Published on July 1, 2013 at 8:11 AM
Montoni continued, "Health Management and MAXIMUS share the same fundamental values, with a focus on quality and on providing clients with innovative solutions to address their health, social and productivity challenges. We believe that our people are the cornerstone of our success and we share a common commitment to investing and developing staff. We are thrilled to welcome the Health Management employees to our team and we are excited about the many opportunities ahead."
Excluding transaction costs, MAXIMUS expects that Health Management will contribute approximately $11 million in revenue for the three months ended September 30, 2013 and that it will be neutral to earnings for its fourth fiscal quarter. As a result, MAXIMUS is raising its fiscal 2013 revenue guidance by $10 million and now expects revenue to range between $1.26 billion and $1.31 billion. The Company is reiterating its guidance for adjusted diluted earnings per share and still expects a range from $1.50 to $1.58 for fiscal 2013. Earnings estimates reflect the split of the Company's common stock which occurred on June 28, 2013. For fiscal 2014, Health Management is expected to contribute approximately $55 million in revenue and it will be neutral to slightly accretive to earnings. The transaction closed on July 1, 2013.
Deloitte LLP advised Health Management Limited on the transaction.