Delaware
(State or other jurisdiction of incorporation)
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1-08323
(Commission File Number)
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06-1059331
(IRS Employer
Identification No.)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communication pursuant to Rule 13e-49(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit No.
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Description
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99.1
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Cigna Corporation
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|
Date: July 30, 2015
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By: /s/ Thomas A. McCarthy
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Thomas A. McCarthy
|
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Executive Vice President and
|
|
Chief Financial Officer
|
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(Principal Financial Officer)
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NEWS RELEASE
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Contact:
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Will McDowell, Investor Relations – (215) 761-4198
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Matt Asensio, Media Relations – (860) 226-2599
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|
o
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Consolidated revenues increased 9% to $9.5 billion in the second quarter
|
|
o
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Adjusted income from operations1 was $664 million, or $2.55 per share, which represents per share growth of 23% over second quarter 2014
|
|
o
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Shareholders’ net income for the second quarter was $588 million, or $2.26 per share
|
|
o
|
Projected adjusted income from operations1,2 for 2015 is now estimated to be in the range of $2.16 billion to $2.24 billion, or $8.30 to $8.60 per share3
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Consolidated Financial Results (dollars in millions, customers in thousands):
|
||||||||||||||||
Six Months
|
||||||||||||||||
Three Months Ended
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Ended
|
|||||||||||||||
June 30,
|
March 31,
|
June 30,
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||||||||||||||
2015
|
2014
|
2015
|
2015
|
|||||||||||||
|
|
|
|
|||||||||||||
Consolidated Revenues
|
$ | 9,492 | $ | 8,733 | $ | 9,467 | $ | 18,959 | ||||||||
Consolidated Earnings, net of taxes
|
||||||||||||||||
Adjusted income from operations1
|
$ | 664 | $ | 559 | $ | 513 | $ | 1,177 | ||||||||
Net realized investment gains
|
13 | 43 | 48 | 61 | ||||||||||||
Amortization of other acquired intangible assets
|
(24 | ) | (29 | ) | (28 | ) | (52 | ) | ||||||||
Special items1
|
(65 | ) | - | - | (65 | ) | ||||||||||
Shareholders' net income
|
$ | 588 | $ | 573 | $ | 533 | $ | 1,121 | ||||||||
Adjusted income from operations1, per share
|
$ | 2.55 | $ | 2.07 | $ | 1.96 | $ | 4.52 | ||||||||
Shareholders' net income, per share
|
$ | 2.26 | $ | 2.12 | $ | 2.04 | $ | 4.30 | ||||||||
As of the Periods Ended
|
||||||||||||||||
June 30,
|
March 31,
|
December 31,
|
||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Global Medical Customers
|
14,771 | 14,247 | 14,654 | 14,456 |
·
|
Cash and short term investments at the parent company were approximately $560 million at June 30, 2015 and approximately $400 million at December 31, 2014.
|
·
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Year to date, as of July 29, 2015, the Company repurchased approximately 4.3 million shares of stock for approximately $515 million.
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·
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After considering all sources and uses of cash for the remainder of 2015, the Company expects to have approximately $1.3 billion available for capital deployment in addition to $250 million held at the parent for liquidity purposes.
|
·
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Second quarter 2015 net cash flows from operating activities of $445 million were impacted by timing of government reimbursements for Individual risk mitigation programs and for Medicare Part D programs. Adjusting for those items, second quarter 2015 net cash provided by operating activities would have approximated 1.2 times adjusted income from operations.
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Financial Results (dollars in millions, customers in thousands):
|
||||||||||||||||
Six Months
|
||||||||||||||||
Three Months Ended
|
Ended
|
|||||||||||||||
June 30,
|
March 31,
|
June 30,
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||||||||||||||
2015
|
2014
|
2015
|
2015
|
|||||||||||||
|
|
|
||||||||||||||
Premiums and Fees
|
$ | 6,734 | $ | 6,119 | $ | 6,729 | $ | 13,463 | ||||||||
Adjusted Income from Operations1
|
$ | 528 | $ | 428 | $ | 444 | $ | 972 | ||||||||
Adjusted Margin, After-Tax5
|
7.0 | % | 6.3 | % | 6.0 | % | 6.5 | % | ||||||||
As of the Periods Ended
|
||||||||||||||||
June 30,
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March 31,
|
December 31,
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||||||||||||||
Customers:
|
2015 | 2014 | 2015 | 2014 | ||||||||||||
Commercial
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14,215 | 13,762 | 14,099 | 13,938 | ||||||||||||
Government
|
556 | 485 | 555 | 518 | ||||||||||||
Medical
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14,771 | 14,247 | 14,654 | 14,456 | ||||||||||||
Behavioral Care
|
24,164 | 23,055 | 23,865 | 23,853 | ||||||||||||
Dental4
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13,818 | 13,304 | 13,726 | 13,571 | ||||||||||||
Pharmacy
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7,905 | 7,368 | 7,909 | 7,542 | ||||||||||||
Medicare Part D
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1,458 | 1,208 | 1,468 | 1,188 |
·
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Second quarter 2015 premiums and fees increased 10% relative to second quarter 2014, driven by customer growth in our Commercial and Government businesses as well as rate actions and specialty contributions.
|
·
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Second quarter 2015 adjusted income from operations1 and adjusted margin, after-tax5, reflect favorable medical and specialty results, continued effective medical cost management, low utilization trend and a favorable operating expense ratio. In addition, second quarter results benefitted from approximately $20 million after-tax related to the update of 2014 risk mitigation programs for our Individual business.
|
·
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Adjusted income from operations1 for second quarter 2015, second quarter 2014, and first quarter 2015 included favorable prior year reserve development on an after-tax basis of approximately $19 million, $16 million and $25 million respectively.
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·
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The Total Commercial MCR of 77.5% in second quarter 2015 was driven by the ongoing strong performance of our Commercial employer business. The MCR in the quarter relative to second quarter 2014 also benefitted from the impact of risk mitigation programs for our Individual business, business mix shifts and incremental ACA related taxes.
|
·
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The Total Government MCR of 84.4% in the second quarter 2015 reflects the ongoing strong performance in our Medicare Advantage business partially offset by some anticipated pressure in our growing Medicare Part D business.
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·
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Year-to-date medical cost trend for our total U.S. Commercial book of business reflects continued effective medical cost management, physician engagement and low utilization trend. We continue to expect full year medical cost trend in the range of 5% to 6%.
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·
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Global Health Care net medical costs payable6 was approximately $2.20 billion at June 30, 2015 and $1.93 billion at December 31, 2014.
|
Six Months
|
||||||||||||||||
Three Months Ended
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Ended
|
|||||||||||||||
June 30,
|
March 31,
|
June 30,
|
||||||||||||||
2015
|
2014
|
2015
|
2015
|
|||||||||||||
|
|
|
||||||||||||||
Premiums and Fees7
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$ | 749 | $ | 722 | $ | 735 | $ | 1,484 | ||||||||
Adjusted Income from Operations1
|
$ | 77 | $ | 64 | $ | 69 | $ | 146 | ||||||||
Adjusted Margin, After-Tax5
|
9.8 | % | 8.5 | % | 9.0 | % | 9.4 | % | ||||||||
As of the Periods Ended
|
||||||||||||||||
June 30,
|
March 31,
|
December 31,
|
||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Policies7
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12,762 | 12,270 | 12,528 | 12,342 |
·
|
Excluding the impact of foreign currency movements, second quarter 2015 premiums and fees grew 10% relative to second quarter 2014, reflecting customer growth and strong retention.
|
·
|
Second quarter 2015 adjusted income from operations1 and adjusted margin, after-tax5 reflect business growth and favorable operating expenses.
|
Six Months
|
||||||||||||||||
Three Months Ended
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Ended
|
|||||||||||||||
June 30,
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March 31,
|
June 30,
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||||||||||||||
2015
|
2014
|
2015
|
2015
|
|||||||||||||
|
|
|
||||||||||||||
Premiums and Fees
|
$ | 978 | $ | 890 | $ | 976 | $ | 1,954 | ||||||||
Adjusted Income from Operations1
|
$ | 106 | $ | 110 | $ | 51 | $ | 157 | ||||||||
Adjusted Margin, After-Tax5
|
10.0 | % | 11.3 | % | 4.8 | % | 7.4 | % |
·
|
Second quarter 2015 premiums and fees grew 10% relative to second quarter 2014, driven by business growth across the disability, life and accident product lines.
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·
|
Adjusted income from operations1 and adjusted margin, after-tax5 for the second quarter 2015 and the second quarter of 2014 include a favorable after-tax impact related to reserve studies of $37 million and $35 million, respectively.
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·
|
Second quarter 2015 adjusted income from operations1 and adjusted margin, after-tax5 also reflects improvement in claims experience in our life insurance business relative to the first quarter 2015.
|
Financial Results (dollars in millions):
|
||||||||||||||||
Six Months
|
||||||||||||||||
Three Months Ended
|
Ended
|
|||||||||||||||
June 30,
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March 31,
|
June 30,
|
||||||||||||||
2015
|
2014
|
2015
|
2015
|
|||||||||||||
|
|
|
||||||||||||||
Corporate & Other Operations
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$ | (47 | ) | $ | (43 | ) | $ | (51 | ) | $ | (98 | ) |
(dollars in millions, except where noted and per share amounts)
|
|
Full-Year Ending
|
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December 31, 2015
|
|||
|
|
|
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Projected Adjusted Income (Loss) from Operations1,2
|
|||
Global Health Care
|
$
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1,790 to 1,830
|
|
Global Supplemental Benefits
|
$
|
240 to 260
|
|
Group Disability and Life
|
$
|
320 to 340
|
|
Ongoing Businesses
|
$
|
2,350 to 2,430
|
|
Corporate & Other Operations
|
$
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(190)
|
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Consolidated Projected Adjusted Income from Operations1,2
|
$
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2,160 to 2,240
|
|
Consolidated Projected Adjusted Income from Operations, per share1,2,3
|
$
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8.30 to 8.60
|
|
2015 Projected Operating Metrics and Ratios Outlook
|
|||
Consolidated Revenue Growth
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8% to 10%
|
||
Full Year Total Commercial Medical Care Ratio8
|
77.5% to 78.5%
|
||
Full Year Total Government Medical Care Ratio8
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84.5% to 85.5%
|
||
Full Year Global Health Care Operating Expense Ratio8
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21% to 22%
|
||
Global Medical Customer Growth9
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2% to 4%
|
|
1.
|
Effective January 1, 2015, adjusted income (loss) from operations is defined as shareholders’ net income (loss) excluding the following after-tax adjustments: net realized investment results, amortization of other acquired intangible assets and special items. Prior year amounts have been adjusted for the exclusion of amortization of other acquired intangible assets. Special items are included in shareholders’ net income, but excluded from adjusted income (loss) from operations. Special items are identified in Exhibit 2 of this earnings release.
|
|
Adjusted income (loss) from operations is a measure of profitability used by Cigna’s management because it presents the underlying results of operations of Cigna’s businesses and permits analysis of trends in underlying revenue, expenses and shareholders’ net income. This consolidated measure is not determined in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders’ net income. See Exhibit 2 for a reconciliation of adjusted income from operations to shareholders’ net income.
|
|
2.
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Management is unable to provide a forward-looking reconciliation of adjusted income (loss) from operations to shareholders’ net income for full year 2015 because future net realized investment results, amortization of other acquired intangible assets and additional special items cannot be identified or reasonably estimated at this time.
|
|
3.
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The Company’s outlook excludes the potential effects of any share repurchases or business combinations that may occur after the date of this earnings release.
|
|
4.
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Prior period dental customers have been revised to conform to current presentation.
|
|
5.
|
Adjusted margin, after-tax, is calculated by dividing adjusted income (loss) from operations by operating revenues for each segment.
|
|
6.
|
Global Health Care medical costs payable are presented net of reinsurance and other recoverables. The gross Global Health Care medical costs payable balance was $2.43 billion as of June 30, 2015 and $2.18 billion as of December 31, 2014.
|
|
7.
|
Cigna owns a 50% noncontrolling interest in its China joint venture. Cigna's 50% share of the joint venture’s earnings is reported in Other Revenues using the equity method of accounting under GAAP. As such, the premiums and fees and policy counts for the Global Supplemental Benefits segment do not include the China joint venture.
|
|
8.
|
Operating ratios are defined as follows:
|
|
·
|
Total Commercial medical care ratio represents medical costs as a percentage of premiums for all commercial risk products, including medical, pharmacy, dental, stop loss and behavioral products provided through guaranteed cost or experience-rated funding arrangements in both the United States and internationally.
|
|
·
|
Total Government medical care ratio represents medical costs as a percentage of premiums for Medicare Advantage, Medicare Part D, and Medicaid products.
|
|
·
|
Global Health Care Operating Expense Ratio represents operating expenses excluding acquisition related amortization expense as a percentage of operating revenue in the Global Health Care segment.
|
|
9.
|
Global medical customers include individuals who meet any one of the following criteria: are covered under a medical insurance policy, managed care arrangement, or service agreement issued by Cigna; have access to Cigna's provider network for covered services under their medical plan; or have medical claims and services that are administered by Cigna.
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
REVENUES
|
||||||||||||||||
Premiums
|
$ | 7,432 | $ | 6,800 | $ | 14,834 | $ | 13,476 | ||||||||
Fees
|
1,057 | 958 | 2,123 | 1,898 | ||||||||||||
Net investment income
|
297 | 294 | 573 | 571 | ||||||||||||
Mail order pharmacy revenues
|
625 | 547 | 1,203 | 1,042 | ||||||||||||
Other revenues
|
60 | 69 | 132 | 135 | ||||||||||||
Total operating revenues
|
9,471 | 8,668 | 18,865 | 17,122 | ||||||||||||
Net realized investment gains
|
21 | 65 | 94 | 107 | ||||||||||||
Total
|
$ | 9,492 | $ | 8,733 | $ | 18,959 | $ | 17,229 | ||||||||
ADJUSTED INCOME (LOSS) FROM OPERATIONS (1)
|
||||||||||||||||
Global Health Care
|
$ | 528 | $ | 428 | $ | 972 | $ | 895 | ||||||||
Global Supplemental Benefits
|
77 | 64 | 146 | 121 | ||||||||||||
Group Disability and Life
|
106 | 110 | 157 | 177 | ||||||||||||
Ongoing Operations
|
711 | 602 | 1,275 | 1,193 | ||||||||||||
Corporate and Other
|
(47 | ) | (43 | ) | (98 | ) | (101 | ) | ||||||||
Total
|
$ | 664 | $ | 559 | $ | 1,177 | $ | 1,092 | ||||||||
After-tax adjustments to reconcile to shareholders' net income:
|
||||||||||||||||
Realized investment gains
|
13 | 43 | 61 | 70 | ||||||||||||
Amortization of other acquired intangible assets
|
(24 | ) | (29 | ) | (52 | ) | (61 | ) | ||||||||
Special items
|
(65 | ) | - | (65 | ) | - | ||||||||||
Shareholders' net income (loss)
|
$ | 588 | $ | 573 | $ | 1,121 | $ | 1,101 | ||||||||
DILUTED EARNINGS PER SHARE
|
||||||||||||||||
Adjusted income (loss) from operations (1)
|
$ | 2.55 | $ | 2.07 | $ | 4.52 | $ | 4.01 | ||||||||
After-tax adjustments to reconcile to shareholders' net income:
|
||||||||||||||||
Realized investment gains
|
0.05 | 0.16 | 0.23 | 0.26 | ||||||||||||
Amortization of other acquired intangible assets
|
(0.09 | ) | (0.11 | ) | (0.20 | ) | (0.22 | ) | ||||||||
Special items
|
(0.25 | ) | - | (0.25 | ) | - | ||||||||||
Shareholders' net income (loss)
|
$ | 2.26 | $ | 2.12 | $ | 4.30 | $ | 4.05 | ||||||||
Weighted average shares (in thousands)
|
260,097 | 269,921 | 260,668 | 272,181 | ||||||||||||
Common shares outstanding (in thousands)
|
257,451 | 264,721 | ||||||||||||||
SHAREHOLDERS' EQUITY at June 30,
|
$ | 11,290 | $ | 10,937 | ||||||||||||
SHAREHOLDERS' EQUITY PER SHARE at June 30,
|
$ | 43.85 | $ | 41.32 | ||||||||||||
(1) Adjusted income (loss) from operations is defined as shareholders' net income (loss) excluding the following after-tax adjustments: realized investment results; amortization of other acquired intangible assets; and special items (identified and quantified on Exhibit 2).
|
CIGNA CORPORATION | ||||||||||||||||
RECONCILIATION OF ADJUSTED INCOME (LOSS) FROM OPERATIONS TO SHAREHOLDERS' NET INCOME | Exhibit 2 | |||||||||||||||
(Dollars in millions, except per share amounts)
|
Diluted
|
||||||||||||||||||||||||||||||||||||
Earnings
|
Global
|
|||||||||||||||||||||||||||||||||||
Per Share
|
Consolidated
|
Health Care
|
||||||||||||||||||||||||||||||||||
Three Months Ended June 30,
|
2Q15 | 2Q14 | 1Q15 | 2Q15 | 2Q14 | 1Q15 | 2Q15 | 2Q14 | 1Q15 | |||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$ | 2.55 | $ | 2.07 | $ | 1.96 | $ | 664 | $ | 559 | $ | 513 | $ | 528 | $ | 428 | $ | 444 | ||||||||||||||||||
After-tax adjustments to reconcile to shareholders' net income:
|
||||||||||||||||||||||||||||||||||||
Realized investment gains (losses)
|
0.05 | 0.16 | 0.18 | 13 | 43 | 48 | 4 | 18 | 32 | |||||||||||||||||||||||||||
Amortization of other acquired intangible assets | (0.09 | ) | (0.11 | ) | (0.10 | ) | (24 | ) | (29 | ) | (28 | ) | (20 | ) | (26 | ) | (23 | ) | ||||||||||||||||||
Special items:
|
||||||||||||||||||||||||||||||||||||
Debt extinguishment costs
|
(0.25 | ) | - | - | (65 | ) | - | - | - | - | - | |||||||||||||||||||||||||
Shareholders' net income
|
$ | 2.26 | $ | 2.12 | $ | 2.04 | $ | 588 | $ | 573 | $ | 533 | $ | 512 | $ | 420 | $ | 453 |
Weighted average shares (in thousands)
|
260,097 | 269,921 | 261,246 |
Special items, pre-tax:
|
||||||||||||||||||||||||||||||||||||
Debt extinguishment costs
|
$ | (100 | ) | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
Diluted
|
||||||||||||||||||||||||||||||||||||
Earnings
|
Global
|
|||||||||||||||||||||||||||||||||||
Per Share
|
Consolidated
|
Health Care
|
||||||||||||||||||||||||||||||||||
Six Months Ended June 30,
|
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$ | 4.52 | $ | 4.01 | $ | 1,177 | $ | 1,092 | $ | 972 | $ | 895 | ||||||||||||||||||||||||
After-tax adjustments to reconcile to shareholders' net income:
|
||||||||||||||||||||||||||||||||||||
Realized investment gains (losses)
|
0.23 | 0.26 | 61 | 70 | 36 | 29 | ||||||||||||||||||||||||||||||
Amortization of other acquired intangible assets
|
(0.20 | ) | (0.22 | ) | (52 | ) | (61 | ) | (43 | ) | (54 | ) | ||||||||||||||||||||||||
Special items:
|
||||||||||||||||||||||||||||||||||||
Debt extinguishment costs
|
(0.25 | ) | - | (65 | ) | - | - | - | ||||||||||||||||||||||||||||
Shareholders' net income
|
$ | 4.30 | $ | 4.05 | $ | 1,121 | $ | - | $ | 1,101 | $ | 965 | $ | 870 |
Weighted average shares (in thousands)
|
260,668 | 272,181 | ||||||||||||||||||||||||||||||||||
Common shares outstanding as of June 30, (in thousands)
|
257,451 | 264,721 |
Special items, pre-tax:
|
||||||||||||||||||||||||||||||||||||
Debt extinguishment costs
|
$ | (100 | ) | $ | - | $ | - | $ | - |
CIGNA CORPORATION
|
||||||||||||||||||||||||||||||||||||
RECONCILIATION OF ADJUSTED INCOME (LOSS) FROM OPERATIONS TO SHAREHOLDERS' NET INCOME |
Exhibit 2
|
|||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts)
|
||||||||||||||||||||||||||||||||||||
Global
Supplemental
|
Group Disability
|
Corporate
|
||||||||||||||||||||||||||||||||||
Benefits
|
and Life
|
and Other | ||||||||||||||||||||||||||||||||||
Three Months Ended June 30,
|
2Q15 | 2Q14 | 1Q15 | 2Q15 | 2Q14 | 1Q15 | 2Q15 | 2Q14 | 1Q15 | |||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$ | 77 | $ | 64 | $ | 69 | $ | 106 | $ | 110 | $ | 51 | $ | (47 | ) | $ | (43 | ) | $ | (51 | ) | |||||||||||||||
After-tax adjustments to reconcile to shareholders' net income:
|
||||||||||||||||||||||||||||||||||||
Realized investment gains (losses)
|
(3 | ) | - | 3 | 5 | 6 | 14 | 7 | 19 | (1 | ) | |||||||||||||||||||||||||
Amortization of other acquired intangible assets
|
(4 | ) | (3 | ) | (5 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||
Special items:
|
||||||||||||||||||||||||||||||||||||
Debt extinguishment costs
|
- | - | - | - | - | - | (65 | ) | - | - | ||||||||||||||||||||||||||
Shareholders' net income
|
$ | 70 | $ | 61 | $ | 67 | $ | 111 | $ | 116 | $ | 65 | $ | (105 | ) | $ | (24 | ) | $ | (52 | ) |
Weighted average shares (in thousands)
|
||||||||||||||||||||||||||||||||||||
Special items, pre-tax:
|
||||||||||||||||||||||||||||||||||||
Debt extinguishment costs
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (100 | ) | $ | - | $ | - | |||||||||||||||||
Global
Supplemental
|
Group Disability
|
Corporate
|
||||||||||||||||||||||||||||||||||
Benefits
|
and Life
|
and Other | ||||||||||||||||||||||||||||||||||
Six Months Ended June 30,
|
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$ | 146 | $ | 121 | $ | 157 | $ | 177 | $ | (98 | ) | $ | (101 | ) | ||||||||||||||||||||||
After-tax adjustments to reconcile to shareholders' net income:
|
||||||||||||||||||||||||||||||||||||
Realized investment gains (losses)
|
- | - | 19 | 13 | 6 | 28 | ||||||||||||||||||||||||||||||
Amortization of other acquired intangible assets
|
(9 | ) | (7 | ) | - | - | - | - | ||||||||||||||||||||||||||||
Special items:
|
||||||||||||||||||||||||||||||||||||
Debt extinguishment costs
|
- | - | - | - | (65 | ) | - | |||||||||||||||||||||||||||||
Shareholders' net income
|
$ | 137 | $ | 114 | $ | 176 | $ | 190 | $ | (157 | ) | $ | (73 | ) |
Weighted average shares (in thousands)
|
||||||||||||||||||||||||||||||||||||
Common shares outstanding as of June 30, (in thousands)
|
||||||||||||||||||||||||||||||||||||
Special items, pre-tax:
|
||||||||||||||||||||||||||||||||||||
Debt extinguishment costs
|
$ | - | $ | - | $ | - | $ | - | $ | (100 | ) | $ | - |
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