Humana Approves Stock Buyback and Announces Expectations For Second Quarter Results
LOUISVILLE, Ky., July 13 /PRNewswire/ -- Humana Inc. (NYSE: HUM) today reported that its board of directors authorized the repurchase of as many as five million of its common shares. The company has 167.7 million shares outstanding as of June 30, 2000.
The company said the shares may be repurchased from time to time in open- market purchases, in negotiated transactions, or by using forward-purchase contracts.
Humana said the share repurchase will be used in conjunction with an equity incentive plan aimed at the retention of key employees during the Company's turnaround.
Humana also announced that it expects its earnings per share for the second quarter to be in line with analysts' consensus of $.11 per diluted share, with a full press release on the company's second quarter results to be issued on August 3, 2000.
Humana Inc., headquartered in Louisville, Kentucky, is one of the nation's largest publicly traded managed health care companies, with approximately 5.9 million medical members located primarily in 15 states and Puerto Rico. Humana offers coordinated health care coverage through a variety of plans -- health maintenance organizations, preferred provider organizations, point-of service-plans and administrative service products -- to employer groups, government-sponsored plans and individuals.
More information regarding Humana is available via the Internet at www.humana.com , including on-line copies of our annual report to shareholders, Form 10-K, Form 10-Qs, proxy statement, and recent presentations to investor groups.
This news release contains forward-looking statements. The forward- looking statements made in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described in Humana's annual report on Form 10-K for the year ended December 31, 1999 and in Humana's quarterly report on Form 10-Q for the quarter ended March 31, 2000, as filed with the Securities and Exchange Commission. SOURCE Humana Inc.