PacifiCare Plunges After Earnings Miss Estimates

PacifiCare Health Systems(PHSY Quote) posted fourth-quarter pro forma net income of $11.8 million, or 34 cents a share, down from $17.7 million, or 52 cents a share, in the year-ago quarter. Analysts had been expecting 36 cents a share, according to Thomson Financial/First Call.

Including a restructuring charge, the company lost $26.4 million, or 77 cents a share.

Revenue for the quarter was down 3% from the year ago period to $2.9 billion, due primarily to a 17% drop in commercial membership and a 10% decline in Medicare+Choice membership. ...