TriCare Inc.: The Irvine-based company said Friday...
NEWPORT BEACH — TriCare Inc.: The Irvine-based company said Friday that it lost $604,000, or 8 cents a share, in its fiscal 1993 second quarter ended Nov. 30, compared to a year-earlier gain of $1 million, or 13 cents a share.
The company, which operates rehabilitation centers and also has an insurance claims evaluation arm, said the loss stemmed from the $1.3 million cost of restructuring and shrinking the evaluation unit.
Net revenue for the fiscal second quarter dropped 25% to $9 million from $12.1 million.
For the first half of its current fiscal year, TriCare reported net income of $307,000, or 4 cents a share, down 84% from $1.9 million, or 25 cents a share. Revenue for the six-month period of $19.8 million was down 16% from $23.6 million in the first half of TriCare’s fiscal 1992.
The restructuring resulted in the layoff this month of 74 employees, or 18% of TriCare’s work force, as well as the closure of 11 rehabilitation centers in Southern California. TriCare continues to operate 31 centers throughout the state.
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