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AMERIGROUP Reports Q1 Net Income of $36.9 Million or $0.69 per Diluted Share
Date:5/1/2009

Full-Year 2009 Guidance Range Increased to $2.70 - $2.85 per Diluted Share

VIRGINIA BEACH, Va., May 1, 2009 /PRNewswire-FirstCall/ -- AMERIGROUP Corporation (NYSE: AGP) today announced that its net income for the first quarter of 2009 increased 9.7% to $36.9 million, or $0.69 per diluted share, versus net income of $33.6 million, or $0.62 per diluted share, for the first quarter of 2008.

First Quarter Highlights include:

  • Membership increased 4.9% to approximately 1.7 million at the end of the quarter versus the fourth quarter of 2008.
  • Total revenues were $1.2 billion; a 6.9% increase over the fourth quarter of 2008.
  • Health benefits ratio was 83.7% of premium revenues.
  • Selling, general and administrative expense ratio was 9.0% of total revenues.
  • Cash flow from operations was $36.1 million for the three months ended March 31, 2009.
  • Unregulated cash and investments of $279.7 million as of March 31, 2009.
  • Medical claims payable as of March 31, 2009 totaled $570.4 million compared to $536.1 million as of December 31, 2008.
  • The Company increased its 2009 annual guidance to $2.70 - $2.85 per diluted share, from the previous range of $2.50 - $2.65.
  • On February 1, 2009, the Company began serving approximately 49,000 Medicaid and Children's Health Insurance Program (CHIP) members in Nevada.
  • On March 1, 2009, the Company closed the sale of the assets of its South Carolina health plan.
  • On April 1, 2009, the Company began the final phase of New Mexico's Coordinated Long-Term Services (CoLTS) program rollout.
  • The Company repurchased approximately 258,000 shares of its common stock during the first quarter for approx
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SOURCE AMERIGROUP Corporation
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3. AMERIGROUP Corporation to Present at the Goldman Sachs Leveraged Finance Healthcare Conference on April 8
4. AMERIGROUP Corporation to Present at the Barclays Capital Global Healthcare Conference on March 10
5. AMERIGROUP Foundation and Union City Board of Education Announce Winners of Word About Health Contest
6. AMERIGROUP Reports Q4 Net Income of $37.3 Million or $0.70 Per Diluted Share
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8. AMERIGROUP Names Finley Chief Compliance Officer
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10. AMERIGROUP Corporation to Discuss Fourth Quarter Earnings on February 19
11. Atlanta Educator Kim Bearden Honored as Healthy Hero by AMERIGROUP Foundation
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