Clear Choice Health Plans, an insurance provider, has reported total revenues of $44.8 million for the third quarter ended September 30, 2007, up 3% compared to the total revenue of $43.5 million for the same period in 2006.
The company has recorded a net income of $783,000, or $.42 per basic share, for the third quarter, a decline as against the net income of $1.9 million, equal to $1.04 per basic share in the prior year period. Income from operations decreased to $497,000 for the third quarter from $1.8 million in the same quarter a year ago.
For the nine months ended September 30, 2007, total revenue raised by 11% to $137.7 million from $123.6 million in 2006. Net income for the period was $4.4 million, or $2.37 per basic share, compared with $6.8 million, or $3.76 per basic share, for the first nine months of 2006.
Income from operations for the first nine months of 2007 declined to $1.9 million from $8.6 million for the comparable period in 2006.
Patricia Gibford, president and CEO of Clear Choice Health Plans, said: We are pleased with our growth in revenues and membership, but concerned about the rising healthcare costs, which affect everyone and pose a major challenge for consumers and insurers alike.