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AMERIGROUP Reports Q4 Net Income of $31.1 Million or $0.57 Per Diluted Share; Full-Year Net Income of $116.5 Million or $2.16 Per Diluted Share
Date:2/13/2008

Board Approves Stock Repurchase Program Raising 2008 EPS Guidance to $2.58 to $2.73 to Reflect Georgia Retroactive

Rate Increase

VIRGINIA BEACH, Va., Feb. 13 /PRNewswire-FirstCall/ -- AMERIGROUP Corporation (NYSE: AGP) today announced that its net income for the fourth quarter of 2007 increased 3.9% to $31.1 million, or $0.57 per diluted share, versus net income of $29.9 million, or $0.56 per diluted share, for the fourth quarter of 2006. This compares sequentially to net income of $31.2 million, or $0.58 per diluted share, for the third quarter of 2007. For the year ended December 31, 2007, net income was $116.5 million, or $2.16 per diluted share, versus net income of $107.1 million, or $2.02 per diluted share, for full-year 2006.

Highlights include:

-- Fourth quarter total revenue was $1.1 billion; a 33.0% increase over

the fourth quarter of 2006 and a 4.3% increase sequentially.

-- Served 1.7 million members at year-end 2007 representing a 30.0%

increase over the prior year end and a 12.0% increase compared to the

end of the third quarter of 2007.

-- Health benefits ratio of 82.9% of premium revenues.

-- Selling, general and administrative expense ratio of 13.1% of total

revenues.

-- Cash flow from operations was $350.7 million for the full year ended

December 31, 2007 and $97.0 million for the three months ended December

31, 2007.

-- Days in claims payable was 57, compared to 55 days in the previous

quarter.

-- Awarded New Health Plan Accreditation by NCQA, in Georgia.

-- Began serving TANF members as well as the Aged, Blind and Disabled

(ABD) popul
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SOURCE AMERIGROUP Corporation
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