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Centene Corp (CNC) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Centene Corp

CIK: 1071739 Ticker: CNC


Exhibit 99.1
image37.gif
N E W S R E L E A S E                                                                                
Contact:
Investor Relations Inquiries
 
Edmund E. Kroll, Jr.
 
Senior Vice President, Finance & Investor Relations
 
(212) 759-0382
 
 
 
Media Inquiries
 
Marcela Manjarrez-Hawn
 
Senior Vice President and Chief Communications Officer
 
(314) 445-0790

FOR IMMEDIATE RELEASE

CENTENE CORPORATION REPORTS 2016 FOURTH QUARTER AND FULL YEAR RESULTS
-- 2016 Full Year Diluted EPS of $3.41; Adjusted Diluted EPS of $4.43 --

ST. LOUIS, MISSOURI (February 7, 2017) -- Centene Corporation (NYSE: CNC) announced today its financial results for the fourth quarter and year ended December 31, 2016. The following discussions, with the exception of cash flow information, are in the context of continuing operations.

For the fourth quarter and year ended December 31, 2016, the Company reported diluted earnings per share (EPS) of $1.45 and $3.41, respectively, and Adjusted Diluted EPS of $1.19 and $4.43, respectively. A summary of diluted EPS is highlighted below:
 
Q4
 
Full Year
GAAP diluted EPS
$
1.45

 
$
3.41

Health Net acquisition related expenses
0.03

 
0.98

Amortization of acquired intangible assets
0.20

 
0.57

California minimum medical loss ratio change (1)
(0.71
)
 
(0.76
)
Charitable contribution (2)
0.18

 
0.19

Debt extinguishment (3)
0.04

 
0.04

Adjusted Diluted EPS
$
1.19

 
$
4.43

(1) A favorable impact associated with the retroactive change in the minimum medical loss ratio (MLR) calculation under California’s Medicaid expansion program, $195 million of which relates to periods prior to 2016 for the legacy Centene business and prior to the acquisition date for the legacy Health Net business

(2) In connection with the additional revenue associated with the California minimum MLR change, the Company committed to a charitable contribution to its foundation of $50 million in the fourth quarter of 2016

(3) Additional expense of $11 million associated with the early redemption of the 5.75% Senior Notes due 2017 and the Health Net Inc. 6.375% Senior Notes due 2017. 

Included in diluted EPS and Adjusted Diluted EPS for the fourth quarter and year ended December 31, 2016 are $0.03 and $0.05 diluted EPS benefits, respectively, related to the early adoption of the stock-based compensation accounting standard, as well as the incorporation of retirement provisions in our stock-based compensation agreements.


1

The following information was filed by Centene Corp (CNC) on Tuesday, February 7, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Comprehensive Earnings
Consolidated Statement Of Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Operations (parenthetical)
Consolidated Statements Of Stockholders' Equity (parenthetical)
Acquisitions And Noncontrolling Interest
Acquisitions And Noncontrolling Interest (tables)
Acquisitions And Noncontrolling Interest Acquisitions (details)
Acquisitions And Noncontrolling Interest Non Controlling Interest (details)
Affordable Care Act
Affordable Care Act (details)
Affordable Care Act (tables)
Commitments
Commitments (details)
Commitments (tables)
Condensed Financial Information Of Registrant
Condensed Financial Information Of Registrant (condensed Balance Sheets) (details)
Condensed Financial Information Of Registrant (condensed Statements Of Cash Flows) (details)
Condensed Financial Information Of Registrant (condensed Statements Of Operations) (details)
Condensed Financial Information Of Registrant (tables)
Condensed Financial Information Of Registrant Basis Of Presentation And Significant Accounting Policies (details)
Condensed Financial Information Of Registrant Condensed Balance Sheets Other (details)
Condensed Financial Information Of Registrant Dividends (details)
Contingencies
Contingencies (details)
Contractual Maturities Of Short-term And Long-term Investments And Restricted Deposits (details)
Debt
Debt (narrative) (details)
Debt (schedule Of Aggregate Maturities Of Debt) (details)
Debt (schedule Of Debt) (details)
Debt (tables)
Debt Interest Rate Swaps (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value Measurements
Fair Value Measurements (fair Value Measurements By Level For Assets Measured At Fair Value On A Recurring Basis) (details)
Fair Value Measurements (narrative) (details)
Fair Value Measurements (tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (schedule Of Changes In Goodwill By Operating Segment) (details)
Goodwill And Intangible Assets (schedule Of Future Amortization Expenses) (details)
Goodwill And Intangible Assets (schedule Of Intangible Assets) (details)
Goodwill And Intangible Assets (tables)
Health Net Merger
Health Net Merger (details)
Health Net Merger (tables)
Health Net Merger Commitments (details)
Health Net Merger Fair Value Of Intangibles And Weighted Average (details)
Health Net Merger Restructuring Related Charges (details)
Health Net Merger Schedule Of Recognized Identifiable Assets Acquired And Liabilities Assumed (details)
Health Net Merger Schedule Of Unaudited Pro Forma Financial Information (details)
Income Taxes
Income Taxes (consolidated Income Tax Expense) (details)
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of The Tax Provision At The U.s. Federal Statutory Rate To The Provision For Income Taxes) (details)
Income Taxes (tax Effects Of Temporary Differences Which Give Rise To Deferred Tax Assets And Liabilities) (details)
Income Taxes Income Taxes (tables)
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) (details)
Medical Claims Liability
Medical Claims Liability (tables)
Medical Claims Liability Cumulative Incurred And Paid Claims (details)
Medical Claims Liability Incurred Claims And Allocated Claims Adjustment Expenses (details)
Medical Claims Liability Schedule Of Change In Medical Claims Liability By Operating Segment(details)
Organization And Operations
Organization And Operations (details)
Property, Software And Equipment
Property, Software And Equipment (details)
Property, Software And Equipment (tables)
Quarterly Selected Financial Information
Quarterly Selected Financial Information (details)
Quarterly Selected Financial Information (tables)
Retirement Plan
Retirement Plan (details)
Segment Information
Segment Information (details)
Segment Information (tables)
Short-term And Long-term Investments And Restricted Deposits By Investment Type (details)
Short-term And Long-term Investments, Restricted Deposits
Short-term And Long-term Investments, Restricted Deposits (narrative) (details)
Short-term And Long-term Investments, Restricted Deposits (short-term And Long-term Investments, Restricted Deposits) (details)
Short-term And Long-term Investments, Restricted Deposits (tables)
Statutory Capital Requirements And Dividend Restrictions
Statutory Capital Requirements And Dividend Restrictions (details)
Stock Incentive Plans
Stock Incentive Plans (narrative) (details)
Stock Incentive Plans (non-vested Restricted Stock And Restricted Stock) (details)
Stock Incentive Plans (option Pricing Assumptions) (details)
Stock Incentive Plans (schedule Of Other Information Pertaining To Option Activity) (details)
Stock Incentive Plans (summary Of Stock Option Activity) (details)
Stock Incentive Plans (tables)
Stockholders' Equity
Stockholders' Equity (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (health Insurance Marketplace) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (recently Adopted Accounting Pronouncements) (details)
Summary Of Significant Accounting Policies (schedule Of Allowance For Uncollectible Accounts) (details)
Summary Of Significant Accounting Policies (schedule Of Amortization Period For Intangible Assets) (details)
Summary Of Significant Accounting Policies (schedule Of Percentage Of Company's Total Revenues) (details)
Summary Of Significant Accounting Policies (schedule Of Property, Software And Equipment Depreciation Periods) (details)
Summary Of Significant Accounting Policies (tables)
Ticker: CNC
CIK: 1071739
Form Type: 10-K Annual Report
Accession Number: 0001071739-17-000018
Submitted to the SEC: Tue Feb 21 2017 4:40:20 PM EST
Accepted by the SEC: Tue Feb 21 2017
Period: Saturday, December 31, 2016
Industry: Hospital And Medical Service Plans

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