Companies announce quarterly earnings, dividends

RightChoice announces second quarter earnings

St. Louis-based RightChoice Managed Care Inc. has announced net income of $15.4 million for the second quarter that ended June 30.

According to a RightChoice news release, that amount is 82 percent more than the $8.5 million in earnings reported for the same quarter in 2000. The company reported 78 cents in diluted per-share earnings for the second quarter, compared to 56 cents in the same quarter a year ago. That amount represents a 39 percent increase.

"Earnings growth this quarter is primarily the result of margin improvement in the underwritten segment and membership growth in our self-funded PPO business," said John O' Rourke, chairman and chief executive officer of Right-Choice.

He added, "Our strategy is to provide our clients with superior service and choice through our wide continuum of networks and flexible products."

Several other second-quarter statistics in comparison with the second quarter of 2000 also were released, including:

Revenues were $288.4 million, compared to $260.2 million, an 11 percent increase;

Operating income was $21.6 million, compared to $11.5 million, an 87 percent increase;

Earnings before interest expense, taxes, depreciation and amortization were $31.5 million, compared to $22.9 million excluding the charge for minority interest, a 38 percent increase; and

The medical margin per member per month was $31.68, compared to $24.79, a 28 percent increase.

Commerce Bancshares Inc. reports record earnings

Commerce Bancshares Inc., the holding company for Commerce Bank, July 17 announced record earnings of $1.41 per share for the first six months of this year.

According to a Commerce news release, that amount is 6 percent higher than the per-share earnings of $1.33 reported for the same period last year.

Total earnings reported for the period were $89.7 million this year, as compared with $86.9 million reported in 2000.

For the second quarter, which ended June 30, earnings were reported at 72 cents per share, compared to the 70 cents per share earned in the second quarter of 2000. Total earnings for the second quarter were $45.8 million, compared to $45.6 million in total earnings last year.

"This increase in earnings was led by double-digit growth in non-interest revenues from key business segments. Also adding to the period results were continued control of non-interest expense, coupled with lower credit costs," said Commerce Bancshares Chairman and Chief Executive Officer David W. Kemper.

As of June 30, Commerce's total assets were $11.7 billion. Total loans were $7.8 billion and total deposits were $9.5 billion.

Union Planters Corp.

announces dividends, earnings

The Board of Directors of Union Planters Corporation, the holding company for Union Planters Bank July 19 declared a quarterly dividend of 50 cents per share on the company's common stock.

According to a Union Planters press release, the board also declared earnings of 50 cents per share for UPC's 8 percent Series E Preferred Stock. Both dividends are payable Aug. 15 to shareholders of record on Aug. 1.

In a separate release, UPC reported cash operating earnings of $123.1 million for the second quarter, which ended June 30.

That figure equals 89 cents per diluted share, and is 6 percent higher than the 84 cents per diluted share in cash operating earnings for the same quarter in 2000. Union Planters' net earnings for the second quarter were $109.3 million, or 79 cents per diluted share, which is a 3.9 percent increase compared to 76 cents per diluted share for the same period last year.

CFOs predict stable

third-quarter hiring

In a recent survey carried out by Robert Half International Inc., chief financial officers indicated that they expect a net 7 percent increase in the hiring of accounting and finance professionals in the third quarter.

According to an RHI news release, that figure represents a one-point decline in the number of professional hirings compared to the second quarter.

While 82 percent of CFOs surveyed don't expect any change in staffing levels, 11 percent said they plan to hire more financial personnel in the next three months, and 4 percent expect staff reductions.

"Accounting and finance departments can be somewhat insulated from wide swings in staff levels, as accounting professionals are needed whether the company is experiencing rapid growth or pursuing cost-cutting measures," said RHI Chairman and Chief Executive Officer Max Messmer.

Responses from 1,400 CFOs from a stratified random sample of U.S. companies with at least 20 employees were used in the survey.