Net income for FHP International fell 11%...
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Net income for FHP International fell 11% during the first quarter, to $2.5 million from $2.8 million a year earlier. Revenue for the three-month period ended Sept. 30 increased 25%, to $106 million from $85.4 million. Dr. Robert Gumbiner, chairman and chief executive officer, called the first quarter “a significant return to profitability” after the Fountain Valley-based health-maintenance organization posted a net loss of $1.8 million in last year’s fourth quarter. The improved earnings resulted from profit improvement in the company’s new plans and continued cost-control measures, he said.
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