Health Net to Hold Conference Call and Webcast to Discuss Second Quarter 2012 Earnings Results

LOS ANGELES--(BUSINESS WIRE)--

Health Net, Inc. (HNT) will hold its quarterly conference call to discuss second quarter 2012 earnings results on Friday, August 3, 2012, at approximately 11:00 a.m. Eastern time (8:00 a.m. Pacific time). Earnings results will be announced before the market opens on the same day.

The live conference call should be accessed at least 15 minutes prior to its start with the following numbers:

The access code for both the live conference call and replay is 96830520. A recording of the call can be heard from August 3, 2012 (12:00 noon Eastern Time / 9:00 a.m. Pacific time) through August 10, 2012 (12:00 Midnight Eastern time) by dialing one of the following replay numbers:

A live webcast and replay of the conference call also will be available at www.healthnet.com under “Investor Relations.” The conference call webcast is open to all interested parties.

Anyone listening to the company’s conference call or webcast will be presumed to have read Health Net’s Annual Report on Form 10-K for the year ended December 31, 2011 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, and other reports filed by Health Net from time to time with the Securities and Exchange Commission.

About Health Net

Health Net, Inc. is a publicly traded managed care organization that delivers managed health care services through health plans and government-sponsored managed care plans. Its mission is to help people be healthy, secure and comfortable. Health Net, through its subsidiaries, provides and administers health benefits to approximately 5.6 million individuals across the country through group, individual, Medicare (including the Medicare prescription drug benefit commonly referred to as “Part D”), Medicaid, U.S. Department of Defense, including TRICARE, and Veterans Affairs programs. Health Net’s behavioral health services subsidiary, Managed Health Network, Inc., provides behavioral health, substance abuse and employee assistance programs to approximately 4.9 million individuals, including Health Net’s own health plan members. Health Net’s subsidiaries also offer managed health care products related to prescription drugs, and offer managed health care product coordination for multi-region employers and administrative services for medical groups and self-funded benefits programs.

For more information on Health Net, Inc., please visit Health Net’s website at www.healthnet.com.

Cautionary Statements

Health Net, Inc. and its representatives may from time to time make written and oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act (“PSLRA”) of 1995, including statements in this and other press releases, in presentations, filings with the Securities and Exchange Commission (“SEC”), reports to stockholders and in meetings with investors and analysts. All statements in this press release, other than statements of historical information provided herein, may be deemed to be forward-looking statements and as such are intended to be covered by the safe harbor for “forward-looking statements” provided by PSLRA. These statements are based on management’s analysis, judgment, belief and expectation only as of the date hereof, and are subject to changes in circumstances and a number of risks and uncertainties. Without limiting the foregoing, statements including the words “believes,” “anticipates,” “plans,” “expects,” “may,” “should,” “could,” “estimate,” “intend,” “feels,” “will,” “projects” and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially from those expressed in, or implied or projected by the forward-looking information and statements due to, among other things, health care reform and other increased government participation in and regulation of health benefits and managed care operations, including the ultimate impact of the Affordable Care Act, which could materially adversely affect Health Net’s financial condition, results of operations and cash flows through, among other things, reduced revenues, new taxes, expanded liability, and increased costs (including medical, administrative, technology or other costs), or require changes to the ways in which Health Net does business; rising health care costs; continued slow economic growth or a further decline in the economy; negative prior period claims reserve developments; trends in medical care ratios; membership declines; unexpected utilization patterns or unexpectedly severe or widespread illnesses; rate cuts and other risks and uncertainties affecting Health Net’s Medicare or Medicaid businesses; Health Net’s ability to successfully participate in the dual-eligibles pilot programs; litigation costs; regulatory issues with federal and state agencies including, but not limited to, the California Department of Managed Health Care, the Centers for Medicare & Medicaid Services, the Office of Civil Rights of the U.S. Department of Health and Human Services and state departments of insurance; operational issues; failure to effectively oversee our third-party vendors; noncompliance by Health Net or Health Net’s business associates with any privacy laws or any security breach involving the misappropriation, loss or other unauthorized use or disclosure of confidential information; any liabilities of the Northeast business that were incurred prior to the closing of its sale as well as those liabilities incurred through the winding-up and running-out period of the Northeast business; investment portfolio impairment charges; volatility in the financial markets; and general business and market conditions. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included within Health Net’s most recent Annual Report on Form 10-K and subsequent Quarterly Report on Form 10-Q filed with the SEC, and the risks discussed in Health Net’s other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. Except as may be required by law, Health Net undertakes no obligation to address or publicly update any of its forward-looking statements to reflect events or circumstances that arise after the date of this release.

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Streamline Health® Solutions Reports Q1 Results

CINCINNATI, June 7, 2012 /PRNewswire/ -- Streamline Health Solutions, Inc. (STRM) today announced financial results for the first quarter of fiscal year 2012, ended April 30, 2012.

Highlights for the quarter included:

Achieved net profit of $492,000;Adjusted EBITDA for first quarter 2012 was $1.7 million an increase of 172%  over first quarter 2011;Recurring maintenance revenues improved by 13% over the prior comparable quarter;Software as a service (SaaS) revenues for the quarter increased 22% over the prior comparable quarter, excluding $490,000 of incremental SaaS revenue from the acquired operations of Interpoint Partners;New sales bookings for the quarter were $4.4 million;Maintenance and SaaS contract renewals for the quarter were $3.1 million;Backlog at the end of the quarter was $31.4 million, which was a 78% increase from the first quarter of 2011;

Revenues for the three month period ended April 30, 2012, were $5,445,000; as compared to $4,140,000 in the comparable period of fiscal 2011.  The quarterly and year to date increase was primarily attributable to revenues provided by increases in recurring maintenance and SaaS revenues.

The former Interpoint Partners, LLC business, acquired in the fourth quarter of fiscal 2011, contributed an incremental $490,000 in SaaS revenue in the first quarter of fiscal 2012. Recurring revenues from SaaS (net of Interpoint incremental revenues) and maintenance increased $203,000 and $275,000, respectively. These increases are due to annual increases, expansion of services to current clients, and additional revenue from a client that has transitioned to a direct relationship with Streamline Health.

Operating expenses for the three-month period ending April 30, 2012 were $4,773,000, compared to $4,394,000 in the comparable prior year period; an increase of $379,000 or 9% over the prior year comparable period.

As a result, Streamline Health recorded an operating profit of $672,000 or $0.07 per fully diluted share, for the three month period ended April 30, 2012 compared with an operating loss of $254,000, or ($0.03) per fully diluted share, for the prior year comparable quarter. Adjusted EBITDA* (a non-GAAP measure) for the quarter ended April 30, 2012 was $1.7 million, or $0.17 per fully diluted common share, compared to $630,000, or $0.06 per fully diluted common share in the comparable prior year quarter. A reconciliation table is provided below.

New sales bookings for the fourth quarter were $4.4 million, primarily consisting of professional services, and software as a service contracts.  Maintenance and SaaS renewals or extensions were $3.1 million.

Backlog at April 30, 2012 was $31.4 million, compared with $27.4 million at January 31, 2012 and $17.7 million at April 30, 2011. The increase in the current backlog reflects significant new SaaS contract signings as well as current clients purchasing additional solutions.  Additions to backlog included a five year agreement with Boston Medical Center to extend the use of our business analytics and patient financial services solutions, a renewal for a new five year agreement with Bronx-Lebanon Hospital Center, which was also transitioned to a direct agreement with Streamline Health; and a new SaaS agreement with Einstein Healthcare Network to employ our OpportunityAnyWare, ARWare, and 835 DenialWare solutions.

Robert E. Watson, President and Chief Executive Officer of Streamline Health said, "The results for the quarter, by every financial metric, clearly highlight that we are making meaningful progress in our transition to a results oriented healthcare information technology company.  Needless to say, we are pleased with our progress.  This quarter was a significant step forward in the transition process that began some fifteen months ago."

Mr. Watson continued, "Continuing the trend noted in previous quarters, we are also pleased with the transition, completed during the quarter, of Bronx-Lebanon Hospital Center to a 'direct client' and the extension of their agreement with us for an additional five years.   Also during the quarter, Einstein Healthcare Network, a ten-year client of our AccessAnyWare solution, purchased our OpportunityAnyWare solution for their clinic operations.  This was the first purchase of the former Interpoint Partners' solution by a Streamline Health client.  Additionally, the purchase by Boston Medical Center of the OpportunityAnyWare solution for their clinics is an example of our team's ability to upsell additional solutions in our installed base of clients. In conjunction with our continuing focus on managing operating expenses, we continue to make meaningful progress in our goal for Streamline Health to become a world-class healthcare information technology company."

* Non-GAAP Financial Measures
Streamline Health reports its financial results in accordance with generally accepted accounting principles in the United States ("GAAP"). Streamline Health's management also evaluates and makes operating decisions using various other measures. One such measure is adjusted EBITDA, which is a non-GAAP financial measure. Streamline Health's management believes that these measures provide useful supplemental information regarding the performance of Streamline Health's business operations.

Streamline Health defines "adjusted EBITDA" as net earnings (loss) plus interest expense, tax expense, depreciation and amortization expense of tangible and intangible assets, and stock-based compensation expense.  A table illustrating this measure is included in this publication.

Conference Call Information
Streamline Health will conduct a conference call and webcast to review the results of the first quarter of fiscal 2012 today, June 7, 2012, at 11:00 a.m. ET.

Interested parties can access the call by dialing 877-407-8037, or listen via a live Internet webcast, which can be found at www.streamlinehealth.net or http://www.investorcalendar.com/IC/CEPage.asp?ID=168741.

In addition, a replay of the conference call will be archived and available until June 29, 2012 at the following number: 877-660-6853, account number: 396 and then conference ID: 395382.

About Streamline Health
Streamline Health provides solutions that help hospitals and physician groups improve efficiencies and business processes across the enterprise to enhance and protect revenues. Our enterprise content management solutions transform unstructured data into digital assets that seamlessly integrate with disparate clinical, administrative, and financial information systems. Our business analytics solutions provide real-time access to key performance metrics that enable healthcare organizations to identify and manage opportunities to maximize financial performance. Our integrated workflow systems automate and manage critical business activities to improve organizational accountability to drive both operational and financial performance. Across the revenue cycle, our solutions offer a flexible, customizable way to optimize the clinical and financial performance of any healthcare organization. For more information visit www.streamlinehealth.net.

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Statements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to risks and uncertainties. The forward looking statements contained herein are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements, included herein. These risks and uncertainties include, but are not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, key strategic alliances with vendors that resell Streamline Health products, the ability of Streamline Health to control costs, availability of products produced from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accountings Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry, the markets in which Streamline Health operates and nationally, and Streamline Health's ability to maintain compliance with the terms of its credit facilities, and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward looking statements, which reflect management's analysis only as of the date hereof. Streamline Health undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Financial Tables on Following Pages

STREAMLINE HEALTH SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

  Cost of maintenance and support

  Selling, general and administrative

  Product research and development

  Miscellaneous income (expense)

Earnings (loss) before income taxes

Basic net earnings (loss) per common share

Number of shares used in basic per common share computation

Diluted net earnings (loss) per common share

Number of shares used in diluted per common share computation

STREAMLINE HEALTH SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

Assets

  Accounts receivable, net of allowance for doubtful

    accounts of $100,000 and $100,000, respectively

  Prepaid hardware and third party software for future delivery

  Prepaid client maintenance contracts

  Office furniture, fixtures and equipment

  Accumulated depreciation and amortization

 Contract receivables, less current portion

 Capitalized software development costs, net of accumulated

   amortization of $­­­15,447,914 and $14,805,236, respectively

 Other, including deferred income taxes of $711,000, respectively

STREAMLINE HEALTH SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

Liabilities and Stockholders' Equity

  Current portion of deferred revenues

  Contingent consideration for earn-out

  Lease incentive liability, less current portion

  Convertible redeemable preferred stock, $.01 par value
per share, 5,000,000 shares authorized, no shares issued

  Common stock, $.01 par value per share, 25,000,000
shares authorized, and 10,433,716 shares issued and
outstanding, respectively

STREAMLINE HEALTH SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended April 30,
(Unaudited)

  Adjustments to reconcile net earnings (loss) to net cash

    provided by (used in) operating activities:

    Stock-based compensation expense

  Change in assets and liabilities:

    Accounts, contract and installment receivables

  Net cash provided by (used in) operating activities

  Purchases of property and equipment

  Capitalization of software development costs

  Net cash used in investing activities

  Net change under revolving credit facility

 Payments on capital lease obligation

  Net cash provided by financing activities

Increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Supplemental cash flow disclosures:

STREAMLINE HEALTH SOLUTIONS, INC.
Backlog
(Unaudited)
Table A

Streamline Health proprietary software

Hardware and third party software

STREAMLINE HEALTH SOLUTIONS, INC.
Bookings
(Unaudited)
Table B

Streamline Health Software licenses

Hardware & third party software

STREAMLINE HEALTH SOLUTIONS, INC.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Table C

This press release contains a non-GAAP financial measure under the rules of the U.S. Securities and Exchange Commission for adjusted EBITDA. This non-GAAP information supplements and is not intended to represent a measure of performance in accordance with disclosures required by generally accepted accounting principles. Non-GAAP financial measures are used internally to manage the business, such as in establishing an annual operating budget. Non-GAAP financial measures are used by Streamline Health's management in its operating and financial decision-making because management believes these measures reflect ongoing business in a manner that allows meaningful period-to-period comparisons. Accordingly, Streamline Health believes it is useful for investors and others to review both GAAP and non-GAAP measures in order to (a) understand and evaluate current operating performance and future prospects in the same manner as management does and (b) compare in a consistent manner the company's current financial results with past financial results. The primary limitations associated with the use of non-GAAP financial measures are that these measures may not be directly comparable to the amounts reported by other companies and they do not include all items of income and expense that affect operations. The Company's management compensates for these limitations by considering the company's financial results and outlook as determined in accordance with GAAP and by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in the tables attached to this press release.

Reconciliation of net earnings (loss) to non-GAAP adjusted EBITDA (in thousands)

Adjusted EBITDA Reconciliation

    Amortization of capitalized software  development  costs  

    Amortization of intangible assets

    Stock-based compensation expense

Adjusted EBITDA per diluted share

Earnings (loss) per share - diluted

Adjusted EBITDA per adjusted diluted share

Diluted weighted average shares

    Includable incremental shares – adjusted EBITDA(1)

(1) The number of incremental shares that would be dilutive under profit assumption, only applicable under a GAAP net loss. If GAAP profit is earned in the current period, no additional incremental shares are assumed. If negative adjusted EBITDA is incurred, no additional incremental shares are assumed for adjusted diluted shares.

Visit our web site at: www.streamlinehealth.net

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China Health Labs & Diagnostics Ltd. announces financial results for the first quarter ended March 31, 2012

TSX-V: CHO
OTCQX: CHLBF

www.chinahealthlabs.com

TORONTO , May 31, 2012 /CNW/ - China Health Labs & Diagnostics Ltd. (" China Health" or the "Company") (TSXV:CHO; OTCQX:CHLBF), is pleased to announce the financial results for the first quarter ended March 31, 2012 .

In the first quarter, the Company maintained its position as a leading provider of total solutions for medical diagnostics and food safety testing in China , and made progress in delivering another year of growth in 2012.  In 2011, China Health generated revenue growth of 35% to $45.6 million and profit growth of 53% to over $8 million , compared to 2010.  In 2012, the Company expects to deliver growth in revenue and profits, compared to 2011.  The Company is not providing specific guidance for 2012, but expects growth in net profits to be lower than the 53% in 2011, due to increased investment in product development and human resources to support expansion into new regions of China .

Highlights from first quarter ended March 31, 2012 include: 

Revenue grew by 17% to $7.883 million and profit decreased by 37% to $0.772 million for the quarter ended March 31, 2012 compared to the quarter ended March 31, 2011 . Earnings per share decreased to $0.01 per basic and diluted share for the quarter ended March 31, 2012 compared to $0.02 for the quarter ended March 31, 2011 . Increased installed base of BK Clinlabs to 858 rural hospitals, including the installation of 41 BK Clinlabs in rural hospitals, with 40 installed in Chongqing and 1 in Xinjiang Uygur Autonomous Region. Increased sales in the urban hospital and labs sector by 25% to $4.327 million , mostly from increased sales of reagent and consumables. Launched five new products in March 2012 for its total lab solutions businesses, leveraging the Company's proprietary technologies, which are expected to generate new revenue and strong gross margins.  Delivered 63 rural mobile labs, one of the new products, which integrate the Company's point of care technology ("POCT") and lab managements system to deliver diagnostics to remote rural communities.  (See press releases dated March 15, 2012 and March 27 , 2012). The Company's first quarter revenue and profit are generally the lowest as a percentage of annual revenue, while the third and fourth quarters tend to comprise the largest percentage of revenue and profits, due to the seasonality of the Company's customers' purchasing and budgeting processes.  For example in 2011, the first quarter accounted for approximately 15% of annual revenue and profit, while the fourth quarter accounted for approximately 43% of annual revenue and 48% of annual profit.  The Company expects a similar seasonality of revenue and profit in 2012.  For further information on seasonality, please see the Company's financial statements and MD&A filed on SEDAR.

Subsequent to the first quarter, the Company entered into agreements that will increase its installed base of BK Clinlabs to 965 rural hospitals (see Press Release dated May 29 , 2012.)  In addition, the Company secured new sales orders for its high margin POCT field diagnostic total lab solutions.

"In the first quarter, our sales and product development teams worked with our customers to ensure that we can meet their needs for 2012 with new and existing products and solutions.  While the first quarter is always our slowest for revenue, our team works very hard to make sure that our solutions are worked into the annual budgets of our Chinese government customers," said Wilson Yao , CEO of China Health. "Based on our progress in the first quarter, we are confident that we can achieve our operating goals and generate another year of growth in revenue and profits in 2012."

Revenue for the quarter ended March 31, 2012 increased by 17% to $7.883 million , compared to $6.759 million for the quarter ended March 31, 2011 . The growth in revenue was largely due to increased sales in the rural hospital and clinics and large urban hospital and labs sectors, offset by a decrease in revenue for POCT solutions and products for defense and rescue agencies sector.  Revenue from POCT solutions and products are generally large sales orders that are not placed evenly throughout the year.  Based on discussions with customers, the Company expects revenue from POCT solutions and products to increase for the full year of 2012, compared to 2011. In 2011, revenue from large urban hospitals decreased by 6%, compared to overall growth of revenue of 35% in 2011.  In 2012, the Company expects the large urban sector to grow due to expected increased sales in recurring revenue of reagents and consumables.

Gross margin for the quarter ended March 31, 2012 increased by 6% to $4.147 million , compared to $3.894 million for the quarter ended March 31, 2011 due to overall increase in revenue. Gross margin as a percentage of revenue for the quarter ended March 31, 2012 was 53% compared to 58% for the quarter ended March 31, 2011 .

The decrease in gross margin as a percentage of revenue was due to changes in sales mix.  The lower gross margin as a percentage of revenue for the quarter ended March 31, 2012 was due to the decrease in revenue for the higher margin POCT solution and products for the quarter ended March 31, 2012 as compared to the same period in 2011.  The Company expects the gross margin for 2012 will be consistent with the gross margin for 2011 of 44%, but expects gross margin to vary on a quarterly basis due to changes in sales mix.

Administrative expenses for the quarter ended March 31, 2012 increased by 11% to $1.940 million , compared to $1.745 million for the quarter ended March 31, 2011 . The principal reason for the increase was higher overhead costs including new employees and expanded facilities to support a growing customer base and sales. Administrative expenses as a percentage of revenue decreased to 25% for the quarter ended March 31, 2012 , in comparison to 26% for the quarter ended March 31, 2011 .

Share-based compensation for the quarter ended March 31, 2012 was $0.081 million , compared with $0.188 million for the quarter ended March 31, 2011 . The share-based compensation expense is a result of stock options that vested during the period for stock options granted to employees in April 2011 and to management in September 2011 .

Research and development ("R&D") expenditures for the quarter ended March 31, 2012 decreased by 21% to $0.259 million , compared to $0.328 million for the quarter ended March 31 , 2011.  Research and development expense as a percentage of revenue were approximately 3% for the quarter ended March 31, 2012 , compared to 5% for the quarter ended March 31, 2011 . Research and development is focused on developing a full range of POCT solutions and improving the LMS system. The Company is accelerating product development to maintain its competitive advantages in the areas where it has developed unique proprietary solutions. Since the Company often collaborates with its customers to develop solutions, it is able to keep costs under control while developing products tailor made to customer needs.

Selling expenses for the quarter ended March 31, 2012 increased by 62% to $0.746 million , compared to $0.462 million for the quarter ended March 31, 2011 . Selling expense as a percentage of revenue was 9% for the quarter ended March 31, 2012 , compared to 7% for the quarter ended March 31, 2011 . Selling expenses are expected to increase in subsequent periods due to plans to expand the rural lab solution business to additional Chinese provinces and the food safety business to additional Chinese cities.

Government subsidy income for the quarter ended March 31, 2012 was $0.004 million , compared with $0.080 million for the quarter ended March 31, 2011 . From time to time, the Company will receive government subsidies for one of the PRC subsidiaries' that qualifies as a high-tech Company and is involved in developing the Company's lab management software, and also for another PRC subsidiary that is located in a certain district and is eligible for government grant based on outstanding performance.

Current income tax expense for the quarter ended March 31, 2012 was $0.371 million , compared with $0.322 million for the quarter ended March 31, 2011 .

The increase in income taxes is mainly due to an overall increase in taxable income being earned by the Company's PRC subsidiaries subject to the 25% tax rate, in comparison to the taxable income earned by the Company's PRC subsidiaries which are subject to preferential tax rates.

Operating profit for the quarter ended March 31, 2012 decreased by 16% to $1.206 million , compared to $1.439 million for the quarter ended March 31, 2011 . Profit for the quarter ended March 31, 2012 decreased by 37% to $0.772 million , compared to $1.224 million for the quarter ended March 31 , 2011.  Profit includes operating profit, interest expense, interest income and foreign exchange loss. Profit in the quarter ended March 31, 2012 represents 10% of revenue, compared to 18% of revenue for the quarter ended March 31, 2011 .

The decrease in operating profit and profit is due to the lower sales of POCT total lab solutions in the current quarter as compared to the same quarter last year, which generates higher margins than the Company's other products. Also, as the Company grows and continues its effort to expand its total lab solution businesses to other provinces and cities, expenses are expected to increase as a percentage of revenue.

Basic and fully diluted EPS was $0.01 for the quarter ended March 31, 2012 and $0.02 for the quarter ended March 31, 2011 . The decrease in EPS is due to the decrease in profit for the quarter ended March 31, 2012 as compared to the same period last year.

The average number of basic ordinary shares outstanding for the quarter ended March 31, 2012 was 65,606,686 (fully diluted 65,607,087), compared to 64,780,452 (fully diluted 67,183,226) average shares outstanding for the quarter ended March 31, 2011 .

Cash and short-term investments totaled $6.358 million as at March 31, 2012 , compared with $5.661 million of cash and short-term investments as of December 31 , 2011.  The Company's working capital as of March 31, 2012 was $26.509 million , compared with a $26.538 million working capital as of December 31 , 2011.  Working capital decreased by $0.029 million due to the decrease in total current assets of $1.994 million offset by the decrease in total current liabilities of $1.965 million .

The Company is well positioned to expand its business for rural lab total solutions, POCT lab solutions and food safety lab solutions.  However, the Company may need to access additional debt or equity funding if it seeks to accelerate its growth, if it enters into an agreement for a large number of total lab solutions or if it pursues suitable acquisition opportunities. 

Outlook & Growth Strategy

The Company believes that for the fiscal year 2012 it can continue its strong growth in revenue and profits and build on the leading position it has established in China in providing total lab solutions for rural hospitals and clinics, POCT solutions for military and emergency services, and food safety lab solutions, based on the size and growth of the Chinese market for medical diagnostics and food safety, the government support for the market and the Company's proprietary products and services and customer relationships.

In 2012, China Health intends to expand its business by focusing its efforts on expanding its sales network to additional Chinese provinces and cities in the areas where it has proprietary products and limited competition. Going forward, China Health expects revenue growth from its total lab solutions business lines to continue to be stronger than growth from its traditional business with large urban hospitals, and to comprise a higher percentage of revenue.

China Health will be hosting an investor conference call on Thursday, May 31, 2012 at 10:00 am (Eastern Time ).

The purpose of this conference call will be to provide investors with an update on the first quarter ended March 31, 2012 results of the Company. Representatives of China Health on the conference call will be:

Mr. Shiping (Wilson) Yao, President and Chief Executive Officer
Ms. Judyanna Chen , Chief Financial Officer
Mr. Kim Oishi , Member of the Board of Directors
Mr. Chao Zhang , Vice President, Finance

Following the update, a question and answer session will be held. To participate, the time and call-in instructions are as follows:

Participant Dial-In Number(s): North America Toll-Free Dial-In Number:  For Toronto and International Callers:   A Taped Replay will be available from 1:00 pm Eastern Time on May 31, 2012 to 11:59 pm Eastern Time on June 14, 2012 .

Taped Replay Toll Free Number: 1 (855) 859-2056

Taped Replay Local Dial-in Numbers:

Taped Replay Password: 83319568

About China Health Labs & Diagnostics Ltd.

China Health, operating in China as the Biochem Group, is a leading diagnostic lab solution provider for the public healthcare industry in China . The Company develops and sells Biochem Group branded and third-party medical diagnostic products and services to diagnostic facilities in China . Customers include large urban hospitals, rural hospitals, Chinese military and rescue operations, the Beijing government and third-party distributors.

In 2011, China Health had revenue of approximately $45.6 million , and intends to expand its business by focusing its efforts on expanding its sales network in three areas where it provides proprietary solutions, has limited competition and that are supported by Chinese government policy and budgets: BK Clinlab total lab solutions for rural hospitals and clinics, POCT solutions for military and emergency rescue services, and food safety solutions for large cities in China .

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING INFORMATION

This news release contains forward-looking statements and information that are based on the beliefs of management and reflect China Health's current expectations.  When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information.  The forward-looking statements and information in this news release includes information relating to new products generating new revenue and increasing gross margins; an increase in the stalled base of BK Clinlabs; the achievement of operating goals and another year of growth in revenue and profit in 2012; an increase in revenue from POCT solutions and products and from recurring revenue of reagents and consumables from the large urban sector; the gross margin for 2012 to be consistent with the gross margin for 2011, but to vary on a quarterly basis; an increase in selling expenses due to plans to expand the rural lab solution business to additional Chinese provinces and the food safety business to additional Chinese cities; an increase in expenses as a percentage of revenue as the Company expands its total lab solution businesses, the need to access additional debt or equity funding if the Company seeks to accelerate its growth, if it enters into an agreement for a large number of total lab solutions or if it pursues suitable acquisition opportunities; the continuation of the Company's strong growth in revenue and profits and the building of its leading position in China in providing total lab solutions for rural hospitals and clinics, POCT solutions for military and emergency services, and food safety lab solutions; expansion of the Company's business by focusing on expanding its sales network to additional Chinese provinces and cities in the areas where it has proprietary products and limited competition; and the revenue growth from the Company's total lab solutions business lines to continue to be stronger than growth from its traditional business with large urban hospitals, and to comprise a higher percentage of revenue.  The forward-looking information is based on certain assumptions, which could change materially in the future, including the assumption that the Company's products and services, operations, market, marketing plans and strategies, competitive conditions, future developments and proprietary protections continue as projected.  Such statements and information reflect the current view of China Health with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.  By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risk that the Company may not proceed or alter its growth strategy, the Company may not be able to obtain any required financing to accelerate growth on acceptable terms or at all, gross margins, revenue and profits may not continue to increase or increase less than expected, costs and expenses may increase greater than expected, and the Company may not be able to expand its business as expected through its sales network in any of the areas in which it has proprietary products, limited competition and strong government support.  These and other risks are further described under "Risk Factors" in the Company's year ended December 31, 2011 management's discuss and analysis dated April 16, 2012 , which is available on SEDAR and may be accessed at www.sedar.com.  When relying on China Health's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.  China Health has assumed a certain progression, which may not be realized.  It has also assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events.  However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF CHINA HEALTH AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE.  READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE.  WHILE CHINA HEALTH MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

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Catalyst Health Solutions Reports First Quarter 2012 Financial Results

ROCKVILLE, Md.--(BUSINESS WIRE)--

Catalyst Health Solutions, Inc. (NASDAQ: CHSI - News), today announced its financial results for the first quarter ended March 31, 2012.

First Quarter 2012 Highlights:

Revenue increased 29.7% to $1.45 billion Adjusted earnings per diluted share increased 19.2% to $0.62 GAAP earnings per diluted share were $0.39 Announced a PBM services contract with Regence Rx to manage 1.2 million lives, effective May 1, 2012 Extended agreements with WellCare and Michigan Public School Employees Retirement System Selected to provide prescription drug discounts to AARP members Added to Mercer Pharmacy Collective, a group purchasing service Executed a $4.4 billion merger agreement with SXC Health Solutions on April 17, 2012

“We are pleased with the performance of our business in the first quarter,” stated David T. Blair, Chairman and Chief Executive Officer of Catalyst.

“We look forward to completing the merger with SXC Health Solutions in the second half of 2012. This transaction will create significant benefits for our clients through a broader range of product offerings, more effective cost management, and increased investment in innovative programs and technologies,” added Blair.

First Quarter Results

Revenue for the first quarter of 2012 increased by $333 million, or 29.7%, to $1.45 billion from $1.12 billion for the first quarter of 2011. The increase in revenue is due to additional prescription volume from Catalyst Rx Health Initiatives, Inc. (CHI), formerly Walgreens Health Initiatives, initiation of services with new PBM clients, and price inflation on brand drugs, offset by client attrition, higher generic utilization, and the impact of higher member copayments due to the annual reset of plan deductibles.

Total prescription volume, after adjusting for the difference in days supply between 90-day prescriptions (mail and retail) and traditional 30-day retail prescriptions, was up 22.9% to 30.7 million for the quarter compared to 24.9 million for the same period in 2011, excluding administrative services only (ASO) claims. ASO claims increased significantly with the acquisition of CHI to 22.8 million in the first quarter of 2012 from 0.1 million in the prior year period. Due to the limited nature of services or contractual responsibilities, ASO claims are accounted for on a net basis in revenue. Adjusted mail-order penetration decreased to 9% from 11% in first quarter 2011 due to the change in mix with the CHI client base included in this year’s first quarter volume but not included in last year’s volume. Generic utilization increased to 76% in the first quarter of 2012 from 74% in the first quarter of last year.

Gross profit for the first quarter increased $33.7 million, or 54.8%, to $95.3 million from $61.6 million for the first quarter last year. The increase in gross profit was due to the addition of CHI, margin contribution from new clients, improved retail pharmacy economics, and generic utilization, offset by lower margins on renewal business, client attrition, and startup costs associated with Script Relief, our direct-to-consumer joint venture established in December of 2011. Gross profit is reported net of $4.2 million of acquisition related intangible asset amortization in the first quarter of 2012 and $1.8 million in the first quarter of 2011.

Selling, general and administration (SG&A) expenses for the first quarter of 2012 were $67.7 million, compared to $27.5 million for the first quarter last year. The increase in SG&A reflects investments Catalyst is making in growth including the CHI acquisition, our Invest Now initiative, IT infrastructure improvements and Script Relief. Additionally, we incurred $6.6 million in transaction and implementation costs associated with the Regence Rx contract award, the acquisition of an EGWP insurance company and non-recurring Medicare Part D plan set-up and administration costs. SG&A also includes CHI transition and integration expenses of $8.8 million and acquisition related intangible amortization of $5.7 million for the first quarter of 2012 versus $1.5 million and $1.5 million, respectively in the first quarter of 2011.

Adjusting for CHI transaction, transition and integration expenses and acquisition related intangible amortization, operating income increased by 19% to $46.3 million in the first quarter of 2012, from $38.9 million in the first quarter of 2011.

The effective tax rate of 37.8% in the first quarter of 2012 was lower than the effective tax rate of 38.4% in the comparable period in 2011 primarily due to a reduction in our state effective rate caused by the lower tax rate associated with the CHI business and the tax impact of Script Relief.

First quarter 2012 net income includes a non-controlling interest adjustment related to Script Relief. Due to the amount of control that Catalyst has over the joint venture, accounting rules require that the company consolidate the entity in its GAAP financial statements and remove the non-controlling interest income/(loss) from net income, which in the first quarter was ($3.4) million.

Net income attributable to Catalyst for the first quarter of 2012 was $19.2 million, or $0.39 per diluted share, compared to net income of $20.3 million, or $0.45 per diluted share, for the first quarter of 2011. Adjusting for CHI transaction, transition and integration expenses and acquisition related intangible amortization, net income per diluted share attributable to Catalyst increased by 19.2% to $0.62, from net income per diluted share of $0.52 in the first quarter of 2011.

“2012 is off to a great start with the Regence Rx agreement,” stated Richard A. Bates, President and Chief Operating Officer of Catalyst. “We continue to see RFP activity running substantially higher than last year’s selling season, with strong prospects in large employers, governments, and managed care organizations. Additionally, the integration of CHI is on track and we expect to achieve our stated financial goals,” added Bates.

Proposed Merger

On April 18, 2012, Catalyst Health Solutions, Inc. and SXC Health Solutions Corp announced that their Boards of Directors have unanimously approved a definitive merger agreement under which SXC and Catalyst will combine in a cash and stock transaction valued at approximately $4.4 billion. Under the terms of the agreement, Catalyst shareholders will receive $28.00 in cash and 0.6606 shares of SXC stock for each Catalyst share. The merger, which is subject to approval by SXC and Catalyst shareholders, U.S. antitrust approval, and other customary closing conditions, is expected to close in the second half of 2012.

Financial Guidance

In the proposed merger announcement issued on April 18, 2012, Catalyst reaffirmed its full-year 2012 revenue and adjusted EPS guidance, excluding costs related to the proposed merger with SXC.

About Catalyst Health Solutions, Inc. (www.chsi.com):

Catalyst Health Solutions, Inc., the fastest growing national PBM in the U.S., is built on strong, innovative principles in the management of prescription drug benefits and provides an unbiased, client-centered philosophy resulting in industry-leading client retention rates. The Company's subsidiaries include Catalyst Rx, a full-service pharmacy benefit manager (PBM) serving more than 18 million lives in the United States and Puerto Rico; HospiScript Services, LLC, one of the largest providers of PBM services to the hospice industry; FutureScripts, LLC, a full-service PBM serving approximately one million lives in the mid-Atlantic region; and a fully integrated prescription mail service facility. The Company's clients include self-insured employers, including state and local governments, managed care organizations, unions, hospices, third-party administrators and individuals.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial information as defined by Securities and Exchange Commission Regulation G. Pursuant to the requirements of this regulation, reconciliations of this non-GAAP financial information to Catalyst Health Solutions, Inc. financial statements as prepared under generally accepted accounting principles (GAAP) are included in this press release. Catalyst’s management believes providing investors with this information gives additional insights into its results of operations. While Catalyst’s management believes that these non-GAAP financial measures are useful in evaluating its operations, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We use words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "continue," "guidance" and similar expressions to identify these forward-looking statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Forward-looking statements are not historical facts, but rather are based on our current expectations, estimates, assumptions and projections about the business, trends in the pharmacy benefit management ("PBM") industry, and developments in the legal, regulatory and economic environment. Accordingly, you should not place undue reliance on any such statements. In addition, our actual results may vary materially from those anticipated in such forward-looking statements as a result of many factors, many of which are beyond our control, and we cannot guarantee that our performance will be consistent with such forward-looking statements. We believe that these factors include, but are not limited to, the following:

Competition in the PBM industry is intense and could impair our ability to attract and retain clients; Our failure to anticipate and appropriately adapt to changes in the rapidly changing health care industry; The loss of one or more key network pharmacies impairing the competitiveness of our services; From time to time we engage in transactions to acquire other companies or businesses and if we are unable to effectively integrate or manage acquired businesses, our operating results may be adversely affected; A failure in the security or stability of our technology infrastructure, or the infrastructure of one or more of our key vendors, or a significant failure or disruption in service within our operations or the operations of such vendors; Our failure to execute on, or other issues arising under, key client contracts upon which our continued financial growth and profitability are dependent; If we or our suppliers fail to comply with complex and evolving laws and regulations, we could suffer penalties, be required to pay substantial damages and/or make significant changes to our operations; Changes in applicable laws or regulations, or their interpretation or enforcement, or the enactment of new laws or regulations, which apply to our business practices (past, present or future) or require us to spend significant resources in order to comply; Healthcare reform and other government efforts to reduce healthcare costs and alter healthcare financing practices could lead to a decreased demand for our services or to reduced profitability; Changes relating to Medicare Part D impairing our ability to market services to Medicare Part D eligible plans or members; Changes in industry pricing benchmarks could adversely affect our financial performance; and The terms and covenants relating to our existing indebtedness, our credit ratings and profile, or the future level of our indebtedness could adversely impact our financial performance and liquidity.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in Catalyst Health Solutions, Inc.'s most recent reports on Form 10-K and Form 10-Q and other documents of Catalyst Health Solutions, Inc. on file with the Securities and Exchange Commission ("SEC"). Any forward-looking statements made in this material are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations.

Transaction Forward-Looking Statements

In addition, numerous factors could cause actual results with respect to the proposed merger with SXC to differ materially from those in the forward-looking statements, including without limitation, the possibility that the expected efficiencies and cost savings from the proposed merger will not be realized, or will not be realized within the expected time period; the risk that the SXC and Catalyst businesses will not be integrated successfully; the ability to obtain governmental approvals of the proposed merger on the proposed terms and schedule contemplated by the parties; the failure of shareholders of SXC or Catalyst to approve the proposed merger; disruption from the proposed merger making it more difficult to maintain business and operational relationships; the risk of customer attrition; the possibility that the proposed merger does not close, including, but not limited to, due to the failure to satisfy the closing conditions; and the ability to obtain the financing contemplated to fund a portion of the consideration to be paid in the proposed merger and the terms of such financing.

Important Additional Information

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. The proposed merger will be submitted to the shareholders of Catalyst and the shareholders of SXC for their consideration. In connection therewith, the parties intend to file relevant materials with the SEC, including a joint proxy statement/prospectus that will be mailed to shareholders. Such documents, however, are not currently available. BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS AND SECURITY HOLDERS OF CATALYST AND/OR SXC ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER AND ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and security holders may obtain free copies of the proxy statement/prospectus and other documents containing important information about Catalyst and SXC, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by SXC will be available free of charge on SXC's website at www.sxc.com under the heading "Investor Information" or by contacting SXC's Investor Relations Department at 630-577-3100. Copies of the documents filed with the SEC by Catalyst will be available free of charge on Catalyst's website at www.catalysthealthsolutions.com under the heading "Investor Information" or by contacting Catalyst's Investor Relations Department at 301-548-2900.

SXC, Catalyst and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information about the directors and executive officers of SXC is set forth in its proxy statement for its 2012 annual meeting of stockholders, which was filed with the SEC on April 2, 2012. Information about the directors and executive officers of Catalyst is set forth in its proxy statement for its 2012 annual meeting of shareholders, which was filed with the SEC on April 25, 2012. These documents can be obtained free of charge from the sources indicated above. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

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Health Management Announces 1st Quarter 2012 Results

Mon, Apr 23, 2012, 10:29 PM EDT - U.S. Markets closed

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Health Net to Hold Conference Call and Webcast to Discuss First Quarter 2012 Earnings Results

LOS ANGELES--(BUSINESS WIRE)--

Health Net, Inc. (NYSE:HNT - News) will hold its quarterly conference call to discuss first quarter 2012 earnings results on Thursday, May 3, 2012, at approximately 11:30 a.m. Eastern time (8:30 a.m. Pacific time). Earnings results will be announced before the market opens on the same day.

The live conference call should be accessed at least 15 minutes prior to its start with the following numbers:

The access code for both the live conference call and replay is 67363204. A recording of the call can be heard from May 3, 2012 (12:00 noon Eastern Time / 9:00 a.m. Pacific time) through May 8, 2012 (12:00 Midnight Eastern time) by dialing one of the following replay numbers:

A live webcast and replay of the conference call also will be available at www.healthnet.com under “Investor Relations.” The conference call webcast is open to all interested parties.

About Health Net

Health Net, Inc. is a publicly traded managed care organization that delivers managed health care services through health plans and government-sponsored managed care plans. Its mission is to help people be healthy, secure and comfortable. Health Net, through its subsidiaries, provides and administers health benefits to approximately 6.0 million individuals across the country through group, individual, Medicare (including the Medicare prescription drug benefit commonly referred to as “Part D”), Medicaid, U.S. Department of Defense, including TRICARE, and Veterans Affairs programs. Health Net’s behavioral health services subsidiary, Managed Health Network, Inc., provides behavioral health, substance abuse and employee assistance programs to approximately 5.0 million individuals, including Health Net’s own health plan members. Health Net’s subsidiaries also offer managed health care products related to prescription drugs, and offer managed health care product coordination for multi-region employers and administrative services for medical groups and self-funded benefits programs.

For more information on Health Net, Inc., please visit Health Net’s website at www.healthnet.com.

Cautionary Statements

Health Net, Inc. and its representatives may from time to time make written and oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act (“PSLRA”) of 1995, including statements in this and other press releases, in presentations, filings with the Securities and Exchange Commission (“SEC”), reports to stockholders and in meetings with investors and analysts. All statements in this press release, other than statements of historical information provided herein, may be deemed to be forward-looking statements and as such are intended to be covered by the safe harbor for “forward-looking statements” provided by PSLRA. These statements are based on management’s analysis, judgment, belief and expectation only as of the date hereof, and are subject to changes in circumstances and a number of risks and uncertainties. Without limiting the foregoing, statements including the words “believes,” “anticipates,” “plans,” “expects,” “may,” “should,” “could,” “estimate,” “intend,” “feels,” “will,” “projects” and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially from those expressed in, or implied or projected by the forward-looking information and statements due to, among other things, health care reform and other increased government participation in and regulation of health benefits and managed care operations, including the ultimate impact of the Affordable Care Act, which could materially adversely affect Health Net’s financial condition, results of operations and cash flows through, among other things, reduced revenues, new taxes, expanded liability, and increased costs (including medical, administrative, technology or other costs), or require changes to the ways in which Health Net does business; rising health care costs; continued slow economic growth or a further decline in the economy; negative prior period claims reserve developments; trends in medical care ratios; membership declines; unexpected utilization patterns or unexpectedly severe or widespread illnesses; rate cuts and other risks and uncertainties affecting Health Net’s Medicare or Medicaid businesses; litigation costs; regulatory issues with federal and state agencies including, but not limited to, the California Department of Managed Health Care, the Centers for Medicare & Medicaid Services, the Office of Civil Rights of the U.S. Department of Health and Human Services and state departments of insurance; operational issues; failure to effectively oversee our third party vendors; noncompliance by Health Net or Health Net’s business associates with any privacy laws or any security breach involving the misappropriation, loss or other unauthorized use or disclosure of confidential information; any liabilities of the Northeast business that were incurred prior to the closing of its sale as well as those liabilities incurred through the winding-up and running-out period of the Northeast business; Health Net’s ability to complete proposed dispositions on a timely basis or at all; investment portfolio impairment charges; volatility in the financial markets; and general business and market conditions. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included within Health Net’s most recent Annual Report on Form 10-K filed with the SEC and the risks discussed in Health Net’s other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. Except as may be required by law, Health Net undertakes no obligation to address or publicly update any of its forward-looking statements to reflect events or circumstances that arise after the date of this release.

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Lose Weight Fast - 3 Tips for Massive Results

http://www.extremeweightlossformula.com/ Lose Weight Fast. If you are trying to lose weight fast then you need to watch this video.

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Weightloss MOTIVATION! Beachbody Insanity P90X Results

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Metropolitan Health Networks Reports 2011 Results of Operations

Tue, Mar 6, 2012, 7:53 AM EST - U.S. Markets open in 1 hr 37 mins

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Magellan Health Services Reports Fourth Quarter and Full Year 2011 Financial Results

AVON, Conn.--(BUSINESS WIRE)--

Magellan Health Services Inc. (NASDAQ: MGLN - News) today reported financial results for the fourth quarter and full year 2011, as summarized below. For the year ended December 31, 2011, the company reported net revenue of $2,799.4 million, segment profit of $270.4 million, and net income of $129.6 million or $4.17 per diluted common share. Segment profit represents income from operations before stock compensation expense, depreciation and amortization, interest expense, interest income, gain on sale of assets, special charges or benefits, and income taxes.

Financial Results

As of December 31, 2011, the company had unrestricted cash and investments of $183.2 million.

“Magellan had a strong fourth quarter, which completed a successful 2011,” said René Lerer, M.D., chairman and chief executive officer. “In addition to achieving solid financial results, our accomplishments during the year included attracting new customers, retaining existing customers and implementing a focused growth strategy in Medicaid and Pharmacy. Contributing to Magellan’s success was strong performance in our Radiology Benefits Management and Medicaid Administration business segments. Additionally, our Public Sector and Commercial behavioral health segments had important customer wins that are being implemented in the first quarter of 2012.

“We are moving aggressively in our two leading strategic initiatives – expanding more broadly into the Medicaid market and providing comprehensive management of the total drug spend. These are essential components of our growth strategy, and have been and will continue to be a focus for investment. We have significant capabilities and experience in serving the Medicaid population and managing pharmaceutical costs, and we will continue to invest to grow those capabilities to meet the needs of customers and ensure our success.”

“There is a significant level of activity across our business lines to achieve growth, retention and profitability objectives, while maintaining our track record of product innovation,” said Karen S. Rohan, Magellan’s president. “We successfully implemented new contracts with Blue Shield of California and the Central Region of New York State on January 1, and will go live with the state of Louisiana on March 1. These contracts expand our presence in the marketplace by serving millions of new members.

“Throughout 2012, we will intensify our effort to renew key accounts and accelerate initiatives to improve business outcomes. We have already taken decisive steps to position Magellan to be successful for the rebid of the Maricopa County, Ariz., account. Our recently announced joint venture with Phoenix Health Plan is a clear demonstration of our ability to adapt and innovate in a changing marketplace where customers are seeking new solutions. Additionally, driving operational excellence remains a priority, and we are executing targeted initiatives to address cost pressures in our Commercial behavioral health segment.”

Outlook

“Overall we completed a strong 2011, exceeding our segment profit guidance for the year,” said Jonathan N. Rubin, chief financial officer. “In addition to delivering good results, we returned significant capital to shareholders through our share repurchase program. Magellan’s strong cash flow and the availability of a previously announced credit facility give us the financial flexibility to support our strategy for growth.

“We are reaffirming our guidance for 2012, which calls for net revenue in the range of $3.2 billion to $3.4 billion, and net income in the range of $91 million to $109 million, which translates into diluted earnings per share in the range of $3.25 to $3.89. Additionally, we expect segment profit for 2012 to be in the range of $240 million to $260 million.”

Earnings Results Conference Call

Management will host a conference call at 10:00 a.m. Eastern Time on Tuesday, February 28, 2012. To participate in the conference call, interested parties should call 1-888-566-8408 and reference the pass code Fourth Quarter Earnings Call 2011 approximately 15 minutes before the start of the call. The conference call will also be available via a live Webcast at Magellan’s investor relations page at www.MagellanHealth.com.

About Magellan Health Services: Headquartered in Avon, Conn., Magellan Health Services Inc. is a leading specialty health care management organization with expertise in managing behavioral health, radiology and specialty pharmaceuticals, as well as public sector pharmacy benefits programs. Magellan delivers innovative solutions to improve quality outcomes and optimize the cost of care for those we serve. Magellan’s customers include health plans, employers and government agencies, serving approximately 31.1 million members in our behavioral health business, 15.6 million members in our radiology benefits management segment, and 6 million members in our medical pharmacy management product. In addition, the specialty pharmaceutical segment serves 41 health plans and several pharmaceutical manufacturers and state Medicaid programs. The company’s Medicaid Administration segment serves 25 states and the District of Columbia. For more information, visit www.MagellanHealth.com.

Cautionary Statement

This release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934 and the Securities Act of 1933, as amended, which involve a number of risks and uncertainties. All statements, other than statements of historical information provided herein, may be deemed to be forward-looking statements including, without limitation, statements regarding estimates of 2012 net revenue, net income, segment profit, earnings per share, and strategy. These statements are based on management’s analysis, judgment, belief and expectation only as of the date hereof, and are subject to uncertainty and changes in circumstances. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “may,” “should,” “could,” “estimate,” “intend” and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially due to, among other things, the possible election of certain of the company’s customers to manage the health care services of their members directly; changes in rates paid to and/or by the company by customers and/or providers; higher utilization of health care services by the company’s risk members; delays, higher costs or inability to implement new business or other company initiatives; the impact of changes in the contracting model for Medicaid contracts; termination or non-renewal of customer contracts; the impact of new or amended laws or regulations; governmental inquiries; litigation; competition; operational issues; health care reform; and general business conditions. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included within the company’s Annual Report on Form 10-K for the year ended December 31, 2010, filed with the Securities and Exchange Commission on February 25, 2011, and the company’s subsequent Quarterly Reports on Form 10-Q filed during 2011 and the company’s Annual Report on Form 10-K for the year ended December 31, 2011, expected to be filed with the Securities and Exchange Commission and posted on the company’s website later today. Readers are cautioned not to place undue reliance on these forward-looking statements. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this release. Segment profit information referred to herein may be considered a non-GAAP financial measure. Further information regarding this measure, including the reasons management considers this information useful to investors, are included in the company’s most recent Annual Report on Form 10-K and on subsequent Form 10-Qs.

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Health Care REIT, Inc. Reports Fourth Quarter and Year End 2011 Results

Fri, Feb 17, 2012, 8:15 AM EST - U.S. Markets open in 1 hr 15 mins

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Health Management Announces 4th Quarter and Year-End 2011 Results

Tue, Feb 14, 2012, 6:50 AM EST - U.S. Markets open in 2 hrs 40 mins

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Gentiva® Health Services Reports Fourth Quarter and Full-Year 2011 Results

ATLANTA, Feb. 7, 2012 /PRNewswire/ -- Gentiva Health Services, Inc. (NASDAQ: GTIV - News), the largest provider of home health and hospice services in the United States based on revenue, today reported fourth quarter and full-year 2011 results.

Full-year 2011 financial highlights include:

Total net revenues of $1.8 billion.Adjusted income from continuing operations on a diluted share basis of $1.68, excluding the $0.08 impact from debt refinancing charges incurred in the first quarter of 2011.Adjusted EBITDA of $199 million.

As previously disclosed, the Company undertook a comprehensive review of its branch structure, support infrastructure and other significant spend areas in the third quarter of 2011 in response to the challenging Medicare reimbursement rate environment the Company is facing.  As a result of this assessment, the Company closed 34 locations (25 home health and 9 hospice) and sold 9 home health locations in the fourth quarter of 2011.  The financial results of the impacted locations were included in the Company's results from continuing operations.  Related to the cost savings and branch reduction initiatives, the Company recorded a pre-tax charge of $12.4 million in the fourth quarter of 2011 for severance, lease terminations and other items.  Subsequent to year-end, the Company entered into agreements to sell 8 additional home health branches and 2 hospice branches as part of its branch assessment.  

Fourth quarter 2011 financial highlights include:  

Total net revenues of $449.2 million, a decrease of 2% compared to $456.8 million for the quarter ended December 31, 2010. Net revenues included home health episodic revenues of $217.1 million, a decline of 3% compared to $224.6 million in the 2010 fourth quarter.  Hospice revenues were $200.3 million in the fourth quarter of 2011, an increase of 3% compared to $195.2 million in the 2010 fourth quarter.  Hospice represented 45% of total net revenues in the fourth quarter of 2011, compared to 43% in the 2010 fourth quarter.
Income from continuing operations attributable to Gentiva shareholders of $3.4 million, or $0.11 per diluted share, compared to $17.9 million, or $0.59 per diluted share, for the fourth quarter of 2010.
Adjusted income from continuing operations attributable to Gentiva shareholders of $11.3 million, compared with $20.9 million in the comparable 2010 period. On a diluted per share basis, adjusted income from continuing operations attributable to Gentiva shareholders was $0.37 for the fourth quarter of 2011 compared to income of $0.69 for the fourth quarter of 2010.
Adjusted earnings before interest, taxes, depreciation and amortization attributable to continuing operations (Adjusted EBITDA) decreased 26% to $47.1 million in the fourth quarter of 2011 as compared to $63.9 million in the fourth quarter of 2010.  Adjusted EBITDA as a percentage of net revenues was 10.5% in the fourth quarter of 2011 versus 14.0% in the prior-year period.

Adjusted income from continuing operations attributable to Gentiva shareholders and Adjusted EBITDA for the fourth quarter of 2011 exclude special items relating to i) pre-tax charges for cost savings initiatives of $12.4 million, or $0.24 per diluted share, ii) pre-tax charges for restructuring, legal settlements and acquisition and integration costs of $1.9 million, or $0.03 per diluted share, iii) incremental tax expense on goodwill, intangibles and other long-lived asset impairment of $0.6 million, or $0.02 per diluted share, iv) tax adjustment charge to gain on sale of CareCentrix included in the net earnings of CareCentrix of $1.2 million, or $0.04 per diluted share, v) pre-tax gain on sale of assets of $1.1 million, or $0.02 per diluted share, and vi) tax benefit on legal settlements of $1.7 million, or $0.05 per diluted share. The fourth quarter of 2010 included pre-tax charges for legal settlement, restructuring, and acquisition and integration costs of $5.3 million, or $0.10 per diluted share. See table that follows.

Full-year 2011 financial highlights include:  

Total net revenues of $1.80 billion, an increase of 27% compared to $1.41 billion for the prior year period. Net revenues included home health episodic revenues of $876.9 million, a decline of 4%, compared to $909.1 million in the comparable 2010 period.  Hospice revenues were $786.2 million, compared to $351.5 million in the prior year period.  
Loss from continuing operations attributable to Gentiva shareholders of $458.8 million, or $15.13 per diluted share, as compared to income from continuing operations of $55.3 million, or $1.81 per diluted share, for the 2010 period.
Adjusted income from continuing operations attributable to Gentiva shareholders of $49.2 million, compared with $83.6 million in the 2010 period. On a diluted per share basis, adjusted income from continuing operations attributable to Gentiva shareholders was $1.60 for 2011 as compared with $2.74 in the corresponding period of 2010.  Excluding the approximately $3.8 million write-off of prepaid financing fees and the costs of terminating the Company's interest rate swap contract associated with the Company's debt refinancing in the first quarter of 2011, adjusted income from continuing operations attributable to Gentiva shareholders was $1.68 on a diluted per share basis.
Adjusted earnings before interest, taxes, depreciation and amortization attributable to continuing operations (Adjusted EBITDA) increased 2% to $199.2 million as compared to $196.0 million in the 2010 period.  Adjusted EBITDA as a percentage of net revenues was 11.1% versus 13.9% in the prior-year period.

Adjusted income from continuing operations attributable to Gentiva shareholders and Adjusted EBITDA for the full year 2011 exclude special items relating to i) pre-tax charges for cost savings initiatives of $13.2 million, or $0.26 per diluted share, ii) pre-tax charges for restructuring, legal settlements and acquisition and integration costs of $35.9 million, or $0.72 per diluted share, iii) pre-tax charges for goodwill, intangibles and other long-lived asset impairment of $643.3 million, or $18.06 per diluted share, iv) gain on sale of CareCentrix included in the net earnings of CareCentrix of $67.1 million, or $2.21 per diluted share, v) pre-tax gain on sale of assets of $1.1 million, or $0.02 per diluted share, and vi) dividend income of $8.6 million, or $0.18 per diluted share. The full year 2010 period included pre-tax legal settlement, restructuring, and acquisition and integration costs of $46.0 million, or $0.93 per diluted share. See table that follows.

For the fourth quarter of 2011, the Company reported net income attributable to Gentiva shareholders of $4.6 million, or $0.15 per diluted share, compared to net income of $15.8 million, or $0.52 per diluted share, in the fourth quarter of 2010.  For the full-year 2011, net loss attributable to Gentiva shareholders was $450.5 million, or $14.85 per diluted share, versus net income of $52.2 million, or $1.71 per diluted share, for the full-year 2010. These results included special items discussed above as well as the results from discontinued operations.  

Financial Covenants

Given the amount of potential fourth quarter charges related to the cost savings initiatives, on November 28, 2011, the Company entered into an amendment to its senior secured credit agreement to increase its fourth quarter financial covenant flexibility.  The amendment modified the definition of Consolidated EBITDA in the fourth quarter of 2011 to provide for the add-back of the full costs associated with the Company's cost realignment and operating losses associated with branches scheduled to be closed or sold during the fourth quarter of 2011. Additionally, the amendment permitted the Company to maintain its consolidated leverage ratio at or less than 4.75 to 1.00 through December 31, 2011.  As of December 31, 2011, the Company's consolidated leverage ratio was 4.41, below the 4.75 to 1.00 maximum permitted.   On a net basis, excluding total cash and equivalents, the consolidated leverage ratio was 3.67 as of December 31, 2011.  

Based on the impact of the Medicare reimbursement rate decreases and the reduction in its maximum allowed consolidated leverage ratio during 2012, the Company will likely be out of compliance with its financial covenant ratios in 2012.  The Company is currently in discussions with its lead bank on an amendment to provide covenant flexibility to its credit agreement.

Cash Flow and Balance Sheet Highlights

At December 31, 2011, the Company reported cash and cash equivalents of $164.9 million and outstanding debt of $988.1 million.  During the fourth quarter of 2011, the Company paid down $20 million on its term loans.  Since closing the Odyssey transaction, the Company has repaid $116.9 million on its revolving credit facility and term loans.  Total Company days sales outstanding, or DSO's, was 57 days at December 31, 2011, compared to 50 days at September 30, 2011.

Cash flow was impacted in the fourth quarter by tax payments on asset sales completed in the third quarter of 2011 and cash severance and lease termination payments associated with the Company's cost savings initiatives.  For the fourth quarter of 2011, net cash provided by operating activities was a negative $9.2 million, compared to $51.0 million in the prior year period for 2010.  Free cash flow was a negative $13.9 million for the fourth quarter of 2011, compared to $44.1 million in 2010.  Free cash flow is calculated as net cash provided by operating activities less capital expenditures.

Full-Year 2012 Outlook

On January 10, 2012, the Company provided 2012 net revenue and Adjusted EBITDA guidance to facilitate discussions with its bank group regarding an amendment to its credit agreement. For 2012, Gentiva expects full-year net revenues to be in the range of $1.70 billion to $1.76 billion and Adjusted EBITDA to be $170 million to $190 million.  Adjusted EBITDA excludes charges related to cost savings initiatives, restructuring, acquisition, integration activities, the cost of legal settlements, goodwill, intangible asset and other long-lived asset impairment and dividend income.

The Company intends to provide its 2012 outlook for adjusted income from continuing operations attributable to Gentiva shareholders once it completes the amendment of its credit agreement.

Non-GAAP Financial Measures

The information provided in this press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC) rules. In accordance with SEC rules, the Company has provided, in the supplemental information and the footnotes to the tables, a reconciliation of those historical measures to the most directly comparable GAAP measures.

A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, is not accessible on a forward-looking basis without unreasonable effort due to the inherent difficulties in predicting the costs of restructuring, legal settlements and merger and acquisition activities, the results of discontinued operations and the impact of any future acquisitions or divestitures, which can fluctuate significantly and may have a significant impact on net income.

Conference Call and Webcast Details

The Company will comment further on its fourth quarter and full-year 2011 results during its conference call and live webcast to be held Tuesday, February 7, 2012 at 9:00 a.m. Eastern Time. To participate in the call from the United States, Canada or an international location, dial (973) 935-2408 and reference call #46346894. The webcast is an audio-only, one-way event. Webcast listeners who wish to ask questions must participate in the conference call. Log onto http://investors.gentiva.com/events.cfm to hear the webcast. A replay of the call will be available on February 7 and will remain available continuously through February 14. To listen to a replay of the call from the United States, Canada or international locations dial (800) 585-8367 or (404) 537-3406 and enter the following PIN at the prompt: 46346894. Visit http://investors.gentiva.com/events.cfm to access the webcast archive. This press release is accessible at http://investors.gentiva.com/releases.cfm and a transcript of the conference call will be posted on the Company's website.

About Gentiva Health Services, Inc.

Gentiva Health Services, Inc. is the nation's largest provider of home health and hospice services based on revenue, delivering innovative, high quality care to patients across the United States. Gentiva is a single source for skilled nursing; physical, occupational, speech and neurorehabilitation services; hospice services; social work; nutrition; disease management education; help with daily living activities; and other therapies and services. In August 2010, Gentiva acquired Odyssey HealthCare, Inc., one of the largest providers of hospice care in the United States. GTIV-E

(unaudited tables and notes follow)

Gentiva Health Services, Inc. and Subsidiaries

Condensed Consolidated Financial Statements and Supplemental Information

(in 000's, except per share data)

Selling, general and administrative expenses

Goodwill, intangibles and other long-lived asset impairment

Income (loss) from continuing operations before income taxes and equity in net earnings of CareCentrix

Equity in net earnings of CareCentrix, including gain on sale

Income (loss) from continuing operations

Discontinued operations, net of tax

Less: Net income attributable to noncontrolling interests

Net income (loss) attributable to Gentiva shareholders

  Income (loss) from continuing operations attributable to Gentiva shareholders

  Discontinued operations, net of tax

  Net income (loss) attributable to Gentiva shareholders

  Weighted average shares outstanding

  Income (loss) from continuing operations attributable to Gentiva shareholders

  Discontinued operations, net of tax

  Net income (loss) attributable to Gentiva shareholders

  Weighted average shares outstanding

Amounts attributable to Gentiva shareholders:

Income (loss) from continuing operations

Discontinued operations, net of tax

Prepaid expenses and other current assets

Note receivable from CareCentrix

Current portion of long-term debt

Obligations under insurance programs

(A) Accounts receivable, net included an allowance for doubtful accounts of $11.6 million and $7.7 million at December 31, 2011 and December 31, 2010, respectively.

Condensed Statements of Cash Flows

Adjustments to reconcile net (loss) income to net cash

provided by operating activities:

Amortization and write-off of debt issuance costs

Provision for doubtful accounts

Equity-based compensation expense

Windfall tax benefits associated with equity-based compensation

Goodwill, intangibles and other long-lived asset impairment

(Gain) loss on sale of assets and businesses

Equity in net earnings of CareCentrix, including gain on sale, net of tax

Changes in assets and liabilities, net of effects from acquisitions and dispositions:

Prepaid expenses and other current assets

Net cash provided by operating activities

Proceeds from sale of assets and businesses

Acquisition of businesses, net of cash acquired

Net cash provided by (used in) investing activities

Proceeds from issuance of common stock

Windfall tax benefits associated with equity-based compensation

Proceeds from issuance of debt

Borrowings under revolving credit facility

Repayment of borrowings under revolving credit facility

Repayment of Odyssey long-term debt

Repayment of capital lease obligations

Net cash (used in) provided by financing activities

Net change in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

A reconciliation of Free cash flow to Net cash provided by operating activities follows:

Net cash provided by operating activities

Less: Purchase of fixed assets

Corporate administrative expenses

Goodwill, intangibles and other long-lived asset impairment (7)

Interest expense and other, net (6)

Income (loss) from continuing operations before income taxes and equity in net earnings of CareCentrix

Home Health operating contribution margin %

Hospice operating contribution margin %

Net Revenues by Major Payer Source:

Commercial insurance and other:

  Total commercial insurance and other

A reconciliation of Adjusted EBITDA to Net income (loss) attributable to Gentiva shareholders follows:

Goodwill, intangibles and other long-lived asset impairment (7)

Restructuring, legal settlement and acquisition and integration costs (5)

Interest expense and other, net (6)

Income (loss) from continuing operations before income taxes and equity in net earnings of CareCentrix

Income tax (expense) benefit (9)

Equity in net earnings of CareCentrix, including gain on sale, net of tax

Income (loss) from continuing operations

Discontinued operations, net of tax (4)

Less: Net income attributable to noncontrolling interests

Net income (loss) attributable to Gentiva shareholders

A reconciliation of Adjusted income from continuing operations attributable to Gentiva shareholders to Income (loss) from continuing operations follows: (3)

Adjusted income from continuing operations attributable to Gentiva shareholders

Goodwill, intangibles and other long-lived asset impairment, net of tax (7)

Gain on sale of CareCentrix included in equity in net earnings of CareCentrix, net of tax

Restructuring, legal settlement and acquisition and integration costs (5)

Fin-48 Reserve on OIG legal settlement

Income (loss) from continuing operations attributable to Gentiva shareholders

Add back: Net income attributable to noncontrolling interests

Income (loss) from continuing operations

Adjusted income from continuing operations attributable to Gentiva shareholders per diluted share

Goodwill, intangibles and other long-lived asset impairment, net of tax (7)

Gain on sale of CareCentrix included in equity in net earnings of CareCentrix, net of tax

Restructuring, legal settlement and acquisition and integration costs (5)

Fin-48 Reserve on OIG legal settlement

Impact of exclusion of dilutive shares due to the anti-dilutive effect of the shares

Income (loss) from continuing operations attributable to Gentiva shareholders per diluted share

Add back: Net income attributable to noncontrolling interests

Income (loss) from continuing operations per diluted share

Length of stay at discharge (in days)

Notes:

1. The comparability between reporting periods has been affected by the following items:

a. Effective August 17, 2010, the Company completed the acquisition of 100 percent of the equity interest of Odyssey HealthCare, Inc. ("Odyssey"), one of the largest providers of hospice care in the United States, operating approximately 100 Medicare-certified providers serving terminally ill patients and their families in 30 states. In connection with the acquisition, the Company entered into a new $875 million Credit Agreement and issued $325 million of senior unsecured notes.

b. The fourth quarter and fiscal year 2011 included 92 and 365 days of activity, respectively, as compared to 89 and 362 days for the fourth quarter and fiscal year 2010. This difference stems from the Company's adopting a change to a calendar quarter reporting period in 2011 from its prior 13 week reporting periods in 2010.

2. The Company's senior management evaluates performance and allocates resources based on operating contributions of the operating segments, which exclude corporate expenses, depreciation, amortization, and interest expense and other (net), but include revenues and all other costs directly attributable to the specific segment.  

3. Adjusted EBITDA, a non-GAAP financial measure, is defined as income from continuing operations before interest expense and other (net of interest income), income taxes, depreciation and amortization and excluding charges relating primarily to cost savings initiatives, restructuring, legal settlements and acquisition and integration activities, dividend income and gain on sale of assets, net of taxes, and goodwill, intangibles and other long-lived asset impairment. Management uses Adjusted EBITDA to evaluate overall performance and compare current operating results with other companies in the healthcare industry. Adjusted EBITDA should not be considered in isolation or as a substitute for income from continuing operations, net income, operating income or cash flow statement data determined in accordance with accounting principles generally accepted in the United States.  Because Adjusted EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States and is susceptible to varying calculations, it may not be comparable to similarly titled measures in other companies. Adjusted EBITDA presented in the Supplemental Information relates to the Company's continuing operations.

Adjusted income from continuing operations attributable to Gentiva shareholders is defined as income from continuing operations attributable to Gentiva shareholders, excluding tax reserves relating to the OIG settlement, charges relating to cost savings initiatives, restructuring, legal settlements and acquisition and integration activities, dividend income and gain on sale of assets, net of taxes, goodwill, intangibles and other long-lived asset impairment.

4. During the fourth quarter of 2011, the Company sold 9 home health branches and other assets for cash proceeds of approximately $1.9 million.

On October 14, 2011, the Company completed the sale of its homemaker services business in Illinois ("IDOA") pursuant to an asset purchase agreement.  Total consideration of approximately $2.4 million consisted of (i) cash proceeds of approximately $2.0 million and (ii) an escrow of $0.4 million to generally satisfy certain post closing obligations.

On September 10, 2011, the Company completed the sale of its Rehab Without Walls® business pursuant to an asset purchase agreement. Total consideration of approximately $9.8 million consisted of (i) cash proceeds of approximately $9.2 million and (ii) an escrow of $0.6 million to generally satisfy certain post closing obligations.

On February 1, 2010, the Company consummated the sale of its respiratory therapy and home medical equipment ("HME") and infusion therapy ("IV") businesses pursuant to an asset purchase agreement.

The financial results of Rehab Without Walls, IDOA and the Company's HME and IV businesses are reported as discontinued operations in the accompanying 2011 and 2010 condensed consolidated financial statements.  Net revenues, operating results and the gain on sale of business associated with these operating units for the fourth quarter and fiscal years 2011 and 2010 were as follows (dollars in thousands):

Operating (loss) income before income taxes

Gain (loss) on sale of business

Discontinued operations, net of tax

5. Operating contribution and EBITDA included charges relating to cost savings initiatives, restructuring, legal settlements and acquisition and integration activities of $14.3 million and $49.1 million for the fourth quarter and full year 2011, respectively, as compared to $5.3 million and $46.0 million for the corresponding periods of 2010.

For the fourth quarter and full year 2011, the Company recorded (i) charges for cost savings initiatives of $12.4 million and $13.2 million, respectively, (ii) restructuring costs of $0.3 million and $2.0 million, respectively, (iii) legal settlement reserves of $1.0 million and $26.0 million, respectively, associated with a government investigation assumed in the Odyssey acquisition, and (iv) acquisition and integration costs of $0.6 million and $7.9 million, respectively, primarily relating to the acquisition of Odyssey HealthCare, Inc.

For the fourth quarter of 2010, the Company recorded (i) restructuring costs of $2.7 million and (ii) acquisition and integration costs of $2.6 million, primarily relating to the acquisition of Odyssey HealthCare, Inc.

The charges for the full year 2010 included (i) settlement costs and legal fees of $4.2 million related to a three-year old commercial contractual dispute involving the Company's former subsidiary, CareCentrix, (ii) incremental charges of $9.5 million in connection with an agreement in principle, subject to final approvals, between the Company and the Department of Health and Human Services, Office of the Inspector General to resolve the matters which were subject to a 2003 OIG subpoena relating to the Company's cost reports for the 1998 to 2000 periods, (iii) restructuring costs of $6.3 million and (iv) acquisition and integration costs of $26.0 million.

These charges were reflected as follows for segment reporting purposes (dollars in millions):

6. Interest expense and other, net for fiscal 2011 included charges of approximately $3.8 million relating to the write-off of deferred debt issuance costs and costs of terminating the Company's interest rate swaps in connection with the refinancing of the indebtedness outstanding under its senior secured credit agreement.

7. During the third quarter of 2011, the Company performed an impairment test of its goodwill, intangibles and other long-lived assets in response to changes in our business climate, uncertainties around Medicare reimbursement as the federal government works to reduce the federal deficit as well as a significant decline in the price of the Company's common stock during the quarter.  The Company's impairment test indicated that goodwill and certain identifiable intangibles assets had carrying values that exceed the estimated fair values of those assets. In addition, the Company finalized its review of alternatives to replacing various field operating systems. As such, the Company recorded non-cash impairment charges of approximately $643.3 million for 2011.    

8. Dividend income for fiscal 2011 represents a 12% cumulative preferred dividend received in connection with the sale of the Company's preferred investment in CareCentrix in 2011.

9. The Company's effective tax rate relating to its continuing operations was a tax provision of 40.5% and 39.7% for the fourth quarter and full year 2011, respectively, as compared to a tax provision of 32.2% and 38.5% for the fourth quarter and full year 2010, respectively.    

During year 2010, the Company recorded certain non-deductible transaction costs related to the Odyssey acquisition and changes in Odyssey tax reserves subsequent to the acquisition closing date.  In addition, the Company recorded additional capital loss and valuation allowance associated with a CareCentrix legal settlement.  Excluding the impact of these items, the Company's effective tax rate relating to its continuing operations for the fourth quarter and full year 2010 would have been 32.6% and 38.9%, respectively.

Forward-Looking Statement

Certain statements contained in this news release, including, without limitation, statements containing the words "believes," "anticipates," "intends," "expects," "assumes," "trends" and similar expressions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon the Company's current plans, expectations and projections about future events. However, such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others, the following: economic and business conditions, including the ability to access capital markets; demographic changes; changes in, or failure to comply with, existing governmental regulations; the impact on our Company of recently passed healthcare reform legislation and its subsequent implementation through governmental regulations; changes in Medicare, Medicaid and commercial payer reimbursement levels; the outcome of any inquiries into the Company's operations and business practices by governmental authorities; the Company's ability to effectively integrate Odyssey's operations; effects of competition in the markets in which the Company operates; liability and other claims asserted against the Company; ability to attract and retain qualified personnel; availability and terms of capital; loss of significant contracts or reduction in revenues associated with major payer sources; ability of customers to pay for services; business disruption due to natural disasters, pandemic outbreaks, or terrorist acts; ability to successfully integrate the operations of acquisitions the Company may make and achieve expected synergies and operational efficiencies within expected time-frames; ability to maintain compliance with its financial covenants under the Company's credit agreement; effect on liquidity of the Company's debt service requirements; and changes in estimates and judgments associated with critical accounting policies and estimates. For a detailed discussion of certain of these and other factors that could cause actual results to differ from those contained in this news release, please refer to the Company's various filings with the Securities and Exchange Commission, including the "Risk Factors" section contained in the Company's annual report on Form 10-K for the year ended December 31, 2010 and the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2011.

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