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Vegas insurer’s profit improves

Thursday, Jan. 30, 2003 | 11:15 a.m.

Las Vegas-based Sierra Health Services Inc., which operates Nevada's largest health-maintenance organization, Wednesday reported improved fourth-quarter earnings before charges, beating analysts' expectations and leading the company to increase its earnings projections for 2003.

For the quarter ended Dec. 31, the company reported earnings of $12.2 million, or 39 cents a share, before losses from discontinued operations, on revenue of $326.9 million, compared with earnings of $5.8 million, or 19 cents, before special losses, on revenue of $290.6 million the same quarter a year ago. Analysts had projected earnings per share of 37 cents and the company said it expects to earn between $1.60 to $1.65 a share in 2003 compared with earlier projections of between $1.50 and $1.55.

Net income for the quarter, after a loss from discontinued operations of $7.7 million, was $4.5 million, compared to $5 million for the same period in 2001.

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