PsychoBikerBen
Psychotic Artworker. RIP
cool avatar , RHINO
I particularly like the twin bolar hats:yo:
I particularly like the twin bolar hats:yo:
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Welcome to the new B.I.R.D. Forum. Please be sure to read the "New Member / New Registered ? Please Read" thread in the Coffee Shop. This contains some important information. To become a full member ( £5.90 a year ) simply click on your user name near the top on the right I hope you enjoy the new site ................ Jaws ( John )
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PsychoBikerBen
Psychotic Artworker. RIP
Here is the information you requested
Operating earnings of $214.1 million for the fourth quarter 2003, compared with fourth quarter 2002 operating earnings of $120.7 million. Health care operating earnings included approximately $28 million, after tax, of favorable development of prior-period health care cost estimates in the fourth quarter of 2003 and approximately $23 million, after tax, in the fourth quarter of 2002. Health care operating earnings were higher primarily because of improved underwriting results in Commercial Risk products and a decrease in operating expenses.
* Net income of $219.4 million for the fourth quarter 2003, compared with $88.5 million in the fourth quarter 2002. Net income includes net realized capital gains and losses and other items.
* A Commercial Risk Medical Cost Ratio (MCR) of 78.0 percent for the fourth quarter of 2003, compared with 81.6 percent for the fourth quarter of 2002, excluding favorable development of prior-period health care cost estimates in both periods. Including development, the Commercial Risk MCR was 76.6 percent for the fourth quarter 2003 and 80.5 percent for the fourth quarter 2002.
* A Medicare HMO MCR of 85.9 percent for the fourth quarter 2003, compared with 86.4 percent for the fourth quarter 2002. There was no significant favorable development of prior-period health care cost estimates in either period.
* Total medical membership of approximately 13.0 million at December 31, 2003, consistent with September 30, 2003.
Full-year 2003 operating earnings for Health Care were $862.4 million, compared with 2002 operating earnings of $361.6 million. Excluding favorable reserve development of approximately $148 million, after tax, in 2003 and approximately $67 million, after tax, in 2002, operating earnings of $714.4 million in 2003 more than doubled the $294.6 million of operating earnings in 2002. This increase primarily reflects improved underwriting results and reductions in operating expenses offset in part by lower net investment income and a higher effective income tax rate. Full-year net income for 2003 was $809.6 million, compared with a net loss of ($2.65) billion. The net loss for 2002 reflected the recording of a $(2.97) billion noncash impairment of goodwill in the first quarter, resulting from the adoption of a new accounting standard. Net income/loss includes net realized capital gains and losses and other items.
Group Insurance business results
Group Insurance, which includes Group Life, Disability and Long-Term Care products, reported:
* Operating earnings of $33.4 million for the fourth quarter 2003, compared with $34.7 million for the fourth quarter 2002. Operating earnings were lower than fourth quarter 2002, due primarily to increased expenses associated with expanded marketing efforts, offset in part by a lower effective income tax rate and a lower benefit cost ratio.
* Net income of $38.9 million for the fourth quarter 2003, compared with $25.4 million for the fourth quarter 2002. Net income includes net realized capital gains and losses and other items.
* Total revenues for the fourth quarter 2003 of $468.0 million, compared with $436.8 million for the fourth quarter 2002, reflecting a higher level of premiums associated with an increase in group life membership.
For full-year 2003, Group Insurance reported operating earnings of $134.8 million, compared with $142.2 million in 2002. The decline was primarily due to higher operating expenses resulting from increased marketing activities, offset in part by an improved benefit cost ratio and a lower effective income tax rate. Full-year net income for 2003 was $149.3 million, compared with $125.0 million in 2002. Net income includes net realized capital gains and losses and other items.
Large Case Pensions business results
Large Case Pensions, which manages a variety of discontinued and other retirement and savings products primarily for defined benefit and defined contribution plan customers, reported:
* Operating earnings of $9.3 million for the fourth quarter 2003, compared with $7.1 million for the fourth quarter 2002.
* Net income of $8.1 million for the fourth quarter 2003, compared with $4.2 million in the fourth quarter 2002. Net income includes net realized capital gains and losses and other items.
For full-year 2003, Large Case Pensions reported operating earnings of $36.5 million, compared with $24.2 million in 2002. The year-over-year increase is mainly due to higher investment partnership income. Full-year net income for 2003 was $41.8 million, compared with $29.5 million in 2002. Net income includes net realized capital gains and losses and other items.
Total company results
* Total Revenues. Revenues were $4.6 billion for the fourth quarter 2003, compared with $4.7 billion for the fourth quarter 2002. For full-year 2003, total revenues were $18.0 billion, compared with $19.9 billion in 2002. The decline in 2003 reflects lower health membership and reduced net investment income, partially offset by higher per-member premiums.
* Total Operating Expenses. Operating expenses were $1.02 billion for the fourth quarter 2003, $21.8 million less than the fourth quarter 2002. For full-year 2003, operating expenses were $4.04 billion, $194 million lower than the $4.23 billion reported for full-year 2002, consistent with ongoing cost-containment efforts and a decline in membership. Operating expenses for full-year 2003 exclude the physician class-action settlement of $115.4 million pretax. Including the settlement, expenses were $4.15 billion.
* Corporate Interest expense was $16.9 million after tax for the fourth quarter 2003, compared with $19.9 million for the fourth quarter 2002. Corporate interest expense was $66.9 million for full-year 2003, compared with $77.7 million for 2002.
* Net Income. Aetna reported net income of $249.5 million for the fourth quarter 2003, compared with $98.2 million for the fourth quarter 2002. For full-year 2003, Aetna reported net income of $933.8 million, compared with a net loss of ($2.52) billion for 2002. The net loss for 2002 reflected the recording of a $2.97 billion noncash impairment of goodwill in the first quarter, resulting from the adoption of a new accounting standard. Net income/loss include net realized capital gains and losses and other items.
* Pretax operating margin3 improved to 7.7 percent for the fourth quarter 2003, from 4.7 percent in the fourth quarter 2002. The after-tax operating margin, which represents income from continuing operations divided by total revenue, was 5.5 percent for the fourth quarter 2003, compared with 2.1 percent in fourth quarter 2002. For full-year 2003, pretax operating margin improved to 7.9 percent, from 4.1 percent in 2002. The after-tax operating margin was 5.2 percent for 2003, compared with 2.0 percent in 2002.
A live audio webcast of the fourth-quarter results conference call will begin at 8:30 a.m. ET today. The public may access the conference call through a live audio webcast available on Aetna's Internet Investor Information link at www.aetna.com. Financial, statistical and other information related to the conference call, including additional GAAP reconciliations, will be available on Aetna's Investor Information site.
The conference call also can be accessed by dialing 800-210-9006, or 719-457-2621 for international callers. The company suggests participants dial in approximately 10 minutes prior to the call. Individuals who dial in will be asked to identify themselves and their affiliations.
A replay of the call may be accessed through Aetna's Investor Information link on the Internet at www.aetna.com or by dialing 888-203-1112, or 719-457-0820 for international callers. The replay access code is 399301. Telephone replays will be available from 11:30 a.m. ET on Feb.12 until midnight ET on Feb. 19.
Aetna is one of the nation's leading providers of health care, dental, pharmacy, group life, disability and long-term care benefits, serving approximately 13.0 million medical members, 10.9 million dental members, 7.4 million pharmacy members and 12.3 million group insurance customers, as of December 31, 2003. The company has expansive nationwide networks of more than 600,000 health care services providers, including over 362,000 primary care and specialist physicians and 3,626 hospitals. For more information about Aetna, please visit the company's web site at www.aetna.com.
1 Operating earnings exclude the following from net income (loss): net realized capital gains (losses) and other items discussed below. Although the excluded items may recur, management believes that operating earnings and operating earnings per share provide a useful comparison of its underlying business performance from period to period. Management uses operating earnings to assess business performance and to make decisions regarding its operations and allocation of resources among its businesses. Operating earnings is also the measure reported to the Chief Executive Officer for these purposes. Each of these excluded items is discussed below:
* Realized capital gains and losses arise from various types of transactions primarily in the course of managing a portfolio of assets that support the payment of liabilities, but these transactions do not directly relate to the underwriting or servicing of products for customers and are not directly related to the core performance of the company's business operations.
* Settlement of a physician class-action lawsuit of approximately $75 million after tax ($115.4 million pretax) is included as the other item in 2003 and represents an estimate of 2003 net settlement costs of that litigation. Management believes this settlement was not in the ordinary course of business and its impact does not reflect underlying 2003 business performance.
* An income tax reserve release of $19.8 million is included in other items in 2002 and represents the favorable conclusion of several state tax audits relating to prior periods; accordingly, this reserve release does not reflect the underlying performance of the company's 2002 business performance.
* A reduction of the reserve for anticipated future losses on discontinued products of $5.4 million after tax is included in other items by the company in 2002 and represents a reduction of reserves previously established for certain products no longer offered; accordingly the reduction of the reserve does not reflect ongoing business performance.
* Severance and facilities charges of $29.2 million after tax ($45.0 million pretax) for the fourth quarter of 2002 and $104.6 million after tax ($161.0 million pretax) for the full year 2002 are included as other items and represent an estimate of costs related to reductions in staff or exiting of facilities that are not direct expenses supporting ongoing business operations.
The company also displays certain metrics (e.g., medical cost ratios, operating earnings, operating earnings per share and pretax operating margins) excluding changes to prior-period health care cost estimates and the favorable resolution of a prior-period contract matter for a large customer. Each quarter, the company re-examines previously established health care cost payable estimates based on actual claim submissions and other changes in facts and circumstances. Decreases (increases) in prior periods' estimates represent the effect of favorable (unfavorable) development of prior period health care cost estimates on current period results of operations, at each financial statement date. The company believes excluding changes to prior period health care cost estimates better reflects the underlying current-period health care costs. The company believes excluding the favorable resolution of prior-period contract matters for a large customer better reflects the premium generated from underlying current-period performance.
For a reconciliation of these items to financial measures calculated under accounting principles generally accepted in the United States of America (GAAP), refer to the tables on pages 9 to 13 of this release.
2 Projected operating earnings per share for 2004 exclude any future net realized capital gains or losses. The company is not able to project the amount of future net realized capital gains or losses and, cannot therefore reconcile projected 2004 operating earnings to projected net income.
3 In order to provide useful information regarding profitability of the company on a basis comparable to others in the industry, without regard to financing decisions, income taxes and amortization of other acquired intangible assets (each of which may vary for reasons not directly related to performance of the underlying business), the company's pretax operating margin excludes interest expense, income taxes and amortization of other acquired intangible assets. Management also uses pretax operating margin to assess its performance, including performance versus competitors. Operating earnings used in the pretax margin calculation also exclude the items noted in footnote 1. For a reconciliation to margin calculated under GAAP, refer to the tables on page 12 of this release.
ADDITIONAL INFORMATION; CAUTIONARY STATEMENT -- Certain information in this press release is forward looking, including the projection of 2004 operating earnings per share and other statements regarding the company's outlook for 2004. Forward-looking information is based on management's estimates, assumptions and projections, and is subject to significant uncertainties and other factors, many of which are beyond Aetna's control. Important risk factors could cause actual future results and other future events to differ materially from those currently estimated by management. Those risk factors include, but are not limited to: unanticipated increases in medical costs (including increased medical utilization, increased pharmacy costs, increases resulting from unfavorable changes in contracting or re-contracting with providers, changes in membership mix to lower-premium or higher-cost products or membership-adverse selection; as well as changes in medical cost estimates due to the necessary extensive judgment that is used in the medical cost estimation process, the considerable variability inherent in such estimates, and the sensitivity of such estimates to changes in medical claims payment patterns and changes in medical cost trends); decreases in membership or failure to achieve desired membership growth due to significant competition or other factors; increases in medical costs or Group Insurance claims resulting from any acts of terrorism; the ability to reduce administrative expenses while maintaining targeted levels of service and operating performance, and to improve relations with providers while taking actions to reduce medical costs; the ability to successfully implement Aetna's new operating model to a projected growing membership base; lower levels of investment income from continued low interest rates; adverse government regulation (including legislative proposals or court decisions eliminating or reducing ERISA pre-emption of state laws that would increase potential litigation exposure, and other proposals, such as patients' rights legislation, that would increase potential litigation exposure or mandate coverage of certain health benefits); adverse pricing actions by government payors; changes in size, product mix and medical cost experience of membership in key markets; and the outcome, including any negotiated resolution, of various litigation and regulatory matters, including ongoing reviews of business practices by various regulatory agencies. For more discussion of important factors that may materially affect Aetna, please see the risk factors contained in Aetna's 2002 Annual Report on Form 10-K, on file with the Securities and Exchange Commission. You also should read Aetna's 2003 Annual Report on Form 10-K when filed with the Securities and Exchange Commission for a discussion of Aetna's historical results of operations and financial condition.Operating earnings of $214.1 million for the fourth quarter 2003, compared with fourth quarter 2002 operating earnings of $120.7 million. Health care operating earnings included approximately $28 million, after tax, of favorable development of prior-period health care cost estimates in the fourth quarter of 2003 and approximately $23 million, after tax, in the fourth quarter of 2002. Health care operating earnings were higher primarily because of improved underwriting results in Commercial Risk products and a decrease in operating expenses.
* Net income of $219.4 million for the fourth quarter 2003, compared with $88.5 million in the fourth quarter 2002. Net income includes net realized capital gains and losses and other items.
* A Commercial Risk Medical Cost Ratio (MCR) of 78.0 percent for the fourth quarter of 2003, compared with 81.6 percent for the fourth quarter of 2002, excluding favorable development of prior-period health care cost estimates in both periods. Including development, the Commercial Risk MCR was 76.6 percent for the fourth quarter 2003 and 80.5 percent for the fourth quarter 2002.
* A Medicare HMO MCR of 85.9 percent for the fourth quarter 2003, compared with 86.4 percent for the fourth quarter 2002. There was no significant favorable development of prior-period health care cost estimates in either period.
* Total medical membership of approximately 13.0 million at December 31, 2003, consistent with September 30, 2003.
Full-year 2003 operating earnings for Health Care were $862.4 million, compared with 2002 operating earnings of $361.6 million. Excluding favorable reserve development of approximately $148 million, after tax, in 2003 and approximately $67 million, after tax, in 2002, operating earnings of $714.4 million in 2003 more than doubled the $294.6 million of operating earnings in 2002. This increase primarily reflects improved underwriting results and reductions in operating expenses offset in part by lower net investment income and a higher effective income tax rate. Full-year net income for 2003 was $809.6 million, compared with a net loss of ($2.65) billion. The net loss for 2002 reflected the recording of a $(2.97) billion noncash impairment of goodwill in the first quarter, resulting from the adoption of a new accounting standard. Net income/loss includes net realized capital gains and losses and other items.
Group Insurance business results
Group Insurance, which includes Group Life, Disability and Long-Term Care products, reported:
* Operating earnings of $33.4 million for the fourth quarter 2003, compared with $34.7 million for the fourth quarter 2002. Operating earnings were lower than fourth quarter 2002, due primarily to increased expenses associated with expanded marketing efforts, offset in part by a lower effective income tax rate and a lower benefit cost ratio.
* Net income of $38.9 million for the fourth quarter 2003, compared with $25.4 million for the fourth quarter 2002. Net income includes net realized capital gains and losses and other items.
* Total revenues for the fourth quarter 2003 of $468.0 million, compared with $436.8 million for the fourth quarter 2002, reflecting a higher level of premiums associated with an increase in group life membership.
For full-year 2003, Group Insurance reported operating earnings of $134.8 million, compared with $142.2 million in 2002. The decline was primarily due to higher operating expenses resulting from increased marketing activities, offset in part by an improved benefit cost ratio and a lower effective income tax rate. Full-year net income for 2003 was $149.3 million, compared with $125.0 million in 2002. Net income includes net realized capital gains and losses and other items.
Large Case Pensions business results
Large Case Pensions, which manages a variety of discontinued and other retirement and savings products primarily for defined benefit and defined contribution plan customers, reported:
* Operating earnings of $9.3 million for the fourth quarter 2003, compared with $7.1 million for the fourth quarter 2002.
* Net income of $8.1 million for the fourth quarter 2003, compared with $4.2 million in the fourth quarter 2002. Net income includes net realized capital gains and losses and other items.
For full-year 2003, Large Case Pensions reported operating earnings of $36.5 million, compared with $24.2 million in 2002. The year-over-year increase is mainly due to higher investment partnership income. Full-year net income for 2003 was $41.8 million, compared with $29.5 million in 2002. Net income includes net realized capital gains and losses and other items.
Total company results
* Total Revenues. Revenues were $4.6 billion for the fourth quarter 2003, compared with $4.7 billion for the fourth quarter 2002. For full-year 2003, total revenues were $18.0 billion, compared with $19.9 billion in 2002. The decline in 2003 reflects lower health membership and reduced net investment income, partially offset by higher per-member premiums.
* Total Operating Expenses. Operating expenses were $1.02 billion for the fourth quarter 2003, $21.8 million less than the fourth quarter 2002. For full-year 2003, operating expenses were $4.04 billion, $194 million lower than the $4.23 billion reported for full-year 2002, consistent with ongoing cost-containment efforts and a decline in membership. Operating expenses for full-year 2003 exclude the physician class-action settlement of $115.4 million pretax. Including the settlement, expenses were $4.15 billion.
* Corporate Interest expense was $16.9 million after tax for the fourth quarter 2003, compared with $19.9 million for the fourth quarter 2002. Corporate interest expense was $66.9 million for full-year 2003, compared with $77.7 million for 2002.
* Net Income. Aetna reported net income of $249.5 million for the fourth quarter 2003, compared with $98.2 million for the fourth quarter 2002. For full-year 2003, Aetna reported net income of $933.8 million, compared with a net loss of ($2.52) billion for 2002. The net loss for 2002 reflected the recording of a $2.97 billion noncash impairment of goodwill in the first quarter, resulting from the adoption of a new accounting standard. Net income/loss include net realized capital gains and losses and other items.
* Pretax operating margin3 improved to 7.7 percent for the fourth quarter 2003, from 4.7 percent in the fourth quarter 2002. The after-tax operating margin, which represents income from continuing operations divided by total revenue, was 5.5 percent for the fourth quarter 2003, compared with 2.1 percent in fourth quarter 2002. For full-year 2003, pretax operating margin improved to 7.9 percent, from 4.1 percent in 2002. The after-tax operating margin was 5.2 percent for 2003, compared with 2.0 percent in 2002.
A live audio webcast of the fourth-quarter results conference call will begin at 8:30 a.m. ET today. The public may access the conference call through a live audio webcast available on Aetna's Internet Investor Information link at www.aetna.com. Financial, statistical and other information related to the conference call, including additional GAAP reconciliations, will be available on Aetna's Investor Information site.
The conference call also can be accessed by dialing 800-210-9006, or 719-457-2621 for international callers. The company suggests participants dial in approximately 10 minutes prior to the call. Individuals who dial in will be asked to identify themselves and their affiliations.
A replay of the call may be accessed through Aetna's Investor Information link on the Internet at www.aetna.com or by dialing 888-203-1112, or 719-457-0820 for international callers. The replay access code is 399301. Telephone replays will be available from 11:30 a.m. ET on Feb.12 until midnight ET on Feb. 19.
Aetna is one of the nation's leading providers of health care, dental, pharmacy, group life, disability and long-term care benefits, serving approximately 13.0 million medical members, 10.9 million dental members, 7.4 million pharmacy members and 12.3 million group insurance customers, as of December 31, 2003. The company has expansive nationwide networks of more than 600,000 health care services providers, including over 362,000 primary care and specialist physicians and 3,626 hospitals. For more information about Aetna, please visit the company's web site at www.aetna.com.
1 Operating earnings exclude the following from net income (loss): net realized capital gains (losses) and other items discussed below. Although the excluded items may recur, management believes that operating earnings and operating earnings per share provide a useful comparison of its underlying business performance from period to period. Management uses operating earnings to assess business performance and to make decisions regarding its operations and allocation of resources among its businesses. Operating earnings is also the measure reported to the Chief Executive Officer for these purposes. Each of these excluded items is discussed below:
* Realized capital gains and losses arise from various types of transactions primarily in the course of managing a portfolio of assets that support the payment of liabilities, but these transactions do not directly relate to the underwriting or servicing of products for customers and are not directly related to the core performance of the company's business operations.
* Settlement of a physician class-action lawsuit of approximately $75 million after tax ($115.4 million pretax) is included as the other item in 2003 and represents an estimate of 2003 net settlement costs of that litigation. Management believes this settlement was not in the ordinary course of business and its impact does not reflect underlying 2003 business performance.
* An income tax reserve release of $19.8 million is included in other items in 2002 and represents the favorable conclusion of several state tax audits relating to prior periods; accordingly, this reserve release does not reflect the underlying performance of the company's 2002 business performance.
* A reduction of the reserve for anticipated future losses on discontinued products of $5.4 million after tax is included in other items by the company in 2002 and represents a reduction of reserves previously established for certain products no longer offered; accordingly the reduction of the reserve does not reflect ongoing business performance.
* Severance and facilities charges of $29.2 million after tax ($45.0 million pretax) for the fourth quarter of 2002 and $104.6 million after tax ($161.0 million pretax) for the full year 2002 are included as other items and represent an estimate of costs related to reductions in staff or exiting of facilities that are not direct expenses supporting ongoing business operations.
The company also displays certain metrics (e.g., medical cost ratios, operating earnings, operating earnings per share and pretax operating margins) excluding changes to prior-period health care cost estimates and the favorable resolution of a prior-period contract matter for a large customer. Each quarter, the company re-examines previously established health care cost payable estimates based on actual claim submissions and other changes in facts and circumstances. Decreases (increases) in prior periods' estimates represent the effect of favorable (unfavorable) development of prior period health care cost estimates on current period results of operations, at each financial statement date. The company believes excluding changes to prior period health care cost estimates better reflects the underlying current-period health care costs. The company believes excluding the favorable resolution of prior-period contract matters for a large customer better reflects the premium generated from underlying current-period performance.
For a reconciliation of these items to financial measures calculated under accounting principles generally accepted in the United States of America (GAAP), refer to the tables on pages 9 to 13 of this release.
2 Projected operating earnings per share for 2004 exclude any future net realized capital gains or losses. The company is not able to project the amount of future net realized capital gains or losses and, cannot therefore reconcile projected 2004 operating earnings to projected net income.
3 In order to provide useful information regarding profitability of the company on a basis comparable to others in the industry, without regard to financing decisions, income taxes and amortization of other acquired intangible assets (each of which may vary for reasons not directly related to performance of the underlying business), the company's pretax operating margin excludes interest expense, income taxes and amortization of other acquired intangible assets. Management also uses pretax operating margin to assess its performance, including performance versus competitors. Operating earnings used in the pretax margin calculation also exclude the items noted in footnote 1. For a reconciliation to margin calculated under GAAP, refer to the tables on page 12 of this release.
ADDITIONAL INFORMATION; CAUTIONARY STATEMENT -- Certain information in this press release is forward looking, including the projection of 2004 operating earnings per share and other statements regarding the company's outlook for 2004. Forward-looking information is based on management's estimates, assumptions and projections, and is subject to significant uncertainties and other factors, many of which are beyond Aetna's control. Important risk factors could cause actual future results and other future events to differ materially from those currently estimated by management. Those risk factors include, but are not limited to: unanticipated increases in medical costs (including increased medical utilization, increased pharmacy costs, increases resulting from unfavorable changes in contracting or re-contracting with providers, changes in membership mix to lower-premium or higher-cost products or membership-adverse selection; as well as changes in medical cost estimates due to the necessary extensive judgment that is used in the medical cost estimation process, the considerable variability inherent in such estimates, and the sensitivity of such estimates to changes in medical claims payment patterns and changes in medical cost trends); decreases in membership or failure to achieve desired membership growth due to significant competition or other factors; increases in medical costs or Group Insurance claims resulting from any acts of terrorism; the ability to reduce administrative expenses while maintaining targeted levels of service and operating performance, and to improve relations with providers while taking actions to reduce medical costs; the ability to successfully implement Aetna's new operating model to a projected growing membership base; lower levels of investment income from continued low interest rates; adverse government regulation (including legislative proposals or court decisions eliminating or reducing ERISA pre-emption of state laws that would increase potential litigation exposure, and other proposals, such as patients' rights legislation, that would increase potential litigation exposure or mandate coverage of certain health benefits); adverse pricing actions by government payors; changes in size, product mix and medical cost experience of membership in key markets; and the outcome, including any negotiated resolution, of various litigation and regulatory matters, including ongoing reviews of business practices by various regulatory agencies. For more discussion of important factors that may materially affect Aetna, please see the risk factors contained in Aetna's 2002 Annual Report on Form 10-K, on file with the Securities and E
Operating earnings of $214.1 million for the fourth quarter 2003, compared with fourth quarter 2002 operating earnings of $120.7 million. Health care operating earnings included approximately $28 million, after tax, of favorable development of prior-period health care cost estimates in the fourth quarter of 2003 and approximately $23 million, after tax, in the fourth quarter of 2002. Health care operating earnings were higher primarily because of improved underwriting results in Commercial Risk products and a decrease in operating expenses.
* Net income of $219.4 million for the fourth quarter 2003, compared with $88.5 million in the fourth quarter 2002. Net income includes net realized capital gains and losses and other items.
* A Commercial Risk Medical Cost Ratio (MCR) of 78.0 percent for the fourth quarter of 2003, compared with 81.6 percent for the fourth quarter of 2002, excluding favorable development of prior-period health care cost estimates in both periods. Including development, the Commercial Risk MCR was 76.6 percent for the fourth quarter 2003 and 80.5 percent for the fourth quarter 2002.
* A Medicare HMO MCR of 85.9 percent for the fourth quarter 2003, compared with 86.4 percent for the fourth quarter 2002. There was no significant favorable development of prior-period health care cost estimates in either period.
* Total medical membership of approximately 13.0 million at December 31, 2003, consistent with September 30, 2003.
Full-year 2003 operating earnings for Health Care were $862.4 million, compared with 2002 operating earnings of $361.6 million. Excluding favorable reserve development of approximately $148 million, after tax, in 2003 and approximately $67 million, after tax, in 2002, operating earnings of $714.4 million in 2003 more than doubled the $294.6 million of operating earnings in 2002. This increase primarily reflects improved underwriting results and reductions in operating expenses offset in part by lower net investment income and a higher effective income tax rate. Full-year net income for 2003 was $809.6 million, compared with a net loss of ($2.65) billion. The net loss for 2002 reflected the recording of a $(2.97) billion noncash impairment of goodwill in the first quarter, resulting from the adoption of a new accounting standard. Net income/loss includes net realized capital gains and losses and other items.
Group Insurance business results
Group Insurance, which includes Group Life, Disability and Long-Term Care products, reported:
* Operating earnings of $33.4 million for the fourth quarter 2003, compared with $34.7 million for the fourth quarter 2002. Operating earnings were lower than fourth quarter 2002, due primarily to increased expenses associated with expanded marketing efforts, offset in part by a lower effective income tax rate and a lower benefit cost ratio.
* Net income of $38.9 million for the fourth quarter 2003, compared with $25.4 million for the fourth quarter 2002. Net income includes net realized capital gains and losses and other items.
* Total revenues for the fourth quarter 2003 of $468.0 million, compared with $436.8 million for the fourth quarter 2002, reflecting a higher level of premiums associated with an increase in group life membership.
For full-year 2003, Group Insurance reported operating earnings of $134.8 million, compared with $142.2 million in 2002. The decline was primarily due to higher operating expenses resulting from increased marketing activities, offset in part by an improved benefit cost ratio and a lower effective income tax rate. Full-year net income for 2003 was $149.3 million, compared with $125.0 million in 2002. Net income includes net realized capital gains and losses and other items.
Large Case Pensions business results
Large Case Pensions, which manages a variety of discontinued and other retirement and savings products primarily for defined benefit and defined contribution plan customers, reported:
* Operating earnings of $9.3 million for the fourth quarter 2003, compared with $7.1 million for the fourth quarter 2002.
* Net income of $8.1 million for the fourth quarter 2003, compared with $4.2 million in the fourth quarter 2002. Net income includes net realized capital gains and losses and other items.
For full-year 2003, Large Case Pensions reported operating earnings of $36.5 million, compared with $24.2 million in 2002. The year-over-year increase is mainly due to higher investment partnership income. Full-year net income for 2003 was $41.8 million, compared with $29.5 million in 2002. Net income includes net realized capital gains and losses and other items.
Total company results
* Total Revenues. Revenues were $4.6 billion for the fourth quarter 2003, compared with $4.7 billion for the fourth quarter 2002. For full-year 2003, total revenues were $18.0 billion, compared with $19.9 billion in 2002. The decline in 2003 reflects lower health membership and reduced net investment income, partially offset by higher per-member premiums.
* Total Operating Expenses. Operating expenses were $1.02 billion for the fourth quarter 2003, $21.8 million less than the fourth quarter 2002. For full-year 2003, operating expenses were $4.04 billion, $194 million lower than the $4.23 billion reported for full-year 2002, consistent with ongoing cost-containment efforts and a decline in membership. Operating expenses for full-year 2003 exclude the physician class-action settlement of $115.4 million pretax. Including the settlement, expenses were $4.15 billion.
* Corporate Interest expense was $16.9 million after tax for the fourth quarter 2003, compared with $19.9 million for the fourth quarter 2002. Corporate interest expense was $66.9 million for full-year 2003, compared with $77.7 million for 2002.
* Net Income. Aetna reported net income of $249.5 million for the fourth quarter 2003, compared with $98.2 million for the fourth quarter 2002. For full-year 2003, Aetna reported net income of $933.8 million, compared with a net loss of ($2.52) billion for 2002. The net loss for 2002 reflected the recording of a $2.97 billion noncash impairment of goodwill in the first quarter, resulting from the adoption of a new accounting standard. Net income/loss include net realized capital gains and losses and other items.
* Pretax operating margin3 improved to 7.7 percent for the fourth quarter 2003, from 4.7 percent in the fourth quarter 2002. The after-tax operating margin, which represents income from continuing operations divided by total revenue, was 5.5 percent for the fourth quarter 2003, compared with 2.1 percent in fourth quarter 2002. For full-year 2003, pretax operating margin improved to 7.9 percent, from 4.1 percent in 2002. The after-tax operating margin was 5.2 percent for 2003, compared with 2.0 percent in 2002.
A live audio webcast of the fourth-quarter results conference call will begin at 8:30 a.m. ET today. The public may access the conference call through a live audio webcast available on Aetna's Internet Investor Information link at www.aetna.com. Financial, statistical and other information related to the conference call, including additional GAAP reconciliations, will be available on Aetna's Investor Information site.
The conference call also can be accessed by dialing 800-210-9006, or 719-457-2621 for international callers. The company suggests participants dial in approximately 10 minutes prior to the call. Individuals who dial in will be asked to identify themselves and their affiliations.
A replay of the call may be accessed through Aetna's Investor Information link on the Internet at www.aetna.com or by dialing 888-203-1112, or 719-457-0820 for international callers. The replay access code is 399301. Telephone replays will be available from 11:30 a.m. ET on Feb.12 until midnight ET on Feb. 19.
Aetna is one of the nation's leading providers of health care, dental, pharmacy, group life, disability and long-term care benefits, serving approximately 13.0 million medical members, 10.9 million dental members, 7.4 million pharmacy members and 12.3 million group insurance customers, as of December 31, 2003. The company has expansive nationwide networks of more than 600,000 health care services providers, including over 362,000 primary care and specialist physicians and 3,626 hospitals. For more information about Aetna, please visit the company's web site at www.aetna.com.
1 Operating earnings exclude the following from net income (loss): net realized capital gains (losses) and other items discussed below. Although the excluded items may recur, management believes that operating earnings and operating earnings per share provide a useful comparison of its underlying business performance from period to period. Management uses operating earnings to assess business performance and to make decisions regarding its operations and allocation of resources among its businesses. Operating earnings is also the measure reported to the Chief Executive Officer for these purposes. Each of these excluded items is discussed below:
* Realized capital gains and losses arise from various types of transactions primarily in the course of managing a portfolio of assets that support the payment of liabilities, but these transactions do not directly relate to the underwriting or servicing of products for customers and are not directly related to the core performance of the company's business operations.
* Settlement of a physician class-action lawsuit of approximately $75 million after tax ($115.4 million pretax) is included as the other item in 2003 and represents an estimate of 2003 net settlement costs of that litigation. Management believes this settlement was not in the ordinary course of business and its impact does not reflect underlying 2003 business performance.
* An income tax reserve release of $19.8 million is included in other items in 2002 and represents the favorable conclusion of several state tax audits relating to prior periods; accordingly, this reserve release does not reflect the underlying performance of the company's 2002 business performance.
* A reduction of the reserve for anticipated future losses on discontinued products of $5.4 million after tax is included in other items by the company in 2002 and represents a reduction of reserves previously established for certain products no longer offered; accordingly the reduction of the reserve does not reflect ongoing business performance.
* Severance and facilities charges of $29.2 million after tax ($45.0 million pretax) for the fourth quarter of 2002 and $104.6 million after tax ($161.0 million pretax) for the full year 2002 are included as other items and represent an estimate of costs related to reductions in staff or exiting of facilities that are not direct expenses supporting ongoing business operations.
The company also displays certain metrics (e.g., medical cost ratios, operating earnings, operating earnings per share and pretax operating margins) excluding changes to prior-period health care cost estimates and the favorable resolution of a prior-period contract matter for a large customer. Each quarter, the company re-examines previously established health care cost payable estimates based on actual claim submissions and other changes in facts and circumstances. Decreases (increases) in prior periods' estimates represent the effect of favorable (unfavorable) development of prior period health care cost estimates on current period results of operations, at each financial statement date. The company believes excluding changes to prior period health care cost estimates better reflects the underlying current-period health care costs. The company believes excluding the favorable resolution of prior-period contract matters for a large customer better reflects the premium generated from underlying current-period performance.
For a reconciliation of these items to financial measures calculated under accounting principles generally accepted in the United States of America (GAAP), refer to the tables on pages 9 to 13 of this release.
2 Projected operating earnings per share for 2004 exclude any future net realized capital gains or losses. The company is not able to project the amount of future net realized capital gains or losses and, cannot therefore reconcile projected 2004 operating earnings to projected net income.
3 In order to provide useful information regarding profitability of the company on a basis comparable to others in the industry, without regard to financing decisions, income taxes and amortization of other acquired intangible assets (each of which may vary for reasons not directly related to performance of the underlying business), the company's pretax operating margin excludes interest expense, income taxes and amortization of other acquired intangible assets. Management also uses pretax operating margin to assess its performance, including performance versus competitors. Operating earnings used in the pretax margin calculation also exclude the items noted in footnote 1. For a reconciliation to margin calculated under GAAP, refer to the tables on page 12 of this release.
ADDITIONAL INFORMATION; CAUTIONARY STATEMENT -- Certain information in this press release is forward looking, including the projection of 2004 operating earnings per share and other statements regarding the company's outlook for 2004. Forward-looking information is based on management's estimates, assumptions and projections, and is subject to significant uncertainties and other factors, many of which are beyond Aetna's control. Important risk factors could cause actual future results and other future events to differ materially from those currently estimated by management. Those risk factors include, but are not limited to: unanticipated increases in medical costs (including increased medical utilization, increased pharmacy costs, increases resulting from unfavorable changes in contracting or re-contracting with providers, changes in membership mix to lower-premium or higher-cost products or membership-adverse selection; as well as changes in medical cost estimates due to the necessary extensive judgment that is used in the medical cost estimation process, the considerable variability inherent in such estimates, and the sensitivity of such estimates to changes in medical claims payment patterns and changes in medical cost trends); decreases in membership or failure to achieve desired membership growth due to significant competition or other factors; increases in medical costs or Group Insurance claims resulting from any acts of terrorism; the ability to reduce administrative expenses while maintaining targeted levels of service and operating performance, and to improve relations with providers while taking actions to reduce medical costs; the ability to successfully implement Aetna's new operating model to a projected growing membership base; lower levels of investment income from continued low interest rates; adverse government regulation (including legislative proposals or court decisions eliminating or reducing ERISA pre-emption of state laws that would increase potential litigation exposure, and other proposals, such as patients' rights legislation, that would increase potential litigation exposure or mandate coverage of certain health benefits); adverse pricing actions by government payors; changes in size, product mix and medical cost experience of membership in key markets; and the outcome, including any negotiated resolution, of various litigation and regulatory matters, including ongoing reviews of business practices by various regulatory agencies. For more discussion of important factors that may materially affect Aetna, please see the risk factors contained in Aetna's 2002 Annual Report on Form 10-K, on file with the Securities and Exchange Commission. You also should read Aetna's 2003 Annual Report on Form 10-K when filed with the Securities and Exchange Commission for a discussion of Aetna's historical results of operations and financial condition.Operating earnings of $214.1 million for the fourth quarter 2003, compared with fourth quarter 2002 operating earnings of $120.7 million. Health care operating earnings included approximately $28 million, after tax, of favorable development of prior-period health care cost estimates in the fourth quarter of 2003 and approximately $23 million, after tax, in the fourth quarter of 2002. Health care operating earnings were higher primarily because of improved underwriting results in Commercial Risk products and a decrease in operating expenses.
* Net income of $219.4 million for the fourth quarter 2003, compared with $88.5 million in the fourth quarter 2002. Net income includes net realized capital gains and losses and other items.
* A Commercial Risk Medical Cost Ratio (MCR) of 78.0 percent for the fourth quarter of 2003, compared with 81.6 percent for the fourth quarter of 2002, excluding favorable development of prior-period health care cost estimates in both periods. Including development, the Commercial Risk MCR was 76.6 percent for the fourth quarter 2003 and 80.5 percent for the fourth quarter 2002.
* A Medicare HMO MCR of 85.9 percent for the fourth quarter 2003, compared with 86.4 percent for the fourth quarter 2002. There was no significant favorable development of prior-period health care cost estimates in either period.
* Total medical membership of approximately 13.0 million at December 31, 2003, consistent with September 30, 2003.
Full-year 2003 operating earnings for Health Care were $862.4 million, compared with 2002 operating earnings of $361.6 million. Excluding favorable reserve development of approximately $148 million, after tax, in 2003 and approximately $67 million, after tax, in 2002, operating earnings of $714.4 million in 2003 more than doubled the $294.6 million of operating earnings in 2002. This increase primarily reflects improved underwriting results and reductions in operating expenses offset in part by lower net investment income and a higher effective income tax rate. Full-year net income for 2003 was $809.6 million, compared with a net loss of ($2.65) billion. The net loss for 2002 reflected the recording of a $(2.97) billion noncash impairment of goodwill in the first quarter, resulting from the adoption of a new accounting standard. Net income/loss includes net realized capital gains and losses and other items.
Group Insurance business results
Group Insurance, which includes Group Life, Disability and Long-Term Care products, reported:
* Operating earnings of $33.4 million for the fourth quarter 2003, compared with $34.7 million for the fourth quarter 2002. Operating earnings were lower than fourth quarter 2002, due primarily to increased expenses associated with expanded marketing efforts, offset in part by a lower effective income tax rate and a lower benefit cost ratio.
* Net income of $38.9 million for the fourth quarter 2003, compared with $25.4 million for the fourth quarter 2002. Net income includes net realized capital gains and losses and other items.
* Total revenues for the fourth quarter 2003 of $468.0 million, compared with $436.8 million for the fourth quarter 2002, reflecting a higher level of premiums associated with an increase in group life membership.
For full-year 2003, Group Insurance reported operating earnings of $134.8 million, compared with $142.2 million in 2002. The decline was primarily due to higher operating expenses resulting from increased marketing activities, offset in part by an improved benefit cost ratio and a lower effective income tax rate. Full-year net income for 2003 was $149.3 million, compared with $125.0 million in 2002. Net income includes net realized capital gains and losses and other items.
Large Case Pensions business results
Large Case Pensions, which manages a variety of discontinued and other retirement and savings products primarily for defined benefit and defined contribution plan customers, reported:
* Operating earnings of $9.3 million for the fourth quarter 2003, compared with $7.1 million for the fourth quarter 2002.
* Net income of $8.1 million for the fourth quarter 2003, compared with $4.2 million in the fourth quarter 2002. Net income includes net realized capital gains and losses and other items.
For full-year 2003, Large Case Pensions reported operating earnings of $36.5 million, compared with $24.2 million in 2002. The year-over-year increase is mainly due to higher investment partnership income. Full-year net income for 2003 was $41.8 million, compared with $29.5 million in 2002. Net income includes net realized capital gains and losses and other items.
Total company results
* Total Revenues. Revenues were $4.6 billion for the fourth quarter 2003, compared with $4.7 billion for the fourth quarter 2002. For full-year 2003, total revenues were $18.0 billion, compared with $19.9 billion in 2002. The decline in 2003 reflects lower health membership and reduced net investment income, partially offset by higher per-member premiums.
* Total Operating Expenses. Operating expenses were $1.02 billion for the fourth quarter 2003, $21.8 million less than the fourth quarter 2002. For full-year 2003, operating expenses were $4.04 billion, $194 million lower than the $4.23 billion reported for full-year 2002, consistent with ongoing cost-containment efforts and a decline in membership. Operating expenses for full-year 2003 exclude the physician class-action settlement of $115.4 million pretax. Including the settlement, expenses were $4.15 billion.
* Corporate Interest expense was $16.9 million after tax for the fourth quarter 2003, compared with $19.9 million for the fourth quarter 2002. Corporate interest expense was $66.9 million for full-year 2003, compared with $77.7 million for 2002.
* Net Income. Aetna reported net income of $249.5 million for the fourth quarter 2003, compared with $98.2 million for the fourth quarter 2002. For full-year 2003, Aetna reported net income of $933.8 million, compared with a net loss of ($2.52) billion for 2002. The net loss for 2002 reflected the recording of a $2.97 billion noncash impairment of goodwill in the first quarter, resulting from the adoption of a new accounting standard. Net income/loss include net realized capital gains and losses and other items.
* Pretax operating margin3 improved to 7.7 percent for the fourth quarter 2003, from 4.7 percent in the fourth quarter 2002. The after-tax operating margin, which represents income from continuing operations divided by total revenue, was 5.5 percent for the fourth quarter 2003, compared with 2.1 percent in fourth quarter 2002. For full-year 2003, pretax operating margin improved to 7.9 percent, from 4.1 percent in 2002. The after-tax operating margin was 5.2 percent for 2003, compared with 2.0 percent in 2002.
A live audio webcast of the fourth-quarter results conference call will begin at 8:30 a.m. ET today. The public may access the conference call through a live audio webcast available on Aetna's Internet Investor Information link at www.aetna.com. Financial, statistical and other information related to the conference call, including additional GAAP reconciliations, will be available on Aetna's Investor Information site.
The conference call also can be accessed by dialing 800-210-9006, or 719-457-2621 for international callers. The company suggests participants dial in approximately 10 minutes prior to the call. Individuals who dial in will be asked to identify themselves and their affiliations.
A replay of the call may be accessed through Aetna's Investor Information link on the Internet at www.aetna.com or by dialing 888-203-1112, or 719-457-0820 for international callers. The replay access code is 399301. Telephone replays will be available from 11:30 a.m. ET on Feb.12 until midnight ET on Feb. 19.
Aetna is one of the nation's leading providers of health care, dental, pharmacy, group life, disability and long-term care benefits, serving approximately 13.0 million medical members, 10.9 million dental members, 7.4 million pharmacy members and 12.3 million group insurance customers, as of December 31, 2003. The company has expansive nationwide networks of more than 600,000 health care services providers, including over 362,000 primary care and specialist physicians and 3,626 hospitals. For more information about Aetna, please visit the company's web site at www.aetna.com.
1 Operating earnings exclude the following from net income (loss): net realized capital gains (losses) and other items discussed below. Although the excluded items may recur, management believes that operating earnings and operating earnings per share provide a useful comparison of its underlying business performance from period to period. Management uses operating earnings to assess business performance and to make decisions regarding its operations and allocation of resources among its businesses. Operating earnings is also the measure reported to the Chief Executive Officer for these purposes. Each of these excluded items is discussed below:
* Realized capital gains and losses arise from various types of transactions primarily in the course of managing a portfolio of assets that support the payment of liabilities, but these transactions do not directly relate to the underwriting or servicing of products for customers and are not directly related to the core performance of the company's business operations.
* Settlement of a physician class-action lawsuit of approximately $75 million after tax ($115.4 million pretax) is included as the other item in 2003 and represents an estimate of 2003 net settlement costs of that litigation. Management believes this settlement was not in the ordinary course of business and its impact does not reflect underlying 2003 business performance.
* An income tax reserve release of $19.8 million is included in other items in 2002 and represents the favorable conclusion of several state tax audits relating to prior periods; accordingly, this reserve release does not reflect the underlying performance of the company's 2002 business performance.
* A reduction of the reserve for anticipated future losses on discontinued products of $5.4 million after tax is included in other items by the company in 2002 and represents a reduction of reserves previously established for certain products no longer offered; accordingly the reduction of the reserve does not reflect ongoing business performance.
* Severance and facilities charges of $29.2 million after tax ($45.0 million pretax) for the fourth quarter of 2002 and $104.6 million after tax ($161.0 million pretax) for the full year 2002 are included as other items and represent an estimate of costs related to reductions in staff or exiting of facilities that are not direct expenses supporting ongoing business operations.
The company also displays certain metrics (e.g., medical cost ratios, operating earnings, operating earnings per share and pretax operating margins) excluding changes to prior-period health care cost estimates and the favorable resolution of a prior-period contract matter for a large customer. Each quarter, the company re-examines previously established health care cost payable estimates based on actual claim submissions and other changes in facts and circumstances. Decreases (increases) in prior periods' estimates represent the effect of favorable (unfavorable) development of prior period health care cost estimates on current period results of operations, at each financial statement date. The company believes excluding changes to prior period health care cost estimates better reflects the underlying current-period health care costs. The company believes excluding the favorable resolution of prior-period contract matters for a large customer better reflects the premium generated from underlying current-period performance.
For a reconciliation of these items to financial measures calculated under accounting principles generally accepted in the United States of America (GAAP), refer to the tables on pages 9 to 13 of this release.
2 Projected operating earnings per share for 2004 exclude any future net realized capital gains or losses. The company is not able to project the amount of future net realized capital gains or losses and, cannot therefore reconcile projected 2004 operating earnings to projected net income.
3 In order to provide useful information regarding profitability of the company on a basis comparable to others in the industry, without regard to financing decisions, income taxes and amortization of other acquired intangible assets (each of which may vary for reasons not directly related to performance of the underlying business), the company's pretax operating margin excludes interest expense, income taxes and amortization of other acquired intangible assets. Management also uses pretax operating margin to assess its performance, including performance versus competitors. Operating earnings used in the pretax margin calculation also exclude the items noted in footnote 1. For a reconciliation to margin calculated under GAAP, refer to the tables on page 12 of this release.
ADDITIONAL INFORMATION; CAUTIONARY STATEMENT -- Certain information in this press release is forward looking, including the projection of 2004 operating earnings per share and other statements regarding the company's outlook for 2004. Forward-looking information is based on management's estimates, assumptions and projections, and is subject to significant uncertainties and other factors, many of which are beyond Aetna's control. Important risk factors could cause actual future results and other future events to differ materially from those currently estimated by management. Those risk factors include, but are not limited to: unanticipated increases in medical costs (including increased medical utilization, increased pharmacy costs, increases resulting from unfavorable changes in contracting or re-contracting with providers, changes in membership mix to lower-premium or higher-cost products or membership-adverse selection; as well as changes in medical cost estimates due to the necessary extensive judgment that is used in the medical cost estimation process, the considerable variability inherent in such estimates, and the sensitivity of such estimates to changes in medical claims payment patterns and changes in medical cost trends); decreases in membership or failure to achieve desired membership growth due to significant competition or other factors; increases in medical costs or Group Insurance claims resulting from any acts of terrorism; the ability to reduce administrative expenses while maintaining targeted levels of service and operating performance, and to improve relations with providers while taking actions to reduce medical costs; the ability to successfully implement Aetna's new operating model to a projected growing membership base; lower levels of investment income from continued low interest rates; adverse government regulation (including legislative proposals or court decisions eliminating or reducing ERISA pre-emption of state laws that would increase potential litigation exposure, and other proposals, such as patients' rights legislation, that would increase potential litigation exposure or mandate coverage of certain health benefits); adverse pricing actions by government payors; changes in size, product mix and medical cost experience of membership in key markets; and the outcome, including any negotiated resolution, of various litigation and regulatory matters, including ongoing reviews of business practices by various regulatory agencies. For more discussion of important factors that may materially affect Aetna, please see the risk factors contained in Aetna's 2002 Annual Report on Form 10-K, on file with the Securities and E
PsychoBikerBen
Psychotic Artworker. RIP
and he hates magnets
Supabird1100
Registered User
Put me down for two of those.....cheque is in the post.
PsychoBikerBen
Psychotic Artworker. RIP
.
Supabird1100
Registered User
Better make it three then.....cash on delivery.
F
fat bert
Guest
Slight innaccuracy Gyppo~~~
You ARE a dead horse - well you will be when Cyclops gets hold of you!!
You ARE a dead horse - well you will be when Cyclops gets hold of you!!
Supabird1100
Registered User
To hell with the expense....make it four, Ben.
I'll give you the cash when I see ya.
I'll give you the cash when I see ya.
PsychoBikerBen
Psychotic Artworker. RIP
Make it 6,Supa & jobs a good-un
Supabird1100
Registered User
OK Ben....6 it is......I'll raise some wonga by selling Gypsy some of me maps.
Tell me about the dolphins Sam.....any for sale ????:dunno:
Tell me about the dolphins Sam.....any for sale ????:dunno: