HMS Holdings Corp. Announces Q3 2008 Results, 2008 Revised Guidance and Initial 2009 Guidance
biz.yahoo.com
Friday October 31, 7:50 am ET
- Q3 2008 Revenue of $49 million (+30%y/y), EPS $0.23 (+44% y/y)
- 2008 EPS Guidance Increased to $0.77 from $0.75 (+35% y/y)
- 2009 Initial EPS Guidance of $0.96
NEW YORK, Oct. 31 /PRNewswire-FirstCall/ -- HMS Holdings Corp. (Nasdaq: HMSY) today announced its financial results for the third quarter of 2008.
Third Quarter Results
For the quarter ended September 30, 2008 revenue increased 30% to $49.0 million, compared with $37.7 million for the same period a year ago. Net income for the quarter was $6.1 million (+48%) or $0.23 (+44%) per diluted share compared to net income of $4.1 million or $0.16 per diluted share for the same period a year ago.
For the nine months ended September 30, 2008, HMSY reported revenue of $132.1 million, an increase of $27.1 million or 26% from the $105.0 million for the same period a year ago. HMSY reported net income of $14.3 million (+31%) or $0.53 (+26%) per diluted common share for the nine months ended September 30, 2008, compared to net income of $10.9 million or $0.42 per diluted common share for the same period a year ago.
Guidance for 2008 and 2009
The company announced it has increased its 2008 guidance from $175.0 million in revenue, $50.0 million in adjusted EBITDA and $0.75 in fully diluted EPS to $181.0 million (+23% y/y) in revenue, $52.0 million (+28% y/y) in adjusted EBITDA and $0.77 (+35% y/y) in fully diluted EPS.
The company also announced its initial guidance for 2009. Revenue is projected to grow to $214 million (+18% over revised 2008 guidance). Adjusted EBITDA is expected to increase to $62.7 million (+21% over 2008 revised guidance), and fully diluted EPS is projected to increase to $0.96 (+25% over 2008 revised guidance).
"HMS has produced another record quarter, with strong revenue growth in each of the government healthcare program markets that we serve," said Robert Holster, Chairman and CEO. "With increasing unemployment driving acceleration of the Medicaid program's growth rate, and as states under fiscal duress focus ever more attention on cost containment, we are positioned for continued solid revenue and earnings growth in 2009." |
