PacifiCare Health Shows Earnings Hike

PacifiCare Health Systems Inc. Thursday reported a modest increase in net earnings on sharply increased revenues during its fiscal first quarter, ended Dec. 31.

The Cypress-based prepaid medical plan operator posted net income of $1.3 million, up 10% from net income of $1.2 million a year earlier. Revenues during the quarter totaled $29.3 million, up 46% from $19.9 million.

The company’s continued expansion into Oregon and its increased advertising will result in virtually flat earnings for the current quarter, but PacifiCare should experience a “significant upturn” during the last half of the year, Terry Hartshorne, the company’s president, said.