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AMERIGROUP Reports Q2 Net Income of $49.6 Million or $0.94 per Diluted Share, Including $0.43 per Diluted Share Positive Impact from Tax Adjustment
Date:7/31/2009

VIRGINIA BEACH, Va., July 31, 2009 /PRNewswire-FirstCall/ -- AMERIGROUP Corporation (NYSE: AGP) today announced that net income for the second quarter of 2009 was $49.6 million, or $0.94 per diluted share, versus a loss of $164.0 million, or $3.10 per diluted share, for the second quarter of 2008.

Second quarter 2009 results were positively impacted by a tax adjustment of $0.43 per diluted share related to litigation settled in 2008, partially offset by elevated health benefits expenses. Excluding the tax adjustment, second quarter 2009 net income would have been $27.2 million, or $0.51 per diluted share, versus second quarter 2008 net income of $35.2 million, or $0.65 per diluted share, excluding the impact of the litigation settlement recorded in that period.

The Company is updating its guidance for the full-year 2009 to $2.90 to $3.05 per diluted share from the previously announced range of $2.70 to $2.85. The revision to guidance includes the tax adjustment, as well as the impact of elevated outpatient medical costs.

Second Quarter Highlights include:

  • Membership increased 66,000 members, or 4.0%, to approximately 1.7 million at the end of the quarter from the first quarter of 2009. Risk membership increased 10.0% or 156,000 from the second quarter of 2008.
  • Total revenues were $1.3 billion, a 5.0% increase over the first quarter of 2009 and a 15.6% increase over the second quarter of 2008.
  • Health benefits expenses were 85.9% of premium revenues.
  • Selling, general and administrative expenses were 7.5% of total revenues.
  • The second quarter income tax expense reflects the impact of the tax adjustment of $0.43 per diluted share.
  • Cash used in operations was $2.1 million for the t
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SOURCE AMERIGROUP Corporation
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