HMS Holdings Corp. Announces Q4 and Full Year 2007 Results
biz.yahoo.com
Thursday February 28, 5:04 pm ET
Fourth Quarter Revenues Increase 24% over Prior Year
NEW YORK, Feb. 28 /PRNewswire-FirstCall/ -- HMS Holdings Corp. (Nasdaq: HMSY) today announced financial results for its fourth quarter and full year ended December 31, 2007.
Revenue for the fourth quarter of 2007 increased 24% to $41.7 million, compared with $33.6 million for the same period a year ago. HMSY reported net income of $4.0 million or $0.15 per diluted common share for the fourth quarter of 2007, compared to net income of $1.9 million or $0.07 per diluted common share during the fourth quarter of the prior year.
For the full year 2007, the Company reported revenue of $146.7 million, a 67% increase over 2006 revenue of $87.9 million. Also for the full year, the Company reported income from continuing operations of $15.0 million or $0.57 per diluted common share, versus income from continuing operations of $4.9 million or $0.21 per diluted common share in the prior year.
As summarized in the following table, earnings before interest, taxes, depreciation and amortization, and share based compensation expense (adjusted EBITDA) were $11.1 million for the quarter ended December 31, 2007, an increase of 21.4% over the fourth quarter of 2006. For the year ended December 31, 2007, adjusted EBITDA was $40.7 million, an increase of 108% over the year ended December 31, 2006. Results for the year ended December 31, 2007 reflect the full year impact from our September 2006 acquisition of the Benefits Solution Practice Area (BSPA) of Public Consulting Group, Inc. (PCG).
"Led by managed care, all of HMS's product lines contributed to generating organic growth in excess of twenty percent in our first 'apples-to-apples' quarter since the acquisition of BSPA in 2006," said Robert Holster, Chairman and CEO of HMS Holdings Corp. "Heading into 2008, we look forward to increased demand by government healthcare programs for our cost management services, as an economy and healthcare delivery system under stress focus ever more attention on ensuring that medical claims are paid correctly, and by the responsible payor." |
