PacifiCare Health Systems Inc., a Cypress-based chain...

PacifiCare Health Systems Inc., a Cypress-based chain of health maintenance organizations, posted fiscal 1988 first-quarter earnings of $450,000, down 24% from $599,000 for the same quarter a year ago. Nonetheless, the company said, revenues for the quarter ended Dec. 31 rose 48% to $92.1 million, compared with $62.3 million for the same period in 1986. “A highly competitive environment has caused (profit) margins to narrow despite generally successful efforts to control health care costs,” the company said in a statement. However, Terry Hartshorn, PacifiCare’s president and chief executive officer, added that pricing pressures are easing.