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

hile expected seasonality and trend would normally drive a more substantial increase in the health benefits ratio in the first quarter, favorable reserve development and a change in pharmacy rebate accounting favorably impacted the ratio.

Similar to recent quarters, the health benefits ratio was lower due to favorable reserve development. Excluding the reserve development, underlying health benefits expense for the quarter was largely consistent with the Company's expectations with certain markets showing particularly good results.

In the first quarter of 2009, the Company established an estimate for pharmacy rebates which the Company expects to receive, associated with pharmaceuticals that have been dispensed to members. Previously, the Company recognized pharmacy rebates when payment was received. The receipt of rebate payments generally lags the quarter in which the pharmaceuticals were actually dispensed. With the more recent availability of stable historical information, the Company now believes that a reliable basis for estimation of the rebates exists. This change resulted in a one-time benefit to health benefits expense of $8.0 million pre-tax, or $0.09 per diluted share.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were 9.0% of total revenues for the first quarter of 2009, versus 10.0% in the first quarter of 2008, and unchanged from the fourth quarter of 2008. Selling, general and administrative expenses increased sequentially as anticipated due to new market expansions and normal seasonality in employee benefits. Further, variable compensation accruals were elevated due to strong performance in the quarter.

2009 Income Statement Adjustments and Reclassifications

In 2009, the Company made certain reclassifications to its income statement presentation. Beginning in the first quarter of 2009 and for prior co
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SOURCE AMERIGROUP Corporation
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Related medicine news :

1. Dr. Yvonne Sanders-Butler of Atlanta Honored as Healthy Hero By the AMERIGROUP Foundation
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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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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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