This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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

Stock quotes in this article: UAM

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.

8 of 10

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,804.71 -238.19 -1.40%
S&P 500 1,946.16 -26.13 -1.32%
NASDAQ 4,422.0850 -71.3050 -1.59%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs