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 21, 2009
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
7.01. Regulation FD Disclosure.
On January
21, 2009, Molina Healthcare, Inc. issued a press release providing more
definitive 2008 guidance within the Company’s previously announced
range. The full text of the press release is included as Exhibit 99.1
to 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:
|
Exhibit
|
|
|
No.
|
Description
|
|
99.1
|
Press
release of Molina Healthcare, Inc. issued January 21, 2009, narrowing
expected range of results for fiscal year
2008.
|
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.
| MOLINA HEALTHCARE, INC. | ||
|
Date:
January 21, 2009
|
By: /s/ Mark L. Andrews | |
| Mark L. Andrews | ||
| Chief Legal Officer, General Counsel, | ||
| and Corporate Secretary |
EXHIBIT
INDEX
|
Exhibit
|
|
|
No.
|
Description
|
|
99.1
|
Press
release of Molina Healthcare, Inc. issued January 21, 2009, narrowing
expected range of results for fiscal year
2008.
|
News
Release
Contact:
Juan José
Orellana
Investor
Relations
562-435-3666,
ext. 111143
MOLINA
HEALTHCARE PROVIDES MORE DEFINITIVE 2008 GUIDANCE
WITHIN
COMPANY’S PREVIOUSLY ANNOUNCED RANGE
Long Beach, California (January 21,
2009) – Molina Healthcare, Inc. (NYSE: MOH) today announced that, based
on its preliminary year-end analysis, it is narrowing its guidance range for
fiscal year 2008 and now expects to report earnings per diluted share of $2.22
to $2.28, an increase from 2007 earnings per diluted share of
$2.05. The new guidance range is within the Company’s previous
expectation for 2008 results, provided on October 22, 2008, of earnings per
diluted share of $2.20 to $2.40. The Company’s projected 2008 results
are based on an effective tax rate of approximately 40% and total shares
outstanding of approximately 27.8 million.
For fiscal
year 2008, the Company expects net income in the range of $61.7 million to $63.4
million on approximately $3 billion in premium revenues, with a year-end
consolidated medical care ratio of approximately 85%. Core G&A
expenses (G&A expenses less premium taxes) are expected to be approximately
8% of revenue. The Company expects earnings before interest expense,
income tax, depreciation and amortization (EBITDA) to be between
$145 million and $148 million (see Note below), and aggregate membership at
December 31, 2008 to be approximately 1.26 million enrollees.
For the
fourth quarter of 2008, the Company expects to report a decline in its days in
medical claims and benefits payable from 44 days to approximately 41
days. Cash provided by operating activities is expected to be
positive in both the fourth quarter and year ended December 31,
2008.
Securities
Repurchase Program
The
Company also announced that its Board of Directors has authorized the repurchase
of up to $25 million in aggregate of either the Company’s common stock or its
3.75% convertible senior notes due 2014. The repurchase program will
be funded with working capital, and repurchases may be made from time to time on
the open market or through privately negotiated transactions. The
repurchase program extends through June 30, 2009, but the Company reserves the
right to suspend or discontinue the program at any time.
-MORE-
MOH
Provides More Definitive 2008 Guidance
Within
Company’s Previously Announced Range
Page
2
January
21, 2009
Investor
Day Presentation
The
Company will provide a live online webcast of its Investor Day presentation at
Le Parker Meridien Hotel in New York City on Thursday, January 22, 2009, from
1:00 p.m. to 5:00 p.m. Eastern time. The presentation will include
discussions by management of the Company’s business strategy, market factors,
and earnings guidance for fiscal year 2009, followed by a question and answer
session. A 30-day online replay of the presentation will be available
approximately one hour following its conclusion. A link to the Web
simulcast and replay can be found on the Company’s website at www.molinahealthcare.com
or at www.earnings.com.
2008
Earnings Call
Molina
Healthcare also announced that it will report its final audited results for the
fourth quarter and year ended December 31, 2008, after market close on
Wednesday, February 11, 2009, followed by a conference call and audio webcast at
5:00 p.m. Eastern time. The number to call for the interactive conference call
is 212-231-2928, and the webcast can be accessed at www.molinahealthcare.com
or at www.earnings.com. A
30-day online replay of the call will be available approximately one hour
following its conclusion.
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 ten licensed health plan
subsidiaries in California, Florida, Michigan, Missouri, Nevada, New Mexico,
Ohio, Texas, Utah, and Washington serve approximately 1.26 million
members. More information about Molina Healthcare can be obtained at
www.molinahealthcare.com.
Cautionary Statement: The
above forward-looking statements contain estimates of the Company’s financial
results for the fourth quarter and year ended December 31, 2008. The
Company is continuing to review its 2008 financial and operating results, and
actual results may differ materially from those contained
herein. Among the important factors that could cause actual results
to vary are risks related to fourth quarter and year-end audit adjustments and
the completion of the Company’s year-end audit. All estimates and
other forward-looking statements in this release represent our judgment as of
the date of this release.
Note regarding EBITDA: The
Company calculates EBITDA by adding back depreciation and amortization expense
to operating income. EBITDA is not prepared in conformity with GAAP
since it excludes depreciation and amortization expense, interest expense, and
the provision for income taxes. This non-GAAP financial measure
should not be considered as an alternative to net income, operating income,
operating margin, or cash provided by operating
activities. Management uses EBITDA as a supplemental metric in
evaluating the Company’s financial performance, in evaluating financing and
business development decisions, and in forecasting and analyzing future
periods. For these reasons, management believes that EBITDA is a
useful supplemental measure to investors in evaluating the Company’s performance
and the performance of other companies in our industry.
-END-