Jul 29 2011
HMS (NASDAQ: HMSY) today announced its financial results for the second quarter of 2011.
For the quarter ended June 30, 2011 revenue increased 26% to $89.3 million, compared with $70.7 million for the same period a year ago. Net income for the quarter increased 36% to $12.4 million or $0.14 per diluted share post-split ($0.43 pre-split) compared to net income of $9.1 million or $0.11 per diluted share post-split ($0.32 pre-split) for the same period a year ago. The Company has previously announced a three-for-one stock split for shareholders of record on July 22, 2011, that will be distributed on August 16, 2011.
For the first half of 2011, revenue increased 27% to $171.8 million versus $135.7 million for the prior year. Net income for the first half was $22.2 million or $0.26 per diluted share post-split ($0.77 pre-split) versus net income of $16.7 million or $0.20 per diluted share post-split ($0.59 pre-split) for the prior year.
The Company has revised its 2011 guidance from $370.0 million in revenue and $0.58 in fully diluted GAAP EPS ($1.74 pre-split) to $372 million in revenue and $0.59 in fully diluted GAAP EPS post-split ($1.78 pre-split).
"In the first half of 2011, clients in all our markets sought cost-savings solutions from HMS at an unprecedented rate," remarked Bill Lucia, Chief Executive Officer. "We see the trend continuing as clients face the challenges associated with growing their programs and complying with healthcare reform legislation."
Lucia added, "We are revising full year revenue and GAAP EPS guidance for 2011 to reflect both increasing confidence in HMS's ability to deliver a strong finish this year, and a very promising pipeline for 2012."