Fhp International Corp

FHP International Corp., a Fountain Valley health-care company, reported a profit of $20.7 million, or 36 cents a share, for its latest quarter, which included the results of an acquisition completed in June. That compared to a profit of $11.2 million, or 33 cents a share, for the same period a year earlier. Revenue for the company's first fiscal quarter, which ended Sept. 30, rose 66% to $954.3 million from $576.4 million.

PacifiCare Health Systems of Cypress said Wednesday that it has established a $1.5-billion line of credit with several financial institutions to help finance its acquisition of FHP International Corp., a rival HMO in Orange County. PacifiCare said it believes the FHP acquisition will be completed in January. The credit line will pay for the fees and expenses incurred in the acquisition and for general corporate purposes.

FHP International Corp. on Tuesday reported higher sales and earnings for the third quarter, attributing the gains to increased membership, higher rates and cost-cutting measures. The Fountain Valley-based health maintenance organization posted earnings of $10.4 million for the quarter ended March 31, up from $9 million for the corresponding period last year. Revenue was up 27% to $338.2 million from $266.4 million a year earlier. For the nine-month period, FHP earned $27.

Cypress-based PacifiCare Health Systems Inc.'s $2.1-billion offer for Santa Ana-based FHP International Corp. is being reviewed by state Atty. Gen. Dan Lungren's office, PacifiCare said in an SEC filing. The review comes on top of an inquiry by the Federal Trade Commission, which has raised questions about the merged company's 15% share of the health maintenance organization market for state Medicare patients. Lungren's office would not say what issues are under review.

FHP International Corp. said Friday that it will no longer have a dual chief executive officer position. Westcoff W. Price III, one of the company's two chief executive officers, will retain the title of chief executive officer, president and vice chairman of the board. Mark Hacken will leave the office in about 30 days.

FHP International Corp. said Friday that it has completed a deal to acquire an Anaheim insurance company that specializes in workers' compensation packages. The health maintenance organization bought Great States Financial Corp. and its two subsidiaries, Great States Insurance Co. and Skandia Benefit Services Co. Skandia, which administers workers' compensation cases, will be renamed Intercare Benefit Administrators Inc.