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Universal American Corp. Reports 2011 Fourth Quarter And Full Year Results

Universal American Corp. (NYSE: UAM) today announced financial results for the quarter and year ended December 31, 2011.

Fourth Quarter 2011

Universal American’s reported net loss for the fourth quarter of 2011 was $20.0 million, or $0.25 per share. Adjusted net income 1 for the fourth quarter of 2011 was $10.4 million, or $0.13 per share, which excludes the following after-tax items:

  • $25.5 million, or $0.31 per share, of charges incurred in connection with cost reduction initiatives in our Medicare Advantage, Traditional and Corporate segments, the realignment of our distribution channels and other special items;
  • $1.4 million, or $0.02 per share, of loss from discontinued operations related to our previously-owned Medicare Part D business that was sold on April 29, 2011;
  • $1.4 million, or $0.02 per share, of non-recurring tax expense;
  • $1.1 million, or $0.02 per share, of transaction costs associated with the pending acquisition of APS Healthcare, Inc.; and
  • $1.0 million, or $0.01 per share, of net realized investment losses.

Total revenues from continuing operations for the fourth quarter of 2011 were $529 million.

_____________________ 1 Please see the discussion of Non-GAAP Financial Measures contained in the Supplemental Financial Information at the end of this press release for a reconciliation of adjusted net income to net (loss) income and other reconciliations.

Full Year 2011

Universal American’s reported net loss for the full year 2011 was $43.0 million, or $0.53 per share. Adjusted net income for the full year 2011 was $30.3 million, or $0.38 per share, which excludes the following after-tax items:

  • $43.3 million, or $0.54 per share, of loss from discontinued operations (including transaction costs) related to our previously-owned Medicare Part D business that was sold on April 29, 2011;
  • $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;
  • $25.5 million, or $0.31 per share, of charges incurred in connection with cost reduction initiatives in our Medicare Advantage, Traditional and Corporate segments, the realignment of our distribution channels and other special items;
  • $1.7 million, or $0.02 per share, of non-recurring tax benefits;
  • $1.1 million, or $0.02 per share, of transaction costs associated with the pending acquisition of APS Healthcare, Inc.; and
  • $0.5 million, or less than $0.01 per share, of net realized investment gains.

Total revenues from continuing operations for the full year of 2011 were $2.3 billion.

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