Humana 2003 Annual Report Download - page 102

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Humana Inc.
QUARTERLY FINANCIAL INFORMATION
(Unaudited)
A summary of our quarterly unaudited results of operations for the years ended December 31, 2003 and
2002 follows:
2003
First(a) Second(b) Third Fourth
(in thousands, except per share results)
Total revenues ................................... $2,931,716 $3,029,958 $3,111,765 $3,152,872
Income before income taxes ........................ 47,402 104,190 93,412 99,712
Net income ..................................... 31,230 69,276 62,119 66,309
Basic earnings per common share .................... 0.20 0.44 0.39 0.41
Diluted earnings per common share .................. 0.19 0.43 0.38 0.41
2002
First Second Third Fourth(c)
(in thousands, except per share results)
Total revenues ................................... $2,732,582 $2,831,940 $2,841,627 $2,855,032
Income (loss) before income taxes ................... 68,779 66,705 76,957 (2,507)
Net income (loss) ................................ 46,770 45,359 52,331 (1,705)
Basic earnings (loss) per common share ............... 0.28 0.28 0.32 (0.01)
Diluted earnings (loss) per common share ............. 0.28 0.27 0.31 (0.01)
(a) Includes expenses of $30.8 million pretax ($18.8 million after tax, or $0.12 per diluted share) for the
writedown of building and equipment and software abandonment expenses due to the elimination of three
customer service centers. See Note 4 for the impact on the individual expense categories.
(b) Includes a gain on the sale of a venture capital investment of $15.2 million ($10.1 million after tax, or
$0.06 per diluted share), included in investment and other income.
(c) Includes expenses of $85.6 million pretax ($58.2 million after tax, or $0.35 per diluted share) for severance
and facility costs related to reducing our administrative cost structure with the elimination of three customer
service centers and an enterprise-wide workforce reduction, reserves for liabilities related to a previous
acquisition, and the impairment in the fair value of certain private debt and equity investments. Of the total
amount, $66.0 million was included in administrative expense and $19.6 million was included in investment
and other income.
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