NU Online News Service, Aug. 1, 10:44 a.m. – Oxford Health Plans Inc., Trumbull, Conn., is reporting $75 million in net income for the second quarter on $1.1 billion in revenue, up from $45 million in net income on $1 billion in revenue for the second quarter of 2000.
Enrollment increased slightly, to 1.51 million, from 1.49 million.
The average Oxford member generated $50 in net income for the quarter on $728 in revenue, up from $30 in net income on $671 in revenue for the second quarter of 2000.
Oxford had to borrow heavily to finance a turn-around after it ran into severe accounting problems in 1997. Because the company has been doing so well, it has been able to pay off much of the debt and negotiate a change to its credit facility that gives it more flexibility, the company says.
The company now has the ability to buy back up to $250 million in common stock over the next two years, the company says.