Business Context and Reporting Period
This Form 8-K filing by Molina Healthcare, Inc. reports a corporate governance event dated June 12, 2006. The company is incorporated in Delaware and maintains its principal executive offices in Long Beach, California.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics. The only financial data disclosed relates to compensation for a specific consultant:
- Consultant Compensation (Fiscal 2005): $205,247 paid to Wayne Lowell for hourly consulting services.
- Consultant Compensation (Fiscal 2006 through June 12): $28,685 paid to Wayne Lowell for hourly consulting services.
Material Changes
The primary material change reported is the election of Wayne Lowell as a director by the Company's board of directors on June 12, 2006. Mr. Lowell fills an existing vacancy in Class I of the board, with a term expiring at the 2009 annual meeting. The board determined Mr. Lowell is not "independent" under New York Stock Exchange listing requirements; consequently, he has not been assigned to any board committees.
Outlook, Risks, and Management Commentary
There is no forward-looking guidance, risk factor update, or management commentary regarding the company's financial outlook in this filing. The document notes that Mr. Lowell has served as a business consultant since April 2002 under a Consultant Agreement (Exhibit 10.1) and has over twenty years of experience in healthcare and transportation, including a prior role as Executive Vice President and CFO at PacifiCare Health Systems, Inc.
Key Facts for Investor Verification
- Wayne Lowell was elected to the Board of Directors on June 12, 2006, to fill a Class I vacancy.
- Mr. Lowell is classified as non-independent and will not serve on any board committees.
- Mr. Lowell has a pre-existing financial relationship with the company as a consultant, having received over $205,000 in fiscal 2005 and approximately $28,700 in the first half of fiscal 2006.
- This filing does not contain updated revenue, earnings, or liquidity data for the company.