April 27, 2007
Magellan revenue climbs but income narrows
Despite an $80 million gain in quarterly revenue, net earnings at Avon-based Magellan Health Services narrowed to $21 million for the first quarter, down from $22.3 million in the same quarter last year. Revenue was $487 million, up from $400.6 million in the prior year quarter. The company re-affirmed its earnings guidance of segment profit -- which excludes stock compensation expenses, depreciation, interest, amortization and taxes, among other things -- between $190 to $210 million.
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