UniCare Financial Corp.: The Irvine workers’ compensation...

UniCare Financial Corp.: The Irvine workers’ compensation insurance underwriter posted net income of $914,000, equal to 18 cents per share, for the first quarter, down from the $2.4 million, or 44 cents per share, reported a year earlier. The 1992 quarter includes a gain of $502,000, or 10 cents per share, from an accounting change. Revenue was up 23%, to $33.6 million from $27.4 million. Russell E. Leatherby, chairman and chief executive, said that the company’s lower results reflect escalating medical costs; rapidly rising litigation expenses, including those related to fighting fraud and abuse; significant increases in disability cases and premium rate inadequacy.