NU Online News Service, April 29, 2004, 6:09 p.m. EDT – Reorganization expenses and other unusual expenses caused Magellan Health Services Inc., Farmington, Conn., to post a loss for the first quarter.[@@]
Magellan, a company that manages mental health care benefits for about one-quarter of all U.S. residents, is reporting a $12.4 million net loss for the quarter on $409 million in revenue, compared with $12.9 million in net income on $440.2 million in revenue for the first quarter of 2003.