HEALTH NET FEELING FINE AS EARNINGS A SOAR POINT COMPANY'S PROFITS JUMP 24.5 PERCENT.Byline: Gregory J. Wilcox Wilcox may refer to: Place names in the United States
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WOODLAND HILLS - Profits at managed care giant Health Net Inc. jumped 24.5 percent during the first quarter and the company said Tuesday Tuesday: see week. it expects continued strong performance throughout the year. The Woodland Hills-based company earned $42.4 million, or 34 cents a share, versus profits of $34.1 million, or 28 cents a share, in the year-ago period. On a per-share basis, profits increased 21.4 percent. Revenues totaled $2.49 billion, a 13 percent increase from $2.20 billion in the first quarter of 2000. Results met or beat analysts' expectations for the ninth consecutive quarter. ``Not only did we meet expectations, we also demonstrated that our growth strategies, which we've been working on for some time, are coming through,'' Jay M. Gellert, company president and chief executive officer, said in a conference call with analysts. Lower interest expenses resulting from reduced debt and health plan enrollment growth contributed to the strong quarterly results. Health plan revenues increased 16 percent during the quarter versus the year-ago period. ``The strong states for our growth were New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey and California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , markets we've earmarked for some time as growth opportunities. These states had good performance year over year and sequentially,'' Gellert said. For consumers, the news was not as good, as plan premiums will increase along with health care costs, he said. Analyst Todd Todd , Sir Alexander Robertus 1907-1997. British chemist. He won a 1957 Nobel Prize for his study of nucleic acids and nucleotide structures. Richter at Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Securities in New York said Health Net's results were not surprising and that the company has set realistic financial goals for the year. The company expects second-quarter earnings in the 37 cents to 38 cents a share range with the third and fourth quarters outpacing the year-ago mark by 15 percent to 20 percent. Forecasts for 2002 predicted full-year per-share earnings of $1.80 to $1.85. ``It was a very solid quarter. I think the management team they have assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. is very solid and impressive,'' Richter said, noting that the entire health care industry is strong. |
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