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Cardinal Health Inc CAH
Q4 2010 Earnings Call Transcript

Transcript Call Date 08/05/2010

Operator: Good day, ladies and gentlemen, and welcome to Fourth Quarter 2010 Cardinal Health's Conference Call. My name is Noelia and I'll be your coordinator for today. At this time, all participants are in a listen-only mode. We'll be facilitating a question-and-answer session towards the end of this conference. (Operator Instructions). As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the presentation over to your host for today's call, Sally Curley, Senior Vice President of Investor Relations. Please proceed.

Sally J. Curley - SVP, IR: Thank you, Noelia, and welcome to our conference call today. Because we will be reviewing our fiscal fourth quarter and year end results as well as our fiscal 2011 outlook on today's call, our prepared comments may be a little longer than usual. Therefore, we plan to extend the call to end at 9.45 am Eastern to allow plenty of time for Q&A.

Also, today we will be making forward-looking statements. The matters addressed in these statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied. Please refer to our SEC filings and the forward-looking statements slide at the beginning of our presentation found on our Investor page on cardinal-health.com for a description of those risks and uncertainties. In addition, we will reference non-GAAP financial measures and information about these measures is included at the end of the slide.

Before I turn the call over to our Chairman and CEO, George Barrett, I would like to remind you of a few upcoming investor conferences in which we will be participating and webcasting, notably the Morgan Stanley Global Healthcare Conference on September 13 in New York, the Robert Baird's Healthcare Conference on September 14 in New York and the Stifel Nicolaus Healthcare Conference on September 15 in Boston.

The details of these events are or will be posted on the IR section of our website, so please be sure to visit that site often for updated information. We look forward to seeing you on these or other upcoming events.

Now, I'd like to turn the call over to George.

George S. Barrett - Chairman and CEO: Thanks, Sally. Good morning, everyone. This morning's call offers me the opportunity to reflect on our first year as what I described for the last time as a new Cardinal Health. It has been an important year for us in many ways. This morning, I'll give you my observations about the year we just completed as well as my perspective on year in front of us. I'll devote most of my commentary to the state of our transformation and our overall positioning, and let Jeff cover in detail the numbers for the quarter and for the full year. I will, however, start with a few numbers.

We ended fiscal 2010 with non-GAAP EPS of $2.22, down slightly versus fiscal 2009 and considerably better than we anticipated back in August of last year. Full year revenue was up 3% to $98.5 billion. Our organization did an outstanding job managing our working capital, and we generated $2.1 billion in cash from operations. Overall, these were significant accomplishments given the considerable strategic changes and investments we made in the business.

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