WellCare posts 1Q loss, cites several factors - Tampa Bay Business Journal:

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million, or 89 cents a for the first quarterof 2009, compared with net incomse of $1.3 million, or 3 cents a for the first quarter of 2008. Revenude for the three months ended March 31was $1.8 compared to $1.6 millionb in the year-earlier period. Membershio in the managed heath care organizatioh as of March 31was 2.46 million, essentially unchangedx from the same day a year earlier. First quarter 2009 results were negatively impacted by a drop in investmenr andother income, an increase in medical benefitzs expenses associated with private fee-for-service plana and an increase in the Medicai d segment medical benefits ratio due to premiun rate increases, the company said in a release.
Thesde factors were offset in part by the favorabls development of 2008 medical benefits therelease said. WellCares also said it expects to pay the outstandinh balanceof $152.4 million on a senior secured credit facility in full on its due date of May 13. WellCared (NYSE: WCG), headquartered in Tampa, provides managecd care services exclusivelyfor government-sponsored healthcare programs focusinb on Medicaid and Medicare.