Health Net reported net income of $76.7 million, or $0.65 per share on revenues of $2.95 billion in the fourth quarter. For the same quarter in 2004, the company reported a net loss of $85.6 million, or $0.77 per share on revenues of $2.87 billion. Last year’s results included miscellaneous, one-time charges. Revenues rose 2.9 percent year over the year. David Olson, Health Net spokesman, said that commercial premiums for Health Net are up 9%. Government contracts also increased 14.9 percent to $560.5 million. Olson also commented that Health Net “want[s] to start building enrollment” as a top priority beginning in the second quarter and continuing throughout the rest of the year. Earlier this month, Health Net announced it would acquire the health plan assets of Universal Care, Inc., which will add about 75,000 commercial members, 5,000 Medicare Advantage members and 20,000 Healthy Family members.
Health Net Announces Fourth-Quarter Profit Increase