Centene Corporation Announces Delay in 2007 Fourth Quarter Results
February 05 2008 - 12:55AM
Business Wire
Centene Corporation (NYSE: CNC) today announced that the release of
fourth quarter and full year 2007 earnings will be delayed pending
resolution of the timing of the revenue recognition for the
retroactive rate increases from the state of Georgia dating back to
July 1, 2007. Late yesterday evening the Company learned it could
not resolve the issue to the satisfaction of the Company�s auditor
without obtaining further information. The Company believes the
appropriate accounting treatment is the recognition of the
retroactive rate increase in the fourth quarter of 2007. If this is
not deemed appropriate for 2007, an equal amount of revenue and
associated earnings will be recognized in the first quarter of
2008. The full earnings release and conference call will be held
upon the resolution of this one outstanding issue. Predicated on
the fourth quarter recognition, we reaffirm Q4 2007 guidance in the
previously announced ranges. About Centene Corporation Centene
Corporation is a leading multi-line healthcare enterprise that
provides programs and related services to individuals receiving
benefits under Medicaid, including the State Children�s Health
Insurance Program (SCHIP) and Supplemental Security Income (SSI).
The Company operates health plans in Georgia, Indiana, New Jersey,
Ohio, South Carolina, Texas and Wisconsin. In addition, the Company
contracts with other healthcare and commercial organizations to
provide specialty services including behavioral health, life and
health management, long-term care, managed vision, nurse triage,
pharmacy benefits management and treatment compliance. Information
regarding Centene is available via the Internet at www.centene.com.
The information provided in this press release contains
forward-looking statements that relate to future events and future
financial performance of Centene. Subsequent events and
developments may cause the Company's estimates to change. The
Company disclaims any obligation to update this forward-looking
financial information in the future. Readers are cautioned that
matters subject to forward-looking statements involve known and
unknown risks and uncertainties, including economic, regulatory,
competitive and other factors that may cause Centene's or its
industry's actual results, levels of activity, performance or
achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements. Actual results may
differ from projections or estimates due to a variety of important
factors, including Centene's ability to accurately predict and
effectively manage health benefits and other operating expenses,
competition, changes in healthcare practices, changes in federal or
state laws or regulations, inflation, provider contract changes,
new technologies, reduction in provider payments by governmental
payors, major epidemics, disasters and numerous other factors
affecting the delivery and cost of healthcare. The expiration,
cancellation or suspension of Centene's Medicaid Managed Care
contracts by state governments would also negatively affect
Centene.
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