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AMERIGROUP Reports Q3 Net Income of $22.5 Million or $0.43 per Diluted Share
Date:10/30/2009

d quarter premium taxes were $38.3 million versus $23.9 million for the third quarter of 2008, and compared to $34.6 million in the second quarter of 2009. The sequential increase in premium taxes was primarily due to an increase in the premium tax rate in Tennessee, effective July 1, 2009.

Balance Sheet and Cash Flow Highlights

Cash and investments at September 30, 2009 totaled $1.4 billion of which $277.2 million was unregulated.

During the quarter, the Company repurchased approximately 1.4 million shares of its common stock for $34.3 million under the Company's ongoing stock repurchase program. In addition, the Company repaid the remaining $18.0 million of outstanding debt under its Credit Agreement. The debt to total capital ratio decreased to 19.8%, as of September 30, 2009, from 20.8%, as of June 30, 2009.

Medical claims payable as of September 30, 2009 totaled $550.1 million compared to $563.0 million as of June 30, 2009. Days in claims payable represented 45 days of health benefits expense, which is within the expected range of 45 to 55 days, compared to 46 days in the previous quarter. Claims processing speed increased slightly during the quarter, further reducing claims inventory levels. This change was commensurate with the one day decline in days in claims payable.

Included on page 10 is a table presenting the components of the change in medical claims payable for the nine months ended September 30, 2009 and the year ended December 31, 2008.

Cash Flow Highlights

Cash flow provided by operations totaled $106.6 million for the nine months ended September 30, 2009 and $72.6 million for the three months ended September 30, 2009.

Outlook

The Company withdrew its annual earnings guidance for the current year on October 26, 2009 due to the wide range of medical cost outcomes that may occur in the fourth quarter.

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SOURCE AMERIGROUP Corporation
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