PacifiCare Reports 39% Hike in 1st Quarter’s Net Income
PacifiCare Health Systems Inc. reported a 39% increase in net income in the fiscal first quarter, attributing the gain to growing enrollment and improved operating efficiency.
The major provider of managed health-care services posted net income of $28 million, or 88 cents a share, for the quarter ended Dec. 31, up from $20.1 million, or 71 cents a share, a year ago. Revenue increased 30% to $1.1 billion from $821.6 million.
The Cypress company reported that membership grew 29% to 1.8 million by the end of 1995. PacifiCare has members in California, Florida, Oklahoma, Oregon, Texas and Washington.