WellCare Health Plans, Inc. announced that effective May 22, 2013 its board of directors has elected David J. Gallitano as chairman of the board succeeding Charles G. Berg. This past March, Berg informed the board that he would not stand for re-election to the company's board of directors at its next annual meeting of stockholders.

WellCare Health Plans, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income of $21,518,000 or $0.49 per diluted share on total revenues of $2,256,657,000 compared to net income of $51,232,000 or $1.18 per diluted share on total revenues of $1,791,333,000 a year ago. Income before income taxes was $22,873,000 compared to $79,358,000 a year ago. Net cash provided by operating activities were $31,121,000 compared to $8,291,000 a year ago. Additions to property, equipment and capitalized software, net was $15,877,000 compared to $15,431,000 a year ago. Non-GAAP net income was $27,470,000 or $0.63 per diluted share compared to net income of $57,336,000 or $1.32 per diluted share a year ago. Adjusted net income per diluted share for the first quarter of 2013 decreased by $0.69 compared with the same period in 2012. The decrease resulted mainly from an increase in the company's medical benefits ratio (MBR). The increase in the MBR primarily was due to a lower level of favorable development of prior years' medical benefits payable recognized in the first quarter of 2013 compared with the first quarter of 2012. First quarter results highlight the continued expansion and diversification of the business driven by the successful execution of the three-product strategy. On a non-GAAP basis, modified for the timing of receipts from, and payments to, the company's government customers, net cash provided by operating activities was $64,000,000 for the first quarter of 2013, compared with $16,000,000 for the first quarter of 2012. The increase was driven primarily by the impact of the company's year-over-year growth, offset in part by the decrease in net income as determined under GAAP. The company updated its financial outlook for the year ending December 31, 2013. Adjusted net income per diluted share is expected to be between approximately $4.60 and $4.90. The previous guidance was for adjusted net income per diluted share of between approximately $4.50 and $4.85. The improved outlook principally is due to the favorable development of prior years' medical benefits payable included in the company's first quarter results, offset by the impact, beginning in April, of the U.S. federal budget sequestration to the Medicare Advantage and Medicare PDP segments. Premium revenue in total is expected to be between $8.9 billion and $9.0 billion. All elements of the company's outlook exclude the impact of Medicaid premium taxes.

WellCare Health Plans, Inc. announced that they will report Q1, 2013 results at 6:30 AM, US Eastern Standard Time on May 03, 2013