Health Net 1999 Annual Report Download - page 29

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Consolidated Statements of Operations
Fo undation Health Systems, Inc.
FOUNDATION HEALTH SYSTEMS, IN C. 27
Year ended December 31,
(Amounts in thousands, except per share data) 1999 1998 1997
Revenues
Health plan services premiums $7,031,055 $7,124,161 $5,482,893
Government contracts/ Specialty services 1,529,855 1,411,267 1,408,402
Investment and other income 86,977 93,441 114,300
Net gain on sale of businesses and properties 58,332 5,600 –
Total revenues 8,706,219 8,634,469 7,005,595
Expenses
Health plan services 5,950,002 6,090,472 4,470,816
Government contracts/ Specialty services 1,002,893 924,075 990,576
Selling, general and administrative 1,301,743 1,413,771 1,185,018
Depreciation 70,010 78,951 58,100
Amortization 42,031 49,142 40,253
Interest 83,808 92,159 63,555
Asset impairment, merger, restructuring and other costs 11,724 240,053 286,525
Total expenses 8,462,211 8,888,623 7,094,843
Income (loss) from continuing operations before income taxes 244,008 (254,154) (89,248)
Income tax provision (benefit) 96,226 (88,996) (21,418)
Income (loss) from continuing operations 147,782 (165,158) (67,830)
Discontinued operations:
Loss from discontinued operations, net of tax – – (30,409)
Loss on disposition, net of tax – – (88,845)
Income (loss) before cumulative effect of a change in accounting principle 147,782 (165,158) (187,084)
Cumulative effect of a change in accounting principle, net of tax (5,417) – –
Net income (loss) $ 142,365 $ (165,158) $ (187,084)
Basic and diluted earnings (loss) per share:
Continuing operations $ 1.21 $ (1.35) $ (0.55)
Loss from discontinued operations, net of tax – – (0.25)
Loss on disposition of discontinued operations, net of tax – – (0.72)
Cumulative effect of a change in accounting principle (0.05) – –
Net $ 1.16 $ (1.35) $ (1.52)
Weighted average shares outstanding:
Basic 122,289 121,974 123,333
Diluted 122,343 121,974 123,333
See accompanying notes to consolidated financial statements.