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

Corporate & Other

					Three Months Ended												Year Ended
					December 31,												December 31,
Financial Performance ($ in millions)					2012						2011						2012						2011
Revenue					$	74.9					$	4.0					$	255.3					$	12.4
Operating Loss					$	(11.2	)				$	(44.0	)				$	(49.9	)				$	(79.3	)

Our Corporate & Other segment includes the results of APS Healthcare since its acquisition on March 2, 2012, start-up expenses related to the development of our ACOs, and the operations of our parent holding company, including debt service. The loss for the year ended December 31, 2012 decreased year-over-year due primarily to restructuring and other charges incurred in 2011 as well as reductions in 2012 operating expenses. These reductions were partially offset by our $21.7 million investment in the development of ACOs, $3.7 million of 2012 transaction costs related to our acquisition of APS Healthcare, and higher debt service costs. In the year ended December 31, 2011, we incurred $8.6 million of stock-based compensation expense for the accelerated vesting of equity awards in connection with the Part D sale in 2011, and $40.9 million in 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.

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