Printer Friendly

/C O R R E C T I O N -- MAMSI/

 /C O R R E C T I O N -- MAMSI/
 Following is a corrected transmission of NY021, Mid Atlantic Medical


Services earnings, moved earlier today. All changes are in the text of the release:
 MAMSI REPORTS RECORD THIRD QUARTER EARNINGS:
 REVENUES AND MEMBERSHIP CONTINUE TO GROW
 ROCKVILLE, Md., Oct. 22 /PRNewswire/ -- Mid Atlantic Medical Services, Inc. (MAMSI) (NASDAQ: MAMS), the largest managed care company in the Maryland/D.C./Virginia service area, today announced record operating revenues and net income for the three months and nine months ended Sept. 30, 1992.
 Earnings per share were a record $.61 for the first nine months of 1992, on 14,263,497 weighted average shares outstanding, as compared to $.45 per share on 14,293,000 weighted average shares outstanding for the same period in 1991, an increase of 36 percent.
 Operating revenues for the nine months ended Sept. 30, 1992 were $427.6 million, compared with $284.8 million for the same period in 1991, an increase of $142.8 million or 50 percent. Net income for the first nine months of 1992 was $8.7 million, compared with $6.4 million for the same period in 1991, an increase of $2.3 million, or 36 percent. Medical expenses for the nine months ended Sept. 30, 1992 were $385.4 million, compared with $254.7 million for the same period in 1991. Administrative expenses for the first nine months of this year were $30.8 million, compared with $22.4 million for the same period in 1991.
 Net income per share for the third quarter was $.25 in 14,330,465 weighted average shares outstanding, as compared to $.18 per share on 14,223,095 weighted average shares outstanding for the same quarter in 1991. Extraordinary items were immaterial for both years in both the quarter and year cumulative results.
 Operating revenues for the third quarter of 1992 were $149.9 million, compared with $103.8 million for the same period in 1991, an increase of $46.1 million, or 44 percent. Net income for the quarter was $3.6 million, as compared with $2.6 million for the same quarter in 1991, an increase of $1.0 million, or 38 percent. Medical expenses were $134.5 million for the third quarter 1992, compared with $92.4 million for the same period in 1991. Third quarter 1992 administrative expenses were $10.1 million, compared with $8.1 million for the same quarter 1991.
 Total lives covered under all of MAMSI's managed care plans grew to 750,000 lives at Sept. 30, 1992, as compared with 726,000 at the end of the second quarter 1992, an increase of 24,000 covered lives. During the quarter:
 -- M.D.IPA, Optimum Choice, Inc. and Mid Atlantic Medical Services of Virginia, Inc. (MAMSOVA), the company's HMO products, grew by 8,000 covered lives to a total of 443,000.
 -- Alliance PPO, Inc. and Mid Atlantic Psychiatric Services, Inc. (MAPSI), the company's two non-risk products, together grew by 16,000 lives, to a total of 307,000.
 Additionally, the company's provider network included 101 hospitals and 11,786 physicians at the end of the third quarter 1992. Other recent third quarter 1992 highlights include the following:
 -- MAMSOVA became fully operational and began accepting Virginia- based members from M.D.IPA and OCI in addition to signing new members and employer groups.
 -- For the first time, M.D.IPA was added to the city of Baltimore's Open Season list of health care plans available to the city's employees and retirees.
 -- the company has entered into a contract to purchase a life and health insurance company on substantially the same terms as have previously been announced. The acquisition is still expected to close in the last quarter of 1992, barring any unforeseen difficulties.
 -- MAMSI was rated No. 84 in Fortune magazine's "100 Fastest Growing Companies in America".
 Regarding the company's third quarter 1992 performance, George T. Jochum, MAMSI's Chairman, President and CEO commented, "As I've noted previously, we continue to see no major improvement in the local economy. Despite this, we are quite pleased with our third quarter results, not only in terms of earnings per share, but in continued membership growth and our ability to control critical costs. I have no doubt that 1992 will be another excellent year for MAMSI."
 MID ATLANTIC MEDICAL SERVICES INC.
 Selected Income Statement Information
 (In thousands except share amounts -- Unaudited)
 Third quarter Nine months
 1992 1991 1992 1991
 Operating revenues $149,859 $103,829 $427,621 $284,842
 Operating expenses 144,623 100,490 416,152 277,028
 Gross profit 5,236 3,339 11,469 7,814
 Income before
 extraordinary item 3,576 2,570 8,637 6,376
 Net income 3,598 2,593 8,682 6,421
 Earnings per common
 and common equiv. share:
 Income before
 extraordinary item $.25 $.18 $.61 $.45
 Net income $.25 $.18 $.61 $.45
 Weighted average
 common and common
 shares outstanding 14,330,465 14,223,095 14,263,497 14,293,000
 MID ATLANTIC MEDICAL SERVICES INC.
 Consolidated Condensed Balance Sheets
 (In thousands)
 9/30/92 12/31/91
 Assets (Unaudited) (Audited)
 Current assets 82,983 75,937
 Property and equipment 23,306 19,418
 Other assets 7,279 5,424
 Total assets 113,568 100,779
 Liabilities and
 Stockholders' Equity
 Current liabilities 70,962 67,602
 Long-term debt 6,579 7,064
 Other liabilities 1,446 1,254
 Stockholders' equity 34,581 24,859
 Total liabilities
 and stockholders' equity 113,568 100,779
 MID ATLANTIC MEDICAL SERVICES, INC.
 1992 Financial Performance Summary
 First Nine Months
 (In thousands -- Unaudited)
 Third quarter +/- Percent
 1992 1991 Variance Variance
 Premium revenues 425,143 283,764 141,379 49.8
 PMPM 110.23 97.93 12.30 12.6
 Fee revenues 2,478 1,078 1,400 129.9
 Total revenues 427,621 284,842 142,779 50.1
 Medical expenses 385,397 254,667 130,730 51.3
 PMPM 99.93 87.89 12.04 13.7
 Med. loss ratio (Prem
 only - In pcts.) 90.7 89.7 0.9
 Admin expenses 30,755 22,361 8,394 37.5
 PMPM 7.97 7.72 0.26 3.3
 Admin exp. ratio
 (all rev - In pcts.) 7.2 7.9 -0.7
 Other income expense 1,754 1,550 204
 Equity in affl &
 consol sub 534 319 215
 Income before tax 13,757 9,683 4,074 42.1
 Tax prov/net of
 extraordinary 5,075 3,262 1,813
 Effective tax rate
 (In pcts.) 36.9 33.7 3.2
 Net income 8,682 6,421 2,261 35.2
 Net margin
 rate (in pcts.) 2.0 2.3 -0.3
 EPS $.61 $.45 $.16 35.6
 Weighted average
 shares 14,263,497 14,293,000
 -0- 10/22/92 C NY021
 /CONTACT: Charlie Johnston, 301-294-5080, or Michael Savage, 301-294-5083, both of MAMSI/
 (MAMS) CO: Mid Atlantic Medical Services, Inc. ST: Maryland IN: HEA SU: ERN


KD -- NY021A -- 3894 10/22/92 17:47 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 22, 1992
Words:1171
Previous Article:BERWICK NUCLEAR PLAN EXERCISE CANCELLED
Next Article:FORMER BANK EXECUTIVE AND SONS CHARGED IN RANDOLPH COOPERATIVE BANK FRAUD
Topics:


Related Articles
IBM AND MULTI SOFT SIGN SOFTWARE MARKETING AGREEMENT
DCA ANNOUNCES SELECT COMM SERVER WITH PC ROUTER SUPPORT
CompuServe, Golden CommPass Team Up To Reach OS-2 Market
IBM Ships OS/390 2.7, Previews Future Releases.
CAI to Help Make OS/390 Secure for E-Commerce.
DDH Releases Mobile TS on PalmGear.com; First Palm Application With the Ability to Connect to Windows Terminal Servers.
A magical pair of 6x6 chemical squares.
PalmSource Joins the Khronos Group; PalmSource to Advance 3D Graphics Capabilities on Palm Powered Devices.
Compuware Delivers Enhanced Enterprise Test Data Management Solution; Compuware File-AID/CS 3.0 Offers Rich Data-Management Functionality With...
Patients With HIV-Associated Wasting Gain More Weight With Concentrated Form of Megestrol Acetate, Study Shows.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters