Financial turnaround reported by Las Vegas company

Tuesday, Aug. 7, 2001 | 11:08 a.m.

Sierra Health Services Inc. of Las Vegas reported a second quarter profit of $2.8 million or 10 cents per share, a dramatic reversal from the year-ago quarter when the company was mired in problems with its Texas operations and lost $207 million or $7.64 per share.

Sierra said that excluding one-time items, it earned 17 cents per share in the 2001 quarter. Revenues for the second quarter were $364 million versus $337 million in the year-ago quarter.

"We are pleased with this quarter's results," said Chairman and Chief Executive Anthony Marlon. "Our core operations in Nevada are outperforming our targeted projections for membership and rate increases. Combined with a strong quarter for both our workers' compensation and military operations and expectations for continued robust performance for the remainder of the year, we are raising our earnings estimates for 2001 to a range of 46 to 49 cents."

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