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

Adjusted Net Income (Loss) ($ in millions, except per share amounts)

          Three Months Ended       Year Ended
December 31, December 31,
2012        

2011 (1)

 

2012        

2011 (1)

 

 
Net income (loss) $ 15.0 $ (18.6 ) $ 53.0 $ (48.2 )
Discontinued operations, after-tax

-

1.4

-

50.9
Part D transaction-related stock based compensation expense

-

-

 

-

5.6
Restructuring costs

-

25.5

-

25.5
Net realized losses (gains), after-tax (2.4 ) 1.0 (10.8 ) (0.5 )
Non-recurring tax expense (benefit) (5.9 ) 1.4 (7.4 ) (1.7 )
ACO start-up, after-tax 4.1 - 14.3 -
Other non-recurring items, after-tax 3.3   1.1   10.4   1.1  
Adjusted net income $ 14.1   $ 11.8   $ 59.5   $ 32.7  
 
Per share (diluted)
Net income (loss) $ 0.17 $ (0.23 ) $ 0.61 $ (0.60 )
Discontinued operations, after-tax

-

0.02

-

0.63
Part D transaction-related stock based compensation expense

-

-

-

0.07
Restructuring costs

-

0.31

-

0.31
Net realized losses (gains), after-tax (0.03 ) 0.01 (0.12 ) (0.01 )
Non-recurring tax expense (benefit) (0.07 ) 0.02 (0.09 ) (0.02 )
ACO start-up, after-tax 0.05 - 0.17 -
Other non-recurring items, after-tax 0.04   0.02   0.12   0.02  
Adjusted net income $ 0.16   $ 0.15   $ 0.69   $ 0.40  
 

Universal American uses adjusted net income (loss), calculated as net income (loss) excluding discontinued operations, Part D transaction-related stock based compensation expense, restructuring charges, non-recurring tax expense (benefit), and after-tax net realized gains and losses, as a basis for evaluating operating results. Although the excluded items may recur, we believe that the excluded items do not relate to the performance of Universal American’s core business operations and that adjusted net income (loss) provides a more useful comparison of our business performance from period to period.

Total Stockholders’ Equity (excluding AOCI)       December 31,       December 31,
2012  

2011 (1)

 

Total stockholders’ equity $ 1,012.5 $ 940.4
Plus: Accumulated other comprehensive (income) loss (29.1 ) (11.2 )
 
Total stockholders’ equity (excluding AOCI) $ 983.4   $ 929.2  
 

UNIVERSAL AMERICAN CORP. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES In millions, except per share amounts (Unaudited

Universal American uses total stockholders’ equity (excluding AOCI), as a basis for evaluating growth in equity on both an absolute dollar basis and on a per share basis, as well as in evaluating the ratio of debt to total capitalization. We believe that fluctuations in stockholders’ equity that arise from changes in unrealized appreciation or depreciation on investments, as well as changes in the other components of accumulated other comprehensive income or loss, do not relate to the performance of Universal American’s core business operations.

      December 31,       December 31,
Diluted Book Value per Common Share 2012

2011 (1)

 

 

Total stockholders’ equity $ 1,012.5 $ 940.4
Proceeds from assumed exercises of vested options - -    
$ 1,012.5 $ 940.4    
Diluted common shares outstanding 88.3 81.5    
 
Diluted book value per common share $ 11.47 $ 11.54    
 
Total stockholders’ equity (excluding AOCI)       $ 983.4       $ 929.2
Proceeds from assumed exercises of vested options - -
$ 983.4 $ 929.2
Diluted common shares outstanding 88.3 81.5
 
Diluted book value per common share (excluding AOCI) $ 11.14 $ 11.41
 

As noted above, Universal American uses total stockholders’ equity (excluding AOCI), as a basis for evaluating growth in equity on a per share basis. We believe that fluctuations in stockholders’ equity that arise from changes in unrealized appreciation or depreciation on investments, as well as changes in the other components of accumulated other comprehensive income, do not relate to the performance of Universal American’s core business operations.

Tangible Book Value per Common Share       December 31,       December 31,
2012

2011 (1)

Total stockholders’ equity (excluding AOCI) $ 983.4 $ 929.2
Less: intangible assets (2) (334.7 ) (159.1 )
Proceeds from assumed exercises of vested options -   -  
  Total stockholders’ equity (excluding AOCI) $ 648.7   $ 770.1  
Diluted common shares outstanding 88.3   81.5  
 
Tangible book value per common share $ 7.35   $ 9.45  
 

Universal American uses Tangible book value per common share as a basis for evaluating the value of the Company’s tangible net assets on a per share basis.

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