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Finances improve for big Nevada insurer

Wednesday, Oct. 27, 1999 | 11:22 a.m.

THE ASSOCIATED PRESS

SANTA ANA, Calif. -- PacifiCare Health Systems Inc., the No. 1 operator of Medicare health maintenance organizations, said third-quarter earnings rose as it reduced costs and charged companies higher premiums for employee health care.

PacifiCare is a big insurer in Nevada, where it has some 63,000 customers.

The company today said net income rose to $69.3 million or $1.54 a share from $53.2 million or $1.17 in the year-ago quarter. Revenue rose by about 4.9 percent to $2.52 billion.

PacifiCare said its profit from operations rose to $1.58 a share vs. $1.38 a year earlier. It had been expected to earn $1.55, the average estimate of analysts polled by First Call Corp.

"They have pared back some of the less profitable marketplaces. You're seeing that impact now. It looks like their pricing is firm and holding," said Bear Stearns analyst John Rex, who has an attractive rating on PacifiCare stock.

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