Health Net’s Operating Profit Rises 22%
Health Net Inc., one of the largest U.S. health insurers, said second-quarter earnings rose 22% after the company shed plans that weren’t profitable.
The Woodland Hills-based company said net income was $65 million, or 51 cents a share, contrasted with a year-earlier loss of $14 million, or 12 cents. Excluding a charge for the sale of its Florida health plan, profit was $53 million in the same quarter a year earlier.
Revenue rose slightly to $2.5 billion, after the company left plans, including government-sponsored Medicaid and Medicare, and added smaller plans in key markets such as California.
Health Net shares were down $1.92 to $21.50 on the New York Stock Exchange.
Other earnings reported by California companies included:
Autobytel Inc. said its second-quarter net loss narrowed substantially to $600,000, or 2 cents a share, from a loss of $36.6 million, or $1.80, a year ago. Revenue at the Internet auto marketer was up 32% to $20.8 million.
Excluding restructuring charges and other one-time items, the company earned $400,000, or 1 cent a share, contrasted with a loss of $4.9 million, or 24 cents, a year ago.
First American Corp. said second-quarter net income fell 26% to $40.1 million, or 51 cents a share, including an investment loss. The Santa Ana-based provider of real estate information said revenue increased 18% to $1.09 billion.
Guitar Center Inc. reported flat second-quarter net income of $4.1 million, or 18 cents a share, including $1.45 million in costs related to a new distribution center. The Westlake Village-based seller of musical instruments said the results were better than it expected, as sales rose 18% to $253.9 million.
Microsemi Corp., a maker of power management semiconductors, said net income, including special charges, plunged 83% in its fiscal third quarter to $740,000, or 3 cents a share, due to weakness in its commercial airline, space, computers and mobile handset businesses.
Excluding charges, Microsemi earned $1.21 million, or 4 cents a share, down 75% from a year ago. Revenue fell 14% to $51.5 million, the Irvine-based company said.
Nationwide Health Properties reported funds from operations of $22 million, or 45 cents a share, in the second quarter, compared with $24.7 million, or 53 cents, in 2001. Revenue for the real estate investment trust, based in Newport Beach, fell 10% to $38 million.
Odetics Inc. posted a loss from continuing operations of $1.3 million, or 10 cents, for its fiscal first quarter, compared with a loss of $4.4 million, or 41 cents, a year earlier, as revenue fell 6.7% to $15.3 million.
