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AMERIGROUP Reports Q4 Net Income of $37.3 Million or $0.70 Per Diluted Share
Date:2/19/2009

Reiterates Full-Year 2009 Outlook

VIRGINIA BEACH, Va., Feb. 19, 2009 /PRNewswire-FirstCall/ -- AMERIGROUP Corporation (NYSE: AGP) today announced that its net income for the fourth quarter of 2008 increased 20.0% to $37.3 million, or $0.70 per diluted share, versus net income of $31.1 million, or $0.57 per diluted share, for the fourth quarter of 2007.

For the year ended December 31, 2008, the Company's net loss was $50.7 million, or $0.96 per diluted share, including the impact of a one-time litigation charge of $234.2 million, or $199.6 million net of the related tax benefit. Excluding the impact of this charge, full-year 2008 net income would have been $149.0 million, or $2.77 per diluted share. For the full-year 2007, the Company reported net income of $116.5 million, or $2.16 per diluted share. A reconciliation of this non-GAAP financial measure to GAAP is included on page 11 of this release.

The Company also reiterated its previously issued 2009 annual guidance of $2.50 to $2.65 per diluted share, which includes the impact of the change in the accounting treatment for convertible debt and a decline in investment income due to lower yields on fixed income investments.

Fourth Quarter and Other Highlights include:

  • Fourth quarter total revenues were $1.2 billion; a 9.1% increase over the fourth quarter of 2007 and a 4.6% increase sequentially.
  • Health benefits ratio was 81.4% of premium revenues.
  • Selling, general and administrative expense ratio was 13.1% of total revenue.
  • Cash flow from operations was $103.7 million for the three months ended December 31, 2008.
  • Medical claims payable as of December 31, 2008 totaled $536.1 million compared to $528.0 million as of September 30, 2008.

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SOURCE AMERIGROUP Corporation
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