Molina Healthcare Posts 33% Profit Increase for First Quarter
First quarter net income for Long Beach-based Molina Healthcare rose to $11.1 million, or 53 cents per share, up 33% from $14.8 million, or 43 cents per share, in the same period last year, the Long Beach Press-Telegram reports. Molina's premium revenue for the quarter was $390.9 million, a 79% increase from $217.9 million in the same period last year.
Molina, which administers health benefits for Medicaid beneficiaries and members of other public health insurance programs, said the growth is the result of increased enrollment in 2004 from expansion efforts in Indiana, Michigan, New Mexico and Washington. Enrollment in the company's health plans increased from 564,000 in 2003 to 788,000 at the end of 2004, with another 15,000 new members as of March 31, the Press-Telegram reports.
Molina plans to further expand this year through continued acquisitions and startups, company officials said (Sanchez, Long Beach Press-Telegram, 4/28).