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HEALTH NET REPORTS FIRST QUARTER 2015 GAAP NET INCOME
OF $30.0 MILLION, OR $0.38 PER DILUTED SHARE
WESTERN REGION OPERATIONS AND GOVERNMENT CONTRACTS SEGMENTS
FIRST QUARTER 2015 COMBINED NET INCOME PER DILUTED SHARE
INCREASED 90 PERCENT YEAR-OVER-YEAR TO $0.74
EARNINGS IMPROVEMENT DRIVEN BY A 20 PERCENT INCREASE IN
HEALTH PLAN ENROLLMENT, MODERATE HEALTH CARE COST TRENDS AND
IMPROVED G&A AND ADMINISTRATIVE EXPENSE RATIOS YEAR-OVER-YEAR
HEALTH NET INCREASES FULL YEAR 2015 WESTERN REGION OPERATIONS AND
GOVERNMENT CONTRACTS SEGMENTS COMBINED EARNINGS PER DILUTED SHARE
GUIDANCE BY $0.10 TO A RANGE OF $3.25 TO $3.35
LOS ANGELES, May 4, 2015 Health Net, Inc. (NYSE:HNT) today announced 2015 first quarter GAAP net income of $30.0 million, or $0.38 per diluted share, compared with GAAP net income of $28.8 million, or $0.36 per diluted share, for the first quarter of 2014 and $4.9 million, or $0.06 per diluted share, for the fourth quarter of 2014.
In the first quarter of 2015, Health Net incurred $47.3 million of pretax expenses primarily related to its previously announced transaction with a wholly owned subsidiary of Cognizant Technology Solutions Corporation (Cognizant). The transaction remains subject to receipt of required regulatory approvals.
The companys Western Region Operations (Western Region) and Government Contracts segments produced combined net income of $58.3 million, or $0.74 per diluted share, in the first quarter of 2015 compared with $31.3 million, or $0.39 per diluted share, in the first quarter of 2014 and $47.4 million, or $0.60 per diluted share, in the fourth quarter of 2014.
The following information was filed by Health Net Inc (HNT) on Monday, May 4, 2015 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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