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Pacificare Health Systems

BUSINESS
October 20, 2002
I was surprised to learn that PacifiCare Health Systems Inc. has offered a new HMO program with a major catastrophic void noted ["PacifiCare's New HMO to Limit Choice," Oct. 4]. The gist of the program, as reported, is to reduce cost to employers as well as the insured by offering a trimmed-down number of physicians and authorized hospitals. The three hospitals that were dropped from PacifiCare's list were Childrens Hospital of Los Angeles, Cedars-Sinai Medical Center and UCLA. Probably more than 80% of the specialized critical pediatric care in this county is handled by these centers and the only other nongovernmental hospitals in this county that have pediatric intensive-care units are in Pasadena and Long Beach.
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BUSINESS
August 1, 2002 | Reuters
PacifiCare Health Systems Inc., the biggest supplier of Medicare health plans in the U.S., said second-quarter earnings rose 33% from a year ago on improved pricing and cost controls. Santa Ana-based PacifiCare posted a net profit of $20.3 million, or 56 cents a share, compared with $15.3 million, or 45 cents, a year earlier. Sales fell 7% to $2.77 billion. Excluding charges, the company reported income of $31.8 million, or 88 cents a share, beating estimates by 8 cents.
BUSINESS
May 22, 2002 | Bloomberg News
PacifiCare Health Systems Inc. cut its second-quarter profit forecast to 85 cents to 88 cents because of higher interest costs and other expenses related to selling $500 million in debt. PacifiCare, the biggest U.S. operator of Medicare health plans, had forecast profit of 90 cents to 93 cents a share for the quarter. The Santa Ana-based company also set its full-year profit expectations at $3.37 to $3.47, down from its previous estimate of $3.55 to $3.65.
BUSINESS
May 22, 2002 | Bloomberg News
Claire's Stores Inc. sold its Lux apparel division, which operates 154 Mr. Rags stores, to a private investment group to focus on its main businesses. Terms weren't disclosed. Claire's, a retailer of accessories for teens, sold the Long Beach-based Lux division to a group led by Ivan Spiers and Bruce Friedman. The Pembroke Pines, Fla.-based retailer put Lux up for sale in January. Shares of Pembroke Pines, Fla.-based Claire's fell 56 cents to $20.02 on the NYSE.
BUSINESS
May 2, 2002 | From Bloomberg News
PacifiCare Health Systems Inc., the biggest operator of Medicare health plans, said it lost $858.8 million in its first quarter as it wrote down the value of acquisitions, as expected. The loss was $24.86 a share, contrasted with net income of $13.2 million, or 39 cents, a year earlier, the company said. Revenue fell 5.5% to $2.86 billion from $3.03 billion. Profit would have been $30.
BUSINESS
February 15, 2002 | RONALD D. WHITE, TIMES STAFF WRITER
Analysts and investors slammed PacifiCare Health Systems Inc. on Thursday, driving its stock price down 7% amid accusations that the company had been less than frank about its legal problems in Texas and its earnings outlook. Santa Ana-based PacifiCare, which is trying to right itself with an ambitious restructuring plan, has seen its stock tumble 20% in the last four days; its shares fell $1.29 to close at $16.80 on Nasdaq.
BUSINESS
February 14, 2002 | RONALD D. WHITE, TIMES STAFF WRITER
Two of California's largest health insurers reported divergent fourth-quarter financial results Wednesday, illustrating how some HMO operators are coping better than others with cost pressures and restructuring that are roiling the industry. PacifiCare Health Systems Inc. took a $59.4-million charge in the fourth quarter due to a restructuring, resulting in a loss of $26.4 million, or 77 cents a share, compared with net income of $12 million, or 35 cents, a year earlier.
BUSINESS
February 12, 2002 | RONALD D. WHITE, TIMES STAFF WRITER
PacifiCare Health Systems Inc.'s turnaround efforts were dealt a setback Monday when the state of Texas announced a lawsuit against one of the company's subsidiaries for failing to pay medical care providers that recently went bankrupt. Texas Atty. Gen.
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