13.11.08-   Our Parent Company,  MAXIMUS Inc (USA) today reported results for its fourth quarter and fiscal year ended September 30, 2008, which reflects divestitures in fiscal 2008.

"With a narrowed business focus on our core operations, MAXIMUS is now positioned as the leading pure play provider in the administration of government health and human services programs. This transformation creates a solid foundation for future growth during these uncertain economic times. We believe our core services are increasingly important under the new political landscape where the emphasis is expected to be on domestic health and human services programs, we enter the new year with a strong backlog and record pipeline of new business. Our base of recurring revenue affords us a high level of visibility with approximately 87% of projected revenue in the form of backlog. While we are not immune to broader market conditions, the sale of our Systems businesses reduces our exposure to discretionary services that are more susceptible to budget cutbacks. Longer term, we are anticipating an increase in caseloads in health and human services programs, as well as opportunities to meet the increasing demand for eligibility and enrolment support services as states look for efficiencies through centralization of functions." " commented Richard Montoni, Chief Executive Officer of MAXIMUS.

Highlights include:

¨     Revenue for the fourth quarter increased 9% to $189.1 million and for the full fiscal year   grew 19% to $745.1 million compared to the same periods last year,

¨     The successful divestiture of three Systems businesses in the fourth quarter which have   been accounted for as discontinued operations,

¨     Pro forma earnings per diluted share from continuing operations of $0.71 for the fourth  quarter and $2.83 for the full fiscal year, as presented in the supplemental pro forma  information provided on the last page of the financial tables,

¨     Fourth quarter GAAP loss per diluted share of $0.09 and diluted earnings per share of $1.55 for the full fiscal year,

¨     New sales awards totalling $913 million at September 30, 2008 and a total pipeline of  $1.8 billion at November 7, 2008, Cash at September 30, 2008 of $120.6 million and no debt outstanding. 

Outlook

The Company is updating its fiscal 2009 revenue guidance to reflect the strengthening of the U.S. dollar against foreign currencies. The Company now expects revenue for the full fiscal year from continuing operations in the range of approximately $750 million to $775 million. The Company is reiterating its bottom-line guidance of diluted earnings per share for fiscal 2009 of $3.00 to $3.15. This reflects the favourable impact of completed share repurchase activities to date, offset by the impact of foreign currency rates.