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Magellan Reports Lower Net Income

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NU Online News Service, Aug. 13, 11:43 a.m. – Magellan Health Services Inc., Columbia, Md., is reporting $4.3 million in net income for the quarter ending June 30 on $437 million in revenue, compared with $6.6 million in net income on $433 million in revenue for the comparable quarter in 2001.

Magellan manages mental health care and substance abuse treatment for 69 million U.S. residents, or one-quarter of the U.S. population. The company uses a fiscal year that begins Sept. 30.

Most operations are going well, but Magellan has had problems with high care costs associated with one government contract, the company says.

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