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30 HEALTH NET 2000 Annual Report
Year Ended December 31,
(Amounts in thousands, except per share data) 2000 1999 1998
revenues
Health plan services premiums $7,351,098 $7,031,055 $7,124,161
Government contracts/Specialty services 1,623,158 1,529,855 1,411,267
Investment and other income 102,299 86,977 93,441
Total revenues 9,076,555 8,647,887 8,628,869
Expenses
Health plan services 6,242,282 5,950,002 6,090,472
Government contracts/Specialty services 1,080,407 1,002,893 924,075
Selling, general and administrative 1,296,881 1,301,743 1,413,771
Depreciation 67,260 70,010 78,951
Amortization 38,639 42,031 49,142
Interest 87,930 83,808 92,159
Asset impairment, merger, restructuring and other costs – 11,724 240,053
Net loss (gain) on sale of businesses and properties 409 (58,332) (5,600)
Total expenses 8,813,808 8,403,879 8,883,023
Income (loss) from operations before income taxes and cumulative
effect of a change in accounting principle 262,747 244,008 (254,154)
Income tax provision (benefit) 99,124 96,226 (88,996)
Income (loss) before cumulative effect of a change in accounting principle 163,623 147,782 (165,158)
Cumulative effect of a change in accounting principle, net of tax –(5,417) –
Net income (loss) $ 163,623 $ 142,365 $ (165,158)
Basic earnings (loss) per share:
Income (loss) from operations $ 1.34 $ 1.21 $ (1.35)
Cumulative effect of a change in accounting principle –(0.05) –
Net $ 1.34 $ 1.16 $ (1.35)
Diluted earnings (loss) per share:
Income (loss) from operations $ 1.33 $ 1.21 $ (1.35)
Cumulative effect of a change in accounting principle –(0.05) –
Net $ 1.33 $ 1.16 $ (1.35)
Weighted average shares outstanding:
Basic 122,471 122,289 121,974
Diluted 123,453 122,343 121,974
See accompanying notes to consolidated financial statements.
Consolidated Statements of Operations
Health Net, Inc.