8-KOther Events

MCKESSON CORP 8-K Report (Apr 30, 2004)

Filed April 30, 2004For Securities:MCK

Summary

McKesson Corporation (MCK) filed an 8-K on April 30, 2004, primarily to provide investors with recast condensed consolidated operating information by business segment for fiscal years 2003 and 2004. This information was previously released on an annual basis on April 29, 2004, and is now being provided in a quarterly format. The filing also serves to clarify an error in a previous electronic distribution related to the fourth quarter and fiscal year earnings release for the period ending March 31, 2004. The company is addressing an issue where an Excel spreadsheet inadvertently included erroneous and un-reviewed data under a "OPEN: FY05 Pro Forma Budget" label. McKesson emphasizes that these incorrect numbers do not represent their final fiscal year 2005 plan and should not be used to assess the previously issued fiscal year 2005 earnings per share guidance of $2.20 to $2.35. The provided guidance remains supported by the company's approved fiscal year 2005 plan. The filing confirms that other segment data within the spreadsheet, including quarterly recast segment data for fiscal years 2003 and 2004, is accurate.

Key Highlights

  • 1McKesson is filing recast condensed consolidated operating information by business segment for fiscal years 2003 and 2004.
  • 2This filing provides the segment data in a quarterly format, supplementing previously released annual data.
  • 3The company is clarifying an error in an Excel spreadsheet distributed with its prior earnings release.
  • 4Erroneous and un-reviewed 'FY05 Pro Forma Budget' data was inadvertently included in a spreadsheet.
  • 5McKesson explicitly states that the erroneous FY05 budget figures do not represent the company's final plan or the basis for its FY05 EPS guidance.
  • 6The previously issued FY05 EPS guidance of $2.20 to $2.35 remains supported by the approved fiscal year 2005 plan.
  • 7Accurate quarterly segment data for fiscal years 2003 and 2004 is being provided as Exhibit 99.

Frequently Asked Questions

The main purpose is to provide investors with recast condensed consolidated operating information broken down by business segment for fiscal years 2003 and 2004, in a quarterly format. It also serves to correct and clarify erroneous data that was inadvertently included in a previous electronic distribution.

An Excel spreadsheet accompanying the previous earnings release for the fourth quarter and fiscal year ended March 31, 2004, contained an un-reviewed and factually incorrect set of columns labeled 'OPEN: FY05 Pro Forma Budget'. These numbers were placeholders and did not reflect the company's actual fiscal year 2005 plan.

No, McKesson explicitly states that the erroneous FY05 budget data does not impact their previously issued fiscal year 2005 earnings per share guidance of $2.20 to $2.35. This guidance is based on the company's approved fiscal year 2005 plan.

Yes, McKesson confirms that the quarterly recast segment data for fiscal years 2003 and 2004 included in the Excel spreadsheet is correct. This accurate data is being officially filed as Exhibit 99 to this 8-K.