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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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