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|Investor Contact:||Media Contact:|
|David Olson||Brad Kieffer|
|The Abernathy MacGregor Group||(818) 676-6833|
HEALTH NET REPORTS THIRD QUARTER 2014 GAAP NET LOSS
OF $8.9 MILLION, OR A LOSS OF $0.11 PER SHARE
WESTERN REGION OPERATIONS AND GOVERNMENT CONTRACTS SEGMENTS PRODUCE
COMBINED NET INCOME OF $58.5 MILLION, OR $0.72 PER DILUTED SHARE
HEALTH PLAN ENROLLMENT CLIMBS 24.7 PERCENT YEAR-OVER-YEAR,
AND SURPASSES 3 MILLION MEMBERS,
DRIVEN BY CONTINUED MEDICAID GROWTH FROM EXPANSION AND
COMMERCIAL GROWTH FROM INDIVIDUAL EXCHANGES
COMPANY ENTERS INTO MASTER SERVICES AGREEMENT WITH COGNIZANT:
HEALTH NET EXPECTS $150 TO $200 MILLION IN ANNUAL G&A
AND DEPRECIATION EXPENSE SAVINGS BY 2017
LOS ANGELES, November 3, 2014 Health Net, Inc. (NYSE: HNT) today announced a 2014 third quarter GAAP net loss of $8.9 million, or a loss of $0.11 per share, compared with GAAP net income of $66.8 million, or $0.83 per diluted share, for the third quarter of 2013.
The company announced today in a separate press release that it has entered into a master services agreement with a wholly owned subsidiary of Cognizant Technology Solutions Corporation (NASDAQ: CTSH) (Cognizant), a leading provider of information technology, consulting and business process services.
Health Net previously announced on August 6, 2014, that it had signed a Letter of Intent with Cognizant as part of Health Nets commitment to address Health Nets scale issue and reduce administrative costs.
The GAAP net loss resulted from approximately $106 million of expenses incurred in the third quarter of 2014 related to the companys new master services agreement with Cognizant. The $106 million is comprised of an approximately $85 million, non-cash, impairment of the companys information technology assets that will be sold to Cognizant upon completion of the transaction and approximately $21 million in other transaction-related and other expenses.
The following information was filed by Health Net Inc (HNT) on Monday, November 3, 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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