Health Net 2007 Annual Report Download - page 149
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HEALTH NET, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 17—Quarterly Information (Unaudited)
The following interim financial information presents the 2007 and 2006 results of operations on a quarterly
basis:
2007
March 31 June 30(1) September 30 December 31
(Dollars in millions, except per share data)
Total revenues .................................... $3,428.9 $3,464.2 $3,631.9 $3,583.3
Health plan services costs ........................... 2,341.1 2,381.3 2,631.2 2,409.3
Government contracts costs .......................... 567.1 570.5 613.3 556.7
Income (loss) from operations before income taxes ....... 143.1 148.7 (121.5)(2) 188.6(3)
Net income (loss) .................................. 88.6 92.0 (103.8) 116.9
Basic earnings per share ............................ $ 0.79 $ 0.82 $ (0.93) $ 1.06
Diluted earnings per share (4) ........................ $ 0.77 $ 0.80 $ (0.93) $ 1.04
(1) Includes the impact of Guardian Transaction (see Note 3) effective May 31, 2007.
(2) Includes $296.8 million litigation and regulatory-related charge.
(3) Includes $10.0 million arbitration award.
(4) The sum of the quarterly amounts may not equal the year-to-date amounts due to rounding.
2006
March 31(3) June 30(1),(3) September 30(1),(3) December 31(1),(3)
(Dollars in millions, except per share data)
Total revenues .......................... $3,186.6 $3,266.1 $3,247.4 $3,208.2
Health plan services costs .................. 2,105.2 2,182.0 2,174.2 2,139.0
Government contracts costs ................ 595.1 590.1 538.2 511.1
Debt refinancing charge ................... — — 70.1 —
Litigation charge ......................... — — — 37.1
Income from operations before income taxes . . 124.9 126.1 92.6 135.2
Net income ............................. 76.6 77.0 90.9(2) 84.8
Basic earnings per share ................... $ 0.67 $ 0.67 $ 0.78(2) $ 0.74
Diluted earnings per share ................. $ 0.65 $ 0.65 $ 0.76(2) $ 0.72
(1) Includes the operations of Universal Care Acquisition effective April 1, 2006.
(2) Includes $32 million of income tax benefit from the sale of certain subsidiaries (see Note 10).
(3) Includes CMS risk factor adjustments for our Medicare business.
F-53