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CareFusion Reports Third Quarter Results

Friday, May 7, 2010 Corporate News J E 4
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- Revenue increased 13 percent to $952 million, or 10 percent on a constant currency basis, driven by Respiratory and Infusion sales

CAREFUSION CORPORATION

ADJUSTED FINANCIAL INFORMATION

(UNAUDITED)

Nine Months Ended March 31, 2009

Discontinued

Nonrecurring

Tax Refund

Further

(in millions, except per common share amounts)

GAAP

Operations (1)

Items

Adjusted (2)

Claim (3)

Adjusted

Revenue

$

2,728

$

-

$

-

$

2,728

$

-

$

2,728

Cost of Products Sold

1,399

-

-

1,399

-

1,399

Gross Margin

1,329

-

-

1,329

-

1,329

Selling, General and Administrative Expenses

798

-

-

798

-

798

Research and Development Expenses

117

-

-

117

-

117

Restructuring and Acquisition Integration Charges

55

-

(55)

-

-

-

Operating Income

359

-

55

414

-

414

Interest Expense and Other, Net

80

-

-

80

-

80

Income Before Income Taxes

279

-

55

334

-

334

Provision for Income Taxes

54

-

17

71

24

95

Income from Continuing Operations

225

-

38

263

(24)

239

Income from Discontinued Operations, Net of Tax

247

(247)

-

-

-

-

Net Income

$

472

$

(247)

$

38

$

263

$

(24)

$

239

Per Share Amounts: (4)

Basic Earnings per Common Share

$

2.14

$

(1.12)

$

0.17

$

1.19

$

(0.11)

$

1.08

Diluted Earnings per Common Share

$

2.14

$

(1.12)

$

0.17

$

1.19

$

(0.11)

$

1.08

Weighted-Average Number of Common Shares Outstanding: (5)

Basic

220.5

220.5

220.5

220.5

220.5

220.5

Diluted

220.5

220.5

220.5

220.5

220.5

220.5

Effective Tax Rate

19.2%

n/a

31.8%

21.2%

n/a

28.6%

(1)

Reflects impact of (a) removing certain businesses that manufacture and sell surgical and exam gloves, surgical drapes and apparel and fluid management products in the U.S. market that were previously part of the Clinical and Medical Products segment of Cardinal Health and were retained by Cardinal Health upon the spinoff, and (b) the divestiture of the Company's audiology business.

(2)

Adjusted financial information reflects GAAP results adjusted on a non-GAAP basis to exclude nonrecurring items related to restructuring charges and acquisition integration charges and nonrecurring tax items.

(3)

Reflects the impact of a nonrecurring tax benefit of amending federal tax returns for fiscal years 2004 through 2006 for secured loan transaction involving certain sales-type lease receivables.

(4)

Earnings per share calculations are performed separately for each adjustment presented.  Therefore, the sum of the per share adjustments from the table above may not equal the adjusted per share totals presented.

(5)

Reflects shares outstanding after the August 31, 2009 distribution of our common stock based on a ratio of 0.5 shares of our common stock for each common share of Cardinal Health.

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