Printer Friendly

/FIRST AND FINAL ADD -- NY022 -- MAMSI EARNINGS/

 MID ATLANTIC MEDICAL SERVICES, INC.
 Selected Income Statement Information
 (Unaudited, in thousands, except per share amounts)
 Third Quarter Nine Months
 1993 1992 1993 1992
 Operating revenues $159,581 149,859 480,911 427,621
 Operating expenses 149,861 144,623 459,252 416,152
 Gross profit 9,720 5,236 21,659 11,469
 Income before extraordinary
 item 6,030 3,576 14,385 8,637
 Extraordinary item -- 22 -- 45
 Cumulative effect of change
 in accounting method -- -- (663) --
 Net income 6,030 3,598 13,722 8,682
 Earnings per common and common
 equivalent share:
 Income before extraordinary
 item $.40 $.25 $.97 $.61
 Extraordinary item -- .00 -- .00
 Cumulative effect of change
 in accounting method -- -- (.05) --
 Net income $.40 .25 .92 .61
 Weighed average common and
 common equivalent shares
 outstanding 15,220,480 14,330,465 14,890,402 14,263,497
 1993 Financial Performance Summary
 ($ in 000s)
 Third quarter +/- Percent
 1993 1992 Variance Variance
 (Unaudited)
 Premium revenues $157,652 $148,791 $8,861
 PMPM Premiums 120.56 112.63 7.93 7.0
 Fee Revenues 1,929 1,068 861 80.6
 Total Revenues 159,581 149,859 9,722 6.5
 Medical expenses 137,134 134,542 2,592 1.9
 PMPM 104.87 101.84 3.03 3.0
 Med loss ratio
 (premiums only)
 (as a percent) 87.0 90.4 (3.4)
 Administrative expenses 12,727 10,081 2,646 26.2
 PMPM 9.73 7.63 2.10 27.5
 Admin. exp. ratio
 (all revenue)
 (as a percent) 8.0 6.7 1.2
 Investment income,
 other income/expense 583 309 274
 Equity in affil.
 & minority interest 86 159 (73)
 Income before tax 10,389 5,704 4,685 82.1
 Income tax provision 4,359 2,128 2,231
 Effective tax rate
 (as a percent) 42.0 37.3 4.7
 Net income before
 extraordinary 6,030 3,576 2,454 68.6
 Extraordinary item
 & deferred taxes 0 22 (22)
 Net income 6,030 3,598 2,432 67.6
 Net margin rate
 (as a percent) 3.8 2.4 1.4
 EPS -- before
 extraordinary $0.40 $0.25 $0.15 60.0
 EPS -- extraordinary
 & deferred tax $0.00 $0.00 $0.00
 EPS -- net income $0.40 $0.25 $0.15 60.0
 Weighted average
 shares 15,220,480 14,330,465
 1993 Financial Performance Summary
 ($ in 000s)
 Nine months +/- Percent
 1993 1992 Variance Variance
 (Unaudited)
 Premium revenues $476,194 $425,143 $51,051
 PMPM Premiums 120.20 110.23 9.97 9.0
 Fee Revenues 4,717 2,478 2,239 90.4
 Total Revenues 480,911 427,621 53,290 12.5
 Medical expenses 419,241 385,397 33,844 8.8
 PMPM 105.82 99.93 5.90 5.9
 Med loss ratio
 (premiums only)
 (as a percent) 88.0 90.7 (2.6)
 Administrative expense 40,011 30,755 9,256 30.1
 PMPM 10.10 7.97 2.13 26.6
 Admin. exp. ratio
 (all revenue)
 (as a percent) 8.3 7.2 1.1
 Investment income,
 other income/expense 1,924 1,754 170
 Equity in affil.
 & minority interest 383 534 (151)
 Income before tax 23,966 13,757 10,209 74.2
 Income tax provision 9,581 5,120 4,461
 Effective tax rate
 (as a percent) 40.0 37.2 2.8
 Net income before
 extraordinary 14,385 8,637 5,748 66.6
 Extraordinary item
 & deferred taxes (663) 45 (708)
 Net income 13,722 8,682 5,040 58.1
 Net margin rate
 (as a percent) 3.0 2.0 1.0
 EPS -- before
 extraordinary $0.97 $0.61 $0.36 59.0
 EPS -- extraordinary
 & deferred tax ($0.05) $0.00 ($0.05)
 EPS -- net income $0.92 $0.61 $0.31 50.8
 Weighted average
 shares 15,890,402 14,263,497
 Consolidated Condensed Balanced Sheets
 9/30/93 12/31/92
 (Unaudited) (Audited)
 ASSETS
 Current assets $131,355 $ 91,681
 Property and Equipment 26,013 26,042
 Other Assets 11,170 12,633
 Total Assets 168,538 130,356
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities 99,488 81,959
 Long-term debt 5,927 6,416
 Other liabilities 2,971 1,592
 Stockholders' equity 60,152 40,389
 Total liabilities &
 stockholders' equity 168,538 130,356
 -0- 10/21/93 AA NY022
 /NOTE TO EDITORS: MAMSI is a regional holding company for health care organizations which provide comprehensive health insurance products. Products


include: M.D.IPA, a traditional HMO, and M.D.IPA Preferred, an open-ended version of the HMO; Optimum Choice, Inc., a non-federally qualified HMO; MAMSOVA, a non-federally qualified Virginia HMO; Alliance PPO, Inc., a preferred provider organization; MAPSI, a preferred provider organization, and MAPSI Plus, both offering managed psychiatric health care services; MAMSI Life and Health Insurance Company, an indemnity insurance company that plans to develop and market a variety of managed care insurance products; and National Managed Care, Inc., a national network of regionally dominant, independent HMOs.
 Mid-Atlantic Medical Services, Inc., securities are registered with the Securities and Exchange Commission and are traded on the NASDAQ National Market./
 /END FIRST AND FINAL ADD/
 /PRNewswire -- Oct. 21/
 (MAMS)


CO: Mid Atlantic Medical Services, Inc. ST: Maryland IN: HEA SU: ERN DIV

GK-TS -- NY022A -- 5102 10/21/93 10:59 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 21, 1993
Words:879
Previous Article:/FIRST ADD -- NY017 -- TRANS FINANCIAL BANCORP EARNINGS/
Next Article:LESCO REPORTS RECORD THIRD QUARTER WITH SALES UP 21 PERCENT, NET INCOME UP 74 PERCENT

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