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Nov. 5 Earnings: WCG, HZO

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  • | 5:53 p.m. November 5, 2010
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WellCare Health Plans Inc.
WellCare improved its profit margins in the third quarter, boosting net income by 50% over the year despite a 17% drop in revenues. The Tampa-based company provides managed care services to health care plan members, focusing largely on Medicare and Medicaid.

The increase in profitability was the result of the performance of WellCare's Medicare prescription drug plan and Medicaid segments, a release said. Additionally, the company reduced its selling and administrative expenses last quarter.

The 17% decrease in revenues resulted from the company's withdrawal from the Medicare Advantage private fee-for-service business operation.

WellCare serves 2.2 million health care program members across the country as of Sept. 30. The company expects to have earned roughly $5.4 billion in revenue by the end of the year.

Odyssey Marine Exploration Inc.
Odyssey Marine earned $1 million in profits in the third quarter, a significant turnaround from the $4.3 million in losses the company suffered in the same quarter last year.

The company has diversified its deep-sea exploration services to expand its revenue base. It is participating in subsea mineral mining work in the Pacific Ocean (and earning $5.1 million for doing so); helping government and insurance company clients with an airline accident off the coast of the Mediterranean ($1.5 million); as well as other services.

In total, the company earned $9.8 million in revenues for the quarter, with operating expenses of $8.8 million.

Odyssey Marine Exploration is headquartered in Tampa.

MarineMax Inc.
The economic downturn has hurt the Clearwater-based recreational boat retailer's business, and the company's latest financial performance underscores larger changes to the firm's business model.

MarineMax earned $124.4 million in revenues in the fourth quarter of its fiscal year ended Sept. 30, down 40% over the year. That led to a $1.8 million loss — which actually represents a turnaround for the company that lost $33 million in the same quarter last year.

Put another way, MarineMax lost $0.08 per share in the fourth quarter of 2010, compared to $1.72 in 2009. Last year's loss was 21.5 times greater on a per share basis.

CEO William McGill says added financial flexibility in the form of new credit financing combined with a new approach to business has prepared MarineMax for a recovery.

“The actions that we have taken to improve our inventory aging, reduce inventory levels, and reduce our expenses while continuing to enhance our customer service positions us well when industry conditions begin to improve.” McGill said in a release.

MarineMax is the largest recreational boat retailer in the country. The company earned $450.3 million in revenues in its 2010 fiscal year.


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