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Universal American Corp. (NYSE: UAM) today announced financial results for the quarter ended June 30, 2012.
Second Quarter 2012 Results
Net income was $4.7 million, or $0.05 per share.
Revenues were $542 million.
Universal American expects to earn approximately $0.64 to $0.68 per diluted share for 2012, excluding any realized capital gains or losses and investments in Accountable Care Organizations (ACOs), our Medicare Advantage business and other growth opportunities.
Universal American’s subsidiary, Collaborative Health Systems, has partnered with physicians and other healthcare professionals to form sixteen Accountable Care Organizations that were approved for participation in the Medicare Shared Savings Program. We estimate that these sixteen ACOs currently include approximately 1,700 participating physicians covering approximately 150,000 Original Medicare beneficiaries in eleven states, including Texas and upstate New York.
Results of Second Quarter 2012
We reported net income for the second quarter of 2012 of $4.7 million, or $0.05 per share. Adjusted net income for the second quarter of 2012 was $8.2 million, or $0.09 per share, which excludes the following after-tax items:
$3.6 million, or $0.04 per share, of ACO start-up costs;
$0.9 million, or $0.01 per share, of expenses related to the accelerated vesting of options and restricted stock as part of the Part D sale and APS Healthcare transaction costs;
$0.9 million, or $0.01 per share, of net realized investment gains; and
$0.1 million, or less than $0.01 per share of non-recurring tax benefit.
The results for the second quarter included $1.8 million, or $0.02 per share, after-tax, of favorable net prior period items.