HMS Holdings Corp. Announces 2006 Results.

Publication: PR Newswire

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NEW YORK, Feb. 28 /PRNewswire-FirstCall/ -- HMS Holdings Corp. announced results today for the fourth quarter and year ended December 31, 2006, reporting revenue of $33.6 million for the fourth quarter, an increase of $16.4 million or 95.2% from the $17.2 million reported for the fourth quarter of the prior year. HMSY reported net income of $1.9 million or $0.07 per diluted common share for the fourth quarter of 2006, compared to net income of $2.7 million or $0.12 per diluted common share during the fourth quarter of the prior year. Expenses in the fourth quarter of 2006 included approximately $3.6 million of acquisition-related amortization and reflect an income tax provision of $1.5 million versus a provision of $0.2 million in the prior year period as the prior year's provision was reduced by available valuation allowances.

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For the full year 2006, the Company reported revenue of $87.9 million, a 46.5% increase over 2005 revenue of $60.0 million. Also for the full year, the Company reported income from continuing operations of $4.9 million or $0.21 per diluted common share, versus income from continuing operations of $8.3 million or $0.37 per diluted common share in the prior year. The Company reported net income of $5.3 million or $0.22 per diluted common share, versus net income of $8.0 million or $0.36 per diluted common share in the prior year. Expenses in 2006 included approximately $6.4 million of acquisition- related amortization and reflect an income tax provision of $3.6 million versus a provision of $0.5 million in the prior year period as the prior year's provision was reduced by available valuation allowances.

As summarized in the following table, earnings before interest, taxes, depreciation and amortization, and share based compensation expense (adjusted EBITDA) were $9.2 million for the quarter ended December 31, 2006, an increase of 205% over the fourth quarter of 2005. For the year ended December 31, 2006, adjusted EBITDA was $19.6 million, an increase of 104% over the year ended December 31, 2005.

Reconciliation of net income to EBITDA and adjusted EBITDA:...

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