Published: January 11, 2010
Molina Healthcare Reports Preliminary Fourth Quarter And 2009 Year-End Results
LONG BEACH, Calif. - (BUSINESS WIRE) - Molina Healthcare, Inc. (NYSE: MOH) announced today that, based on its
preliminary unaudited analysis, it expects to report a loss per diluted
share for the fourth quarter of 2009 in the range of $0.10 to $0.25, and
earnings for the year ended December 31, 2009, in the range of $1.12 to
$1.26. Additional detail regarding the Company's preliminary unaudited
results is provided in the tables below.
In commenting on the preliminary results, J. Mario Molina, M.D.,
president and chief executive officer of Molina Healthcare, said, "In
our third quarter earnings report in October, we talked about the
several factors - including the H1N1 flu, higher utilization associated
with new members, and state budget shortfalls - which were the basis for
our withdrawing our earnings and medical cost guidance for the remainder
of 2009. These same factors continued to exert significant downward
pressure on our earnings in the fourth quarter. Of these factors, costs
associated with the H1N1 flu were the single greatest contributor to our
loss in the quarter."
The Company is currently in the process of finalizing its results for
the fourth quarter and full year 2009. There can be no assurance that
the Company's final audited results for the fourth quarter and for
fiscal year 2009 will be as specified in this release. The estimated
results for fourth quarter and full year 2009 included in this release
constitute forward-looking statements and are subject to the risk that
final audited results may vary.
The Company plans to announce its complete results for the fourth
quarter and full year 2009 on February 11, 2010. In addition, the
Company will give a presentation and webcast regarding its corporate
strategy and business outlook at its Investor Day Conference on January
27, 2010, at the Le Parker Meridien Hotel in New York City from 12:00
noon to 4:00 p.m. Eastern Time. Additional information regarding the
Company's earnings call and Investor Day Conference will be forthcoming.
J. P. Morgan Healthcare Conference Presentation on Tuesday, January
12, 2010
The Company will give a presentation, followed by a question and answer
session, at the 28th Annual J.P. Morgan Healthcare Conference on
Tuesday, January 12, 2010, beginning at 3:30 p.m. Pacific Time. To
access the broadcast, listeners should go to the Investors section of
the Company's website, www.molinahealthcare.com,
approximately 15 minutes prior to the event to register and download any
necessary software. For those unable to listen to the live broadcast, a
replay will be available for 30 days on the Company's website.
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Fourth Quarter 2009 Preliminary Unaudited Financial Results
Compared With Fourth Quarter 2008 Financial Results
|
|
|
|
|
|
|
|
|
|
|
|
4Q 20081
|
|
4Q 2009E
|
|
Change
|
|
Premium Revenue
|
|
$
|
809M
|
|
|
$
|
962M
|
|
|
$
|
153M
|
|
|
Medical Care Ratio
|
|
|
84.7
|
%
|
|
|
87.2
|
%
|
|
|
2.5
|
%
|
|
G&A Ratio
|
|
|
11.3
|
%
|
|
|
12.3
|
%
|
|
|
1.0
|
%
|
|
Core G&A Ratio
(excluding premium tax)
|
|
|
8.1
|
%
|
|
|
8.2
|
%
|
|
|
0.1
|
%
|
|
Depreciation & Amortization
|
|
$
|
8.7M
|
|
|
$
|
9.6M
|
|
|
$
|
0.9M
|
|
|
Net Income
|
|
$
|
14.8M
|
|
|
($2.6M) to ($6.4M)
|
|
($17.4M) to ($21.2M)
|
|
Diluted EPS
|
|
$
|
0.55
|
|
|
($0.10) to ($0.25)
|
|
($0.65) to ($0.80)
|
|
Diluted Shares Outstanding
|
|
|
26.8M
|
|
|
|
25.7M
|
|
|
|
(1.1M
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company's 4Q 2008 results reflect the
adoption of ASC Subtopic 470-20.
|
|
E Represents preliminary unaudited estimate.
Final audited results may differ.
|
|
Full Year 2009 Preliminary Unaudited Financial Results Compared
With Full Year 2008 Financial Results
|
|
|
|
|
|
|
|
|
|
|
|
20081
|
|
2009E
|
|
Change
|
|
Premium Revenue
|
|
$3.1B
|
|
$3.7B
|
|
$0.6B
|
|
Medical Care Ratio
|
|
84.8%
|
|
86.7%
|
|
1.9%
|
|
G&A Ratio
|
|
11.1%
|
|
10.9%
|
|
(0.2%)
|
|
Core G&A Ratio
(excluding premium tax)
|
|
8.0%
|
|
7.6%
|
|
(0.4%)
|
|
Depreciation & Amortization
|
|
$33.7M
|
|
$38.0M
|
|
$4.3M
|
|
Net Income
|
|
$59.6M
|
|
$29M to $33M
|
|
($26.6M) to ($30.6M)
|
|
Diluted EPS
|
|
$2.15
|
|
$1.12 to $1.26
|
|
($0.89) to ($1.03)
|
|
Diluted Shares Outstanding
|
|
27.8M
|
|
26.0M
|
|
(1.8M)
|
|
|
|
|
|
|
|
|
|
(1) The Company's 2008 results reflect the
adoption of ASC Subtopic 470-20.
|
|
E Represents preliminary unaudited estimate.
Final audited results may differ.
|
About Molina Healthcare, Inc.
Molina Healthcare, Inc. is a multi-state managed care organization that
arranges for the delivery of healthcare services to persons eligible for
Medicaid, Medicare, and other government-sponsored programs for
low-income families and individuals. Molina Healthcare's nine licensed
health plan subsidiaries in California, Florida, Michigan, Missouri, New
Mexico, Ohio, Texas, Utah, and Washington currently serve approximately
1.45 million members. More information about Molina Healthcare can be
obtained at www.molinahealthcare.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains "forward-looking
statements" regarding the Company's expected financial results for the
fourth quarter of 2009, and for the full fiscal year 2009, as will be
reported by the Company upon the completion of its year-end audit. Final
financial results may vary. For a full discussion of the risks
faced by our Company, please see our Form 10-K annual report, and our
other periodic reports and filings with the Securities and Exchange
Commission. These reports can be accessed under the investor
relations tab of our Company website or on the SEC's website at www.sec.gov.
Molina Healthcare, Inc.
Investor Relations:
Juan José
Orellana, 562-435-3666, ext. 111143
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