HealthExtras sees jump in 4Q profit |
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Mon, 26 Feb 2007 23:47
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ROCKVILLE, Md. (AP) - Pharmacy benefit manager HealthExtras Inc. said Monday its fourth-quarter profit nearly doubled as its revenue more than doubled on an increase in prescriptions from new business and retained clients.The company earned $11.3 million, or 27 cents per share, compared with a profit of $5.8 million, or 14 cents per share, during the same period a year prior. Revenue rose to $396.2 million from $181.5 million.Analysts polled by Thomson Financial expected profit of 26 cents per share on revenue of $391.8 million.The company processed over 9 million prescriptions during the quarter.In 2006, the company added management services for Wellmark Blue Cross Blue Shield of Iowa, H.E.R.E.I.U. Welfare Funds, a multi-employer Taft-Hartley Fund, New Mexico Public School Insurance Authority and other employer groups which cumulatively represent over $800 million in annual revenue.For the full year, HealthExtras $31.6 million, or 75 cents per share, compared with a profit of $23 million, or 56 cents per share, in 2005. Revenue rose to $1.27 billion from $694.5 million.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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