Tuesday, July 29, 2003

Tristate summary


Humana earnings beat expectations

Staff/wire reports

Louisville-based Humana Inc. reported sharply higher second-quarter earnings Monday, easily beating Wall Street expectations, on the strength of gains in the managed care company's commercial business.

Revenues from premiums and administrative service fees from its commercial members rose 14 percent in the quarter ending June 30, offsetting a slight drop in Humana's business with the government.

Humana posted net income of almost $69.3 million, or 43 cents a share, up 53 percent from $45.4 million, or 27 cents a share, in the year-ago period.

Overall revenue rose to $3.03 billion from $2.83 billion a year earlier.

Hemmer leases to medical group

A newly formed Northern Kentucky medical group has signed a 10-year lease with Paul Hemmer Cos. on a 12,200-square-foot building the developer is constructing at the Thomas More Centre in Crestview Hills.

Northern Kentucky Heart P.S.C. is expected to move into the Chapel Place building in November, according to an announcement from Hemmer. The practice includes three physicians now with Cardiology Associates: Dr. Kevin Miller, Dr. Richard Grover and Dr. Daniel Courtade.

ArvinMeritor seeks meeting

ArvinMeritor Inc., the world's biggest maker of axles for commercial trucks, told Toledo, Ohio-based Dana Corp.'s independent directors that it seeks to meet with them, after Dana last week rejected its $2.2 billion hostile takeover bid.

ArvinMeritor told nine independent directors in a letter that the company wants a meeting soon and is encouraged that they "may have taken control of the process." Dana spokesman Gary Corrigan would say only that Dana is aware of the letter.




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