Exhibit 99.01
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CARDINAL HEALTH
7000 Cardinal Place
Dublin,OH 43017
www.cardinalhealth.com
FOR IMMEDIATE RELEASE
CONTACTS:
Media: Jim Mazzola Investors: Jason Strohm
(614) 757-3690 (614) 757-7542
jim.mazzola@cardinal.com jason.strohm@cardinal.com
CARDINAL HEALTH CHAIRMAN REVIEWS FISCAL 2005, LOOKS TO FUTURE
AT ANNUAL SHAREHOLDERS' MEETING
Shareholders Approve Three Proposals
DUBLIN, OHIO, NOV. 2, 2005 -- At the annual meeting of Cardinal Health's
shareholders today, Chairman and Chief Executive Robert D. Walter highlighted
the company's improved performance during the second half of fiscal 2005 and
outlined its strategy to deliver even greater value to customers through
integrated offerings that help solve some of the most pressing issues in health
care.
"Fiscal 2005 will be remembered as a year in which Cardinal Health faced
challenges and emerged as a stronger, more focused company--one better
positioned to deliver greater value to customers and shareholders," Walter said.
"The health-care industry is searching for innovative solutions that make
medicine more effective, patient outcomes more predictable and supply chains
more efficient. This is what Cardinal Health does best, and how we are
increasingly differentiating the company from competitors."
Cardinal Health shareholders also approved the three proposals on the agenda for
the meeting:
o BOARD ELECTIONS: Current directors J. Michael Losh, John B. McCoy,
Michael D. O'Halleran, Jean G. Spaulding and Matthew D. Walter were
elected to serve another three-year term;
o LONG-TERM INCENTIVE PLAN: Shareholders approved the company's long-term
incentive plan, which enables Cardinal Health to continue to grant
equity awards as part of its competitive compensation program.
o ANNUAL ELECTION OF DIRECTORS: Cardinal Health will phase out the
"staggered" or "classified" election of its directors beginning at the
company's 2006 Annual Meeting. The company believes that the annual
election of directors will have the effect of increasing the Board's
accountability to shareholders and further advance its goal of ensuring
sound corporate governance.
-more-
CARDINAL HEALTH CHAIRMAN REVIEWS FISCAL 2005, LOOKS TO FUTURE AT
ANNUAL SHAREHOLDERS' MEETING
PAGE 2
In addition, the board of directors today elected a new director, Calvin Darden,
a retired executive of United Parcel Service, who also serves on the boards of
Target Corporation and Coca-Cola Enterprises. The board also declared the
company's 85th consecutive dividend, which will be $0.06 per common share and
paid out on January 15, 2006 to shareholders of record as of January 1, 2006.
FISCAL 2005 HIGHLIGHTS
In his Chairman's Report delivered during the meeting, Mr. Walter highlighted a
number of fiscal 2005 accomplishments, including:
o Strong demand for the company's market-leading products and services,
with revenue for the full year increasing 15 percent to $74.9 billion.
o Operating earnings of nearly $1.8 billion, and more than $2 billion
excluding special items.*
o Leading the industry in reaching new "fee-for-service" distribution
agreements with more than 100 of the world's most important
pharmaceutical companies.
o Successfully integrating its $2 billion acquisition of Alaris Medical
Systems.
o Making substantial progress in strengthening its controls, compliance
and governance practices.
o Implementing its One Cardinal Health program designed to better align
company operations and deliver more integrated solutions for its
health-care provider customers.
o Generating significant cash flow totaling nearly $2.9 billion from
operations -- giving the company enormous strategic flexibility and the
resources to continue investing for the future.
ABOUT CARDINAL HEALTH
Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a $75
billion, global company serving the health-care industry with a broad portfolio
of products and services. Through its diverse offering, Cardinal Health delivers
integrated health-care solutions that help customers reduce their costs, improve
efficiency and deliver better care to patients. The company manufactures,
packages and distributes pharmaceuticals and medical supplies, offers a range of
clinical services and develops automation products that improve the management
and delivery of supplies and medication for hospitals, physician offices and
pharmacies. Ranked No. 16 on the Fortune 500, Cardinal Health employs more than
55,000 people on six continents. More information about the company may be found
at www.cardinalhealth.com.
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* Special items for fiscal 2005 were $264 million
Except for historical information, all other information in this news release
consists of forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements are
subject to risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated or implied. The most significant of
these uncertainties are described in Cardinal Health's Form 10-K, Form 8-K and
Form 10-Q reports (including all amendments to those reports) and exhibits to
those reports, and include (but are not limited to) the following: the costs,
difficulties, and uncertainties related to the implementation of organizational
changes and the integration of acquired businesses; the loss of one or more key
customer or supplier relationships or changes to the terms of those
relationships; changes in the distribution patterns or reimbursement rates for
health-care products and/or services; the results, consequences, effects or
timing of any inquiry or investigation by any regulatory authority or any legal
and administrative proceedings; the impact of previously announced restatements;
difficulties or delays or increased costs in implementing its global
restructuring program, including facility rationalizations; difficulties in
opening new facilities or fully utilizing existing capacity; difficulties and
uncertainties associated with business model transitions; and general economic
and market conditions. Cardinal Health undertakes no obligation to update or
revise any forward-looking statement.