Board Approves Stock Repurchase Program Raising 2008 EPS Guidance to $2.58 to $2.73 to Reflect Georgia Retroactive
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.
-- 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
-- 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
-- Days in claims payable was 57, compared to 55 days in the previous
-- Awarded New Health Plan Accreditation by NCQA, in Georgia.
-- Began serving TANF members as well as the Aged, Blind and Disabled
|SOURCE AMERIGROUP Corporation|
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