FORTIS ANNOUNCES RECORD QUARTERLY AND YEARLY RESULTS
FORTIS ANNOUNCES RECORD QUARTERLY AND YEARLY RESULTS IRVINE, Calif., May 4 /PRNewswire/ -- Fortis Corp.
(NASDAQ-NMS: FORT) reported record revenues of $46.9 million for its fiscal year ended March 31, 1992, representing an increase of 62 percent over the $28.9 million of revenues achieved in fiscal 1991. Fortis reported earnings of $0.43 per share for fiscal 1992 vs. a loss of $0.12 per share in the prior year.
For the quarter ended March 31, 1992, revenues were $13 million, up 50 percent from $8.6 million in the same quarter of the prior year. Earnings before tax for the quarter was a record $756,000, up 77 percent from the prior year. Earnings per share were $0.11 vs. $0.06 in the prior year. Fortis became a public company in July of 1991 when it sold 1.6 million shares to the public at $10 per share, raising $14 million net of expenses. "During the last 12 months the growing national interest in managing the cost and quality of health care has brought great changes to Fortis," said Gordon Clemons, its president. "We have achieved record revenues and earnings, become a public company, expanded our line of integrated managed care services to include provider networks and new forms of patient management programs and increased our organization to over 1,000 people and 80 branch offices. The pace of innovation in health care management, and in the information technologies which support this effort, continues to open new opportunities for Fortis." During the March quarter the company launched its new Advocacy line of patient management services, and expanded its relationship with two large insurers as customers of its line of MedCheck electronic medical bill review services. The company continued the expansion of its network of branch offices and computer installations. These efforts are part of Fortis' strategy to build a unique, national organization focused upon delivering managed care services to employers and insurers. Fortis Corp. is an independent nationwide provider of medical cost containment and managed care services designed to address the rapidly escalating costs of workers compensation. The company operates from more than 80 offices providing service in 40 states. The company will issue a statement regarding its name change in the near future. FORTIS CORP. Quarterly Income Statement Three and 12 Months Ended March 31, 1992 Three Months Ended March 31, 1992 March 31, 1991 Revenue $13,046,000 $8,661,000 Costs and expenses 12,290,000 8,235,000 Income before income taxes 756,000 426,000 Income tax expense 295,000 100,000 Net income $461,000 $326,000 Net income available to common shareholders $461,000 $107,000 Earnings per common and common equivalent share $0.11 $0.06 Weighted average common and common equivalent shares 4,130,000 1,673,000 12 Months Ended March 31, 1992 March 31, 1991 Revenue $46,886,000 $28,890,000 Costs and expenses 44,240,000 27,996,000 Income before income taxes 2,646,000 894,000 Income tax expense 1,045,000 209,000 Net income $1,601,000 $685,000 Net income (loss) available to common shareholders $1,601,000 ($193,000) Earnings per common and common equivalent share $0.43 ($0.12) Weighted average common and common equivalent shares 3,757,000 1,673,000 -0- 5/4/92 /CONTACT: Gordon Clemons, president of Fortis, 714-851-1473/ (FORT) CO: Fortis Corp. ST: California IN: HEA SU: ERN
CH-KJ -- LA026 -- 6250 05/04/92 17:26 EDT
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|Date:||May 4, 1992|
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