AT DECEMBER 31, 2009
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$ | 12.5 | $ | 36.7 | $ | 2,927.9 | $ | (932.5 | ) | $ | 61.5 | $ | 2,106.1 | |||||||||||
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Comprehensive earnings:
|
||||||||||||||||||||||||
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Net earnings attributable to Laboratory
|
||||||||||||||||||||||||
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Corporation of America Holdings
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-- | -- | 426.4 | -- | -- | 426.4 | ||||||||||||||||||
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Other comprehensive earnings:
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||||||||||||||||||||||||
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Foreign currency translation adjustments
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-- | -- | -- | -- | 19.4 | 19.4 | ||||||||||||||||||
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Interest rate swap adjustments
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-- | -- | -- | -- | 5.7 | 5.7 | ||||||||||||||||||
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Tax effect of other comprehensive
|
||||||||||||||||||||||||
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earnings adjustments
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-- | -- | -- | -- | (8.4 | ) | (8.4 | ) | ||||||||||||||||
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Comprehensive earnings
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443.1 | |||||||||||||||||||||||
|
Issuance of common stock under
|
||||||||||||||||||||||||
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employee stock plans
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0.1 | 44.3 | -- | -- | -- | 44.4 | ||||||||||||||||||
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Surrender of restricted stock awards
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-- | -- | -- | (2.4 | ) | -- | (2.4 | ) | ||||||||||||||||
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Stock compensation
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-- | 29.5 | -- | -- | -- | 29.5 | ||||||||||||||||||
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Value of noncontrolling interest put
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-- | (17.2 | ) | -- | -- | -- | (17.2 | ) | ||||||||||||||||
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Income tax benefit from stock
|
||||||||||||||||||||||||
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options exercised
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-- | 4.2 | -- | -- | -- | 4.2 | ||||||||||||||||||
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Purchase of common stock
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(0.5 | ) | (97.5 | ) | (239.5 | ) | -- | -- | (337.5 | ) | ||||||||||||||
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BALANCE AT SEPTEMBER 30, 2010
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$ | 12.1 | $ | -- | $ | 3,114.8 | $ | (934.9 | ) | $ | 78.2 | $ | 2,270.2 | |||||||||||
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Nine Months Ended
|
||||||||
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September 30,
|
||||||||
|
2010
|
2009
|
|||||||
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CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net earnings
|
$ | 436.5 | $ | 409.8 | ||||
|
Adjustments to reconcile net earnings to net cash provided by
|
||||||||
|
operating activities:
|
||||||||
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Depreciation and amortization
|
150.7 | 145.3 | ||||||
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Stock compensation
|
29.5 | 26.1 | ||||||
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Loss on sale of assets
|
2.4 | 1.5 | ||||||
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Accreted interest on zero-coupon subordinated notes
|
4.4 | 6.8 | ||||||
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Cumulative earnings less than (in excess of) distribution
|
||||||||
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from joint venture partnerships
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0.6 | (0.2 | ) | |||||
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Deferred income taxes
|
(2.1 | ) | 9.9 | |||||
|
Change in assets and liabilities (net of effects of acquisitions):
|
||||||||
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(Increase) decrease in accounts receivable (net)
|
(49.0 | ) | 14.0 | |||||
|
Decrease in inventories
|
2.3 | 3.3 | ||||||
|
Decrease in prepaid expenses and other
|
11.4 | 11.4 | ||||||
|
Increase (decrease) in accounts payable
|
(8.9 | ) | 14.4 | |||||
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Increase (decrease) in accrued expenses and other
|
46.6 | (4.6 | ) | |||||
|
Net cash provided by operating activities
|
624.4 | 637.7 | ||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Capital expenditures
|
(93.3 | ) | (77.1 | ) | ||||
|
Proceeds from sale of assets
|
3.9 | 0.9 | ||||||
|
Deferred payments on acquisitions
|
(3.0 | ) | (1.3 | ) | ||||
|
Acquisition of licensing technology
|
(0.4 | ) | -- | |||||
|
Investments in equity affiliates
|
(10.0 | ) | (4.3 | ) | ||||
|
Acquisition of businesses, net of cash acquired
|
(219.7 | ) | (168.0 | ) | ||||
|
Net cash used for investing activities
|
(322.5 | ) | (249.8 | ) | ||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
Proceeds from revolving credit facilities
|
160.0 | -- | ||||||
|
Payments on revolving credit facilities
|
(170.0 | ) | -- | |||||
|
Principal payments on term loan
|
(37.5 | ) | (37.5 | ) | ||||
|
Payments on zero-coupon subordinated notes
|
(5.0 | ) | (289.4 | ) | ||||
|
Payments on vendor-financed equipment
|
(1.3 | ) | (1.5 | ) | ||||
|
Decrease in bank overdraft
|
-- | (5.0 | ) | |||||
|
Proceeds from sale of interest in consolidated subsidiary
|
137.5 | -- | ||||||
|
Cash paid to acquire an interest in a consolidated subsidiary
|
(137.5 | ) | -- | |||||
|
Noncontrolling interest distributions
|
(8.5 | ) | (7.7 | ) | ||||
|
Excess tax benefits from stock based compensation
|
2.4 | -- | ||||||
|
Net proceeds from issuance of stock to employees
|
44.4 | 18.1 | ||||||
|
Purchase of common stock
|
(338.1 | ) | (159.1 | ) | ||||
|
Net cash used for financing activities
|
(353.6 | ) | (482.1 | ) | ||||
|
Effect of exchange rate changes on cash and cash equivalents
|
0.1 | 1.3 | ||||||
|
Net decrease in cash and cash equivalents
|
(51.6 | ) | (92.9 | ) | ||||
|
Cash and cash equivalents at beginning of period
|
148.5 | 219.7 | ||||||
|
Cash and cash equivalents at end of period
|
$ | 96.9 | $ | 126.8 | ||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Per
|
Per
|
Per
|
Per
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Share
|
Share
|
Share
|
Share
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
|||||||||||||||||||||||||||||||||||||
|
Basic earnings
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
per share:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Net earnings
|
$ | 140.0 | 102.1 | $ | 1.37 | $ | 131.4 | 107.6 | $ | 1.22 | $ | 426.4 | 103.4 | $ | 4.12 | $ | 400.6 | 108.0 | $ | 3.71 | ||||||||||||||||||||||||||||
|
Dilutive effect of
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
employee stock
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
plans and awards
|
-- | 0.8 | -- | 0.7 | -- | 0.8 | -- | 0.6 | ||||||||||||||||||||||||||||||||||||||||
|
Effect of convertible
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
debt, net of tax
|
-- | 1.2 | -- | 0.5 | -- | 1.2 | -- | 0.5 | ||||||||||||||||||||||||||||||||||||||||
|
Diluted earnings
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
per share:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Net earnings
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
including impact of
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
dilutive adjustments
|
$ | 140.0 | 104.1 | $ | 1.34 | $ | 131.4 | 108.8 | $ | 1.21 | $ | 426.4 | 105.4 | $ | 4.05 | $ | 400.6 | 109.1 | $ | 3.67 | ||||||||||||||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Stock options
|
4.3 | 2.9 | 4.1 | 4.6 | ||||||||||||
|
Severance
|
Lease
|
|||||||||||
|
and Other
|
and Other
|
|||||||||||
|
Employee
|
Facility
|
|||||||||||
|
Costs
|
Costs
|
Total
|
||||||||||
|
Balance as of December 31, 2009
|
$ | 6.6 | $ | 19.0 | $ | 25.6 | ||||||
|
Net restructuring charges
|
8.0 | (1.0 | ) | 7.0 | ||||||||
|
Cash payments and other adjustments
|
(6.6 | ) | (3.2 | ) | (9.8 | ) | ||||||
|
Balance as of September 30, 2010
|
$ | 8.0 | $ | 14.8 | $ | 22.8 | ||||||
|
Current
|
$ | 15.3 | ||
|
Non-current
|
7.5 | |||
| $ | 22.8 |
|
September 30,
|
December 31,
|
|||||||
|
2010
|
2009
|
|||||||
|
Balance as of January 1
|
$ | 1,897.1 | $ | 1,772.2 | ||||
|
Goodwill acquired during the period
|
138.3 | 124.1 | ||||||
|
Adjustments to goodwill
|
(0.7 | ) | 0.8 | |||||
|
Balance at end of period
|
$ | 2,034.7 | $ | 1,897.1 | ||||
|
September 30, 2010
|
December 31, 2009
|
|||||||||||||||
|
Gross
|
Gross
|
|||||||||||||||
|
Carrying
|
Accumulated
|
Carrying
|
Accumulated
|
|||||||||||||
|
Amount
|
Amortization
|
Amount
|
Amortization
|
|||||||||||||
|
Customer relationships
|
$ | 864.2 | $ | (357.4 | ) | $ | 839.8 | $ | (337.1 | ) | ||||||
|
Patents, licenses and technology
|
144.7 | (72.4 | ) | 119.2 | (62.4 | ) | ||||||||||
|
Non-compete agreements
|
24.7 | (8.0 | ) | 39.4 | (30.7 | ) | ||||||||||
|
Trade name
|
117.7 | (48.0 | ) | 117.7 | (41.8 | ) | ||||||||||
|
Canadian licenses
|
716.7 | -- | 698.1 | -- | ||||||||||||
| $ | 1,868.0 | $ | (485.8 | ) | $ | 1,814.2 | $ | (472.0 | ) | |||||||
|
|
September 30,
|
December 31,
|
||||||
|
|
2010
|
2009
|
||||||
|
Zero-coupon convertible subordinated notes
|
$ | 291.6 | $ | 292.2 | ||||
|
Term loan, current
|
68.8 | 50.0 | ||||||
|
Revolving credit facility
|
65.0 | 75.0 | ||||||
|
Total short-term borrowings and current portion of long-term debt
|
$ | 425.4 | $ | 417.2 | ||||
|
|
September 30,
|
December 31,
|
||||||
|
|
2010
|
2009
|
||||||
|
Senior notes due 2013
|
$ | 351.0 | $ | 351.3 | ||||
|
Senior notes due 2015
|
250.0 | 250.0 | ||||||
|
Term loan, non-current
|
318.7 | 375.0 | ||||||
|
Other long-term debt
|
0.9 | 0.9 | ||||||
|
Total long-term debt
|
$ | 920.6 | $ | 977.2 | ||||
|
•
|
100% of the net cash proceeds of all asset sales or other dispositions of property by the Company and its subsidiaries, subject to certain exceptions;
|
|
|
•
|
100% of the net cash proceeds of all issuance of equity by the Company’s subsidiaries;
|
|
|
•
|
100% of the net cash proceeds of all insurance proceeds or other compensation from any loss, damage or taking of property and assets of the Company and its subsidiaries;
|
|
|
•
|
100% of the net cash proceeds of all issuances of funded debt of the Company and its subsidiaries (including a notes offering in the capital markets), subject to certain exceptions, including indebtedness incurred in an aggregate principal amount up to $50.0 and borrowings under the Company’s existing senior unsecured credit facilities; and
|
|
|
•
|
100% of the net cash proceeds of all issuance of equity in a public offering or private placement by the Company.
|
|
Held in
|
||||||||||||
|
Issued
|
Treasury
|
Outstanding
|
||||||||||
|
Common shares at December 31, 2009
|
127.4 | (22.1 | ) | 105.3 | ||||||||
|
Common stock issued under employee stock plans
|
0.9 | -- | 0.9 | |||||||||
|
Retirement of common stock
|
(4.5 | ) | -- | (4.5 | ) | |||||||
|
Common shares at September 30, 2010
|
123.8 | (22.1 | ) | 101.7 | ||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Service cost for benefits earned
|
$ | 0.6 | $ | 5.2 | $ | 1.9 | $ | 15.6 | ||||||||
|
Interest cost on benefit obligation
|
4.4 | 4.6 | 13.6 | 13.7 | ||||||||||||
|
Expected return on plan assets
|
(4.6 | ) | (4.3 | ) | (13.9 | ) | (12.9 | ) | ||||||||
|
Net amortization and deferral
|
1.7 | 3.0 | 5.7 | 9.0 | ||||||||||||
|
Defined benefit plan costs
|
$ | 2.1 | $ | 8.5 | $ | 7.3 | $ | 25.4 | ||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Service cost for benefits earned
|
$ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 0.3 | ||||||||
|
Interest cost on benefit obligation
|
0.5 | 0.5 | 1.7 | 1.7 | ||||||||||||
|
Net amortization and deferral
|
(0.3 | ) | (0.4 | ) | (0.6 | ) | (1.3 | ) | ||||||||
|
Postretirement medical plan costs
|
$ | 0.3 | $ | 0.2 | $ | 1.4 | $ | 0.7 | ||||||||
|
Fair value
|
Fair Value Measurements as of
|
|||||||||||||||
|
as of
|
September 30, 2010
|
|||||||||||||||
|
September 30,
|
Using Fair Value Hierarchy
|
|||||||||||||||
|
2010
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
|
Noncontrolling interest puts
|
$ | 163.6 | $ | -- | $ | 163.6 | $ | -- | ||||||||
|
Derivatives
|
||||||||||||||||
|
Embedded derivatives related to the zero-coupon subordinated notes
|
$ | -- | $ | -- | $ | -- | $ | -- | ||||||||
|
Interest rate swap liability
|
4.9 | -- | 4.9 | -- | ||||||||||||
|
Total fair value of derivatives
|
$ | 4.9 | $ | -- | $ | 4.9 | $ | -- | ||||||||
|
Fair value
|
Fair Value Measurements as of
|
|||||||||||||||
|
as of
|
December 31, 2009
|
|||||||||||||||
|
December 31,
|
Using Fair Value Hierarchy
|
|||||||||||||||
|
2009
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
|
Noncontrolling interest put
|
$ | 142.4 | $ | -- | $ | 142.4 | $ | -- | ||||||||
|
Derivatives
|
||||||||||||||||
|
Embedded derivatives related to the zero-coupon subordinated notes
|
$ | -- | $ | -- | $ | -- | $ | -- | ||||||||
|
Interest rate swap liability
|
10.6 | -- | 10.6 | -- | ||||||||||||
|
Total fair value of derivatives
|
$ | 10.6 | $ | -- | $ | 10.6 | $ | -- | ||||||||
|
1)
|
The Company will pay contingent cash interest on the zero-coupon subordinated notes after September 11, 2006, if the average market price of the notes equals 120% or more of the sum of the issue price, accrued original issue discount and contingent additional principal, if any, for a specified measurement period.
|
|
2)
|
Holders may surrender zero-coupon subordinated notes for conversion during any period in which the rating assigned to the zero-coupon subordinated notes by Standard & Poor’s Ratings Services is BB- or lower.
|
|
Fair Value as of
|
||||||||
|
September 30,
|
December 31,
|
|||||||
|
Balance Sheet Location
|
2010
|
2009
|
||||||
|
Other liabilities
|
$ | 4.9 | $ | 10.6 | ||||
|
2010
|
2009
|
|||||||
|
Effective portion of derivative gain
|
$ | 5.7 | $ | 1.1 | ||||
|
Nine Months Ended
|
||||||||
|
September 30,
|
||||||||
|
2010
|
2009
|
|||||||
|
Supplemental schedule of cash flow information:
|
||||||||
|
Cash paid during period for:
|
||||||||
|
Interest
|
$ | 37.5 | $ | 39.6 | ||||
|
Income taxes, net of refunds
|
265.2 | 214.9 | ||||||
|
Disclosure of non-cash financing and investing activities:
|
||||||||
|
Accrued repurchases of common stock
|
$ | (0.6 | ) | $ | 6.0 | |||
|
Purchase of equipment in accrued expenses
|
-- | 2.8 | ||||||
|
1.
|
changes in federal, state, local and third party payer regulations or policies or other future reforms in the health care system (or in the interpretation of current regulations), new insurance or payment systems, including state or regional insurance cooperatives, new public insurance programs or a single-payer system, affecting governmental and third-party coverage or reimbursement for clinical laboratory testing;
|
|
2.
|
adverse results from investigations or audits of clinical laboratories by the government, which may include significant monetary damages, refunds and/or exclusion from the Medicare and Medicaid programs;
|
|
3.
|
loss or suspension of a license or imposition of a fine or penalties under, or future changes in, or interpretations of, the law or regulations of the Clinical Laboratory Improvement Act of 1967, and the Clinical Laboratory Improvement Amendments of 1988, or those of Medicare, Medicaid, the False Claims Act or other federal, state or local agencies;
|
|
4.
|
failure to comply with the Federal Occupational Safety and Health Administration requirements and the Needlestick Safety and Prevention Act, which may result in penalties and loss of licensure;
|
|
5.
|
failure to comply with HIPAA, including changes to federal and state privacy and security obligations and changes to HIPAA, including those changes included within HITECH and any subsequent amendments, which could result in increased costs, denial of claims and/or significant penalties;
|
|
6.
|
failure to maintain the security of customer-related information could damage the Company’s reputation with customers, cause it to incur substantial additional costs and become subject to litigation;
|
|
7.
|
failure of the Company, third party payers or physicians to comply with Version 5010 Transactions by January 1, 2012 or the ICD-10-CM Code Set issued by the Department of Health and Human Services and effective for claims submitted as of October 1, 2013;
|
|
8.
|
increased competition, including competition from companies that do not comply with existing laws or regulations or otherwise disregard compliance standards in the industry;
|
|
9.
|
increased price competition, competitive bidding for laboratory tests and/or changes or reductions to fee schedules;
|
|
10.
|
changes in payer mix, including an increase in capitated managed-cost health care or the impact of a shift to consumer-driven health plans;
|
|
11.
|
failure to obtain and retain new customers and alliance partners, or a reduction in tests ordered or specimens submitted by existing customers;
|
|
12.
|
failure to retain or attract managed care business as a result of changes in business models, including new risk based or network approaches, or other changes in strategy or business models by managed care companies;
|
|
13.
|
failure to effectively integrate and/or manage newly acquired businesses, including Genzyme Genetics if it closes, and the cost related to such integrations;
|
|
14.
|
the inability to close the acquisition of Genzyme Genetics or the effects of the acquisition on the Company’s cash position and levels of indebtedness;
|
|
15.
|
adverse results in litigation matters;
|
|
16.
|
inability to attract and retain experienced and qualified personnel;
|
|
17.
|
failure to maintain the Company’s days sales outstanding and/or bad debt expense levels;
|
|
18.
|
decrease in the Company’s credit ratings by Standard & Poor’s and/or Moody’s;
|
|
19.
|
discontinuation or recalls of existing testing products;
|
|
20.
|
failure to develop or acquire licenses for new or improved technologies, or if customers use new technologies to perform their own tests;
|
|
21.
|
inability to commercialize newly licensed tests or technologies or to obtain appropriate coverage or reimbursement for such tests, which could result in impairment in the value of certain capitalized licensing costs;
|
|
22.
|
changes in government regulations or policies, including regulations and policies of the Food and Drug Administration, affecting the approval, availability of, and the selling and marketing of diagnostic tests;
|
|
23.
|
inability to obtain and maintain adequate patent and other proprietary rights for protection of the Company’s products and services and successfully enforce the Company’s proprietary rights;
|
|
24.
|
the scope, validity and enforceability of patents and other proprietary rights held by third parties which might have an impact on the Company’s ability to develop, perform, or market the Company’s tests or operate its business;
|
|
25.
|
failure in the Company’s information technology systems resulting in an increase in testing turnaround time or billing processes or the failure to meet future regulatory or customer information technology, data security and connectivity requirements;
|
|
26.
|
failure of the Company’s financial information systems resulting in failure to meet required financial reporting deadlines;
|
|
27.
|
failure of the Company's disaster recovery plans to provide adequate protection against the interruption of business and/or to permit the recovery of business operations;
|
|
28.
|
business interruption or other impact on the business due to adverse weather (including hurricanes), fires and/or other natural disasters, terrorism or other criminal acts, and/or widespread outbreak of influenza or other pandemic illness;
|
|
29.
|
liabilities that result from the inability to comply with corporate governance requirements;
|
|
30.
|
significant deterioration in the economy or financial markets which could negatively impact the Company’s testing volumes, cash collections and the availability of credit for general liquidity or other financing needs; and
|
|
31.
|
changes in reimbursement by foreign governments and foreign currency fluctuations.
|
|
|
|
Quarter ended September 30,
|
||||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Net sales
|
||||||||||||
|
Routine Testing
|
$ | 764.9 | $ | 718.4 | 6.5 | % | ||||||
|
Genomic and Esoteric Testing
|
444.0 | 403.3 | 10.1 | % | ||||||||
|
Ontario, Canada
|
67.6 | 63.4 | 6.6 | % | ||||||||
|
Total
|
$ | 1,276.5 | $ | 1,185.1 | 7.7 | % | ||||||
|
Number of Requisitions
|
||||||||||||
|
Quarter ended September 30,
|
||||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Volume
|
||||||||||||
|
Routine Testing
|
21.4 | 21.3 | 0.5 | % | ||||||||
|
Genomic and Esoteric Testing
|
7.0 | 6.5 | 6.9 | % | ||||||||
|
Ontario, Canada
|
2.2 | 2.2 | 0.7 | % | ||||||||
|
Total
|
30.6 | 30.0 | 1.9 | % | ||||||||
|
Quarter ended September 30,
|
||||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Revenue Per Requisition
|
||||||||||||
|
Routine Testing
|
$ | 35.76 | $ | 33.77 | 5.9 | % | ||||||
|
Genomic and Esoteric Testing
|
63.36 | 61.55 | 2.9 | % | ||||||||
|
Ontario, Canada
|
30.23 | 28.51 | 6.0 | % | ||||||||
|
Total
|
$ | 41.67 | $ | 39.44 | 5.7 | % | ||||||
|
Cost of Sales
|
Quarter ended September 30,
|
|||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Cost of sales
|
$ | 748.8 | $ | 687.0 | 9.0 | % | ||||||
|
Cost of sales as a % of sales
|
58.7 | % | 58.0 | % | ||||||||
|
Quarter ended September 30,
|
||||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Selling, general and administrative
|
||||||||||||
|
expenses
|
$ | 270.5 | $ | 247.3 | 9.4 | % | ||||||
|
SG&A as a % of sales
|
21.2 | % | 20.9 | % | ||||||||
|
Quarter ended September 30,
|
||||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Amortization of intangibles and
|
|
|||||||||||
|
other assets
|
$ | 18.0 | $ | 15.9 | 13.2 | % | ||||||
|
Quarter ended September 30,
|
||||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Restructuring and other special charges
|
$ | 3.9 | $ | -- | N/A | |||||||
|
Interest Expense
|
Quarter ended September 30,
|
|||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Interest expense
|
$ | 21.6 | $ | 15.0 | 44.0 | % | ||||||
|
Quarter ended September 30,
|
||||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Income from joint venture partnerships
|
$ | 4.2 | $ | 4.2 | -- | % | ||||||
|
Income Tax Expense
|
Quarter ended September 30,
|
|||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Income tax expense
|
$ | 73.5 | $ | 88.5 | (16.9 | )% | ||||||
|
Income tax expense as a %
|
||||||||||||
|
of income before tax
|
33.9 | % | 39.7 | % | ||||||||
| Net Sales |
Nine Months Ended September 30,
|
|||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Net sales
|
||||||||||||
|
Routine Testing
|
$ | 2,228.7 | $ | 2,158.0 | 3.3 | % | ||||||
|
Genomic and Esoteric Testing
|
1,272.2 | 1,191.1 | 6.8 | % | ||||||||
|
Ontario, Canada
|
207.6 | 180.5 | 15.0 | % | ||||||||
|
Total
|
$ | 3,708.5 | $ | 3,529.6 | 5.1 | % | ||||||
|
Number of Requisitions
|
||||||||||||
|
Nine Months Ended September 30,
|
||||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Volume
|
||||||||||||
|
Routine Testing
|
62.5 | 64.5 | (3.1 | )% | ||||||||
|
Genomic and Esoteric Testing
|
20.3 | 19.2 | 5.7 | % | ||||||||
|
Ontario, Canada
|
6.8 | 6.8 | 0.3 | % | ||||||||
|
Total
|
89.6 | 90.5 | (1.0 | )% | ||||||||
|
Nine Months Ended September 30,
|
||||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Revenue Per Requisition
|
||||||||||||
|
Routine Testing
|
$ | 35.70 | $ | 33.48 | 6.6 | % | ||||||
|
Genomic and Esoteric Testing
|
62.55 | 61.90 | 1.1 | % | ||||||||
|
Ontario, Canada
|
30.21 | 26.33 | 14.7 | % | ||||||||
|
Total
|
$ | 41.37 | $ | 38.98 | 6.1 | % | ||||||
|
Cost of Sales
|
Nine Months Ended September 30,
|
|||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Cost of sales
|
$ | 2,140.3 | $ | 2,034.7 | 5.2 | % | ||||||
|
Cost of sales as a % of sales
|
57.7 | % | 57.6 | % | ||||||||
| Selling, General and Administrative Expenses |
Nine Months Ended September 30,
|
|||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Selling, general and administrative expenses
|
$ | 761.9 | $ | 718.4 | 6.1 | % | ||||||
|
SG&A as a % of sales
|
20.5 | % | 20.4 | % | ||||||||
|
Nine Months Ended September 30,
|
||||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Amortization of intangibles and
|
|
|||||||||||
|
other assets
|
$ | 53.1 | $ | 46.2 | 14.9 | % | ||||||
|
Nine Months Ended September 30,
|
||||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Restructuring and other special charges
|
$ | 13.2 | $ | 10.2 | 29.4 | % | ||||||
|
Interest Expense
|
Nine Months Ended September 30,
|
|||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Interest expense
|
$ | 50.7 | $ | 48.2 | 5.2 | % | ||||||
|
Nine Months Ended September 30,
|
||||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Income from joint venture partnerships
|
$ | 12.6 | $ | 10.9 | 15.6 | % | ||||||
|
Income Tax Expense
|
Nine Months ended September 30,
|
|||||||||||
|
2010
|
2009
|
% Change
|
||||||||||
|
Income tax expense
|
$ | 263.2 | $ | 271.6 | (3.1 | )% | ||||||
|
Income tax expense as a %
|
||||||||||||
|
of income before tax
|
37.6 | % | 39.9 | % | ||||||||
|
•
|
100% of the net cash proceeds of all asset sales or other dispositions of property by the Company and its subsidiaries, subject to certain exceptions;
|
|
|
•
|
100% of the net cash proceeds of all issuance of equity by the Company’s subsidiaries;
|
|
|
•
|
100% of the net cash proceeds of all insurance proceeds or other compensation from any loss, damage or taking of property and assets of the Company and its subsidiaries;
|
|
|
•
|
100% of the net cash proceeds of all issuances of funded debt of the Company and its subsidiaries (including a notes offering in the capital markets), subject to certain exceptions, including indebtedness incurred in an aggregate principal amount up to $50.0 and borrowings under the Company’s existing senior unsecured credit facilities; and
|
|
|
•
|
100% of the net cash proceeds of all issuance of equity in a public offering or private placement by the Company.
|
|
1)
|
The Company will pay contingent cash interest on the zero-coupon subordinated notes after September 11, 2006, if the average market price of the notes equals 120% or more of the sum of the issue price, accrued original issue discount and contingent additional principal, if any, for a specified measurement period.
|
|
2)
|
Holders may surrender zero-coupon subordinated notes for conversion during any period in which the rating assigned to the zero-coupon subordinated notes by Standard & Poor’s Ratings Services is BB- or lower.
|
|
Legal Proceedings
|
|
|
See Note 12 to the Company’s Unaudited Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2010, which is incorporated by reference.
|
|
|
Risk Factors
|
|
|
The following risk factors are provided to supplement the Risk Factors that appear in Part I-Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2009.
Risks relating to the Company’s pending acquisition of Genzyme Genetics, a business unit of Genzyme Corporation.
The pending transaction may not be completed, may be delayed or may result in the imposition of conditions that could have an adverse effect on the Company’s operations or the operations of the acquired business following completion of the transaction.
In addition to other customary closing conditions, completion of the pending transaction is conditioned upon the receipt of certain governmental clearances or approvals that have not yet been obtained, including, without limitation, the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. There can be no assurance that these clearances and approvals will be obtained or, if obtained, will not be later challenged by governmental entities. Third parties could also petition to have governmental entities reconsider previously granted clearances and approvals. In addition, the governmental entities from which clearances and approvals are required may impose conditions on the completion of the transaction, require changes to the terms of the transaction or impose restrictions on the Company’s business following completion of the transaction. If the transaction is not completed, completion is delayed or the Company becomes subject to any significant conditions in order to obtain any clearances or approvals required to complete the transaction, its business and results of operations may be adversely affected and its stock price may suffer. Under certain circumstances a delay in obtaining required approvals beyond the date provided for in the acquisition agreement could result in the Company having to pay a termination fee to Genzyme.
The Company may fail to realize the anticipated revenue growth expected from the transaction, which could adversely affect its operating results and the market price of its common stock.
The success of the proposed transaction will depend, in significant part, on the Company’s ability to successfully integrate the acquired business and realize the anticipated benefits to be derived from incorporating Genzyme Genetics into its operations. The Company believes that the acquisition will provide an opportunity for revenue growth in the areas of esoteric testing and personalized medicine. Actual revenue growth, if achieved at all, may be lower than the Company expects and may take longer to achieve than anticipated. If the Company is not able to achieve the anticipated benefits of the pending acquisition, the value of its common stock may be adversely affected.
The integration of the acquired assets will be complex and involve a number of risks. Failure to successfully integrate the respective operations could significantly harm the Company’s business and results of operations.
Because of the structure of the transaction, as an asset carve out from Genzyme Corporation, the Company will not be integrating a stand-alone enterprise when the Company completes this transaction. Integrating the operations will be complex and there is no assurance that the Company will not encounter material delays or unanticipated costs that could adversely affect its business and results of operations.
|
|
As a consequence of the proposed acquisition, the Company may materially reduce its cash balance and take on substantial additional indebtedness.
Pursuant to the terms of the Company’s acquisition agreement to acquire Genzyme Genetics, the total consideration to be paid by the Company is $925.0 in cash, subject to a limited purchase price adjustment related to the acquired working capital. The Company has entered into a 364-day bridge term loan credit agreement to provide debt financing for the transaction, subject to customary conditions. The Company expects to consider opportunities to replace that facility either before or after the closing of the acquisition, which could include replacing that debt financing through an offering in the debt capital markets. However, the Company may not be able to replace or refinance the bridge facility in a timely manner, or at all. The Company’s potential lower cash balance and increased indebtedness resulting from the proposed acquisition financing could adversely affect its business. In particular, it could increase the Company’s vulnerability to sustained, adverse macroeconomic weakness, limit its ability to obtain further financing and limit its ability to pursue certain operational and strategic opportunities.
|
|
|
Unregistered Sales of Equity Securities and Use of Proceeds (Shares and dollars in millions, except per share data)
|
| Maximum | ||||||||||||||||
|
Total Number
|
Dollar Value
|
|||||||||||||||
|
Average
|
of Shares
|
of Shares
|
||||||||||||||
|
Total
|
Price
|
Repurchased as
|
that May Yet Be
|
|||||||||||||
|
Number
|
Paid
|
Part of Publicly
|
Repurchased
|
|||||||||||||
|
of Shares
|
Per
|
Announced
|
Under
|
|||||||||||||
|
Repurchased
|
Share
|
Program
|
the Program
|
|||||||||||||
|
July 1 – July 31
|
0.6 | $ | 74.48 | 0.6 | $ | 54.0 | ||||||||||
|
August 1 – August 31
|
0.6 | 75.23 | 0.6 | 259.5 | ||||||||||||
|
September 1 - September 30
|
0.3 | 74.70 | 0.3 | 234.3 | ||||||||||||
| 1.5 | $ | 74.81 | 1.5 | |||||||||||||
| Item 6. | Exhibits |
| (a) | Exhibits |
|
2.1
|
Asset Purchase Agreement by and among Genzyme Corporation and Laboratory Corporation of America Holdings dated as of September 13, 2010 (incorporated by reference to the Company’s Form 8-K filed on September 16, 2010 (file no. 001-11353))
|
| 10.1* | Bridge Term Loan Agreement dated as of October 28, 2010, among Laboratory Corporation of America Holdings, the Lenders named therein and Citibank, N.A., as Administrative Agent |
|
12.1*
|
Ratio of earnings to fixed charges
|
|
31.1*
|
Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a)
|
|
31.2*
|
Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a)
|
|
32*
|
Written Statement of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)
|
|
101.INS*
|
XBRL Instance Document
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase
|
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase
|
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase
|
| * | filed herewith |
|
By:
|
/s/ DAVID P. KING
|
|
|
David P. King
|
||
|
Chairman of the Board, President
|
||
|
and Chief Executive Officer
|
|
By:
|
/s/ WILLIAM B. HAYES
|
|
|
William B. Hayes
|
||
|
Executive Vice President,
|
||
|
Chief Financial Officer and Treasurer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
Suppliers
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|