Coventry Health Care Reports Record Second Quarter Earnings of $1.19 Per Diluted Share; Increases 2005 EPS Guidance to $4.67 to $4.73.BETHESDA Bethesda, city, United States Bethesda, uninc. city (1990 pop. 62,936), Montgomery co., W central Md., an affluent residential and commercial suburb of Washington, D.C. The area was settled in the late 17th cent. , Md. -- Coventry Health Care Coventry Health Care, Inc. (Coventry) (NYSE: CVH) is a managed health care company in the United States. On February 8th of 2007 Coventry agreed to acquire Concentra's Workers Compensation Managed Care Services Businesses. External links
See: New York Stock Exchange :CVH CVH Helicopter Carrier CVH Compound-valve-angle Hemispherical Combustion-chamber (Ford cylinder head design and family of engines) CVH Compound Valve Angle Hemispheral Combustion Chamber CVH continuous venous hemodialysis ) today reported operating results for the quarter ended June June: see month. 30, 2005. Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. totaled $1.65 billion for the quarter, a 26.2% increase over the second quarter of 2004. Net earnings were $129.5 million, or $1.19 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, a 54.2% increase over net earnings for the second quarter of 2004 and a 28.0% increase on a per diluted share basis. As previously announced, the results for the quarter include the net cost ($0.02) relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the refinancing Refinancing An extension and/or increase in amount of existing debt. of the Company's credit facility and a gain on sale of investments. "I am very pleased to announce another quarter of excellent progress and performance. The Health Plan business, including government programs, continued its strong performance and First Health's earnings contribution and improving operating fundamentals are right on schedule," said Dale Dale , Sir Henry Hallett 1875-1968. British physiologist. He shared a 1936 Nobel Prize for work on the chemical transmission of nerve impulses, particularly for the isolation and study of acetylcholine (1914). B. Wolf, chief executive officer of Coventry Coventry, city, England Coventry (kŏv`əntrē, kŭv`–), city (1991 pop. 318,718) and metropolitan district, central England. Coventry is an industrial center noted for its automobile production. . "This resulted in strong cash flow which has enabled us to pay down debt ahead of schedule. The fundamentals of our businesses remain strong and we are very excited about the future prospects for our Company." Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Second Quarter Highlights --Revenues up 26.2% over the prior year quarter --EPS up 28.0% over the prior year quarter --Operating Margin of 12.6%, up 320 basis points from prior year quarter --First Health accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the of $0.12 per share in Q2 2005 --Cash flow from operations of $224.4 million or 173% of net income --Refinanced credit facility at more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms as of June 30, 2005 --Paid down $140 million of debt during the quarter and paid down an additional $117.5 million as of July July: see month. 29, 2005 --Debt to Capital Ratio dropped to 28.1% as of June 30, 2005, and dropped to 25.3% when adjusted for the July pay down Health Plan Business Second Quarter Highlights: --Operating Margin of 10.5%, up 110 basis points over the prior year quarter --Health Plan membership up 19,000 from prior quarter --Strong performance during the quarter in all business lines, especially government programs --Medical Loss Ratio (MLR MLR mixed lymphocyte reaction. MLR Myocardial laser revascularization, see there ) of 80.1% improved 20 basis points over prior year quarter --SGA ratio of 10.8% is an improvement of 80 basis points over the prior year quarter --Membership. As of June 30, 2005, Coventry had total health plan membership of 2.47 million members, an increase of 10,000 members over the prior year quarter and an increase of 19,000 members over the prior quarter. --Health Plan Insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. Commercial Rate Increases. Commercial insured yields rose to $244.14 PMPM PMPM Per Member Per Month PMPM Pilgrim Monument and Provincetown Museum (Massachusetts) (per member per month) in the quarter, an increase of 8.7% over the prior year quarter. The Company expects the 2005 commercial risk yield increase, net of benefit buydowns, to be in the range of 9.0% to 9.5%, consistent with the Company's expectations on commercial medical trend. --Medical Loss Ratio (MLR). Health Plan MLR was 80.1%, a 20 basis point improvement over the prior year quarter, primarily driven by a strong quarter for government programs. Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. MLR of 78.1% improved 540 basis points, Medicaid Medicaid, national health insurance program in the United States for low-income persons; established in 1965 with passage of the Social Security Amendments and now run by the Centers for Medicare and Medicaid Services. MLR of 82.3% improved 500 basis points and Commercial MLR of 80.0% increased 110 basis points from the prior year quarter. --Selling, General & Administrative (SG&A) Expenses. SG&A expenses were 10.8% of operating revenues for the quarter, an improvement of 80 basis points over the prior year quarter. SG&A PMPM of $21.03 is an increase of 0.8% over the prior year quarter. The company expects to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. implementation expenses associated with Medicare Part D, the new prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, benefit program first available to Medicare beneficiaries effective January January: see month. 1, 2006, of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $10 million in the remainder of 2005, and such expenses are included in the SG&A guidance below. --Balance Sheet. Net Premium Accounts Receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying of $85.6 million represent 5.4 days of sales outstanding (DSO See CSO. ) with the Health Plan commercial only DSO running at 4.4 days. Days in Claims Payable (DCP DCP - definitional constraint programming ) for the quarter were 54.7, up .7 days from the prior quarter of 54.0. First Health Businesses Second Quarter Highlights --Operating plans on track, including operational and systems improvements, network development efforts, business sector alignment Alignment is the adjustment of an object in relation with other objects, or a static orientation of some object or set of objects in relation to others.
--Earnings contribution consistent with expectations --Year to date earnings per share accretion at $0.16, on track with the $0.30 to $0.36 range estimated upon the announcement of the acquisition --Revenues. Overall revenues of $224.6 million were consistent with Coventry's expectations. Revenues by business line are contained in the First Health operating statistics schedule included with this press release. --Selling, General & Administrative (SG&A) Expenses. SG&A expenses were 63.5% of operating revenues for the quarter, an improvement of 180 basis points over the prior quarter. Coventry believes it is on track to achieve at least $25 million in synergies in 2005. Consolidated Guidance Details Q3 2005 Guidance --Total Revenues of $1.66 billion to $1.70 billion --Earnings per share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) on a diluted basis of $1.20 to $1.22 2005 Full Year Guidance --Risk revenues in the range of $5.70 billion to $5.80 billion --Management services revenues of $875.0 million to $925.0 million --Medical loss ratio (MLR) of 79.5% to 80.25% of risk revenues --Selling, general, and administrative expenses (SG&A) of $1.16 billion to $1.17 billion --Depreciation and amortization expense of $80.0 million to $88.0 million --Investment income of $57.0 million to $63.0 million (1) --Interest expense of $58.0 million to $62.0 million (1) --Tax rate of 37.0% to 37.5% --Diluted share count of 107.5 million to 108.5 million shares --Earnings per share (EPS) on a diluted basis of $4.67 to $4.73 (1) Includes the write off of deferred financing costs of $5.4 million and gain on sale of investments of $2.6 million as previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). . 2006 Full Year Guidance --EPS growth of 15% over 2005 EPS, excluding revenue and expense impacts from stand-alone (jargon) stand-alone - Capable of operating without other programs, libraries, computers, hardware, networks, etc. Exactly what is absent is presumed to be obvious from context. "We only run Windows on stand-alone PCs because it's too dangerous to run it on networked ones." Medicare Part D and the impact of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 123R - Share Based Payments. Mr. Wolf will host a conference call at 8:30 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy on Tuesday Tuesday: see week. , August 2, 2005. To listen to the call, dial toll-free at (877) 502-9276 or, for international callers, (913) 981-5591. Callers will be asked to identify themselves and their affiliations. The conference call will also be broadcast over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.cvty.com. Coventry asks participants on both the call and webcast to review and be familiar with its filings with the Securities and Exchange Commission (SEC). A replay of the call will be available for one week at (888) 203-1112, or for international callers, (719) 457-0820. The access code is 1948472. This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, relating to future events or future financial performance. Actual performance may be significantly impacted by certain risks and uncertainties, including those described in Coventry's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2004. Coventry Health Care is a national managed health care company based in Bethesda, Maryland Bethesda is an urbanized, but unincorporated, area in southern Montgomery County, Maryland, just Northwest of Washington, D.C. It takes its name from a church located there, the Bethesda Presbyterian Church, built in 1820 and rebuilt in 1850, which in turn took its name from operating health plans, insurance companies, network rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. / managed care services companies, and workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. services companies. Coventry provides a full range of risk and fee-based managed care products and services, including HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, , PPO PPO abbr. preferred provider organization PPO Managed care Preferred provider organization, see there Infectious disease Pleuropneumonia-like organism, see there , POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale , Medicare Advantage, Medicaid, Workers' Compensation and Network Rental to a broad cross section of employer and government-funded groups, government agencies, and other insurance carriers and administrators in all 50 states as well as the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. . More information is available on the Internet at www.cvty.com and www.firsthealth.com.
COVENTRY HEALTH CARE, INC.
HEALTH PLAN MEMBERSHIP
(Amounts in thousands)
June 30, March 31, June 30,
2005 2005 2004
--------- --------- ---------
Health Plan Membership By Market
Delaware 103 101 104
Georgia 68 70 80
Illinois - Central 87 86 86
Iowa 65 64 72
Kansas City 211 209 212
Louisiana 74 76 76
Michigan 63 63 -
Nebraska 47 47 49
North Carolina 130 118 122
Pennsylvania 723 723 728
St. Louis 451 451 503
Utah 194 195 181
Virginia 171 170 163
West Virginia 81 76 82
---------------------------------------- --------- --------- ---------
Total Health Plans 2,468 2,449 2,458
---------------------------------------- --------- --------- ---------
Membership By Product:
Fully-Insured
Commercial 1,430 1,429 1,503
Medicare 74 73 68
Medicaid 405 403 334
---------------------------------------- --------- --------- ---------
Total Fully Insured 1,909 1,905 1,905
Administrative Services Only 559 544 553
---------------------------------------- --------- --------- ---------
Total Membership 2,468 2,449 2,458
======================================== ========= ========= =========
COVENTRY HEALTH CARE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(unaudited)
Quarters Ended Six Months Ended
June 30, June 30,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
Operating revenues:
Managed care
premiums $1,410,549 $1,281,895 $2,811,920 $2,541,476
Management services 242,408 28,111 406,237 56,497
----------- ----------- ----------- -----------
Total operating
revenues 1,652,957 1,310,006 3,218,157 2,597,973
----------- ----------- ----------- -----------
Operating expenses:
Medical costs 1,128,682 1,029,806 2,247,831 2,053,543
Selling, general,
administrative 294,885 152,460 546,622 301,671
Depreciation and
amortization 21,933 4,353 37,773 8,662
----------- ----------- ----------- -----------
Total operating
expenses 1,445,500 1,186,619 2,832,226 2,363,876
----------- ----------- ----------- -----------
Operating earnings 207,457 123,387 385,931 234,097
Operating earnings
percentage of total
revenues 12.6% 9.4% 12.0% 9.0%
Interest and debt cost
amortization expense 19,673 3,574 32,581 7,146
Other income, net 18,584 10,930 32,541 21,771
----------- ----------- ----------- -----------
Earnings before income
taxes 206,368 130,743 385,891 248,722
Provision for income
taxes 76,872 46,741 143,744 90,393
----------- ----------- ----------- -----------
Net earnings $ 129,496 $ 84,002 $ 242,147 $ 158,329
=========== =========== =========== ===========
Net earnings per
share, basic $ 1.22 $ 0.96 $ 2.34 $ 1.80
Net earnings per
share, diluted $ 1.19 $ 0.93 $ 2.28 $ 1.75
Weighted average
shares outstanding,
basic 106,281 87,595 103,532 87,757
Weighted average
shares outstanding,
diluted 108,877 90,300 106,103 90,461
COVENTRY HEALTH CARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
June 30, March 31, December 31,
2005 2005 2004
------------ ------------ ------------
(unaudited) (unaudited)
Assets:
Current assets:
Cash and cash equivalents $ 570,864 $ 318,465 $ 417,636
Short-term investments 257,955 426,148 349,722
Accounts receivable, net 194,459 213,431 104,924
Other receivables, net 88,383 82,573 47,070
Deferred income taxes 63,128 59,856 37,368
Other current assets 29,034 32,402 16,307
------------------------------- ------------ ------------ ------------
Total current assets 1,203,823 1,132,875 973,027
Long-term investments 1,044,788 1,059,290 960,379
Property and equipment, net 313,195 318,889 32,193
Goodwill 1,580,178 1,576,142 280,615
Other intangible assets, net 436,416 444,634 38,491
Other long-term assets 60,626 65,064 55,895
------------------------------- ------------ ------------ ------------
Total assets $ 4,639,026 $ 4,596,894 $ 2,340,600
=============================== ============ ============ ============
Liabilities and Stockholder's
Equity
Current liabilities:
Medical liabilities $ 713,592 $ 712,516 $ 660,475
Accounts payable and accrued
liabilities 403,440 361,917 211,809
Deferred revenue 103,166 115,825 59,536
Current portion of long-term
debt 10,000 30,000 0
------------------------------- ------------ ------------ ------------
Total current liabilities 1,230,198 1,220,258 931,820
Long-term debt 878,000 998,000 170,500
Other long-term liabilities 259,791 255,341 25,854
------------------------------- ------------ ------------ ------------
Total liabilities 2,367,989 2,473,599 1,128,174
------------------------------- ------------ ------------ ------------
Stockholders' equity 2,271,037 2,123,295 1,212,426
------------------------------- ------------ ------------ ------------
Total liabilities and
stockholders' equity $ 4,639,026 $ 4,596,894 $ 2,340,600
=============================== ============ ============ ============
COVENTRY HEALTH CARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(unaudited)
Quarter Six Months
Ended Ended
June 30, June 30,
2005 2005
------------ ------------
Cash flows from operating activities:
Net earnings $ 129,496 $ 242,147
Depreciation and amortization 21,933 37,773
Amortization of deferred compensation 5,085 9,727
Amortization of deferred financing costs 6,023 6,510
Changes in assets and liabilities:
Accounts receivables, net (1,953) 18,667
Medical liabilities 1,076 11,349
Accounts payable and accrued liabilities 56,196 82,308
Deferred revenue (12,659) 16,554
Other operating activities 19,242 16,668
-------------------------------------------- ------------ ------------
Net cash flows from operating activities 224,439 441,703
-------------------------------------------- ------------ ------------
Cash flows from investing activities:
Capital expenditures, net (9,836) (25,547)
Sales and maturities, net of payments and
investments 191,385 107,145
Payments for acquisitions, net of cash
acquired (5,406) (868,860)
-------------------------------------------- ------------ ------------
Net cash flows from investing activities 176,143 (787,262)
-------------------------------------------- ------------ ------------
Cash flows from financing activities:
Proceeds from issuance of stock 7,354 11,678
Payments for repurchase of stock (14,386) (14,386)
Proceeds from issuance of debt 216,349 1,066,495
Payments for retirement of debt (357,500) (565,000)
-------------------------------------------- ------------ ------------
Net cash flows from financing activities (148,183) 498,787
-------------------------------------------- ------------ ------------
Net change in cash and cash equivalents for
current period 252,399 153,228
Cash and cash equivalents at beginning of
period 318,465 417,636
-------------------------------------------- ------------ ------------
Cash and cash equivalents at end of period $ 570,864 $ 570,864
============================================ ============ ============
----------------------------------------------------------------------
Cash and Investments:
Cash and cash equivalents $ 570,864 $ 570,864
Short-term investments 257,955 257,955
Long-term investments 1,044,788 1,044,788
-------------------------------------------- ------------ ------------
Total cash and investments $ 1,873,607 $ 1,873,607
============================================ ============ ============
COVENTRY HEALTH CARE, INC.
SELECTED OPERATING STATISTICS
HEALTH PLAN ONLY
(Unaudited)
Total
Q2 2005 Q1 2005 2004
-----------------------------
Revenue PMPM
Commercial $ 244.14 $ 242.10 $ 226.59
Medicare $ 764.94 $ 768.60 $ 695.96
Medicaid $ 156.43 $ 157.46 $ 145.23
Management Fees $ 18.59 $ 17.71 $ 17.10
Medical PMPM
Commercial $ 195.23 $ 190.71 $ 179.21
Medicare $ 597.27 $ 631.85 $ 579.92
Medicaid $ 128.67 $ 131.33 $ 126.88
MLR %
Commercial 80.0% 78.8% 79.1%
Medicare 78.1% 82.2% 83.3%
Medicaid 82.3% 83.4% 87.4%
-----------------------------
Total 80.1% 79.8% 80.5%
SGA % of revenues 10.8% 11.2% 11.5%
SGA PMPM $ 21.03 $ 21.68 $ 20.81
Claims Statistics
Claims Inventory 139,700 139,462
Inventory Days on
Hand 1.6 1.4
Total Medical
Liabilities (000's) $674,116 $668,132
Total Days in
Medical Liabilities 54.74 54.03
Member Growth
Same Store 19,000 (60,000) 64,000
Acquisition 0 0 62,000
Total
Q4 2004 Q3 2004 Q2 2004 Q1 2004 2003
-------------------------------------------------
Revenue PMPM
Commercial $ 231.36 $ 228.36 $ 224.56 $ 222.08 $ 206.08
Medicare $ 707.74 $ 698.82 $ 693.74 $ 683.12 $ 629.52
Medicaid $ 153.43 $ 143.87 $ 140.61 $ 141.49 $ 139.69
Management Fees $ 17.37 $ 16.68 $ 17.06 $ 17.28 $ 17.86
Medical PMPM
Commercial $ 181.17 $ 182.12 $ 177.19 $ 176.36 $ 164.59
Medicare $ 592.51 $ 541.55 $ 579.18 $ 607.02 $ 527.84
Medicaid $ 136.98 $ 122.86 $ 122.80 $ 122.98 $ 122.25
MLR %
Commercial 78.3% 79.8% 78.9% 79.4% 79.9%
Medicare 83.7% 77.5% 83.5% 88.9% 83.8%
Medicaid 89.3% 85.4% 87.3% 86.9% 87.5%
-------------------------------------------------
Total 80.4% 80.1% 80.3% 81.3% 81.2%
SGA % of revenues 11.3% 11.6% 11.6% 11.6% 12.0%
SGA PMPM $ 20.78 $ 21.05 $ 20.86 $ 20.54 $ 20.60
Claims Statistics
Claims Inventory 149,263 143,645 161,212 142,080 128,556
Inventory Days on
Hand 1.6 1.5 1.7 1.5 1.2
Total Medical
Liabilities (000's) $660,475 $646,277 $644,652 $645,017 $597,190
Total Days in
Medical Liabilities 55.80 56.99 56.96 57.33 56.69
Member Growth
Same Store 1,000 (12,000) 27,000 48,000 157,000
Acquisition 62,000 0 0 0 191,000
COVENTRY HEALTH CARE, INC.
SELECTED OPERATING STATISTICS
FIRST HEALTH & CONSOLIDATED COVENTRY
(Unaudited)
Q2 Q1 Total
2005 2005 (2) 2004
-----------------------------
FIRST HEALTH
---------------------
Membership
National Accounts n/a
On-going accounts 729,000 733,000
Run-out (1) 64,000 73,000
-------------------
Total National
Accounts 793,000 806,000
Mail Handlers 474,000 483,000 n/a
Member Growth
National Accounts
on-going (4,000) n/a n/a
Federal Employees (9,000) n/a n/a
Revenues By Product
Line (000s)
National Accounts $ 41,671 $ 26,595 n/a
FEHBP 58,219 30,295 n/a
Network Rental 24,587 17,836 n/a
Medicaid / Public
Sector 46,439 30,727 n/a
Workers'
Compensation 53,651 36,416 n/a
-----------------------------
Total First Health
Revenues $224,567 $141,869 n/a
SGA % of revenues 63.5% 65.3% n/a
--------------------------------------------------
CONSOLIDATED COVENTRY
---------------------
Operating income %
of revenues 12.6% 11.4% 9.4%
SGA % of revenues 17.8% 16.1% 11.5%
Debt (millions)
8.125% Senior Notes
due 2/15/12 $ 170.5 $ 170.5 $ 170.5
5.875% Senior Notes
due 1/15/12 250.0 250.0 0
6.125% Senior Notes
due 1/15/15 250.0 250.0 0
Current Term Loan
Facility 10.0 30.0 0
Long-Term Term Loan
Facility 90.0 262.5 0
Drawn Revolving
Credit Facility 117.5 65.0 0
-----------------------------
Total Debt $ 888.0 $1,028.0 $ 170.5
Total Capital $3,159.0 $3,151.3
Debt to capital 28.1% 32.6%
Total
Q4 2004 Q3 2004 Q2 2004 Q1 2004 2003
-------------------------------------------------
FIRST HEALTH
---------------------
Membership
National Accounts n/a n/a n/a n/a n/a
On-going accounts
Run-out (1)
Total National
Accounts
Mail Handlers n/a n/a n/a n/a n/a
Member Growth
National Accounts
on-going n/a n/a n/a n/a n/a
Federal Employees n/a n/a n/a n/a n/a
Revenues By Product
Line (000s)
National Accounts n/a n/a n/a n/a n/a
FEHBP n/a n/a n/a n/a n/a
Network Rental n/a n/a n/a n/a n/a
Medicaid / Public
Sector n/a n/a n/a n/a n/a
Workers'
Compensation n/a n/a n/a n/a n/a
-------------------------------------------------
Total First Health
Revenues n/a n/a n/a n/a n/a
SGA % of revenues n/a n/a n/a n/a n/a
----------------------------------------------------------------------
CONSOLIDATED COVENTRY
---------------------
Operating income %
of revenues 9.7% 9.6% 9.4% 8.6% 8.1%
SGA % of revenues 11.3% 11.6% 11.6% 11.6% 12.0%
Debt (millions)
8.125% Senior Notes
due 2/15/12 $ 170.5 $ 170.5 $ 170.5 $ 170.5 $ 170.5
5.875% Senior Notes
due 1/15/12 0 0 0 0 0
6.125% Senior Notes
due 1/15/15 0 0 0 0 0
Current Term Loan
Facility 0 0 0 0 0
Long-Term Term Loan
Facility 0 0 0 0 0
Drawn Revolving
Credit Facility 0 0 0 0 0
-------------------------------------------------
Total Debt $ 170.5 $ 170.5 $ 170.5 $ 170.5 $ 170.5
Total Capital $1,382.9 $1,274.6 $1,173.7 $1,097.6 $1,099.5
Debt to capital 12.3% 13.4% 14.5% 15.5% 15.5%
(1) Company is still providing services to terminated customers.
(2) Q1 2005 includes First Health results of operations for the
period from when the transaction closed on January 28, 2005.
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