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Sierra Reports Higher 2nd Quarter Net Income

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NU Online News Service, July 22, 6:30 p.m. – Sierra Health Services Inc., Las Vegas, is reporting $10 million in net income for the second quarter on $364 million in revenue, compared with $2.8 million in net income on $318 million in revenue for the second quarter of 2001.

Operating income for the latest quarter, which excludes income taxes and $1.9 million in interest expenses, increased to $18 million, from $11 million.

Sierra provided or administered major medical coverage for 621,800 people through civilian programs at the end of the quarter, 1.7% fewer than it covered a year earlier.

Premium revenue for participants in the civilian programs averaged $586, up 16% from the average for the comparable quarter in 2001.

Sierra is also a major participant in TRICARE, a program that administers major medical coverage for military personnel and their dependents.

Sierra averaged $147 in TRICARE contract revenue for each of its 639,200 TRICARE members in the second quarter, up 6.9% from the average for the second quarter of 2001.