COBALT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three months ended Six months ended
June 30, June 30,
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2003 2002 2003 2002
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(In thousands, except share data)
Revenues:
Health services revenues:
Premium $ 363,310 $ 339,129 $ 720,687 $ 677,095
Government services 29,892 27,971 57,702 56,780
Other 17,580 12,150 36,339 23,414
Investment income, net 4,724 3,708 9,121 6,535
Net realized investment gains (losses) 1,083 (77) 1,307 27
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Total revenues 416,589 382,881 825,156 763,851
Expenses:
Medical and other benefits 296,408 290,808 600,249 583,166
Selling, general, administrative and other 88,494 80,581 174,412 157,449
Interest 279 71 554 243
Amortization of intangible assets 306 -- 631 --
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Total expenses 385,487 371,460 775,846 740,858
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Income from continuing operations before income tax
expense and income from investment in affiliates 31,102 11,421 49,310 22,993
Income tax expense (15,227) (1,124) (22,293) (2,304)
Income from investment in affiliates, net of tax(1) 200 12,465 200 15,317
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Income from continuing operations 16,075 22,762 27,217 36,006
Income (loss) from discontinued operations, net of tax(2) -- (250) -- 9,109
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Net income $ 16,075 $ 22,512 $ 27,217 $ 45,115
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Earnings (loss) per common share:
Diluted EPS from continuing operations $ 0.37 $ 0.54 $ 0.63 $ 0.86
Diluted EPS from discontinued operations 0.00 (0.01) 0.00 0.22
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Total diluted EPS $ 0.37 $ 0.53 $ 0.63 $ 1.08
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Diluted weighted average common shares 43,099,339 42,413,553 42,902,864 41,760,291
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(1) The three months ended June 30, 2002 includes a $9.4 million after tax gain on the sale of 3.0 million shares of AMSG.
The six months ended June 30, 2002 includes a $9.8 million after tax gain on the sale of 4.4 million shares of AMSG.
(2) The six months ended June 30, 2002 includes a $9.6 million after tax gain on the sale of discontinued operations.