Magellan Health Services, Farmington, Conn., said membership growth and favorable contract settlements helped it maintain its rebounding profitability in the third quarter ended Sept. 30. Magellan earned net income of $26.6 million, or 73 cents per share, compared with a net loss of $50.2 million, or $1.42 per share, in the year-ago quarter. Revenue rose about 23% to $458 million. For the nine months, the behavioral-health services company earned net income of $67.9 million, or $1.87 per share, compared with a net loss of $48.2 million, or $1.47 per share, in the year-ago period. Revenue rose to $1.35 billion from $1.17 billion. Magellan manages behavioral-health benefits for insurers, employers and government. The company emerged from Chapter 11 bankruptcy in January 2004. -- by Joseph Mantone
Magellan's post-bankruptcy performance still strong
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