Universal American Corp. Reports 2012 Fourth Quarter And Full Year Results

Universal American Corp. (NYSE: UAM) today announced financial results for the quarter and year ended December 31, 2012.

Fourth Quarter 2012

Universal American’s reported net income for the fourth quarter of 2012 was $15.0 million, or $0.17 per share. These results include the following after-tax items:

• $2.4 million, or $0.03 per share, of net realized investment gains;
• $5.9 million, or $0.07 per share, of non-recurring tax benefit;
• $0.4 million, or less than $0.01 per share, of expenses related to the accelerated vesting of options and restricted stock as part of the Part D sale in 2011 and APS Healthcare transaction costs;
• $4.1 million, or $0.05 per share, of ACO start-up costs; and
• $2.9 million, or $0.03 per share, of investment in our Medicare Advantage business, largely in Stars related programs.

Excluding these items, adjusted net income for the fourth quarter of 2012 was $14.1 million, or $0.16 per share. Total revenues for the fourth quarter of 2012 were $554 million.

Full Year 2012

Universal American’s reported net income for the full year 2012 was $53.0 million, or $0.61 per share. These results include the following after-tax items:

• $10.8 million, or $0.12 per share, of net realized investment gains;
• $7.4 million, or $0.09 per share, of non-recurring tax benefit;
• $5.3 million, or $0.06 per share, of expenses related to the accelerated vesting of options and restricted stock as part of the Part D sale in 2011 and APS Healthcare transaction costs;
• $14.3 million, or $0.17 per share, of ACO start-up costs; and
• $5.1 million, or $0.06 per share, of investment in our Medicare Advantage business, largely in Stars related programs.

Excluding these items, adjusted net income for the full year 2012 was $59.5 million, or $0.69 per share. Total revenues for full year 2012 were approximately $2.2 billion.

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