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HMS Holdings Corp. (NASDAQ: HMSY) today announced its financial results for the third quarter of 2012.
For the quarter ended September 30, 2012, revenue increased 22.6% to $113.2 million, compared to $92.4 million for the same period a year ago. Net income for the quarter was $10.5 million or $0.12 per diluted common share compared to net income of $14.4 million or $0.17 per diluted common share for the same period a year ago, a decrease of 27.1%. Fully diluted GAAP earnings per share (EPS) for the quarter decreased 29.4% y/y to $0.12 and adjusted EPS increased 5.3% y/y to $0.20.
For the nine months ended September 30, 2012, revenue increased 28.9% to $340.6 million, compared to $264.2 million for the same period a year ago. Net income for the nine months ended September 30, 2012 was $30.5 million or $0.35 per diluted common share, compared to net income of $36.7 million or $0.42 per diluted common share for the same period a year ago, a decrease of 16.7%. Fully diluted GAAP EPS for the first nine months decreased 16.7% y/y to $0.35 and adjusted EPS increased16.0% y/y to $0.58.
“We continue to lay the groundwork for growth in 2013 and beyond,” said Bill Lucia, President and Chief Executive Officer. “We are focused on implementing numerous Medicaid RACs, continuing to deliver a high level of Medicare RAC performance, preparing for the Medicare coordination of benefits contract award that was recently announced, bringing innovative eligibility verification solutions to state agencies, and increasing our presence in the commercial market.”
The Company also announced its full-year guidance for 2013. The Company now expects revenue in the range of $570.0 - $600.0 million, fully diluted GAAP EPS is projected to increase to a range of $0.63 - $0.70 , and adjusted EPS is projected to increase to a range of $0.95 - $1.02 .