HUMANA REPORTS FIRST QUARTER EARNINGS EQUAL TO LAST YEAR'S 48 CENTS PER SHARE
HUMANA REPORTS FIRST QUARTER EARNINGS
EQUAL TO LAST YEAR'S 48 CENTS PER SHARE
LOUISVILLE, Ky., Dec. 18 /PRNewswire/ -- Humana Inc. (NYSE: HUM) reported earnings per share for the three months ended November 30, the fiscal first quarter, equal to the 48 cents earned in the corresponding period a year ago.
Net income for the quarter was $76 million compared with $75 million a year ago. Revenues grew 18 percent to $1.6 billion from $1.3 billion.
Operating income of Humana's hospitals declined in the first quarter to $145 million from $155 million a year ago as revenues grew 8 percent to $1.02 billion from $943 million. The decline in hospital operating income resulted from reduced hospital admissions and cost increases that continued to outpace revenue growth. On a same-hospital basis, admissions declined 1.4 percent.
Humana's health plans continued to perform well, with operating income rising 69 percent to $29 million from $17 million a year ago on a 39 percent increase in revenues to $648 million from $466 million. Hospital revenues paid by Humana health plans and eliminated in consolidation increased to $106 million from $79 million. Humana health plan members accounted for 26 percent of Humana's hospital admissions, up from 22 percent last year.
Humana owns and operates 79 hospitals and has 1.7 million members in its health plans.
Summary of consolidated operating results for the three months ended November 30:
Revenues $1,564,000,000 $1,330,000,000
Income before income taxes 119,000,000 119,000,000
Net income 76,000,000 75,000,000
Earnings per common share $ .48 $ .48
Shares for earnings per
share computation 158,378,423 156,606,992
Share and per share data for 1990 reflect a 3-for-2 stock split distributed August 1, 1991.
/CONTACT: Charles E. Teeple, 502-580-3613, or Tyree G. Wilburn, 502-580-1222, both of Humana Inc./
(HUM) CO: Humana Inc. ST: Kentucky IN: HEA SU: ERN
DF -- CH004 -- 3280 12/18/91 09:10 EST