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November 06, 2003 at 07:00 PM
NU Online News Service, Nov. 6, 2003, 1:22 p.m. EST – Ceres Group Inc., Cleveland, boosted its third-quarter results by cutting medical insurance operating costs.
The company, which sells medical insurance and products aimed at older consumers, is reporting $4.2 million in net income for the latest quarter on $130 million in revenue, down from $7.3 million in net income on $148 million in revenue for the third quarter of 2002.
Net income for the third quarter of 2002 included $3.1 million in income from a life insurance unit that Ceres later sold to another company. Income from continuing operations held steady at $4.2 million.
