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Sierra Reports Lower 4th Quarter Net Income

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NU Online News Service, Jan. 30, 12:27 p.m. – Sierra Health Services Inc., Las Vegas, is reporting $4.5 million in net income for the fourth quarter of 2002 on $327 million in revenue, compared with $5 million in net income on $291 million in revenue for the fourth quarter of 2001.

Sierra, a managed care company, ended 2002 providing or administering major medical coverage for 1.2 million people, about as many as it covered a year earlier.

Revenue averaged $182 per member, about the same as the average for the fourth quarter of 2001.

Sierra is a major participant in TRICARE, a health coverage program for military personnel, retirees and dependents. Mobilization of reservists helped lead to a 10% increase in the company’s 2002 TRICARE revenue.