IRVING, Texas, June 06, 2017 (GLOBE NEWSWIRE) -- HMS Holdings Corp. (the "Company" or "HMS") (NASDAQ:HMSY) announced the filing today of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (the "2016 Form 10-K") and Quarterly Report on Form 10-Q for the period ended March 31, 2017 (the "2017 Q1 Form 10-Q") with the U.S. Securities and Exchange Commission (SEC). As a result of today's filings, the Company believes it is now in full compliance with NASDAQ's listing requirements.
"We are very pleased to have completed the year-end 2016 audit and first quarter 2017 review. The results as filed show no change to period end reserves in the Estimated Liability for CMS Appeals and the Accounts Receivable (AR) Allowance for 2016 and a reduction of approximately $900,000 in the AR Allowance we initially posted for the first quarter of 2017. The only difference from previously reported numbers for 2016 is that certain AR write-offs totaling approximately $6.3 million reported in SG&A have been reclassified and presented as a contra revenue item, which has no impact on previously reported net income or adjusted EPS," said Jeff Sherman, CFO. "With these filings completed, we will continue our focus on achieving our growth objectives for the balance of 2017."
The 2016 Form 10-K and the 2017
Q1 Form 10-Q are available on the SEC website at http://www.sec.gov and on the HMS Investor Relations website at http://investor.hms.com/financials.cfm.
HMS Holdings Corp., through its subsidiaries, provides coordination of benefits, payment integrity, and health
management and engagement solutions for payers. HMS serves state Medicaid programs; commercial health plans, including Medicaid managed care, Medicare Advantage and group and individual health lines of business; federal government health agencies, including the Centers for Medicare & Medicaid Services and the Veterans Health Administration; government and private employers; child support agencies; and other healthcare payers and sponsors. As a result of HMS's services, customers recover billions of dollars annually and save billions more through the prevention of improper payments.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect our current expectations, projections and assumptions about our business, the economy and future events or conditions. They do not relate strictly to historical or current facts. Forward‐looking statements can be identified by words such as "aims," "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "likely," "may," "plans," "projects," "seeks," "targets," "will," "would," "could," "should," and similar expressions and references to guidance, although some forward-looking statements may be expressed differently. Additional facts, including the future effect of different accounting determinations, could cause actual results to differ from those stated or implied in our forward-looking statements, as could the other factors, risks and uncertainties
described in the 2016 Form 10-K and in our other filings with the SEC. Factors or events that could cause actual results to differ may emerge from time to time and are difficult to predict. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results may differ materially from past results and those anticipated, estimated or projected. We caution you not to place undue reliance upon any of these forward-looking statements. Any forward-looking statements are made as of the date of this press release. Except as may be required by law, we disclaim any obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
SVP, Investor Relations
VP, Marketing and Communicationsfmarraro@hms.com
Source: HMS Holdings
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