GREEN BAY, Wis., Aug. 4 /PRNewswire-FirstCall/ -- American Medical Security Group, Inc. (AMS) today reported net income for the second quarter of 2004 of $7.7 million or $0.53 per diluted share. That is a 14.4% increase over net income of $6.8 million or $0.48 per diluted share for the second quarter of 2003.
GAAP net income for the first six months of 2004 was $18.7 million or $1.28 per diluted share. Adjusted net income(1) for the same period was $15.4 million or $1.05 per diluted share excluding a gain of $3.4 million or $0.23 per diluted share (net of tax) received from a settlement of a dispute with the company’s former pharmacy benefits manager (PBM). For the first six months of 2003, GAAP net income was $13.2 million or $0.96 per diluted share.
Improving new member enrollment and persistency remains an AMS priority according to Samuel V. Miller, AMS Chairman, President & Chief Executive Officer.
“The environment in the small group business continues to be challenging. However, we believe the individual market is strong and getting stronger,” Miller said. “We will take advantage of that through our promising Health Savings Account (HSA) products and other high-deductible plans that are particularly well positioned for the individual market. We are also in the process of more than doubling the number of our MedOne specialists. These sales representatives specialize in facilitating MedOne sales through our agents.”
Revenues
Total revenues of $184.0 million for the second quarter of 2004 were down slightly compared to $185.6 million in the first quarter of 2004. Total revenues for the second quarter of 2003 were $186.1 million.
For the first six months of 2004, total revenues were $369.6 million, compared to $372.9 million for the first six months of 2003.
AMS said that the trend toward lower-cost, higher-deductible health plans in both its group and individual businesses is having a negative effect on growth in premium per member per month. At the same time, the company expects these plans to attract customers who will have lower utilization because of their increased financial involvement in their own health care decisions.
Membership
The company’s medical membership increased slightly in the quarter compared to the first quarter. That progress was driven by the third consecutive quarter of new-member and inforce enrollment growth for the company’s MedOne individual business.
Total sequential health membership was down slightly due to a decline in dental membership. Total health membership was 533,834 at the end of the second quarter of 2004. That compares to 536,215 at the end of the first quarter of 2004, and 546,501 at the end of the second quarter of 2003.
Health Segment Ratios(1) Three Months Ended Six Months Ended June 30, June 30, 2004 2003 2004 2003 Health Loss Ratio: GAAP 67.3% 67.5% 65.8% 67.8% PBM Settlement - - 1.5 - Adjusted 67.3% 67.5% 67.4% 67.8% Health Expense Ratio: GAAP 27.6% 28.0% 27.6% 27.9% Health Combined Ratio: GAAP 94.9% 95.5% 93.5% 95.7% PBM Settlement - - 1.5 - Adjusted 94.9% 95.5% 95.0% 95.7% Cash Flow & Balance Sheet
Net cash used in operations in the second quarter of 2004 was $3.6 million. That compares to cash provided by operations of $2.0 million in the second quarter of 2003. Cash provided by operations was $10.4 million in the first quarter of 2004, including $5.9 million from the PBM settlement. Cash flow in the second quarter of 2004 reflects a reduction in claim inventories, an extra federal tax payment and the payment of litigation expenses.
For the first six months of 2004, cash from operations was $6.8 million including the PBM settlement amount. For the same period of 2003, cash used in operations was $1.6 million.
At June 30, 2004, AMS had a book value per share of $17.16. That compares to $15.27 at the end of the second quarter of 2003, and $17.11 at the end of the first quarter of 2004.
Earnings Guidance
The company anticipates that GAAP earnings per diluted share will be approximately $0.54 for the third quarter and $0.56 for the fourth quarter of 2004. That would bring full-year 2004 earnings per diluted share to approximately $2.38. Excluding the $0.23 gain from the PBM settlement, adjusted earnings per diluted share would be approximately $2.15 for full-year 2004(1).
Notes
(1) AMS management believes that these measures of profitability, which exclude the impact of the one-time PBM settlement, provide a meaningful presentation of the underlying earnings of the Company’s continuing operations.
AMS will host a conference call to discuss its financial results on Thursday, August 5, 2004, at 10:00 a.m. (Central Time). Interested parties may listen to the conference call live via the Investor Section of the company’s website at http://www.eams.com/ . Listen-only access to the live conference call is also available by dialing 785-832-0326. Following the live call, a replay will be available until midnight, Saturday, August 7, 2004 by dialing 402-530-0420. This press release, accompanying financial information and other statistical information contained in the conference call will appear in the Investor Section of the company’s website at http://www.eams.com/ .
Cautionary Statement: Some of the statements contained in this press release are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward-looking statements express expectations for or about the future, rather than historical fact. Forward-looking statements are subject to inherent risks and uncertainties that may cause actual results or events to differ materially from those contemplated by such statements. Such risks and uncertainties include, among others, unexpected increases in health care costs; the company’s ability to predict future health care costs and adequately price its products; the company’s ability to expand its distribution network, generate new sales, sell new products and retain existing members; the company’s ability to control expenses; legislative and regulatory matters, including delays in regulatory approvals, changes in government regulation, regulatory action resulting from market conduct activity; general business conditions, including competitive practices and demand for the company’s existing and new products; adverse outcomes of legal proceedings; publicity about the company; development of and changes in claims and litigation reserves; general economic conditions that impact the performance of the company’s investment portfolio or decisions of consumers to purchase our products; and other factors that may be referred to in American Medical Security Group, Inc.'s reports filed with the Securities and Exchange Commission from time to time. Forward- looking statements made in this release express expectations only as of the date they are made. The company does not undertake any obligation to update or revise such statements as a result of new information or future events.
AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES INCOME DATA (in thousands, except earnings per share) 2003 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD REVENUES Premiums $179,055 $178,776 $176,735 $177,852 $712,418 Investment income 3,402 3,345 3,211 3,573 13,531 Realized investment gain (loss) 375 91 1,416 28 1,910 Fees & other 4,040 3,845 3,899 4,073 15,857 Total revenues 186,872 186,057 185,261 185,526 743,716 EXPENSES Benefits 120,598 119,315 119,218 119,366 478,497 General and administrative 29,284 29,244 26,908 27,989 113,425 Commissions and selling 24,042 24,294 24,292 24,455 97,083 Interest expense 339 324 309 283 1,255 Depreciation 1,777 1,664 1,673 1,660 6,774 Amortization 238 239 238 188 903 Total expenses 176,278 175,080 172,638 173,941 697,937 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 10,594 10,977 12,623 11,585 45,779 Income taxes 3,997 4,151 4,735 4,318 17,201 INCOME FROM CONTINUING OPERATIONS 6,597 6,826 7,888 7,267 28,578 PBM settlement, net of tax - - - - - Income (loss) from discontinued operations (134) (57) 923 - 732 NET INCOME $6,463 $6,769 $8,811 $7,267 $29,310 PER SHARE DATA Adjusted net income - diluted (1) $0.47 $0.48 $0.49 $0.50 $1.94 Income from continuing operations - diluted $0.49 $0.49 $0.55 $0.50 $2.03 Income (loss) from discontinued operations - diluted $(0.01) $- $0.06 $- $0.05 Net income - basic $0.50 $0.51 $0.66 $0.54 $2.21 Net income - diluted $0.48 $0.48 $0.61 $0.50 $2.08 Weighted average common shares - basic 12,981 13,160 13,392 13,542 13,270 Weighted average common shares - diluted 13,575 14,015 14,340 14,464 14,100 MARGIN ANALYSIS Income before income taxes 5.7% 5.9% 6.8% 6.2% 6.2% Net income 3.5% 3.6% 4.8% 3.9% 3.9% (1) - See page 8 for reconciliation of GAAP net income to adjusted net income. AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES INCOME DATA (in thousands, except earnings per share) 2004 YTD 1st Qtr 2nd Qtr 06/30/03 06/30/04 REVENUES Premiums $177,722 $176,528 $357,831 $354,250 Investment income 3,538 3,454 6,747 6,992 Realized investment gain (loss) 65 (117) 466 (52) Fees & other 4,249 4,155 7,885 8,404 Total revenues 185,574 184,020 372,929 369,594 EXPENSES Benefits 118,505 117,392 239,913 235,897 General and administrative 28,187 28,349 58,528 56,536 Commissions and selling 24,749 24,173 48,336 48,922 Interest expense 221 221 663 442 Depreciation 1,591 1,470 3,441 3,061 Amortization 163 163 477 326 Total expenses 173,416 171,768 351,358 345,184 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 12,158 12,252 21,571 24,410 Income taxes 4,515 4,506 8,148 9,021 INCOME FROM CONTINUING OPERATIONS 7,643 7,746 13,423 15,389 PBM settlement, net of tax 3,356 - - 3,356 Income (loss) from discontinued operations - - (191) - NET INCOME $10,999 $7,746 $13,232 $18,745 PER SHARE DATA Adjusted net income - diluted (1) $0.52 $0.53 $0.95 $1.05 Income from continuing operations - diluted $0.52 $0.53 $0.97 $1.05 Income (loss) from discontinued operations - diluted $- $- $(0.01) $- Net income - basic $0.81 $0.57 $1.01 $1.37 Net income - diluted $0.75 $0.53 $0.96 $1.28 Weighted average common shares - basic 13,627 13,690 13,071 13,658 Weighted average common shares - diluted 14,585 14,666 13,795 14,625 MARGIN ANALYSIS Income before income taxes 6.6% 6.7% 5.8% 6.6% Net income 5.9% 4.2% 3.5% 5.1% (1) - See page 8 for reconciliation of GAAP net income to adjusted net income. AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES FINANCIAL DATA (in thousands, except membership) 2003 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD REVENUE MIX Health premiums $175,924 $175,703 $173,744 $174,871 $700,242 Life premiums 3,131 3,073 2,991 2,981 12,176 Investment income 3,777 3,436 4,627 3,601 15,441 Service fees 4,040 3,845 3,899 4,073 15,857 Total revenues $186,872 $186,057 $185,261 $185,526 $743,716 MEMBERSHIP ANALYSIS Fully insured medical 278,091 275,323 270,401 273,252 273,252 Self funded medical 42,704 42,568 43,858 46,012 46,012 Dental 231,508 228,610 226,734 227,502 227,502 Total Health 552,303 546,501 540,993 546,766 546,766 Life 144,207 141,930 137,395 136,423 136,423 FINANCIAL STATISTICS Book value per share $14.68 $15.27 $15.71 $16.12 $16.12 Cash flow from operations $(3,575) $1,978 $9,092 $12,630 $20,125 Return on equity, annualized 14.2% 13.9% 15.3% 13.6% 14.3% Debt to total capital 15.0% 14.1% 13.5% 12.2% 12.2% Common shares outstanding, net of treasury 12,936 13,254 13,434 13,511 13,511 AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES FINANCIAL DATA (in thousands, except membership) 2004 YTD 1st Qtr 2nd Qtr 6/30/03 6/30/04 REVENUE MIX Health premiums $174,810 $173,673 $351,627 $348,483 Life premiums 2,912 2,855 6,204 5,767 Investment income 3,603 3,337 7,213 6,940 Service fees 4,249 4,155 7,885 8,404 Total revenues $185,574 $184,020 $372,929 $369,594 MEMBERSHIP ANALYSIS Fully insured medical 269,697 270,538 275,323 270,538 Self funded medical 44,400 44,538 42,568 44,538 Dental 222,118 218,758 228,610 218,758 Total Health 536,215 533,834 546,501 533,834 Life 132,437 130,418 141,930 130,418 FINANCIAL STATISTICS Book value per share $17.11 $17.16 $15.27 $17.16 Cash flow from operations $10,422 $(3,646) $(1,597) $6,776 Return on equity, annualized 13.6% 13.3% 13.9% 13.6% Debt to total capital 11.5% 11.4% 14.1% 11.4% Common shares outstanding, net of treasury 13,549 13,678 13,254 13,678 AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES BALANCE SHEETS (in thousands) 2003 3/31 6/30 9/30 12/31 ASSETS Investments: Fixed maturity securities available for sale, at fair value $283,595 $286,044 $286,324 $302,277 Fixed maturity securities held to maturity, at amortized cost 3,175 3,168 3,483 3,377 Trading securities, at fair value 1,142 1,217 1,254 1,424 Total investments 287,912 290,429 291,061 307,078 Cash and cash equivalents 20,396 22,036 30,183 17,289 Other assets: Property and equipment, net 34,112 35,118 34,445 37,446 Goodwill and other intangibles, net 35,468 35,229 34,283 34,095 Other assets 50,737 49,239 49,378 48,179 Total other assets 120,317 119,586 118,106 119,720 TOTAL ASSETS $428,625 $432,051 $439,350 $444,087 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities: Medical and other benefits payable $131,650 $131,023 $127,023 $129,809 Advance premiums 17,300 16,453 16,150 15,865 Payables and accrued expenses 23,466 21,039 24,020 24,099 Notes payable 33,558 33,258 32,958 30,158 Other liabilities 32,736 27,860 28,162 26,332 Total liabilities 238,710 229,633 228,313 226,263 Shareholders’ equity: Common stock 16,654 16,654 16,654 16,654 Paid-in capital 190,367 192,362 193,509 194,431 Retained earnings 9,321 16,090 24,901 32,168 Unrealized gain on investments 8,090 9,964 7,521 6,133 Treasury stock (34,517) (32,652) (31,548) (31,562) Total shareholders’ equity 189,915 202,418 211,037 217,824 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $428,625 $432,051 $439,350 $444,087 AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES BALANCE SHEETS (in thousands) 2004 3/31 6/30 ASSETS Investments: Fixed maturity securities available for sale, at fair value $313,813 $296,890 Fixed maturity securities held to maturity, at amortized cost 3,170 3,163 Trading securities, at fair value 1,582 1,700 Total investments 318,565 301,753 Cash and cash equivalents 18,716 19,610 Other assets: Property and equipment, net 37,441 38,485 Goodwill and other intangibles, net 33,932 33,769 Other assets 44,594 46,310 Total other assets 115,967 118,564 TOTAL ASSETS $453,248 $439,927 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities: Medical and other benefits payable $123,426 $118,723 Advance premiums 16,902 14,982 Payables and accrued expenses 22,539 20,281 Notes payable 30,158 30,158 Other liabilities 28,436 21,005 Total liabilities 221,461 205,149 Shareholders’ equity: Common stock 16,654 16,654 Paid-in capital 194,426 195,548 Retained earnings 43,167 50,913 Unrealized gain on investments 8,869 2,094 Treasury stock (31,329) (30,431) Total shareholders’ equity 231,787 234,778 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $453,248 $439,927 AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES SEGMENT DATA - HEALTH (in thousands, except financial statistics) 2003 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD OPERATING RESULTS Revenues: Premiums $175,924 $175,703 $173,744 $174,871 $700,242 Investment income 1,715 1,683 1,596 1,675 6,669 Other revenue 3,965 3,772 3,828 4,008 15,573 Total revenues 181,604 181,158 179,168 180,554 722,484 Expenses: Benefits 119,783 118,637 118,518 118,708 475,646 PBM settlement (pre- tax) - - - - - General and administrative 29,352 29,189 27,090 28,004 113,635 Commissions and selling 23,472 23,724 23,727 23,901 94,824 Total expenses 172,607 171,550 169,335 170,613 684,105 Income before income taxes $8,997 $9,608 $9,833 $9,941 $38,379 FINANCIAL STATISTICS Loss ratio 68.1% 67.5% 68.2% 67.9% 67.9% Expense ratio: General and administrative 14.4% 14.5% 13.4% 13.7% 14.0% Commissions and selling 13.3% 13.5% 13.7% 13.7% 13.5% Total expense ratio 27.8% 28.0% 27.0% 27.4% 27.5% Combined ratio 95.9% 95.5% 95.3% 95.3% 95.5% Premiums per member per month: Fully insured medical $181 $184 $184 $185 $183 Self funded 53 53 55 53 54 Dental 23 23 24 24 23 Short-term disability 22 22 23 23 22 Benefits cost per member per month: Fully insured medical $125 $124 $127 $128 $126 Self funded 27 36 40 29 33 Dental 15 16 15 15 15 Short-term disability 12 8 3 4 7 AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES SEGMENT DATA - HEALTH (in thousands, except financial statistics) 2004 YTD 1st Qtr 2nd Qtr 6/30/03 6/30/04 OPERATING RESULTS Revenues: Premiums $174,810 $173,673 $351,627 $348,483 Investment income 1,568 1,496 3,398 3,064 Other revenue 4,193 4,104 7,737 8,297 Total revenues 180,571 179,273 362,762 359,844 Expenses: Benefits 117,904 116,833 238,420 234,737 PBM settlement (pre-tax) (5,339) - - (5,339) General and administrative 28,345 28,377 58,541 56,722 Commissions and selling 24,200 23,643 47,196 47,843 Total expenses 165,110 168,853 344,157 333,963 Income before income taxes $15,461 $10,420 $18,605 $25,881 FINANCIAL STATISTICS Loss ratio 64.4% 67.3% 67.8% 65.8% Expense ratio: General and administrative 13.8% 14.0% 14.4% 13.9% Commissions and selling 13.8% 13.6% 13.4% 13.7% Total expense ratio 27.7% 27.6% 27.9% 27.6% Combined ratio 92.1% 94.9% 95.7% 93.5% Premiums per member per month: Fully insured medical $186 $185 $182 $185 Self funded 55 55 53 55 Dental 24 24 23 24 Short-term disability 23 24 22 23 Benefits cost per member per month: Fully insured medical $119 $125 $125 $122 Self funded 39 39 31 39 Dental 15 16 15 16 Short-term disability 6 4 10 5 AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES SEGMENT DATA - LIFE (in thousands, except financial statistics) 2003 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD OPERATING RESULTS Revenues: Premiums $3,131 $3,073 $2,991 $2,981 $12,176 Investment income 133 129 121 129 512 Other revenue 75 73 71 65 284 Total revenues 3,339 3,275 3,183 3,175 12,972 Expenses: Benefits 837 679 700 658 2,874 General and administrative 510 487 383 415 1,795 Commissions and selling 589 585 582 575 2,331 Total expenses 1,936 1,751 1,665 1,648 7,000 Income before income taxes $1,403 $1,524 $1,518 $1,527 $5,972 FINANCIAL STATISTICS Loss ratio 26.7% 22.1% 23.4% 22.1% 23.6% Expense ratio: General and administrative 13.9% 13.5% 10.4% 11.7% 12.4% Commissions and selling 18.8% 19.0% 19.5% 19.3% 19.1% Total expense ratio 32.7% 32.5% 29.9% 31.0% 31.6% Combined ratio 59.4% 54.6% 53.3% 53.1% 55.2% AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES SEGMENT DATA - LIFE (in thousands, except financial statistics) 2004 YTD 1st Qtr 2nd Qtr 6/30/03 06/30/04 OPERATING RESULTS Revenues: Premiums $2,912 $2,855 $6,204 $5,767 Investment income 121 114 262 235 Other revenue 56 51 148 107 Total revenues 3,089 3,020 6,614 6,109 Expenses: Benefits 601 559 1,516 1,160 General and administrative 402 383 997 785 Commissions and selling 564 530 1,174 1,094 Total expenses 1,567 1,472 3,687 3,039 Income before income taxes $1,522 $1,548 $2,927 $3,070 FINANCIAL STATISTICS Loss ratio 20.6% 19.6% 24.4% 20.1% Expense ratio: General and administrative 11.9% 11.6% 13.7% 11.8% Commissions and selling 19.4% 18.6% 18.9% 19.0% Total expense ratio 31.3% 30.2% 32.6% 30.7% Combined ratio 51.9% 49.8% 57.0% 50.8% AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES CORPORATE AND OTHER (in thousands) 2003 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD OPERATING RESULTS Revenues: Investment income $1,554 $1,533 $1,494 $1,769 $6,350 Realized investment gain (loss) 375 91 1,416 28 1,910 Total revenues 1,929 1,624 2,910 1,797 8,260 Expenses: Benefits (22) (1) - - (23) General and administrative 1,199 1,232 1,108 1,230 4,769 Commissions and selling (19) (15) (17) (21) (72) Interest expense 339 324 309 283 1,255 Amortization of intangibles 238 239 238 188 903 Total expenses 1,735 1,779 1,638 1,680 6,832 Income (loss) before income taxes $194 $(155) $1,272 $117 $1,428 AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES CORPORATE AND OTHER (in thousands) 2004 YTD 1st Qtr 2nd Qtr 6/30/03 6/30/04 OPERATING RESULTS Revenues: Investment income $1,849 $1,844 $3,087 $3,693 Realized investment gain (loss) 65 (117) 466 (52) Total revenues 1,914 1,727 3,553 3,641 Expenses: Benefits - - (23) - General and administrative 1,031 1,059 2,431 2,090 Commissions and selling (15) - (34) (15) Interest expense 221 221 663 442 Amortization of intangibles 163 163 477 326 Total expenses 1,400 1,443 3,514 2,843 Income (loss) before income taxes $514 $284 $39 $798 AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME (in thousands, except earnings per share) 2003 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD INCOME GAAP Net income $6,463 $6,769 $8,811 $7,267 $29,310 Less: Income (loss) from discontinued operations (134) (57) 923 - 732 Income from continuing operations 6,597 6,826 7,888 7,267 28,578 Less: PBM settlement, net of tax - - - - - Realized investment gains (loss), net of tax 234 57 885 18 1,192 Adjusted net income $6,363 $6,769 $7,003 $7,249 $27,386 INCOME PER SHARE - DILUTED GAAP Net income per share $0.48 $0.48 $0.61 $0.50 $2.08 Less: Income (loss) from discontinued operations (0.01) - 0.06 - 0.05 Income from continuing operations 0.49 0.49 0.55 0.50 2.03 Less: PBM settlement, net of tax - - - - - Realized investment gain (loss), net of tax 0.02 - 0.06 - 0.08 Adjusted net income per share $0.47 $0.48 $0.49 $0.50 $1.94 AMERICAN MEDICAL SECURITY GROUP, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME (in thousands, except earnings per share) 2004 YTD 1st Qtr 2nd Qtr 6/30/03 6/30/04 INCOME GAAP Net income $10,999 $7,746 $13,232 $18,745 Less: Income (loss) from discontinued operations - - (191) - Income from continuing operations 10,999 7,746 13,423 18,745 Less: PBM settlement, net of tax 3,356 - - 3,356 Realized investment gains (loss), net of tax 41 (74) 291 (33) Adjusted net income $7,602 $7,820 $13,132 $15,422 INCOME PER SHARE - DILUTED GAAP Net income per share $0.75 $0.53 $0.96 $1.28 Less: Income (loss) from discontinued operations - - (0.01) - Income from continuing operations 0.75 0.53 0.97 1.28 Less: PBM settlement, net of tax 0.23 - - 0.23 Realized investment gain (loss), net of tax - (0.01) 0.02 - Adjusted net income per share $0.52 $0.53 $0.95 $1.05
American Medical Security Group, Inc.
CONTACT: Cliff Bowers, Vice President, Corporate Communications, ofAmerican Medical Security Group, Inc., +1-920-661-2766
Web site: http://www.eams.com/
Company News On-Call: http://www.prnewswire.com/comp/107560.html
