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HEALTH NET REPORTS THIRD QUARTER 2015 RESULTS
Company Reports GAAP Net Income of $60.3 Million, or $0.77 per Diluted Share
Western Region Operations and Government Contracts Segments Produce
Combined Net Income of $0.96 per Diluted Share in Third Quarter of 2015
Consolidated MCR Improves to 83.4 Percent in Third Quarter of 2015
LOS ANGELES, November 2, 2015 - Health Net, Inc. (NYSE: HNT) today announced 2015 third quarter GAAP net income of $60.3 million, or $0.77 per diluted share, compared with a GAAP net loss of $8.9 million, or a loss of $0.11 per share, for the third quarter of 2014 and GAAP net income of $58.4 million, or $0.75 per diluted share, for the second quarter of 2015.
In the third quarter of 2015, Health Net incurred $21.7 million of pretax expenses primarily as a result of information technology costs associated with the suspension of the previously announced transaction with a wholly owned subsidiary of Cognizant Technology Solutions Corporation (Cognizant). In addition, this amount includes $5.2 million of pretax expenses related to the companys previously announced definitive merger agreement with Centene Corporation (Centene). Efforts toward the commencement of services pursuant to the Cognizant transaction were suspended in connection with Health Nets July 2, 2015 announcement that it had entered into a definitive merger agreement with Centene (see Recent Events).
The companys Western Region Operations (Western Region) and Government Contracts segments produced combined net income of $75.1 million, or $0.96 per diluted share, in the third quarter of 2015 compared with $58.5 million, or $0.72 per diluted share, in the third quarter of 2014 and $74.6 million, or $0.95 per diluted share, in the second quarter of 2015.
The following information was filed by Health Net Inc (HNT) on Monday, November 2, 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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