Magellan Health Services Inc. of Columbia, a managed-care company, earned $21.5 million (67 cents per diluted share) during its third fiscal quarter, up 190.1 percent from $7.4 million (23 cents) a year earlier.
Revenue for the quarter rose 4.9 percent, to $486.7 million, from $463.9 million a year earlier.
The third-quarter earnings included $14.3 million from the sale of the company's European hospitals. Excluding that sale and other extraordinary items, Magellan earned $7.5 million (23 cents), up from $6.9 million (22 cents) a year earlier.
For the first nine months of the fiscal year, Magellan earned $29.6 million (93 cents), compared with a loss of $20.3 million during the first nine months of 1998. Excluding extraordinary items, the company earned $19.3 million, up from $17.8 million.
Revenue for the first nine months rose 38.2 percent, to $1.4 billion from $1 billion.
Magellan manages behavioral health benefits, networks of medical specialists and other services. The behavioral health business was the main source of its growth.
Magellan's stock price declined 37 1/2 cents, to $9.25, on the New York Stock Exchange.
* Sunrise Assisted Living Inc. of Fairfax reported second-quarter net income of $5.4 million (25 cents a share), an 18 percent gain over its profit of $4.59 million (23 cents) in the same period a year ago. Excluding a one-time charge from the acquisition of Karrington Health Inc. of Columbus, Ohio, in May, Sunrise would have earned $8.6 million (40 cents) in the quarter. Sunrise's ongoing acquisition program helped boost second-quarter revenue to $61.5 million, from $40.5 million in the same quarter last year. Occupancy at the company's established assisted-living residences for seniors remained essentially unchanged at 94.5 percent in the quarter. Sunrise operates 128 residences in 22 states, with an occupancy of 9,900.
Sunrise shares closed at $26.62 1/2 per share, down $1.81 1/4. in trading on the Nasdaq Stock Market.
* Condor Technology Solutions Inc. of Annapolis reported a net loss for the second quarter, which it attributed to costs of restructuring to compete in the increasingly popular Internet portal and e-commerce lines of business.
Condor said it experienced a net loss of $32.5 million for the quarter, compared with net income of $2 million in the same quarter last year. Revenue rose to $53.4 million this quarter from the year-earlier quarter's $43.7 million.
Company officials attribute the loss to $2.4 million in spending related to the reorganization of the company and $29.2 million in write-down charges. The company expects additional restructuring charges of $500,000 to $1.5 million in the third quarter of this year.
For the first half of the year, Condor generated a net loss of $29.5 million, compared with a loss of $979,000 a year earlier.
Condor shares closed down 78 1/8 cents at $2.28 1/8 per share in trading on the Nasdaq Stock Market.