FHP International Corp., based in Fountain Valley, Calif., and with operations in Utah, reported a 62 percent increase in fiscal-year earnings for the first quarter ended Sept. 30.
Net income was $4.06 million, or 40 cents a share, compared to $2.50 million, or 20 cents a share, for the same period last year. Revenues of $151.98 million were 43 percent higher than last year's first quarter.Six cents of the rise in earnings per share for the first quarter came from FHP's repurchase of 2.5 million shares of common stock during fiscal year 1988.
Also during the first period, FHP opened an 18,000 square foot medical center in its Utah region. Six new staff model centers are planned in Utah, southern California, Arizona and New Mexico.
Total membership in the health maintenance organization increased 21 percent from the 1988 first quarter to the 1989 fiscal year first quarter. FHP's Utah region added 79,717 members to total 95,919 as of Sept. 30.