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Q4 2003 Aetna Inc. Earnings Conference Call - Final.
Original Source: FD (FAIR DISCLOSURE) WIRE
OPERATOR: Good day, everyone, and welcome to Aetna incorporated's fourth quarter, 2003 earnings release. Today's conference is being recorded. At this time for opening remarks and introductions, I would like to turn the call over to Mr. David Entreken, Vice President of Investor Relations for Aetna, Inc. Please, go ahead, sir.
DAVID ENTREKEN, IR, AETNA: Good morning. And thank you for joining Aetna's fourth quarter 2003 earnings call and webcast. This is David Entreken, head of Investor Relations for Aetna, and with me this morning is the Chairman and Chief Executive Officer, Dr. Jack Rowe, President Ron Williams, and Alan Bennett, our Chief Financial Officer. Following their prepared remarks we'll be happy to answer your questions.
During the call we'll make forward-looking statements. Risk factors that may impact those statements and could cause actual future results to differ materially from currently expected results are described in our 2002 Form 10-K.
Pursuant to SEC Regulation G, we have provided reconciliation of metrics relating to the company's performance that are non-GAAP measures in our fourth quarter 2003 press release, financial supplement, and 2004 guidance summary. These are available on our investor relations portion of the Aetna.com web site.
Also, as you know, Regulation FD limits our ability to respond to certain inquiries from investors and analysts in non-public forums. So, we invite you to ask all questions of a material nature on this conference call. Now let me turn the call over to Dr. Rowe. Jack?
DR. JACK ROWE, CEO, AETNA, INC.: Thank you, David and thank all of you for joining us this morning. I'm very pleased to report operating earnings for Aetna in the fourth quarter of $1.50 per share. Operating EPS, excluding development and other items, was $1.32, a 71% increase, compared to the fourth quarter of 2002. Full year 2003 operating EPS, excluding development and other items, was $5.18 per share, a more than doubling from the $2.50 per share in 2002.
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