Universal American Corp. (NYSE: UAM) today announced financial results for the quarter ended June 30, 2013.
Second Quarter 2013 Highlights
- Net loss was $91.8 million, or $1.05 per share, which includes a $90.6 million (net of tax) non-cash goodwill impairment charge relating to APS Healthcare.
- Revenues were $534 million.
Special Cash Dividend
On August 1, 2013, Universal American’s Board of Directors approved the payment of a special cash dividend of $1.60 per share, payable on August 19, 2013 to shareholders of record on August 12, 2013. As of August 1, 2013, there were approximately 88.8 million shares of common stock outstanding.Stock Repurchase Program The Board of Directors authorized the repurchase of up to $40 million of its outstanding common stock, which may occur from time to time as market conditions permit. Results of Second Quarter 2013 We reported a net loss for the second quarter of 2013 of $91.8 million, or $1.05 per share. Adjusted net loss for the second quarter of 2013 was $1.4 million, or $0.02 per share, which excludes the following after-tax items:
- $90.6 million, or $1.03 per share, of goodwill impairment relating to APS Healthcare;
- $6.6 million, or $0.07 per share, of net realized investment gains; and
- $6.4 million, or $0.07 per share, of ACO costs.
- $90.6 million, or $1.04 per share, of goodwill impairment relating to APS Healthcare;
- $8.2 million, or $0.09 per share, of net realized investment gains;
- $11.5 million, or $0.13 per share, of ACO costs; and
- $0.2 million, or less than $0.01 per share of other non-recurring items.
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