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Health Net, Inc.
21650 Oxnard Street
Woodland Hills, CA 91367
|Investor Contact||Media Contact|
|Angie McCabe||Margita Thompson|
HEALTH NET REPORTS ADJUSTED FOURTH QUARTER 2008
NET INCOME OF $63.1 MILLION, OR $0.61 PER DILUTED SHARE1
FULL YEAR 2008 ADJUSTED NET INCOME WAS $199.1 MILLION,
OR $1.85 PER DILUTED SHARE1
LOS ANGELES, February 3, 2009 Health Net, Inc. (NYSE:HNT) today announced 2008 fourth quarter net income of $35.5 million, or $0.34 per diluted share, compared with fourth quarter 2007 net income of $116.9 million, or $1.04 per diluted share. The fourth quarter 2008 results include the effect of a $47.8 million pretax charge for severance and other expenses primarily relating to the companys operations strategy that is designed to reduce general and administrative (G&A) expenses.
Adjusted1 net income in the fourth quarter of 2008 was $63.1 million, or $0.61 per diluted share. Adjusted1 net income in the fourth quarter of 2007 was $123.4 million, or $1.10 per diluted share.
For the full year 2008, Health Net reported net income of $95.0 million, or $0.88 per diluted share. Adjusted1 net income for the full year of 2008 was $199.1 million, or $1.85 per diluted share.
Health Nets full year 2007 net income was $193.7 million, or $1.70 per diluted share. Adjusted1 net income for the full year 2007 was $416.1 million, or $3.66 per diluted share.
Last November, we outlined a plan to improve operational performance and increase shareholder value. The fourth quarter results were consistent with that plan and set a solid foundation for 2009, said Jay Gellert, president and chief executive officer of Health Net. We are encouraged by the initial progress in Medicare and our California commercial business.
Detailed explanations of the non-GAAP financial measures referred to in this release and reconciliations to the comparable GAAP measures are included in the attached financial tables.
The following information was filed by Health Net Inc (HNT) on Tuesday, February 3, 2009 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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