Sierra Health Services Inc. earnings

COMMENTS: A charge of $8.4 million was posted in the quarter to cover estimated expenses relating to a potential merger with Physician Corporation of America. On March 18, Sierra notified PCA that the merger agreement was terminated. Before the merger-related expenses, income was listed at $9.8 million -- about 3.9 percent less than the first-quarter income posted in 1996 -- and earnings per share were at 55 cents a share, 5.4 percent less than the 58 cents posted for the quarter a year earlier. The company's board of directors has authorized a stock repurchase program of up to $25 million, about 5 percent of the company's current market capitalization. Membership in the HMO has grown to 764,000, thanks to gains from its acquisition of Prime Holdings Inc., purchased in December. (NYSE: SIE)

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