HealthCare USA Posts $13.1-Million Net Loss
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HealthCare USA said net losses for 1985 totaled $13.1 million, largely the result of $8.3 million in write-offs of discontinued operations during the fourth quarter. For the prior year, the prepaid health-plan operator posted net income of $1.8 million after taking a $675,000 loss on discontinued operations.
Net losses from continuing operations during 1985 were $7.9 million, contrasted with net earnings from continuing operations of $2.5 million during 1984.
For the fourth quarter, the Orange-based company said net losses were $7.9 million, contrasted with net earnings of $245,000 a year ago. HealthCare USA posted a $7.1-million loss from continuing operations in the final period, contrasted with a gain of $401,000 for the last quarter of 1984.
Units written off during the quarter included a new health plan in Phoenix, two dental plans, medical centers in Michigan and a string of urgent care clinics in Los Angeles and Riverside counties. No further write-offs are planned, said Chairman Harlan Loomas.
During 1985, revenues grew to $183 million from $80.2 million a year ago. Fourth-quarter revenues increased to $48.1 million from $37.5 million in 1984.
Loomas said he expects HealthCare USA to stage a turnaround during this quarter, which ends March 31.
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