10% Revenue Gain Boosts FHP International’s Net
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SANTA ANA — Health care services company FHP International Corp. posted higher net income for the fiscal first quarter on a 10% gain in revenue.
The company, which has signed an agreement to be acquired by Orange County rival PacifiCare Health Systems Inc., reported net income of $17 million, or 40 cents a share, for the first quarter ended Sept. 30. That compares with net income of $7.3 million, or 18 cents a share, for the prior-year period, which included a restructuring charge of $5.8 million. Revenue rose to $1.1 billion from $1 billion.
The PacifiCare-FHP deal is expected to be completed in January.
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