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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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Related medicine news :

1. AMERIGROUP Corporation Elects Emerson U. Fullwood to Board of Directors
2. AMERIGROUP Names Finley Chief Compliance Officer
3. AMERIGROUP Health Plan in Nevada Begins Serving Medicaid Enrollees
4. AMERIGROUP Corporation to Discuss Fourth Quarter Earnings on February 19
5. Atlanta Educator Kim Bearden Honored as Healthy Hero by AMERIGROUP Foundation
6. AMERIGROUP to Establish Public Policy Institute
7. AMERIGROUP Community Care of Ohio Awarded New Health Plan Accreditation From NCQA
8. AMERIGROUP Corporation to Present at the 27th Annual J.P. Morgan Healthcare Conference on January 14
9. AMERIGROUP Terminates Agreement to Purchase New Jersey Medicaid Plan
10. Fredericka Roper of Atlanta Honored as Healthy Hero By the AMERIGROUP Foundation
11. AMERIGROUP Files Shelf Registration Statement
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