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LV insurer’s earnings increase

Wednesday, Feb. 14, 2001 | 10:57 a.m.

Sierra Health Services Inc. of Las Vegas on Tuesday reported net income of $2.6 million, or 9 cents per share, slightly exceeding analyst expectations for the fourth quarter ending Dec. 31.

Analysts had anticipated net income of 7 cents per share. In the year-ago quarter, Sierra posted a loss of $21.3 million, or 79 cents per share. Without one-time charges in the year-ago quarter, the health care insurance and services company would have recorded net income of $9.5 million, or 35 cents per share.

Sierra posted revenues of $351.3 million, a 7 percent increase, though operating income declined 43 percent to $10.7 million. The company reported cash flow from operations of $42.6 million.

Revenues were boosted by a 33 percent increase in military contract revenues and a 32 percent increase in specialty product revenues, which helped offset a 1.5 percent decline in medical premium revenues.

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