| Condensed Financial Information Of Registrant |
23. Condensed Financial Information of Registrant
Centene Corporation (Parent Company Only)
Condensed Balance Sheets
(In thousands, except share data)
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December 31, |
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2011 |
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2010 |
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ |
28,527 |
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$ |
9,380 |
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Short-term investments, at fair value (amortized cost $0 and $560, respectively)
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— |
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568 |
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Other current assets
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36,354 |
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102,754 |
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Total current assets
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64,881 |
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112,702 |
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Long-term investments, at fair value (amortized cost $4,164 and 10,848, respectively)
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4,164 |
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11,109 |
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Investment in subsidiaries
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1,105,491 |
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898,601 |
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Other long-term assets
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32,105 |
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17,134 |
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Total assets
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$ |
1,206,641 |
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$ |
1,039,546 |
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities
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$ |
3,100 |
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$ |
6,193 |
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Long-term debt
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258,617 |
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235,000 |
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Other long-term liabilities
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8,505 |
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1,298 |
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Total liabilities
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270,222 |
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242,491 |
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Stockholders' equity:
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Common stock, $.001 par value; authorized 100,000,000 shares; 53,586,726 issued and 50,864,618 outstanding at December 31, 2011, and 52,172,037 issued and 49,616,824 outstanding at December 31, 2010
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54 |
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52 |
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Additional paid-in capital
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421,981 |
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384,206 |
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Accumulated other comprehensive income:
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Unrealized gain on investments, net of tax
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5,761 |
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6,424 |
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Retained earnings
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564,961 |
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453,743 |
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Treasury stock, at cost (2,722,108 and 2,555,213 shares, respectively)
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(57,123 |
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(50,486 |
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Total Centene stockholders' equity
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935,634 |
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793,939 |
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Noncontrolling interest
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785 |
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3,116 |
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Total stockholders' equity
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936,419 |
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797,055 |
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Total liabilities and stockholders' equity
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$ |
1,206,641 |
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$ |
1,039,546 |
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See notes to condensed financial information of registrant.
Centene Corporation (Parent Company Only)
Condensed Statements of Operations
(In thousands, except share data)
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Year Ended December 31, |
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2011 |
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2010 |
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2009 |
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Expenses:
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General and administrative expenses
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$ |
(4,488 |
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$ |
(3,502 |
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$ |
(2,906 |
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Other income (expense):
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Investment and other income
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(8,790 |
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(4,700 |
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6 |
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Interest expense
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(15,494 |
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(14,844 |
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(15,692 |
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Loss before income taxes
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(28,772 |
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(23,046 |
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(18,592 |
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Income tax benefit
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(12,825 |
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(8,576 |
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(6,004 |
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Net earnings (loss) before equity in subsidiaries
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(15,947 |
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(14,470 |
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(12,588 |
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Equity in earnings from subsidiaries
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127,165 |
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109,306 |
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96,259 |
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Net earnings
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$ |
111,218 |
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$ |
94,836 |
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$ |
83,671 |
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Net earnings per share from continuing operations:
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Basic earnings per common share
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$ |
2.22 |
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$ |
1.87 |
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$ |
2.00 |
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Diluted earnings per common share
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$ |
2.12 |
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$ |
1.80 |
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$ |
1.94 |
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Weighted average number of shares outstanding:
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Basic
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50,198,954 |
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48,754,947 |
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43,034,791 |
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Diluted
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52,474,238 |
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50,447,888 |
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44,316,467 |
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See notes to condensed financial information of registrant.
Centene Corporation (Parent Company Only)
Condensed Statements of Cash Flows
(In thousands)
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Year Ended December 31, |
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2011 |
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2010 |
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2009 |
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Cash flows from operating activities:
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Cash provided by operating activities
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$ |
72,754 |
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$ |
23,504 |
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$ |
92,711 |
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Cash flows from investing activities:
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Net dividends from and capital contributions to subsidiaries
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(50,581 |
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(17,172 |
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(67,328 |
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Purchase of investments
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(21,915 |
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(86,549 |
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(17,181 |
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Sales and maturities of investments
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11,111 |
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90,121 |
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9,189 |
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Acquisitions, net of cash acquired
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(1,773 |
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(48,656 |
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(38,563 |
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Proceeds from asset sales
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— |
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13,420 |
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— |
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Net cash used in investing activities
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(63,158 |
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(48,836 |
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(113,883 |
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Cash flows from financing activities:
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Proceeds from borrowings
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419,183 |
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91,000 |
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616,500 |
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Payment of long-term debt and notes payable
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(413,644 |
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(115,000 |
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(595,500 |
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Proceeds from exercise of stock options
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15,815 |
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3,419 |
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2,365 |
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Common stock offering
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— |
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104,534 |
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— |
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Common stock repurchases
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(7,809 |
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(3,224 |
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(6,304 |
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Debt issue costs
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(9,242 |
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— |
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(368 |
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Distribution to noncontrolling interest
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— |
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(8,158 |
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(3,170 |
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Contributions from noncontrolling interest
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813 |
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771 |
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11,219 |
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Purchase of noncontrolling interest
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— |
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(48,257 |
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— |
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Excess tax benefits from stock compensation
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4,435 |
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963 |
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53 |
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Net cash provided by financing activities
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9,551 |
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26,048 |
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24,795 |
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Net increase (decrease) in cash and cash equivalents
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19,147 |
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716 |
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3,623 |
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Cash and cash equivalents, beginning of period
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9,380 |
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8,664 |
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5,041 |
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Cash and cash equivalents, end of period
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$ |
28,527 |
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$ |
9,380 |
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$ |
8,664 |
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