Health Net 2005 Annual Report Download - page 91
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HEALTH NET, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
Year Ended December 31,
2005 2004 2003
Revenues
Health plan services premiums .......................... $ 9,553,525 $ 9,560,244 $ 9,093,219
Government contracts ................................. 2,307,483 2,021,871 1,865,773
Net investment income ................................ 72,751 58,147 59,332
Other income ........................................ 6,774 6,131 46,378
Total revenues ................................... 11,940,533 11,646,393 11,064,702
Expenses
Health plan services .................................. 8,013,017 8,413,638 7,516,838
Government contracts ................................. 2,211,253 1,927,598 1,789,523
General and administrative ............................. 956,840 888,480 912,531
Selling ............................................. 221,555 240,117 233,519
Depreciation and amortization .......................... 33,694 44,288 58,677
Interest ............................................. 44,631 33,133 39,135
Litigation, severance and related benefits and asset
impairments ....................................... 83,279 32,893 16,409
Net gain on sales of businesses and properties .............. — (1,170) (18,901)
Total expenses ................................... 11,564,269 11,578,977 10,547,731
Income from continuing operations before income taxes .......... 376,264 67,416 516,971
Income tax provision ...................................... 146,479 24,812 193,891
Income from continuing operations .......................... 229,785 42,604 323,080
Discontinued operations: Loss on settlement from disposition, net of
tax .................................................. — — (89,050)
Net income ............................................. $ 229,785 $ 42,604 $ 234,030
Net income per share—basic:
Income from continuing operations ...................... $ 2.03 $ 0.38 $ 2.79
Loss on settlement from disposition of discontinued operations,
netoftax ......................................... — — (0.77)
Net income per share—basic ............................ $ 2.03 $ 0.38 $ 2.02
Net income per share—diluted:
Income from continuing operations ...................... $ 1.99 $ 0.38 $ 2.73
Loss on settlement from disposition of discontinued operations,
netoftax ......................................... — — (0.75)
Net income per share—diluted .......................... $ 1.99 $ 0.38 $ 1.98
Weighted average shares outstanding:
Basic .............................................. 112,918 111,859 115,999
Diluted ............................................. 115,641 113,038 118,278
See accompanying notes to consolidated financial statements.
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