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AMERIGROUP Corporation Earns $0.74 Per Diluted Share
Date:10/22/2008

2008 Full-Year EPS Estimate Increased;

Company Provides Outlook for 2009

VIRGINIA BEACH, Va. Oct. 22, 2008 /PRNewswire-FirstCall/ -- AMERIGROUP Corporation (NYSE: AGP) today announced that its net income for the third quarter of 2008 was $39.4 million, or $0.74 per diluted share, versus $31.2 million, or $0.58 per diluted share, for the third quarter of 2007, a 26.2% increase.

The Company is increasing and narrowing the range of its 2008 annual guidance. The Company expects the full-year 2008 net loss to be in the range of $1.16 to $1.11 per diluted share, which includes the impact of the litigation settlement recorded in the second quarter. Excluding this charge, the Company expects full-year 2008 earnings in the range of $2.58 to $2.63 per diluted share compared to the previous range of $2.30 to $2.40 per diluted share.

Highlights:

-- Third quarter total revenue of $1.1 billion, an 8.8% increase over the

third quarter of 2007.

-- Health benefits ratio of 80.1% of premium revenues.

-- Selling, general and administrative expense ratio of 14.4% of total

revenues.

-- Cash flow used in operations totaled $29.4 million for the nine months

ended September 30, 2008. Cash flow from operations for the same

period, excluding the impact of the litigation settlement, was $169.8

million.

-- Days in claims payable was 55 days, compared to 54 days in the previous

quarter.

-- AMERIGROUP is increasing and narrowing the range of its 2008 annual

earnings estimate, excluding the impact of the litigation settlement,

to $2.58 to $2.63 per diluted share from the previous range of $2.30 to<
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SOURCE AMERIGROUP Corporation
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Related medicine news :

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2. Savannah Mayor Otis Johnson Honored as Healthy Hero by The AMERIGROUP Foundation
3. Texas State Rep. Sylvester Turner Honored as Champion for Children by The AMERIGROUP Foundation
4. Amerigroup Settles Federal and State Medicaid Fraud Claims for $225 Million
5. The AMERIGROUP Foundation Honors the University of Maryland Hospital for Childrens Breathmobile
6. Texas State Rep. John Davis Honored as Champion for Children by The AMERIGROUP Foundation
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9. AMERIGROUP Provides Status on Tennessee Rate Increase and Effect on 2008 Guidance
10. AMERIGROUP Corporation to Present at the Goldman Sachs 29th Annual Global Healthcare Conference on June 11
11. AMERIGROUP Corporation to Present at the Citigroup 2008 Global Healthcare Conference on May 21
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