TriCare Revenue, Net Income Rise in First Quarter
IRVINE — TriCare Inc., a health-care concern that treats injured workers in the state’s workers’ compensation system, said its first-quarter net income rose to $848,000, equal to 19 cents a share, from last year’s $548,000, or 14 cents a share.
Revenues for the first quarter, which ended Aug. 31, rose to $11.5 million from $8.4 million a year ago. TriCare said it increased its share of the market by adding new services and more customer service representatives.
TriCare, which went public last year, had a second stock offering in July that raised $14 million on the sale of 1.15 million shares at $13.50 a share. TriCare says it may use the money to buy other health-care businesses, probably in Southern California.
TriCare provides medical services, testing and evaluation for injured workers.
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