|
|
|
|
For the year ended December
31, |
|
(in millions, except per share data)
|
1997 |
1996 |
1995 |
1994 |
1993 |
|
CONSOLIDATED OPERATING RESULTS
|
|
|
|
|
Revenues |
$11,794 |
$10,074 |
$5,671 |
$3,769 |
$3,115 |
|
Earnings from Operations |
$742 |
$596 1 |
$461 2 |
$506 |
$336 |
|
|
|
Net Earnings Before Extraordinary Gain |
$460 |
$356 1 |
$286 2 |
$288 3 |
$212 |
|
Extraordinary Gain on Sale of Subsidiary, net
|
- |
- |
- |
1,377 4 |
- |
|
|
|
Net Earnings |
$460 |
$356 1 |
$286 2 |
$1,665 |
$212 |
|
Convertible Preferred Stock Dividends
|
(29) |
(29) |
(7) |
- |
- |
|
|
|
Net Earnings Applicable to Common Shareholders |
$431 |
$327 |
$279 |
$1,665 |
$212 |
|
|
|
Basic Net Earnings per Common Share
|
|
|
|
|
|
- Basic Net Earnings per Common Share Before Extraordinary Gain
|
$2.30 |
$1.80 |
$1.61 |
$1.69 |
$1.25 |
- Extraordinary Gain
|
- |
- |
- |
8.06 4 |
- |
|
|
|
Basic Net Earnings per Common Share |
$2.30 |
$1.80 |
$1.61 |
$9.75 |
$1.25 |
|
|
|
Diluted Net Earnings per Common Share
|
|
|
|
|
|
- Diluted Net Earnings per Common Share Before Extraordinary
Gain
|
$2.26 |
$1.76 1 |
$1.57 2 |
$1.64 3 |
$1.23 |
- Extraordinary Gain
|
- |
- |
- |
7.86 4 |
- |
|
|
|
Diluted Net Earnings per Common Share |
$2.26 |
$1.76 1 |
$1.57 2 |
$9.50 |
$1.23 |
|
|
|
Basic Weighted-Average Number of Common Shares Outstanding
|
187 |
182 |
174 |
171 |
170 |
|
Weighted-Average Number of Common Shares Outstanding,
Assuming Dilution
|
191 |
186 |
177 |
175 |
172 |
|
|
|
Dividends Per Share
|
|
|
|
|
|
- Common Stock
|
$0.03 |
$0.03 |
$0.03 |
$0.03 |
$0.015 |
- Convertible Preferred Stock
|
$57.50 |
$57.50 |
$14.38 |
- |
- |
|
|
|
CONSOLIDATED FINANCIAL
CONDITION
(AS OF DECEMBER
31)
|
|
|
|
|
|
|
Cash and Investments |
$4,041 |
$3,453 |
$3,078 |
$2,769 |
$1,169 |
|
Total Assets |
$7,623 |
$6,997 |
$6,161 |
$3,489 |
$1,787 |
|
Shareholders' Equity |
$4,534 |
$3,823 |
$3,188 |
$2,795 |
$1,085 |
|
|
Financial Highlights should be read together with
the accompanying Financial Review and Consolidated Financial Statements
and notes.
1
Excluding the nonoperating merger costs associated with the acquisition of
HealthWise of America, Inc. of $15 million ($9 million after tax, or $0.05
diluted net earnings per common share) and the provision for future losses
on two large multiyear contracts of $45 million ($27 million after tax, or
$0.15 diluted net earnings per common share), 1996 earnings from
operations and net earnings would have been $641 million and $392 million,
or $1.96 diluted net earnings per common share.
2 Excluding restructuring charges
associated with the acquisition of The MetraHealth Companies, Inc., of
$154 million ($97 million after tax, or $0.55 diluted net earnings per
common share), 1995 earnings from operations and net earnings would have
been $615 million and $383 million, or $2.12 diluted net earnings per
common share.
3
Excluding the nonoperating merger costs associated with the acquisitions
of Complete Health Services, Inc. and Ramsay-HMO, Inc., of $36 million
($22 million after tax, or $0.13 diluted net earnings per common share),
1994 net earnings before extraordinary gain would have been $310 million,
or $1.77 diluted net earnings per common share.
4 In May 1994, the
Company sold Diversified Pharmaceutical Services, Inc. for $2.3 billion in
cash and recognized an extraordinary gain after transaction costs and
income tax effects of $1.4 billion, or $7.86 diluted net earnings per
common share.
|