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UnitedHealth Group (UNH)
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UNH » Topics » FULL YEAR NET EARNINGS OF $4.174 BILLION

This excerpt taken from the UNH 8-K filed Jan 18, 2007.

FULL YEAR NET EARNINGS OF $4.174 BILLION

 

  •   Fourth Quarter Revenues Up 47%

 

  •   Fourth Quarter Operating Margin of 11%

 

  •   Fourth Quarter Cash Flows From Operations of $1.6 Billion

 

  •   Full Year Revenues Up 54%

 

  •   Full Year Operating Margin of 9.7%

 

  •   Full Year Cash Flows From Operations of $6.5 Billion

 

As previously disclosed, UnitedHealth Group has withdrawn reliance upon its historical financial statements because previously reported operating costs did not correctly reflect non-cash stock-based compensation expenses related to historic stock option grants. Accordingly, this news release does not contain year-over-year or quarter-over-quarter comparisons of operating costs, earnings from operations, net income, or earnings per share metrics, all of which are subject to adjustment until the Company completes its restatement and becomes current in its periodic reports with the Securities and Exchange Commission (SEC).

The 2006 financial information in this news release is presented according to FAS 123R, the Company’s current accounting method, and includes UnitedHealth Group’s estimate of the non-cash full year impact of adjustments to operating expenses for historical stock option grants of $25 million. The $25 million full year charge is at the low end of the range of outcomes of $25 million to $60 million for FAS 123R adjustments discussed in the Company’s Form 8-K filed on December 19, 2006. Including the $25 million charge, full year 2006 results include a total of approximately $100 million in cash and non-cash expenses related to the stock options matter that were incremental to the Company’s initial 2006 financial outlook. Fourth quarter 2006 results include a total of approximately $50 million in cash and non-cash expenses related to stock option matters, including a $13 million charge related to historical stock options under FAS 123R.

 

Please note that the estimated amount of additional non-cash stock-based compensation expense has not been audited and is not yet final; it is subject to change until UnitedHealth Group completes its restatement. In addition, the financial information presented does not reflect any adjustments for non-operating cash charges that may be required in connection with the resolution of stock-option-related litigation, regulatory and tax matters, including any impact on prior tax deductions and related tax accounts for previously exercised stock options under Section 162(m) of the Internal Revenue Code. The amount and timing of these non-operating cash charges are uncertain, but they are likely to be material.

 

 

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