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

mparative periods, the Texas experience rebate has been removed from selling, general and administrative expenses and is included as a reduction to premium revenue, as this amount is effectively a premium rebate to the State. In addition, premium tax has been removed from selling, general and administrative expenses and is now reported on a separate line. The Company believes this new presentation will be more useful to the users of the consolidated financial statements as the remaining selling, general and administrative expenses are more reflective of core operating expenses.

For comparability purposes the Company is providing the 2008 quarterly and full-year results and related ratios under this reclassification on page 10 of this release. These statements also reflect the impact of the adoption of FASB Staff Position (FSP) APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlement), which requires retrospective application.

Premium Taxes

First quarter premium taxes were $28.1 million versus $22.0 million for the first quarter of 2008, and compared to $25.7 million in the fourth quarter of 2008. The sequential increase in premium taxes is primarily due to growth in premium revenue.

Balance Sheet and Cash Flow Highlights

Cash and investments at March 31, 2009 totaled $1.5 billion of which $279.7 million was unregulated cash and investments. Unregulated cash declined sequentially due to the funding of statutory capital in Nevada, corporate tax and variable compensation payments as well as the repurchase of common stock under the Company's ongoing stock repurchase program.

Medical claims payable as of March 31, 2009 totaled $570.4 million compared to $536.1 million as of December 31, 2008. Days in claims payable represented 50 days of health benefits expense, which is in-line with
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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
2. AMERIGROUP Corporation to Discuss First Quarter Earnings on May 1
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
7. AMERIGROUP Corporation Elects Emerson U. Fullwood to Board of Directors
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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