TriCare Profits Jump; Shares to Be Offered

TriCare Inc., a Santa Ana occupational health-care services company, on Wednesday reported sharply higher earnings for the year and said it plans a public stock offering of 1 million shares.

The company reported earnings of $2.4 million for its fiscal year ended May 31, up 51% from $1.6 million last year. Revenue rose 75% to $36.6 million from $20.9 million.

For the fourth quarter, the company earned $803,000, up 51% from $532,000 a year earlier. Revenue rose 78% to $10.7 million from $6 million.

TriCare stock, traded over-the-counter, closed Wednesday at $12.375, up 62.5 cents a share.

In a statement, Steve Bullock, president and chief executive, attributed TriCare’s strong performance to higher sales in its core businesses, including medical and legal evaluation, industrial treatment and related support services for injured workers.

The company’s sales were also helped by its acquisition of Occu-Care Inc., an Irvine firm that provides treatment and rehabilitation services for employees, Bullock said.

TriCare also said it has filed a registration statement with the Securities and Exchange Commission to offer 1 million common shares for sale to the public.

The company would not disclose the offering price. But based on Wednesday’s closing price of just over $12 a share, the offering could fetch about $12.4 million.