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Clear Choice Health Plans Reports Q2 Financials

Revenue was impacted by a reduction in membership primarily due to increased premiums on Medicare

Clear Choice Health Plans has posted a net loss of $56,000, or $0.03 per share, for the 2009 second quarter, versus net income of $426,000, or $0.23 per share, a year ago.

The income from operations was down at $175,000, as compared to $439,000 for the same period last year. The revenue was impacted by a reduction in membership primarily due to increased premiums on Medicare, amounting to $52.8 million.

For the first six months of 2009, the net income amounted to $292,000, or $0.17 per share, compared to $1.3 million, or $0.69 per share, for the comparable prior year period.

The revenue increased to $110.2 million for the first half of 2009 from $106.8 million last year, with the increase primarily reflecting higher reimbursement rates. Income from operations was down from $165,000 for the first half of 2009, versus $432,000 the prior year.