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Centene Corporation Reports 2009 Third Quarter Earnings.

Article Excerpt
-- Company Updates Full Year 2009 EPS Guidance to $1.91-$1.97 --

-- Premium and Service Revenue Growth of 18.1% --

-- Strong Cash Flow Generation of $115 Million --

ST. LOUIS -- Centene Corporation (NYSE: CNC) today announced its net earnings from continuing operations for the quarter ended September 30, 2009 were $22.7 million, or $0.51 per diluted share, compared to $18.1 million, or $0.41 per diluted share in the third quarter of 2008. The results of operations for our New Jersey health plan, University Health Plans, are classified as discontinued operations. The discussions below, with the exception of cash flow information, are in the context of continuing operations and all financial ratios are calculated using revenues excluding premium taxes and investment income.

Third Quarter Highlights

* Quarter-end managed care at-risk membership of 1,386,400, an increase of 215,300 lives year over year.

* Premium and Service revenues of $987.3 million, representing 18.1% year over year growth.

* Health Benefits Ratio (HBR) of 83.7%.

* General and Administrative (G&A) expense ratio of 13.2%.

* Cash flow from operations of $114.9 million.

* Days in claims payable of 47.1.

* Diluted earnings per share from continuing operations of $0.51, compared to $0.41 in the third quarter of 2008. Earnings per diluted share in 2008 included a $0.06 loss on investments from the Primary Reserve fund.

Other Events

* On August 31, 2009, Centene announced that the State of Massachusetts had accepted its proposal to manage healthcare...

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