Newspaper article The Florida Times Union

Corporate Earnings

Newspaper article The Florida Times Union

Corporate Earnings

Article excerpt

CNB FLORIDA BANCSHARES INC.

CNB Florida Bancshares reported yesterday first quarter income of $1.3 million, or 21 cents per share, compared to $995,000, or 16 cents per share, for the same period last year.

Total assets increased to $774.2 million at March 31 compared to $624.3 million on March 31, 2002, the company said.

CNB Florida Bancshares is the parent of CNB National Bank, the largest community bank headquartered in Northeast Florida. The bank started in 1986 with one Lake City location and now has 14 offices in eight counties.

HUMANA INC.

Humana posted lower first-quarter earnings yesterday as costs linked with the managed care company's restructuring dragged down profits despite a strong showing by its commercial business.

The company reported net income of $31.2 million, or 19 cents per share, for the quarter ending March 31, down from $46.7 million, or 28 cents a share, in the same period last year.

Excluding the restructuring charges, the company earned $50 million in net income, or 31 cents per share, for the most recent quarter, matching analysts' projection.

The charges stem mainly from Humana's decision in December to cut about 2,300 jobs, including about 500 in Jacksonville.

Humana reported revenue of $2.9 billion for the quarter, an improvement from $2.7 billion in the year-ago period.

TYSON FOODS INC.

Tyson Foods, the world's largest meat company, reported yesterday that its second quarter earnings rose nearly 11 percent, largely due to a legal settlement.

The company's profit for the three months ending March 29 was $72 million, or 20 cents per share, up from a profit of $65 million, or 18 cents per share, a year earlier.

Without a $94 million gain related to a settlement of litigation over alleged price-fixing for vitamins in animal feed, Tyson would have reported a profit of just 3 cents per share, the company said. …

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