WELLPOINT EARNINGS ON PACE DESPITE LOSS.Byline: Ben Sullivan Daily News Staff Writer Health insurer WellPoint Health Networks Inc. nailed analysts' first-quarter earnings estimates Wednesday but reported a 19 percent drop in out-of-state membership. The managed care specialist, which markets health plans locally under the Blue Cross of California name, earned $71.1 million, or $1.04 per share, on revenues of $1.61 billion. The results, excluding a one-time accounting charge of $20.6 million, were 5.8 percent better than a year ago, when the company earned $67.2 million, or 95 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on sales of $1.42 billion. WellPoint reported the results after the close of U.S. stock markets. ``Everything was right in line,'' said analyst Peter Costa This article is about the professional poker player. For the former child actor, see Peter Costa (actor). Peter "The Poet" Costa (born January 17 1956 in Cyprus) to Greek Cypriot parents is a British professional poker player based in Las Vegas, at ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) in Boston. ``No surprises.'' Most striking in Wednesday's report was a 19 percent loss in the company's out-of-state business over the last 12 months. While already a top player in California with 5 million members, WellPoint is a making a push to expand nationally. To that end, the firm reported a gain of 77,000 members in its individual, small group and senior business outside the state. But due to attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: at some large group plans it bought, the company overall lost 135,000 members outside of California. ``It's obviously very important for them to maintain their position inside California, but it's also important for them to grow nationally,'' Costa said. The company was dealt a setback setback In architecture, a steplike recession in the profile of a high-rise building. Usually dictated by building codes to allow sunlight to reach streets and lower floors, the building must take another step back from the street for every specified added height interval. last month when it attempted to buy a Colorado insurer, Rocky Mountain Hospital and Medical Systems, but was ultimately outbid out·bid tr.v. out·bid, out·bid·den or out·bid, out·bid·ding, out·bids To bid higher than: We outbid our rivals at the auction. by a competitor, Anthem anthem [ultimately from antiphon], short nonliturgical choral composition used in Protestant services, usually accompanied and having an English text. The term is used in a broader sense for "national anthems" and for the Latin motets still used occasionally in Inc. Also reflected in Wednesday's earnings were higher costs since the start of the year resulting from payments made to physician groups to ensure continued care for WellPoint members that had been treated by MedPartners Provider Network Inc. doctors. MedPartners filed for bankruptcy protection in February after state regulators seized the firm because of what they claimed were its shaky finances. WellPoint shares closed up $4.0625, or 5.7 percent, to $75. |
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