MAXIMUS Inc. (MMS, Financial) filed Quarterly Report for the period ended 2009-12-31.
Maximus Inc. has a market cap of $850.4 million; its shares were traded at around $48.17 with a P/E ratio of 17.1 and P/S ratio of 1.2. The dividend yield of Maximus Inc. stocks is 1%.MMS is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES, Jeremy Grantham of GMO LLC.
Income from continuing operations, net of income taxes, was $14.6 million, or $0.81 per diluted share, for the three months ended December 31, 2009, compared with $12.5 million, or $0.69 per diluted share, for the same period in fiscal 2009.
Cash provided by operating activities from continuing operations for the three months ended December 31, 2009 was $48.8 million, compared to cash used in operating activities from continuing operations of $28.1 million for the same period in fiscal 2009. The difference of $76.9 million is primarily driven by (1) advanced payments received in the United Kingdom and Australia to cover the start-up costs of new projects, (2) improved cash collections in the period from states who had delayed payments in previous quarters owing to legislative delays in budget approvals, and (3) the payment in fiscal 2009 of $40 million to cover arbitration matters which have not recurred in the current period.
Cash used in investing activities from continuing operations for the three months ended December 31, 2009 was $6.4 million, compared to $3.9 million for the same period in fiscal 2009. The increase of $2.5 million is primarily attributable to increased purchases of property and equipment as part of new contracts in the United Kingdom and Australia.
Cash used in financing activities from continuing operations for the three months ended December 31, 2009 was $9.6 million, compared to $24.0 million for the same period in fiscal 2009. The decrease is primarily driven by the decline in the Companys share repurchasing program, with $8.7 million being used in the current period compared to $22.4 million in the equivalent period in fiscal 2009.
Under a resolution adopted in July 2008, the Board of Directors has authorized the repurchase, at managements discretion, of up to an aggregate of $75.0 million of the Companys common stock. The resolution also authorized the use of option exercise proceeds for the repurchase of the Companys common stock. During the three months ended December 31, 2008 and 2009, the Company repurchased 740,490 and 186,801 common shares at a cost of $23.2 million and $8.7 million, respectively. At December 31, 2009, $49.0 million remained available for future stock repurchases. As of February 4, 2009, the Company had repurchased an additional 91,940 common shares at a cost of $4.5 million during the second fiscal quarter of 2010.
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Maximus Inc. has a market cap of $850.4 million; its shares were traded at around $48.17 with a P/E ratio of 17.1 and P/S ratio of 1.2. The dividend yield of Maximus Inc. stocks is 1%.MMS is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
We provide operations program management and consulting services focused in the areas of health and human services primarily for government-sponsored programs such as Medicaid and the Childrens Health Insurance Program (CHIP). Founded in 1975, we are the largest pure-play health and human services provider to government in the United States and are at the forefront of innovation in meeting our mission of Helping Government Serve the People®. We use our expertise, experience and advanced technological solutions to help government agencies run more efficient and cost-effective programs, while improving the quality of services provided to program beneficiaries. We operate in the United States, Australia, Canada, the United Kingdom, and Israel. We have held contracts with government agencies in all 50 states in the U.S. For the fiscal year ended September 30, 2009, we had revenue of $717.3 million and net income of $46.5 million. For the three months ended December 31, 2009, we had revenue of $202.4 million and net income of $12.6 million.Income from continuing operations, net of income taxes, was $14.6 million, or $0.81 per diluted share, for the three months ended December 31, 2009, compared with $12.5 million, or $0.69 per diluted share, for the same period in fiscal 2009.
Cash provided by operating activities from continuing operations for the three months ended December 31, 2009 was $48.8 million, compared to cash used in operating activities from continuing operations of $28.1 million for the same period in fiscal 2009. The difference of $76.9 million is primarily driven by (1) advanced payments received in the United Kingdom and Australia to cover the start-up costs of new projects, (2) improved cash collections in the period from states who had delayed payments in previous quarters owing to legislative delays in budget approvals, and (3) the payment in fiscal 2009 of $40 million to cover arbitration matters which have not recurred in the current period.
Cash used in investing activities from continuing operations for the three months ended December 31, 2009 was $6.4 million, compared to $3.9 million for the same period in fiscal 2009. The increase of $2.5 million is primarily attributable to increased purchases of property and equipment as part of new contracts in the United Kingdom and Australia.
Cash used in financing activities from continuing operations for the three months ended December 31, 2009 was $9.6 million, compared to $24.0 million for the same period in fiscal 2009. The decrease is primarily driven by the decline in the Companys share repurchasing program, with $8.7 million being used in the current period compared to $22.4 million in the equivalent period in fiscal 2009.
Under a resolution adopted in July 2008, the Board of Directors has authorized the repurchase, at managements discretion, of up to an aggregate of $75.0 million of the Companys common stock. The resolution also authorized the use of option exercise proceeds for the repurchase of the Companys common stock. During the three months ended December 31, 2008 and 2009, the Company repurchased 740,490 and 186,801 common shares at a cost of $23.2 million and $8.7 million, respectively. At December 31, 2009, $49.0 million remained available for future stock repurchases. As of February 4, 2009, the Company had repurchased an additional 91,940 common shares at a cost of $4.5 million during the second fiscal quarter of 2010.
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