HealthExtras Reports First Quarter 2008 Results
06 Maio 2008 - 5:58PM
Business Wire
HealthExtras, Inc. (NASDAQ:HLEX), a pharmacy benefit management
company, today announced its financial results for the first
quarter ended March 31, 2008. First Quarter Highlights Net income
for the first quarter 2008 was $11.6 million or $0.27 per diluted
share, a 20% increase over comparable first quarter 2007 earnings
of $9.7 million or $0.23 per share. Revenues for the first quarter
2008 totaled $588.6 million, a 45% increase over first quarter 2007
revenues of $406.4 million. The number of prescriptions processed
during the first quarter of 2008 increased to 12.8 million from 9.7
million in the first quarter 2007 and operating profit per
prescription was up sequentially to $1.31. During the first quarter
of 2008, the Company generated $34.8 million in cash from
operations and incurred non-cash charges for depreciation,
amortization and equity-based compensation of $3.3 million. �We are
pleased with the Company�s performance,� stated David T. Blair,
Chief Executive Officer of HealthExtras. �The Company continues to
produce significant revenue and earnings growth driven by strong
client retention and new business additions.� During the quarter,
the Company sold new business representing 300,000 lives with
mid-2008 effective dates. �The substantial sales results reflect
ongoing market recognition of our client service strategy and we
are encouraged by sales momentum across all of our market
segments,� added Blair. During the first quarter of 2008, the
company completed the implementations of Medical Card Systems
Commercial and Medicare Part D businesses. These, and other new
contracts which were implemented in the second half of 2007,
represent the addition of approximately 6 million claims on an
annualized basis. Revenue increased sequentially in the first
quarter 2008 over a historically strong fourth quarter. �While
successfully implementing new business was our primary focus this
quarter, we are pleased to report significant new sales and
expanding operating margins. Clearly, the Company is well
positioned for a successful 2008 and beyond,� added Blair. About
HealthExtras (www.healthextras.com): HealthExtras, Inc. is a
full-service pharmacy benefit management company. Its clients
include self-insured employers, including state and local
governments, third-party administrators, managed care
organizations, unions and individuals. The Company's integrated
pharmacy benefit management services marketed under the name
Catalyst Rx include: claims processing, benefit design
consultation, drug utilization review, formulary management, drug
data analysis services and mail order services. Additionally, the
Company operates a national retail pharmacy network with over
60,000 participating pharmacies. This press release may contain
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements
involve a number of risks and uncertainties. Factors that we have
identified that might materially affect our results are discussed
in our Annual Report on Form 10-K for the year ended December 31,
2007 under "Item 1.A Risk Factors." Readers are urged to carefully
review and consider the various disclosures made in our Annual
Report on Form 10-K and our other filings with the Securities and
Exchange Commission that attempt to advise interested parties of
the risks and uncertainties that may affect our business. �
HEALTHEXTRAS, INC. and Subsidiaries � CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share data) (Unaudited) � For
the three months ended March 31, 2008 � 2007 Revenue (excludes
member co-payments of $190,612 and $156,069 for the three months
ended March 31, 2008 and 2007, respectively) $ 588,644 � $ 406,372
� Direct expenses 557,451 378,814 Selling, general and
administrative expenses � 14,429 � � 12,812 � Total operating
expenses � 571,880 � � 391,626 � Operating income 16,764 14,746
Interest income 1,897 1,331 Interest expense (36 ) (36 ) Other
income � 1 � � 1 � Income before minority interest and income taxes
18,626 16,042 Minority interest � - � � 31 � Income before income
taxes 18,626 16,011 Income tax expense � 7,022 � � 6,302 � Net
income $ 11,604 � $ 9,709 � � Net income per share, basic $ 0.27 $
0.24 Net income per share, diluted $ 0.27 $ 0.23 Weighted average
shares of common stock outstanding, basic 42,219 40,952 Weighted
average shares of common stock outstanding, diluted 43,384 42,765
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