CareFusion Corporation, created from Cardinal Health last year, announced its fourth-quarter earnings and a company-wide restructuring program that would cut 700 jobs, or 5 percent of the workforce, the company announced this week.

The restructuring program, when fully implemented, is expected to incur expenses of about $40 million to $50 million in the 2011 fiscal year as a result of the job cuts and other related costs. The company expects to save $85 million to $95 million in fiscal 2011, with an additional $25 million saved in fiscal 2012, according to the company.

For the fourth quarter, ending June 30, CareFusion reported a 19 percent increase in revenue, up to $1 billion. The company attributes the growth to sales in infusion, respiratory and medical technologies and services businesses. Net income fell from $96 million this time last year to $52 million.