Executive Business Briefing

Here is a look at Friday's top business stories:

Cigna posts higher results

PHILADELPHIA, May 2 (UPI) -- Health insurer Cigna Corp. said its first-quarter net income rose as a strong performance in its employee benefits businesses underpinned results.

The insurer said its first-quarter net income improved to $236 million, or $1.68 a share, from $218 million, or $1.52 a share during the same period a year ago.

Cigna predicted back in March that it would post results between $1.30 and $1.50 a share on an adjusted basis, as it shed unprofitable units and realigned operations.

On that basis, first-quarter earnings from continuing operations, however, declined to $205 million, or $1.46 a share, from $275 million, or $1.92 a share a year earlier.

Also in March, Cigna forecast earnings between $6.25 and $6.50 for the year on an adjusted basis.

Wall Street analysts polled by Thomson First Call saw Cigna earning $1.42 a share in the quarter.

Quarterly revenue from continuing operations increased to $4.90 billion from $4.78 billion a year ago.

"Results for the quarter reflect solid execution on key initiatives in our health care operations and strong performance in our other employee benefits businesses," said H. Edward Hanway, chairman and chief executive officer.

Hearst-Argyle posts lower results

NEW YORK, May 2 (UPI) -- Hearst-Argyle Television Inc., which owns and manages 27 television stations, said its first-quarter earnings and revenue were dragged down by declining advertising due to the war in Iraq.

The company said its first-quarter net income dropped 43 percent to $10.01 million, or 11 cents a share, from $14.32 million, or 15 cents a share during the same period last year.

Analysts on Wall Street had expected the company to post a net income of 9 cents a share, according to Thomson First Call.

Revenue slipped 3.6 percent to $149.3 million from $154.9 million a year ago.

The company, which was also hit by the lack of Olympics and political advertising in the period compared with a year ago, said the war in Iraq caused a loss of about $5 million in net ad revenues in March due to cancellations, schedule adjustments and lost bookings.

"We are hopeful that the conclusion of the war bodes well for eventual economic recovery," said David J. Barrett, the company's president and chief executive. "We remain somewhat cautious about near-term growth."

However Barrett said stations were enjoying of modest positive pacing, or television advertising sold in advance, for the second quarter.

Sales rise at Walgreen

DEERFIELD, Ill., April 2 (UPI) -- Walgreen Co., the nation's largest pharmacy chain, said its April sales at stores open at least one year rose 10.8 percent as it benefited from a later Easter.

The company said April sales rose 15.2 percent to $2.77 billion from $2.40 billion during the same period a year earlier.

The company noted that this year's April benefited from a later Easter, which pushed most holiday sales from March into April.

Walgreen said April pharmacy sales rose 14.7 percent, while same-store pharmacy sales rose 11.1 percent. Total prescriptions filled at comparable stores rose 6.1 percent.

Comparable store front-end sales rose 10.3 percent during April.