Citing a strong increase in membership over the last year, FHP Corp. said Monday that net earnings for its fiscal 1987 first quarter ended Sept. 30 increased 47% to a record $2.8 million from $1.9 million for the same period a year ago. FHP also reported record revenue of $85.4 million, a 48% increase over $57.6 million last year.
Results for the three-month period included a deduction for interest payments of $284,000, the result of debt incurred in its $38.6-million conversion to a for-profit company a year ago, according to the Fountain Valley health maintainence organization. During the third quarter of last year, FHP's results were increased by $397,000 in interest income.
FHP has 262,000 members, a 20% increase from 218,000 members a year ago. FHP officials attributed the growth to increased Medicare contracts and to expansion in Southern California, Arizona and New Mexico. FHP also offers HMOs in Utah and Guam.