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HEALTH NET REPORTS SECOND QUARTER 2015 RESULTS
AND REAFFIRMS FULL YEAR 2015 EARNINGS GUIDANCE
COMPANY REPORTS GAAP NET INCOME OF $58.4 MILLION, OR $0.75 PER DILUTED SHARE
WESTERN REGION OPERATIONS AND GOVERNMENT CONTRACTS SEGMENTS PRODUCE
COMBINED NET INCOME OF $0.95 PER DILUTED SHARE IN SECOND QUARTER OF 2015
YEAR-OVER-YEAR, HEALTH PLAN SERVICES PREMIUM REVENUES GREW 22.7 PERCENT
IN SECOND QUARTER OF 2015
HEALTH PLAN ENROLLMENT CLIMBS 11.0 PERCENT YEAR-OVER-YEAR,
LARGELY DRIVEN BY MEDICAID EXPANSION GROWTH
LOS ANGELES, August 4, 2015 - Health Net, Inc. (NYSE: HNT) today announced 2015 second quarter GAAP net income of $58.4 million, or $0.75 per diluted share, compared with GAAP net income of $120.9 million, or $1.49 per diluted share, for the second quarter of 2014 and $30.0 million, or $0.38 per diluted share, for the first quarter of 2015.
In the second quarter of 2015, Health Net incurred approximately $26.4 million of pretax expenses primarily related to its previously announced transaction with a wholly owned subsidiary of Cognizant Technology Solutions Corporation (Cognizant). Efforts toward the commencement of services pursuant to this transaction were suspended in connection with Health Nets announcement that it had entered into a definitive merger agreement with Centene Corporation (see Recent Events).
The companys Western Region Operations (Western Region) and Government Contracts segments produced combined net income of $74.6 million, or $0.95 per diluted share, in the second quarter of 2015 compared with $50.3 million, or $0.62 per diluted share, in the second quarter of 2014 and $58.3 million, or $0.74 per diluted share, in the first quarter of 2015.
The following information was filed by Health Net Inc (HNT) on Tuesday, August 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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