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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

pment recorded for the Company, in the quarter, was fully offset by the experience rebate expense items detailed above.

Balance Sheet and Cash Flow Highlights

Cash and investments at December 31, 2007 totaled $1.5 billion. Unregulated cash and investments were $557.8 million of which $206.4 million was unrestricted.

Medical claims payable totaled $541.2 million, representing 57 days of health benefits expense and compares to 55 days in the previous quarter.

Cash flow provided by operations totaled $97.0 million for the three months ended December 31, 2007, and $350.7 million for the full year, compared to $235.7 million in the prior year. Cash flow in the quarter was positively impacted by strong net income and growth in claims payable.

Stock Repurchase Program

The Board of Directors has approved a stock repurchase program, whereby the Company may repurchase up to one million shares of its common stock. "Implementing a stock repurchase program reflects the strength of AMERIGROUP's cash flow and balance sheet," said James W. Truess, Executive Vice President and Chief Financial Officer. "The primary purpose of this program will be to mitigate the dilution from option exercises and stock grants."

Stock repurchases may be made from time to time in the open market or in privately negotiated transactions and will be funded from unrestricted cash. The Company intends to adopt written plans pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934 to effect the repurchase of a portion of shares authorized. The number of shares to be repurchased and the timing of the repurchases will be based on the level of available cash, limitations imposed by the Company's credit agreement and other factors, including market conditions, the terms of any applicable 10b5-1 plans and self-imposed blackout periods. There can be no assurances as to the exact number or aggregate value of shares that will be repurchased. The repurchase progr
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SOURCE AMERIGROUP Corporation
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