PacifiCare Health Systems posted an 88% increase...

PacifiCare Health Systems posted an 88% increase in net income for its third quarter ended June 30, to $1.5 million from $817,000 for the year-earlier period. Revenue rose 36% to $113.8 million from $83.9 million in the year-earlier quarter. Terry Hartshorn, president and chief executive officer, attributed the higher profit to revenue growth, elimination of an unprofitable health-care provider and reduced overhead. For the nine-month period, net income nearly doubled to $4.1 million from $2.1 million, and revenue rose 42% to $313.4 million from $221.2 million. PacifiCare, based in Cypress, owns and operates health maintenance organizations in California, Oregon, Oklahoma and Texas, and an insurance company licensed in 33 states. The company also provides independent utilization review and preferred provider organization services.