Advertisement
YOU ARE HERE: LAT HomeCollectionsPacificare Health Systems
IN THE NEWS

Pacificare Health Systems

BUSINESS
August 1, 2001 | From Bloomberg News
PacifiCare Health Systems Inc. said Tuesday that its second-quarter profit fell 78% and warned that premiums might rise about 15% next year as the biggest operator of Medicare health plans struggled with medical costs that rose faster than premiums. Net income fell to $15.3 million, or 45 cents a share, from $69.2 million, or $1.96, a year earlier, the company said in a prepared statement after U.S. markets closed. Revenue rose 3.3% to $2.97 billion.
Advertisement
BUSINESS
July 27, 2001 | Bloomberg News
PacifiCare Health Systems Inc.'s shares fell 10% Thursday after a plan to raise $1 billion in debt collapsed for the managed health-care company. The Santa Ana company's shares fell $1.58 to $13.90 in Nasdaq trading. The shares have lost 77% of their value in the last 12 months. Morgan Stanley Dean Witter & Co. failed to sell $600 million in PacifiCare junk bonds because investors were concerned about the company's rising medical costs, bankers familiar with the issue said Wednesday.
BUSINESS
July 26, 2001 | MARK LAKE, BLOOMBERG NEWS
PacifiCare Health Systems Inc.'s plan to raise $1 billion in debt collapsed after Morgan Stanley Dean Witter & Co. failed to sell $600 million in bonds for the biggest U.S. operator of Medicare health plans, according to bankers familiar with the issue. The Santa Ana managed-care company chose Morgan Stanley in April to arrange a $600-million junk bond issue and a $400-million loan.
BUSINESS
July 18, 2001 | From Bloomberg News
PacifiCare Health Systems Inc. shares fell 8.9% Tuesday, a day after the Santa Ana managed-care company said its second-quarter profit beat estimates and less than two months after it cut projections for the full year. "We are not encouraged by this all-over-the-map behavior," Prudential Securities Inc. analyst David Shove, who has a "sell" rating on the shares, said in a note to investors.
BUSINESS
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.
BUSINESS
June 23, 2001 | Bloomberg News
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.
BUSINESS
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.
BUSINESS
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.
Los Angeles Times Articles
|