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HUMANA REPORTS EARNINGS PER SHARE DECLINED 4 PERCENT IN SECOND QUARTER

 HUMANA REPORTS EARNINGS PER SHARE
 DECLINED 4 PERCENT IN SECOND QUARTER
 LOUISVILLE, Ky., March 18 /PRNewswire/ --- Humana Inc. (NYSE: HUM) reported earnings per share of 54 cents for the three months ended February 29, a decline of 4 percent from the 56 cents earned a year ago, adjusted for a 3-for-2 stock split.
 Net income for the fiscal second quarter was $86 million, compared with $87 million a year ago. Revenues increased 18 percent to $1.6 billion from $1.4 billion.
 Operating income of Humana's hospitals declined in the second quarter to $149 million from $157 million a year ago. Hospital revenues increased 10 percent to $1.05 billion from $952 million as admissions on a same-hospital basis increased 1.5 percent. Patient days were down slightly. The decline in operating income resulted primarily from an acceleration in the trend to discounting hospital prices.
 Humana health plans' second quarter operating income grew 11 percent to $36 million from $33 million in the comparable period a year ago. Revenues for the health plans rose 34 percent to $685 million from $509 million last year. Membership in the health plans was 1.68 million, up 22 percent from 1.37 million. The rate of increase in health plan operating income slowed somewhat in the quarter due primarily to a lower rate of enrollment growth. Revenues paid by Humana health plans to Humana hospitals and eliminated in consolidation increased to $107 million from $82 million. Admissions from Humana health plans were 26 percent of the total for Humana hospitals, up from 22 percent a year ago.
 For the six months ended February 29, net income was $162 million or $1.02 per share, compared with $162 million or $1.04 a year ago. Revenues climbed to $3.2 billion from $2.7 billion.
 Humana is an integrated health care company that owns and operates 79 acute-care hospitals and offers a variety of health benefit plans for employee groups and Medicare beneficiaries.
 Summary of consolidated operating results for the three months ended:
 February 29, February 28,
 1992 1991
 Revenues $1,624,000,000 $1,379,000,000
 Income before
 income taxes 134,000,000 136,000,000
 Net income 86,000,000 87,000,000
 Earnings per common share $ .54 $ .56
 Shares for earnings per
 share computation 158,441,684 157,173,084
 For the six months ended:
 February 29, February 28,
 1992 1991
 Revenues $3,188,000,000 $2,709,000,000
 Income before
 income taxes 253,000,000 255,000,000
 Net income 162,000,000 162,000,000
 Earnings per
 common share $ 1.02 $ 1.04
 Shares for earnings per
 share computation 158,410,054 156,890,038
 Share and per share data for 1991 reflect a 3-for-2 stock split distributed August 1, 1991.
 -0- 3/18/92
 /CONTACT: Tyree G. Wilburn, 502-580-1222, or Charles E. Teeple, 502-580-3613, both of Humana Inc.
 (HUM) CO: Humana Inc. ST: Kentucky
IN HEA


SU: ERN

CM -- CH002 -- 9094 03/18/92 09:30 EST
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Publication:PR Newswire
Date:Mar 18, 1992
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