Tuesday, April 30, 2002 | 11:05 a.m.
Sierra Health Services Inc. of Las Vegas, the state's largest health maintenance organization, Monday reported higher revenues and earnings for its first quarter, easily beating analysts' expectations.
Las Vegas-based Sierra reported earnings of $7.4 million, 25 cents a share, on revenue of $348.6 million, compared with last year's first quarter earnings of $3.5 million, 13 cents a share, on revenue of $303.2 million for the period ended March 31.
A survey of analysts by Thomson Financial/First Call had forecast earnings of 18 cents a share.
"I am pleased to report that Sierra is financially stronger now than at any time in its recent history," said Anthony Marlon, chairman and chief executive officer. "We executed strategies that led to significant contributions from our core Las Vegas and military operations."
The company attributed the company's improved financial strength to a 25 percent increase in medical premium revenues due to a larger number of customers.
Core membership is up from 145,000 at the end of the first quarter in 2001 to 190,000 this year and military margins were up by more than 4 percent for the period.
A company spokesman also said the company's departure from its failed Texas presence is completed.
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