Bolstered by an extraordinary tax credit, Healthcare U.S.A. Inc. reported that it more than doubled its second-quarter net income to $1.3 million from $575,000 for the same period last year.
The Orange health care company said the tax credit for previous losses totaled $730,000 for the quarter.
Revenues for the second quarter were up 23% to $54.9 million from $44.6.
Net income for the first six months--aided by a $1.3-million tax credit for previous losses--was $2.28 million, compared with a year-ago loss of $2.9 million.
Revenue for the six months was up 25% to $108 million from $86.5 million.
Harlan W. Loomas, the company's chairman and chief executive, said he expects earnings will continue to grow "at a rapid rate" over the last half of the year.
Healthcare and Maxicare Health Plans Inc. of Los Angeles announced merger plans this month that call for Maxicare to acquire all of Healthcare's common stock for $13.50 per share. The merger is expected to be completed in October.