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.

If you liked this article you might like

Universal American CEO: My Company Has Rx for Success

Healthcare Costs Actually on the Decline Says Universal American CEO

Universal American Corp Stock Upgraded (UAM)

Stock Market Says Obamacare Is Winning

Universal American Corp Stock Downgraded (UAM)