Delaware | 001-31826 | 42-1406317 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
7700 Forsyth Blvd. St. Louis, Missouri | 63105 | |
(Address of Principal Executive Offices) | (Zip Code) |
CENTENE CORPORATION | ||||
Date: | July 22, 2014 | By: | /s/ William N. Scheffel | |
William N. Scheffel Executive Vice President & Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release* of Centene Corporation issued July 22, 2014, as to financial results for the second quarter ended June 30, 2014. |
* | The press release is being furnished pursuant to Item 2.02, and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange of 1934, as amended. |
Contact: | Investor Relations Inquiries |
Edmund E. Kroll | |
Senior Vice President, Finance & Investor Relations | |
(212) 759-0382 | |
Media Inquiries | |
Deanne Lane | |
Vice President, Media Affairs | |
(314) 725-4477 |
Premium and Service Revenues (in millions) | $ | 3,741 | ||
Consolidated Health Benefits Ratio | 88.9 | % | ||
General & Administrative expense ratio | 8.6 | % | ||
Diluted earnings per share (EPS) | $ | 0.79 | ||
Diluted EPS excluding the effect of the health insurer fee | $ | 0.95 | ||
Total cash flow from operations (in millions) | $ | 159.4 |
• | June 30, 2014 at-risk managed care membership of 3,164,500, an increase of 601,100 members, or 23% compared to the second quarter of 2013. |
• | Premium and service revenues for the second quarter of $3.7 billion, representing 49% growth compared to the second quarter of 2013. |
• | Health Benefits Ratio of 88.9% for the second quarter of 2014, compared to 88.4% in the second quarter of 2013. |
• | General and Administrative expense ratio of 8.6% for the second quarter of 2014, compared to 8.9% in the second quarter of 2013. |
• | Operating cash flow of $159.4 million for the second quarter of 2014, or 3.3 times net earnings. |
• | Diluted earnings per share of $0.79, or $0.95 excluding a $0.16 impact associated with the health insurer fee, compared to $0.71 in 2013. |
• | In July 2014, our Illinois subsidiary, IlliniCare Health, began operating under a new five-year contract with the Cook County Health and Hospitals System (CCHHS) to perform third party administrative services to members enrolled in the CountyCare program, as well as care coordination, behavioral health, vision care and pharmacy benefit management services. |
• | In July 2014, our Mississippi subsidiary, Magnolia Health, began operating as one of two contractors under a new statewide managed care contract serving members enrolled in the Mississippi Coordinated Access Network program. The program provides for membership expansion beginning in late 2014. |
• | In July 2014, we completed the transaction whereby Community Health Solutions of America, Inc. (CHS) assigned its contract with the Louisiana Department of Health and Hospitals under the Bayou Health Shared Savings Program to our subsidiary, Louisiana Healthcare Connections. |
• | In July 2014, we completed the purchase of a noncontrolling interest in Ribera Salud S.A., a Spanish health management group. Centene will be a joint shareholder with Ribera Salud S.A.'s remaining investor, Banco Sabadell. |
• | In April 2014, we issued $300 million 4.75% Senior Notes due May 2022 and entered into interest rate swap agreements, converting the Senior Notes to a floating rate of interest at the three month LIBOR rate plus 2.27%. |
• | In June and July 2014, our Illinois subsidiary, IlliniCare Health, our Louisiana subsidiary, Louisiana Healthcare Connections, our Kansas subsidiary, Sunflower Health Plan, and our Washington subsidiary, Coordinated Care, all received accreditation from the National Committee for Quality Assurance. |
• | In June 2014, FORTUNE magazine announced Centene's position of #251 in its annual ranking of America's largest companies by revenue. |
• | In June 2014, Centene was added to the Russell 1000 index and Russell Midcap index. |
• | In May 2014, at the Case In Point Platinum Awards, Centene and its subsidiaries were honored with awards in five categories: Disease Management/Population Health, Managed Care, Long-Term Care, Pediatric Case Management and Wellness/Prevention. |
• | In May 2014, our Georgia subsidiary, Peach State Health Plan, received the 2014 National Environmental Leadership Award in Asthma Management from the U.S. Environmental Protection Agency. |
June 30, | |||||
2014 | 2013 | ||||
Arizona | 7,000 | 23,200 | |||
Arkansas | 31,100 | — | |||
California | 131,100 | — | |||
Florida | 313,800 | 216,200 | |||
Georgia | 373,000 | 316,600 | |||
Illinois | 29,500 | 18,000 | |||
Indiana | 200,500 | 200,000 | |||
Kansas | 146,100 | 137,500 | |||
Louisiana | 148,600 | 153,700 | |||
Massachusetts | 47,200 | 15,200 | |||
Minnesota | 9,400 | — | |||
Mississippi | 97,400 | 77,300 | |||
Missouri | 58,700 | 58,800 | |||
New Hampshire | 39,500 | — | |||
Ohio | 225,900 | 156,700 | |||
South Carolina | 101,800 | 88,800 | |||
Tennessee | 21,300 | — | |||
Texas | 921,500 | 960,400 | |||
Washington | 193,800 | 67,600 | |||
Wisconsin | 67,300 | 73,400 | |||
Total | 3,164,500 | 2,563,400 |
June 30, | |||||
2014 | 2013 | ||||
Medicaid | 2,385,500 | 1,953,600 | |||
CHIP & Foster Care | 261,800 | 273,200 | |||
ABD & Medicare | 329,700 | 289,800 | |||
Health Insurance Marketplace (HIM) | 75,700 | — | |||
Hybrid Programs | 17,000 | 22,400 | |||
Long Term Care (LTC) | 53,500 | 24,400 | |||
Correctional services | 41,300 | — | |||
Total | 3,164,500 | 2,563,400 |
June 30, | ||||
2014 | 2013 | |||
ABD | 89,300 | 71,400 | ||
LTC | 41,800 | 16,600 | ||
Medicare | 8,200 | 5,700 | ||
Total | 139,300 | 93,700 |
• | For the second quarter of 2014, Premium and Service Revenues increased 49% to $3.7 billion from $2.5 billion in the second quarter of 2013. The increase was primarily as a result of the expansion in Florida, growth in the AcariaHealth business, the addition of the California contract, the expansion in Ohio and our participation in the Health Insurance Marketplaces. |
• | Consolidated HBR for the second quarter of 2014, was 88.9%, compared to 88.4% in the same period in 2013, reflecting an increase in higher acuity membership. Consolidated HBR decreased from 89.3% in the first quarter of 2014 due to normal seasonality. |
• | The following table compares the results for new business and existing business for the quarters ended June 30,: |
2014 | 2013 | ||||
Premium and Service Revenue | |||||
New business | 26 | % | 18 | % | |
Existing business | 74 | % | 82 | % | |
HBR | |||||
New business | 91.8 | % | 90.4 | % | |
Existing business | 87.9 | % | 88.0 | % |
• | Consolidated G&A expense ratio for the second quarter of 2014 was 8.6%, compared to 8.9% in the prior year. The year over year decrease reflects the leveraging of expenses over higher revenue in 2014. The 2013 G&A expense ratio also includes the impact of $0.07 per diluted share of AcariaHealth transaction costs which increased the 2013 G&A expense ratio by approximately 20 basis points. |
• | Earnings from operations were $92.7 million in the second quarter of 2014 compared to $68.7 million in the second quarter of 2013. Net earnings attributable to Centene Corporation were $47.2 million in the second quarter of 2014, compared to $40.3 million in the second quarter of 2013. |
• | Diluted earnings per share of $0.79, or $0.95 excluding a $0.16 impact associated with the health insurer fee, compared to $0.71 in 2013. |
Days in claims payable, March 31, 2014 | 42.6 | ||
Timing of claim payments | 0.3 | ||
Days in claims payable, June 30, 2014 | 42.9 | ||
Full Year 2014 | |||||||||
Low | High | ||||||||
Premium and Service Revenues (in millions) | $ | 15,000 | $ | 15,500 | |||||
Diluted EPS | $ | 3.70 | $ | 3.90 | |||||
Consolidated Health Benefits Ratio | 88.7 | % | 89.2 | % | |||||
General & Administrative expense ratio | 8.5 | % | 9.0 | % | |||||
Effective Tax Rate | 49.5 | % | 50.5 | % | |||||
Diluted Shares Outstanding (in thousands) | 60,000 | 60,400 | |||||||
June 30, 2014 | December 31, 2013 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents of continuing operations | $ | 1,199,784 | $ | 974,304 | |||
Cash and cash equivalents of discontinued operations | 59,013 | 63,769 | |||||
Total cash and cash equivalents | 1,258,797 | 1,038,073 | |||||
Premium and related receivables | 610,969 | 428,570 | |||||
Short term investments | 127,348 | 102,126 | |||||
Other current assets | 313,946 | 217,661 | |||||
Other current assets of discontinued operations | 13,826 | 13,743 | |||||
Total current assets | 2,324,886 | 1,800,173 | |||||
Long term investments | 996,965 | 791,900 | |||||
Restricted deposits | 78,442 | 46,946 | |||||
Property, software and equipment, net | 423,905 | 395,407 | |||||
Goodwill | 642,613 | 348,432 | |||||
Intangible assets, net | 81,359 | 48,780 | |||||
Other long term assets | 107,967 | 59,357 | |||||
Long term assets of discontinued operations | 26,430 | 38,305 | |||||
Total assets | $ | 4,682,567 | $ | 3,529,300 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Medical claims liability | $ | 1,394,115 | $ | 1,111,709 | |||
Accounts payable and accrued expenses | 670,343 | 375,862 | |||||
Unearned revenue | 22,472 | 38,191 | |||||
Current portion of long term debt | 6,135 | 3,065 | |||||
Current liabilities of discontinued operations | 24,642 | 30,294 | |||||
Total current liabilities | 2,117,707 | 1,559,121 | |||||
Long term debt | 884,890 | 665,697 | |||||
Other long term liabilities | 73,897 | 60,015 | |||||
Long term liabilities of discontinued operations | 451 | 1,028 | |||||
Total liabilities | 3,076,945 | 2,285,861 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interest | 119,671 | — | |||||
Stockholders’ equity: | |||||||
Common stock, $.001 par value; authorized 200,000,000 shares; 61,265,156 issued and 57,837,919 outstanding at June 30, 2014, and 58,673,215 issued and 55,319,239 outstanding at December 31, 2013 | 61 | 59 | |||||
Additional paid-in capital | 754,637 | 594,326 | |||||
Accumulated other comprehensive income: | |||||||
Unrealized gain (loss) on investments, net of tax | 2,214 | (2,620 | ) | ||||
Retained earnings | 813,765 | 731,919 | |||||
Treasury stock, at cost (3,427,237 and 3,353,976 shares, respectively) | (94,512 | ) | (89,643 | ) | |||
Total Centene stockholders’ equity | 1,476,165 | 1,234,041 | |||||
Noncontrolling interest | 9,786 | 9,398 | |||||
Total stockholders’ equity | 1,485,951 | 1,243,439 | |||||
Total liabilities and stockholders’ equity | $ | 4,682,567 | $ | 3,529,300 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues: | |||||||||||||||
Premium | $ | 3,331,058 | $ | 2,413,312 | $ | 6,401,945 | $ | 4,801,951 | |||||||
Service | 410,029 | 105,599 | 691,203 | 138,793 | |||||||||||
Premium and service revenues | 3,741,087 | 2,518,911 | 7,093,148 | 4,940,744 | |||||||||||
Premium tax and health insurer fee | 282,613 | 91,628 | 390,440 | 195,277 | |||||||||||
Total revenues | 4,023,700 | 2,610,539 | 7,483,588 | 5,136,021 | |||||||||||
Expenses: | |||||||||||||||
Medical costs | 2,960,101 | 2,134,283 | 5,702,554 | 4,288,829 | |||||||||||
Cost of services | 365,888 | 93,300 | 608,172 | 118,365 | |||||||||||
General and administrative expenses | 321,042 | 223,459 | 616,554 | 426,755 | |||||||||||
Premium tax expense | 252,669 | 90,760 | 330,947 | 193,735 | |||||||||||
Health insurer fee expense | 31,328 | — | 62,655 | — | |||||||||||
Total operating expenses | 3,931,028 | 2,541,802 | 7,320,882 | 5,027,684 | |||||||||||
Earnings from operations | 92,672 | 68,737 | 162,706 | 108,337 | |||||||||||
Other income (expense): | |||||||||||||||
Investment and other income | 7,252 | 4,078 | 11,976 | 8,342 | |||||||||||
Interest expense | (8,604 | ) | (7,033 | ) | (15,627 | ) | (13,658 | ) | |||||||
Earnings from continuing operations, before income tax expense | 91,320 | 65,782 | 159,055 | 103,021 | |||||||||||
Income tax expense | 44,874 | 25,966 | 79,429 | 40,657 | |||||||||||
Earnings from continuing operations, net of income tax expense | 46,446 | 39,816 | 79,626 | 62,364 | |||||||||||
Discontinued operations, net of income tax expense (benefit) of $1,461, $(698), $1,453, and $(350), respectively | 1,680 | (805 | ) | 847 | (442 | ) | |||||||||
Net earnings | 48,126 | 39,011 | 80,473 | 61,922 | |||||||||||
Noncontrolling interest | (737 | ) | (473 | ) | (1,373 | ) | (564 | ) | |||||||
Net earnings attributable to Centene Corporation | $ | 48,863 | $ | 39,484 | $ | 81,846 | $ | 62,486 | |||||||
Amounts attributable to Centene Corporation common shareholders: | |||||||||||||||
Earnings from continuing operations, net of income tax expense | $ | 47,183 | $ | 40,289 | $ | 80,999 | $ | 62,928 | |||||||
Discontinued operations, net of income tax expense (benefit) | 1,680 | (805 | ) | 847 | (442 | ) | |||||||||
Net earnings | $ | 48,863 | $ | 39,484 | $ | 81,846 | $ | 62,486 | |||||||
Net earnings (loss) per common share attributable to Centene Corporation: | |||||||||||||||
Basic: | |||||||||||||||
Continuing operations | $ | 0.82 | $ | 0.74 | $ | 1.41 | $ | 1.18 | |||||||
Discontinued operations | 0.03 | (0.02 | ) | 0.01 | (0.01 | ) | |||||||||
Basic earnings per common share | $ | 0.85 | $ | 0.72 | $ | 1.42 | $ | 1.17 | |||||||
Diluted: | |||||||||||||||
Continuing operations | $ | 0.79 | $ | 0.71 | $ | 1.36 | $ | 1.14 | |||||||
Discontinued operations | 0.03 | (0.01 | ) | 0.01 | (0.01 | ) | |||||||||
Diluted earnings per common share | $ | 0.82 | $ | 0.70 | $ | 1.37 | $ | 1.13 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 57,758,683 | 54,529,036 | 57,622,039 | 53,449,077 | |||||||||||
Diluted | 59,717,258 | 56,601,660 | 59,547,420 | 55,448,396 |
Six Months Ended June 30, | |||||||
2014 | 2013 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 80,473 | $ | 61,922 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||
Depreciation and amortization | 42,101 | 32,928 | |||||
Stock compensation expense | 22,750 | 16,955 | |||||
Deferred income taxes | (11,258 | ) | 10,715 | ||||
Changes in assets and liabilities | |||||||
Premium and related receivables | (160,714 | ) | (71,230 | ) | |||
Other current assets | 28,826 | (35,879 | ) | ||||
Other assets | (28,733 | ) | (38,191 | ) | |||
Medical claims liabilities | 284,134 | 111,625 | |||||
Unearned revenue | (18,066 | ) | (12,068 | ) | |||
Accounts payable and accrued expenses | 160,128 | (1,488 | ) | ||||
Other operating activities | 12,248 | 5,650 | |||||
Net cash provided by operating activities | 411,889 | 80,939 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (41,568 | ) | (30,057 | ) | |||
Purchases of investments | (475,347 | ) | (537,590 | ) | |||
Sales and maturities of investments | 221,342 | 358,971 | |||||
Investments in acquisitions, net of cash acquired | (94,004 | ) | (66,832 | ) | |||
Net cash used in investing activities | (389,577 | ) | (275,508 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 3,670 | 3,867 | |||||
Proceeds from borrowings | 1,145,000 | 30,000 | |||||
Payment of long-term debt | (945,892 | ) | (10,118 | ) | |||
Proceeds from stock offering | — | 15,239 | |||||
Excess tax benefits from stock compensation | 1,115 | 1,113 | |||||
Common stock repurchases | (4,869 | ) | (1,105 | ) | |||
Contribution from noncontrolling interest | 5,407 | 3,920 | |||||
Debt issue costs | (6,019 | ) | (3,587 | ) | |||
Net cash provided by financing activities | 198,412 | 39,329 | |||||
Net increase (decrease) in cash and cash equivalents | 220,724 | (155,240 | ) | ||||
Cash and cash equivalents, beginning of period | 1,038,073 | 843,952 | |||||
Cash and cash equivalents, end of period | $ | 1,258,797 | $ | 688,712 | |||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 16,439 | $ | 15,170 | |||
Income taxes paid | 110,118 | 21,694 | |||||
Equity issued in connection with acquisition | 132,371 | 75,438 |
Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||
2014 | 2014 | 2013 | 2013 | 2013 | |||||||||||||||
AT-RISK MEMBERSHIP | |||||||||||||||||||
Managed Care: | |||||||||||||||||||
Arizona | 7,000 | 7,100 | 7,100 | 23,700 | 23,200 | ||||||||||||||
Arkansas | 31,100 | 16,400 | — | — | — | ||||||||||||||
California | 131,100 | 118,100 | 97,200 | — | — | ||||||||||||||
Florida | 313,800 | 230,300 | 222,000 | 217,800 | 216,200 | ||||||||||||||
Georgia | 373,000 | 331,400 | 318,700 | 314,100 | 316,600 | ||||||||||||||
Illinois | 29,500 | 22,400 | 22,300 | 22,800 | 18,000 | ||||||||||||||
Indiana | 200,500 | 198,700 | 195,500 | 198,400 | 200,000 | ||||||||||||||
Kansas | 146,100 | 145,000 | 139,900 | 137,700 | 137,500 | ||||||||||||||
Louisiana | 148,600 | 149,800 | 152,300 | 152,600 | 153,700 | ||||||||||||||
Massachusetts | 47,200 | 50,800 | 22,600 | 23,200 | 15,200 | ||||||||||||||
Minnesota | 9,400 | 9,400 | — | — | — | ||||||||||||||
Mississippi | 97,400 | 85,400 | 78,300 | 76,900 | 77,300 | ||||||||||||||
Missouri | 58,700 | 58,100 | 59,200 | 58,200 | 58,800 | ||||||||||||||
New Hampshire | 39,500 | 37,100 | 33,600 | — | — | ||||||||||||||
Ohio | 225,900 | 181,800 | 173,200 | 170,900 | 156,700 | ||||||||||||||
South Carolina | 101,800 | 96,300 | 91,900 | 89,400 | 88,800 | ||||||||||||||
Tennessee | 21,300 | 21,100 | 20,700 | 20,400 | — | ||||||||||||||
Texas | 921,500 | 904,000 | 935,100 | 957,300 | 960,400 | ||||||||||||||
Washington | 193,800 | 151,700 | 82,100 | 77,100 | 67,600 | ||||||||||||||
Wisconsin | 67,300 | 70,800 | 71,500 | 72,000 | 73,400 | ||||||||||||||
TOTAL | 3,164,500 | 2,885,700 | 2,723,200 | 2,612,500 | 2,563,400 | ||||||||||||||
Medicaid | 2,385,500 | 2,169,100 | 2,054,700 | 1,953,300 | 1,953,600 | ||||||||||||||
CHIP & Foster Care | 261,800 | 269,200 | 275,100 | 274,900 | 273,200 | ||||||||||||||
ABD & Medicare | 329,700 | 300,500 | 305,300 | 302,000 | 289,800 | ||||||||||||||
HIM | 75,700 | 39,700 | — | — | — | ||||||||||||||
Hybrid Programs | 17,000 | 14,400 | 19,000 | 19,600 | 22,400 | ||||||||||||||
LTC | 53,500 | 51,800 | 37,800 | 31,600 | 24,400 | ||||||||||||||
Correctional Services | 41,300 | 41,000 | 31,300 | 31,100 | — | ||||||||||||||
TOTAL | 3,164,500 | 2,885,700 | 2,723,200 | 2,612,500 | 2,563,400 | ||||||||||||||
Specialty Services(a): | |||||||||||||||||||
Cenpatico Behavioral Health Arizona | 182,200 | 162,700 | 156,600 | 160,700 | 157,100 | ||||||||||||||
(a) Includes external membership only. | |||||||||||||||||||
REVENUE PER MEMBER PER MONTH(b) | $ | 359 | $ | 355 | $ | 335 | $ | 328 | $ | 306 | |||||||||
CLAIMS(b) | |||||||||||||||||||
Period-end inventory | 745,400 | 808,500 | 622,200 | 698,900 | 703,400 | ||||||||||||||
Average inventory | 584,000 | 555,400 | 511,700 | 505,800 | 510,000 | ||||||||||||||
Period-end inventory per member | 0.24 | 0.28 | 0.23 | 0.27 | 0.27 | ||||||||||||||
(b) Revenue per member and claims information are presented for the Managed Care at-risk members. | |||||||||||||||||||
NUMBER OF EMPLOYEES | 10,500 | 9,500 | 8,800 | 8,200 | 7,900 |
Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||
2014 | 2014 | 2013 | 2013 | 2013 | |||||||||||||||
DAYS IN CLAIMS PAYABLE (c) | 42.9 | 42.6 | 42.4 | 40.6 | 41.5 | ||||||||||||||
(c) Days in Claims Payable is a calculation of Medical Claims Liabilities at the end of the period divided by average claims expense per calendar day for such period. | |||||||||||||||||||
CASH, INVESTMENTS AND RESTRICTED DEPOSITS (in millions) | |||||||||||||||||||
Regulated | $ | 2,352.3 | $ | 2,166.4 | $ | 1,870.6 | $ | 1,612.9 | $ | 1,502.9 | |||||||||
Unregulated | 50.3 | 49.3 | 44.7 | 37.6 | 33.8 | ||||||||||||||
TOTAL | $ | 2,402.6 | $ | 2,215.7 | $ | 1,915.3 | $ | 1,650.5 | $ | 1,536.7 | |||||||||
DEBT TO CAPITALIZATION | 37.5 | % | 36.5 | % | 35.0 | % | 30.5 | % | 32.9 | % | |||||||||
DEBT TO CAPITALIZATION EXCLUDING NON-RECOURSE DEBT(d) | 35.5 | % | 34.4 | % | 32.4 | % | 27.4 | % | 29.8 | % | |||||||||
Debt to Capitalization is calculated as follows: total debt divided by (total debt + total equity). | |||||||||||||||||||
(d) The non-recourse debt represents the Company's mortgage note payable ($71.4 million at June 30, 2014). |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||
Health Benefits Ratios: | |||||||||||
Medicaid, CHIP, Foster Care & HIM | 84.7 | % | 88.4 | % | 85.8 | % | 89.6 | % | |||
ABD, LTC & Medicare | 94.9 | 89.1 | 94.0 | 89.6 | |||||||
Specialty Services | 80.4 | 82.6 | 84.0 | 83.0 | |||||||
Total | 88.9 | 88.4 | 89.1 | 89.3 | |||||||
Total General & Administrative Expense Ratio | 8.6 | % | 8.9 | % | 8.7 | % | 8.6 | % |
Balance, June 30, 2013 | $ | 972,641 | ||
Incurred related to: | ||||
Current period | 10,541,171 | |||
Prior period | (132,805 | ) | ||
Total incurred | 10,408,366 | |||
Paid related to: | ||||
Current period | 9,171,457 | |||
Prior period | 815,435 | |||
Total paid | 9,986,892 | |||
Balance, June 30, 2014 | $ | 1,394,115 |
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