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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: Sir Auric Goldfinger who wrote (9645)	4/18/2002 8:36:34 PM
From: gringodoc	Respond to of 19428

PHSY: Is this stock coated with teflon???? Trading up after hours... PacifiCare Announces Affect of New Goodwill Accounting Rules SANTA ANA, Calif., Apr 18, 2002 (BUSINESS WIRE) -- PacifiCare Health Systems Inc. (Nasdaq: PHSY chart, msgs) today announced that it expects to record a one-time, non-cash charge of $897 million, net of tax, in the first quarter of 2002, as a result of the adoption of Statement of Financial Accounting Standards (SFAS) No. 142, "Goodwill and Other Intangible Assets," effective Jan. 1, 2002. The new accounting rules change the method of measuring goodwill impairment and eliminate the amortization of goodwill. The company had previously disclosed that goodwill impairment charges were anticipated under the new rules. The charge will be reflected as a cumulative effect of a change in accounting principle and will have no impact on the company's operating income or cash flows. In addition, the company's results will benefit from the positive impact of the elimination of goodwill amortization under SFAS No. 142, which will amount to approximately $14 million, or $0.40 diluted earnings per share, net of tax, in the first quarter, and approximately $56 million, net of tax, for the entire year, as previously disclosed. PacifiCare Health Systems is one of the nation's largest health and consumer services companies with approximately $11 billion in annual revenues. Primary operations include health insurance products for employer groups and Medicare beneficiaries in eight states and Guam serving approximately 3.3 million members. Other specialty products and operations include behavioral health services, life and health insurance, dental and vision services and pharmacy and medical management. More information on PacifiCare can be obtained at www.pacificare.com.