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|Investor Contact:||Media Contact:|
|David Olson||Brad Kieffer|
|The Abernathy MacGregor Group||(818) 676-6833|
HEALTH NET REPORTS SECOND QUARTER 2014 GAAP NET INCOME
OF $120.9 MILLION, OR $1.49 PER DILUTED SHARE
WESTERN REGION OPERATIONS AND GOVERNMENT CONTRACTS SEGMENTS PRODUCE
COMBINED NET INCOME OF $0.62 PER DILUTED SHARE IN SECOND QUARTER 2014
YEAR-OVER-YEAR, HEALTH PLAN SERVICES PREMIUM REVENUES GREW 26.5 PERCENT
HEALTH PLAN ENROLLMENT CLIMBS 17.4 PERCENT YEAR-OVER-YEAR,
DRIVEN BY CONTINUED COMMERCIAL GROWTH FROM EXCHANGES
AND MEDICAID GROWTH FROM EXPANSION
COMPANY ANNOUNCES LETTER OF INTENT FOR COMPREHENSIVE SERVICES AGREEMENT
IN COLLABORATION WITH COGNIZANT TECHNOLOGY SOLUTIONS:
HEALTH NET EXPECTS $150 TO $200 MILLION IN ANNUAL G&A
AND DEPRECIATION EXPENSE SAVINGS BY 2017
LOS ANGELES, August 6, 2014 Health Net, Inc. (NYSE: HNT) today announced 2014 second quarter GAAP net income of $120.9 million, or $1.49 per diluted share, compared with GAAP net income of $33.5 million, or $0.42 per diluted share, for the second quarter of 2013.
The companys Western Region Operations (Western Region) and Government Contracts segments produced combined net income of $50.3 million, or $0.62 per diluted share, in the second quarter of 2014 compared with $41.4 million, or $0.52 per diluted share, in the second quarter of 2013.
The second quarter 2014 results include approximately $3.3 million in pretax expenses, primarily related to severance costs, and a $72.6 million income tax benefit resulting from a loss on the stock of our subsidiary, Health Net of the Northeast.
The following information was filed by Health Net Inc (HNT) on Wednesday, August 6, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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