Catamaran Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's revenue increased 88% on a year over year basis to $3.2 billion, compared to $1.7 billion in the first quarter of 2012. The increase in revenue is primarily due to the recent merger with Catalyst, which was completed on July 2, 2012, as well as increased prescription claim volume as a result of implementation of new customer contracts in 2013. EBITDA increased 164% to $143.5 million in the quarter, compared to $54.4 million in the first quarter of 2012. The EBITDA growth was due to additional business generated from the recent merger with Catalyst and the associated synergies, as well as new contract implementations, offset by increased costs due to additional resources added to support the growth of the PBM segment. Net income attributable to the company was $51.4 million or $0.25 per diluted share in the quarter, compared to $26.3 million, or $0.21 per diluted share in the first quarter of 2012. Net income attributable to the company increased during the quarter compared to first quarter of 2012 due to increased revenues and operating income as a result of the recent merger with Catalyst and other new customer implementations during 2013. Non-GAAP net income attributable to the company was $86.99 million or $0.42 per diluted share compared with $33.2 million or $0.26 per diluted share a year ago. Cash flow from operations increased 13% to $63.3 million, compared to $56.2 million in the first quarter of 2012. Operating income was $90.9 million compared with $41.0 million a year ago. Income before income taxes was $79.8 million compared with $39.8 million a year ago. Net income was $56.8 million compared with $26.3 million a year ago. Net income was $25.2 million compared with $6.1 million a year ago. For the year 2013, the company re-affirmed revenue guidance in the range of $14.2 billion to $14.6 billion, EBITDA in the range of $660 million to $670 million, GAAP diluted EPS in the range of $1.18 to $1.25, and adjusted diluted EPS in the range of $1.81 to $1.88 (excluding all amortization of intangible assets).

Catamaran Corporation announced that they will report Q1, 2013 results at 6:00 AM, US Eastern Standard Time on May 02, 2013

Catamaran Corporation, Q1 2013 Earnings Call, May 02, 2013