Oxford Health Plans, Trumbull, Conn., saw its fourth-quarter net income slide 22% to $73.8 million, or 84 cents per share, from $94.3 million, or $1 per share, in the year-ago quarter. The latest results include a per-share charge of 13 cents for increased litigation defense reserves. Revenue rose 16% to $1.3 billion. Oxford warned in December that it would charge $20 million against fourth-quarter earnings for potential costs stemming from securities class-action lawsuits brought against the company after a decline in its share price in October 1997. That year, computer system troubles contributed to severe losses at the company. For all of 2002, net income fell 45% to $222 million, or $2.45 per share, from $322.4 million, or $3.21 per share, in 2001. The company took roughly $149 million in charges for litigation reserves, settlements, investment losses and other items. Revenue rose 12% to $4.85 billion. Oxford reiterated 2003 earnings guidance of $4 to $4.10 per share. -- by Laura B. Benko
Oxford still paying for 1997 computer disaster
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