Triple-S Management Corporation (NYSE: GTS), the leading managed care company in Puerto Rico, today announced consolidated revenues of $599.8 million and consolidated operating income of $16.8 million for the three months ended June 30, 2013. Net income was $20.1 million, or $0.72 per diluted share, including, among other one-time items, a $7.7 million adjustment to the company’s deferred tax assets upon the enactment of new tax legislation in Puerto Rico.
June Quarter Consolidated Highlights
- Total consolidated operating revenues were $597.8 million;
- Consolidated operating income was $16.8 million;
- Consolidated loss ratio was 82.9%;
- Medical loss ratio (MLR) was 85.8%;
- Managed Care member month enrollment fell 1.6%;
- Medicare member month enrollment decreased 6.7%.
Ramon Ruiz-Comas, President and CEO of Triple-S Management Corporation commented, “We are pleased that the strategies implemented last year to improve our financial performance are yielding results, as evidenced by our solid GAAP and pro forma earnings.  The Managed Care segment’s MLR continues to trend lower, reflecting ongoing improvements in our MA business.
“In addition to our improved financial results, we made significant progress on several corporate initiatives, including a 12-month extension of our MiSalud contract in which we were awarded three more regions that should transition by October 1, 2013. We substantially unified the company’s share structure through a secondary offering of 6.2 million Class B shares of common stock and the conversion of the vast majority of our Class A shares, which has increased trading liquidity. Our Board of Directors also recently authorized an open market share repurchase program of $11.5 million of GTS common stock effective August 1, 2013.
“Consistent with our strategic objective of geographic diversification, we recently signed an agreement to purchase Atlantic Southern Insurance Company, a small company which has life insurance operations in Puerto Rico and mainly health insurance operations in the British Virgin Islands, Anguilla and Costa Rica. Upon closing, this acquisition would expand our footprint into international markets,†Ruiz-Comas added.
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