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.