NU Online News Service, April 30, 2004, 3:55 p.m. EDT – An accounting change cut net results at CIGNA Corp., Philadelphia, during the first quarter.[@@]
The managed care company is reporting $78 million in net income for the quarter on $4.7 billion in revenue, down from $236 million in net income on $4.9 billion in revenue for the first quarter of 2003.
First-quarter net income includes $49 million in restructuring charges and $150 million in charges related to accounting changes, CIGNA says.
The company ended the quarter providing or administering coverage for 10.2 million people, down from 12.3 million people a year earlier.