July 17, 2001
PacifiCare Health Systems Inc. on Monday raised its earnings estimate for the second quarter to 45 cents a share based on preliminary results. Analysts expected the Santa Ana managed-care company to earn 32 cents a share, according to a survey of 15 analysts by First Call. The estimate excludes any nonrecurring charges and fees related to the company's current debt refinancing efforts. The company issued its revised estimate after U.S. markets closed.
June 23, 2001 |
PacifiCare Health Systems Inc.'s debt rating was cut by Moody's Investors Service Friday after the managed care provider said it would issue new debt. Moody's said it lowered PacifiCare's rating for senior unsecured debt to B1 from Ba3, and the outlook is negative. Moody's said on Oct. 11 it was reviewing the Santa Ana company's ratings. PacifiCare said this week it will sell $500 million in senior notes and had received commitments from lenders for $500 million in bank credit.
June 19, 2001
Managed care provider PacifiCare Health Systems Inc. said Monday that it plans to sell $500 million in debt securities in a private transaction and that a group of lenders is providing a new $500-million credit arrangement. The Santa Ana company, which operates the nation's largest Medicare health maintenance organization, said in a press release that the proceeds from the offering and the credit will be used to repurchase $100 million of debt securities due 2003 and to repay existing loans.
June 2, 2001
Two days after cutting its fiscal earnings outlook for the year, PacifiCare Health Systems Inc. began an all-cash tender offer for $100 million in bonds as part of a plan to refinance $700 million in borrowings from its line of credit. The Santa Ana managed-care company said it is negotiating to roll over both debts into a new credit line. The bonds, due to mature in September 2003, were inherited with the company's 1997 acquisition of FHP International Inc.
May 31, 2001 |
Managed health-care company PacifiCare Health Systems Inc. said Wednesday that its earnings this year probably will fall as much as 43% below the company's prior estimate because of higher medical costs in its California operations. The Santa Ana-based company, which operates the nation's largest Medicare health maintenance organization, said it expects to earn $56 million to $59 million this year, instead of the $99 million previously anticipated. That translates into $1.65 to $1.
May 4, 2001 |
Shares of Santa Ana-based PacifiCare Health Systems Inc. slumped Thursday as analysts questioned the company's first-quarter financial performance, as well as raising concerns about rising medical costs. The stock fell $8.29 a share, or 22.2%, to $29.10 in Nasdaq trading, making PacifiCare one of the biggest percentage losers in U.S. markets. A total of 5.7 million shares changed hands, more than seven times average daily volume for the last three months.
May 3, 2001 |
PacifiCare Health Systems Inc., the biggest U.S. operator of Medicare health plans, said Wednesday that first-quarter profit fell 82% as medical costs rose after it renegotiated contracts with doctors and hospitals. The financial results still exceeded analysts' expectations. Net income fell to $13.1 million, or 39 cents a share, from $74.6 million, or $2.04, a year earlier. Revenue rose 7.2% to $3.03 billion, while health-care costs jumped 13% to $2.7 billion.
April 21, 2001 |
PacifiCare Health Systems Inc., which has been under examination since November by Texas regulators for late claims payments to physicians and other deficiencies, said Friday it now complies with those state regulations. The Texas Department of Insurance notified the Santa Ana managed care company that it no longer is under "administrative oversight," PacifiCare said.
April 6, 2001 |
PacifiCare Health Systems Inc., in the midst of a massive turnaround effort, said Thursday its earnings for the first quarter and the full year should reach the high end of a wide range of analysts' expectations. Wall Street pushed up the managed-care provider's stock price 9% to $26.06 a share, up $2.13. The price had jumped 13% during Nasdaq trading before settling.