This excerpt taken from the AGP 10-Q filed May 5, 2009.
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements as of March 31, 2009 and for the three months ended March 31, 2009 and 2008 of AMERIGROUP Corporation and its subsidiaries (the Company), are unaudited and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Companys financial position at March 31, 2009 and operating results for the interim periods ended March 31, 2009 and 2008. The December 31, 2008 Condensed Consolidated Balance Sheet was derived from the audited consolidated financial statements as of that date and has been adjusted to reflect the changes resulting from the January 1, 2009 adoption of Financial Accounting Standards Board Staff Position (FSP) FSP No. APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) (FSP APB 14-1). The Condensed Consolidated Income Statement for the three months ended March 31, 2008 has also been adjusted to reflect changes resulting from the adoption of FSP APB 14-1. See Note 3 below for further discussion.
The Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and accompanying notes thereto and managements discussion and analysis of financial condition and results of operations for the year ended December 31, 2008 contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 24, 2009. The results of operations for the three months ended March 31, 2009 are not necessarily indicative of the results to be expected for the entire year ending December 31, 2009.