Molina Healthcare Inc.
reported a net loss of $4.7 million (17 cents per diluted share) for the second quarter ended June 30, 2005, compared with net income of $12 million (43 cents) for the like period a year ago. Revenue was up 62 percent to $404.3 million from $249.1 million.
The Long Beach-based Medicaid health maintenance organization, which has been aggressively expanding, had previously announced it expected a loss of 15 cents to 20 cents a share because of higher-than-expected medical expenses. The loss also included $12 million set aside to cover possibly higher future claims expenses and a benefit of $1.4 million in reduced employee bonuses.
Salem Communications Corp.
reported net income of $2.2 million (14 cents per diluted) for the second quarter ended June 30, 2005, compared with a net loss of $163,000 (1 cent) for the like period a year ago. Revenues were up 8.2 percent to $54.3 million from $50.2 million.
The Camarillo-based Christian radio broadcasting company said its improved performance reflected a 6.2 percent growth in same-station revenue and 10.6 percent growth in same-station operating income. Performing particularly well were the broadcaster’s news talk stations.
Blue Holdings Inc.
reported net income of $530,000 (2 cents per diluted share) for the second quarter ended June 30. Revenues for the Commerce-based maker of high-end fashion jeans were $4.4 million. The company went public this year, so comparable figures for the second quarter of 2004 were not available.
General and administrative expenses for the period totaled $1.1 million, including $480,000 in expenses related to an exchange transaction with Antik Denim, which it acquired in April. Company chairman and chief executive Paul Guez said he expected higher revenues in the third quarter.