8-KCorporate Changes

CVS HEALTH Corp 8-K Report, Bylaw Amendment (Dec 30, 2008)

Filed December 30, 2008For Securities:CVS

Summary

CVS Caremark Corporation (now CVS Health) announced a strategic shift in its fiscal year end from the Saturday nearest December 31st to December 31st, effective for the 2008 fiscal year. This change, approved by the Board of Directors on December 23, 2008, aims to better align the company's financial reporting with its positioning in the healthcare industry rather than the traditional retail sector. This adjustment will result in a slightly extended fiscal year for 2008, covering the period from December 30, 2007, to December 31, 2008, and will impact the reporting periods for subsequent quarters and annual filings.

Key Highlights

  • 1CVS Caremark Corporation's Board of Directors approved a change in the company's fiscal year end.
  • 2The fiscal year will now end on December 31st annually, moving from the Saturday nearest December 31st.
  • 3This change is effective immediately, beginning with the 2008 fiscal year.
  • 4The stated reason for the change is to better reflect the company's position in the healthcare industry.
  • 5The 2008 fiscal year will be extended to cover the period from December 30, 2007, to December 31, 2008.
  • 6This will result in the first quarter 2009 Form 10-Q covering January 1, 2009, to March 31, 2009.

Frequently Asked Questions

CVS Caremark changed its fiscal year end from the Saturday nearest December 31st to December 31st to better align its financial reporting with its strategic focus and positioning within the healthcare industry, rather than a traditional retail calendar.

The change took effect immediately, beginning with the Company's 2008 fiscal year. Therefore, the 2008 fiscal year will now end on December 31, 2008.

The 2008 fiscal year will be slightly longer than usual, covering the period from December 30, 2007, through December 31, 2008. This is because the previous year-end date would have been January 3, 2009.

Yes, the first quarter of 2009 will be reported based on the new fiscal year calendar. The Form 10-Q for the first quarter of 2009 will cover the period from January 1, 2009, to March 31, 2009.