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MAXIMUS, INC.

(MMS)
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Maximus Inc : New York Awards Medicaid Fraud Contract to MAXIMUS

09/13/2007 | 06:00am EST

MAXIMUS (NYSE:MMS), a leading provider of government consulting services, announced today that it has been awarded a five-year contract with the State of New York, Office of Medicaid Inspector General to provide Medicaid Fraud, Waste, and Abuse Recovery and Retention consulting services.

MAXIMUS will work as a strategic partner with the newly-formed New York State Office of Medicaid Inspector General to assist the State in combating fraud, waste, and abuse in the State's $45 billion Medicaid Program. MAXIMUS will assist the State in developing and implementing strategies to supplement its efforts to combat Medicaid fraud and abuse. The efforts are expected to improve the efficiency of New York's Medicaid program and allow them to better serve their citizens.

Richard Montoni, CEO of MAXIMUS stated, ?This is a very important project for MAXIMUS and the State of New York. Clearly, Medicaid fraud and abuse is a critical issue impacting State budgets nationwide. We are pleased to have the opportunity to extend our longstanding partnership with the State by supporting them in this major endeavor.?

At $45 billion, the State of New York currently has the largest Medicaid budget in the country and provides healthcare for more than 4.2 million citizens each year. The State is dedicated to preventing fraud and waste, and has selected one of the top healthcare fraud prosecutors in the country, Jim Sheehan, to lead the newly formed Office of Medicaid Inspector General. By working with the State to develop an effective and comprehensive approach to fraud, waste, and abuse prevention in the Medicaid program, MAXIMUS expects to help recover funds on behalf of the State, as well as prevent future payments associated with fraud, waste, and abuse.

MAXIMUS is one of America's leading government services companies devoted to providing program management, consulting, and information technology services. The Company has more than 5,200 employees located in more than 220 offices in the United States, Canada, and Australia. In 1999, 2001, 2002, 2003, and 2005 MAXIMUS was selected by Forbes Magazine as one of the Best 200 Small Companies in America for that year. Additionally, MAXIMUS is included in the Russell 2000 Index and the S&P SmallCap 600 Index.

Statements that are not historical facts, including statements about the Company's confidence and strategies and the Company's expectations about revenues, results of operations, profitability, future contracts, market opportunities, market demand or acceptance of the Company's products are forward-looking statements that involve risks and uncertainties. These uncertainties could cause the Company's actual results to differ materially from those indicated by such forward-looking statements and include reliance on government clients; risks associated with government contracting; risks involved in managing government projects; legislative changes and political developments; opposition from government unions; challenges resulting from growth; adverse publicity; and legal, economic, and other risks detailed in Exhibit 99.1 to the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (file number 001-12997).

MAXIMUS
Investor:
Lisa Miles, 800-MAXIMUS x11637
or
Media:
Rachael Rowland, 800-MAXIMUS x11688


ę Business Wire 2007
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Analyst Recommendations on MAXIMUS, INC.
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Financials (USD)
Sales 2022 4 407 M - -
Net income 2022 265 M - -
Net Debt 2022 - - -
P/E ratio 2022 18,3x
Yield 2022 -
Capitalization 4 810 M 4 810 M -
Capi. / Sales 2022 1,09x
Capi. / Sales 2023 1,03x
Nbr of Employees 35 800
Free-Float 99,0%
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Number of Analysts 4
Last Close Price 77,64 $
Average target price 103,25 $
Spread / Average Target 33,0%
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Managers and Directors
Bruce L. Caswell President, Chief Executive Officer & Director
Richard J. Nadeau Chief Financial Officer & Treasurer
John J. Haley Independent Non-Executive Chairman
John W. Lambeth Chief Information Officer
Michael S. Weiner Chief Medical Officer
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