UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 11, 2010
MOLINA
HEALTHCARE, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
1-31719
|
13-4204626
|
||
|
(State
of incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification Number)
|
200
Oceangate, Suite 100, Long Beach, California 90802
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (562) 435-3666
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02. Results of Operations and Financial
Condition.
On January 11, 2010, Molina
Healthcare, Inc. issued a press release announcing its preliminary unaudited
financial results for the fourth quarter and year ended December 31,
2009. The full text of the press release is included as Exhibit 99.1
to this report. The information contained in the websites cited in
the press release is not part of this report.
The information in this Form 8-K and
the exhibit attached hereto shall not be deemed to be “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933 or the Securities Exchange Act of
1934, except as expressly set forth by specific reference in such a
filing.
Item
9.01. Financial Statements and
Exhibits.
(d) Exhibits:
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Exhibit
No.
|
Description
|
|
99.1
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Press
release of Molina Healthcare, Inc. issued January 11, 2010, as to
preliminary unaudited financial results for the fourth quarter and year
ended December 31, 2009.
|
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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MOLINA
HEALTHCARE, INC.
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||
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Date:
January 11, 2010
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By: /s/
Mark L. Andrews
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|
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Mark
L. Andrews
Chief
Legal Officer, General Counsel,
and
Corporate Secretary
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||
EXHIBIT
INDEX
Exhibit
No. Description
|
99.1
|
Press
release of Molina Healthcare, Inc. issued January 11, 2010, as to
preliminary unaudited financial results for the fourth quarter and year
ended December 31, 2009.
|
News Release
Contact:
Juan José
Orellana
Investor
Relations
562-435-3666,
ext. 111143
MOLINA
HEALTHCARE REPORTS PRELIMINARY
FOURTH
QUARTER AND 2009 YEAR-END RESULTS
Long Beach, California (January 11,
2010) – 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.
-MORE-
Fourth
Quarter 2009 Preliminary Unaudited Financial Results Compared With Fourth
Quarter 2008 Financial Results
|
4Q
20081
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4Q
2009E
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Change
|
|
|
Premium
Revenue
|
$809M
|
$962M
|
$153M
|
|
Medical
Care Ratio
|
84.7%
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87.2%
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2.5%
|
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G&A
Ratio
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11.3%
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12.3%
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1.0%
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Core
G&A Ratio
(excluding
premium tax)
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8.1%
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8.2%
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0.1%
|
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Depreciation
& Amortization
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$8.7M
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$9.6M
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$0.9M
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Net
Income
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$14.8M
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($2.6M)
to ($6.4M)
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($17.4M)
to ($21.2M)
|
|
Diluted
EPS
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$0.55
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($0.10)
to ($0.25)
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($0.65)
to ($0.80)
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Diluted
Shares Outstanding
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26.8M
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25.7M
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(1.1M)
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_____________
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(1)
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The
Company’s 4Q 2008 results reflect the adoption of ASC Subtopic
470-20.
|
|
E
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Represents
preliminary unaudited estimate. Final audited results may
differ.
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Full
Year 2009 Preliminary Unaudited Financial Results Compared With Full Year 2008
Financial Results
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20081
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2009E
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Change
|
|
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Premium
Revenue
|
$3.1B
|
$3.7B
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$0.6B
|
|
Medical
Care Ratio
|
84.8%
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86.7%
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1.9%
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G&A
Ratio
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11.1%
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10.9%
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(0.2%)
|
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Core
G&A Ratio
(excluding
premium tax)
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8.0%
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7.6%
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(0.4%)
|
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Depreciation
& Amortization
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$33.7M
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$38.0M
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$4.3M
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Net
Income
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$59.6M
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$29M
to $33M
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($26.6M)
to ($30.6M)
|
|
Diluted
EPS
|
$2.15
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$1.12
to $1.26
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($0.89)
to ($1.03)
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|
Diluted
Shares Outstanding
|
27.8M
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26.0M
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(1.8M)
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_____________
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(1)
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The
Company’s 2008 results reflect the adoption of ASC Subtopic
470-20.
|
|
E
|
Represents
preliminary unaudited estimate. Final audited results may
differ.
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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.
-END-