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The Tampa Tribune

Published: November 2, 2007

TAMPA BAY AREA

WellCare Delays Its Results

WellCare Health Plans, which was scheduled to release its audited third-quarter earnings report Monday, announced Friday that it will postpone the filing of its formal quarterly report to the Securities and Exchange Commission. Instead, it will report unaudited preliminary financial and operating information.

The company said it cannot file the formal report or provide guidance while it is uncertain of the outcome of the Oct. 24 search of WellCare's Tampa headquarters by federal and state health-fraud agents. WellCare said in its release that it does not know why the government launched its investigation and therefore can't predict whether it will lead to penalties.

The company said it will withhold the formal filing of the SEC report for the quarter that ended Sept. 30 until completion of an internal investigation by a special committee of independent directors. Depending on how long that takes, the company said, the fourth-quarter filing may be delayed, as well.

The announcement came after Friday's 4 p.m. close of the stock market. During regular trading, WellCare's shares rose $4.50, or 20 percent, to $27.37. The stock, which had been as high as $128.42 before the raid, hit a low on Tuesday of $20.81.

Freedom Sweeps Awards

Freedom Health Care, an Ocala company that is moving its headquarters to Tampa this month, has swept all categories of the 2008 Senior Gold Choice Awards for most counties in the Tampa Bay area, according to HealthMetrix. The consulting firm annually gives the awards to the Medicare Advantage plan that offers the best deal in three categories: good, fair and poor health. Freedom scored highest in all three categories in Hillsborough, Pinellas, Pasco and Hernando counties. In Polk County, where Freedom is not offered, Tampa-based Citrus Health Plan won in all categories. Medicare drug and health plan enrollment begins Nov. 15.

Beazer Layoffs Announced

Beazer Homes said Friday that national restructuring means layoffs for 19 local employees in mortgages, purchasing and accounting. Orlando will become Beazer's regional accounting center. Five Florida satellite offices, including Tampa, will remain open. Beazer said cost-cutting is needed because home closings are down nationwide.

STATE

Orlando Cargo Airline Sold

Air cargo company ABX Air said Friday that it will acquire privately held Cargo Holdings International of Orlando for about $350 million. ABX expects the deal to close by the end of the year.

A staff and wire report

Watch the Tribune's Business report at 5, 6 and 11 a.m. weekdays and 9 a.m. Saturdays on WFLA-TV.

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