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Universal American Corp. Reports Third Quarter 2011 Results

Universal American Corp. (NYSE: UAM) today announced financial results for the quarter ended September 30, 2011.

Third Quarter 2011 Highlights

  • Net income was $14.1 million, or $0.17 per share.
  • Revenues were $581.9 million.
  • The Company was released from marketing and enrollment sanctions on August 5, 2011 and began accepting enrollment of Medicare Advantage beneficiaries on September 1, 2011.

Third Quarter 2011

Universal American’s reported net income was $14.1 million, or $0.17 per share which includes the following:

  • $2.2 million, or $0.03 per share, from a non-recurring tax benefit;
  • $0.3 million, or less than $0.01 per share, of after-tax net realized investment gains;
  • Excluding the items above, $11.6 million, or $0.14 per share, of after-tax income for the third quarter of 2011.

Total revenues for the third quarter of 2011 were $581.9 million.

Nine Months Ended September 30, 2011

Universal American's reported net loss for the nine months ended September 30, 2011 was $23.0 million, or $0.29 per share. The components of these results are:

  • $41.9 million or $0.52 per share, of after-tax loss from discontinued operations (including transaction costs) related to our previously-owned Medicare Part D business that was sold on April 29, 2011;
  • $3.0 million, or $0.04 per share, from a non-recurring tax benefit;
  • $1.6 million, or $0.02 per share, of after-tax net realized investment gains;
  • $5.6 million, or $0.07 per share, of non-recurring after-tax expenses related to the accelerated vesting of options and restricted stock as part of the Part D sale;
  • Excluding the items above, $19.9 million, or $0.24 per share, of after-tax income for the first nine months of 2011.

Total revenues from continuing operations for the first nine months of 2011 were approximately $1.8 billion.

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