FORTIS ANNOUNCES RECORD QUARTERLY RESULTS
FORTIS ANNOUNCES RECORD QUARTERLY RESULTS IRVINE, Calif., July 21 /PRNewswire/ -- FORTIS Corp.
(NASDAQ: FORT), reported record revenues of $13,854,000 for its fiscal first quarter ended June 30, 1992, representing an increase of 35 percent over the $10,255,000 of revenues achieved in fiscal 1991. The company reported record net income of $507,000 for the first fiscal quarter of 1993 vs. $334,000 for the first quarter of fiscal 1992, an increase of 52 percent.
During the quarter the company expanded the introduction of its Advocacy line of patient management services. Advocacy is intended to provide employers with a continuum of services to assist a patient through an episode of care and back to work. Commencing with support programs initiated immediately following an injury, the Advocacy program acts as the employer's agent in managing patients into preferred networks of providers and in working with providers regarding treatment plans. Gordon Clemons, president, commented, "The introduction of our new line of patient management services has been very well received by insurers, brokers, employers and consultants. Cost-effective, prospective injury management will be the focus of managed care efforts in workers compensation in the '90s." The company continued the expansion of its network of branch offices and MedCheck service sites. These efforts are part of FORTIS' strategy to build a unique, national organization focused upon delivering managed care services to employers and insurers. "We believe that our strategy of providing local service and yet having national coverage will become increasingly attractive to employers and insurers as we add to our managed care service continuum and to our service network," said Clemons. 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 First Quarter -- Fiscal 1993 Three Months Ended June 30, 1992: June 30, June 30, June 30, 1992 1991 1991 (pro forma) Revenue $13,854,000 $10,255,000 $10,255,000 Costs and expenses 13,016,000 9,698,000 9,698,000 Income before income taxes 838,000 557,000 557,000 Income tax expense 331,000 223,000 223,000 Net income $507,000 $334,000 $334,000 Earnings per common and common equivalent share $.12 $.12 $.08 Weighted average common and common equivalent shares 4,111,000 2,695,000 3,953,000 The pro forma weighted average shares and earnings per share for the quarter ended June 30, 1991, includes the 1,600,000 shares which were sold in the initial public offering which closed in July 1991 and the related change in the treasury stock calculation. -0- 7/21/92 /CONTACT: Gordon Clemons, president of FORTIS, 714-851-1473/ (FORT) CO: FORTIS Corp. ST: California IN: MTC SU: ERN
EH-JL -- LA027 -- 1554 07/21/92 17:17 EDT
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|Date:||Jul 21, 1992|
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