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Fortegra Financial Corporation Reports First Quarter Results

Stocks in this article: FRF

The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for each of the periods presented:

(Unaudited, all amounts in thousands)   For the Three Months Ended
March 31, 2011   March 31, 2010
Net income $ 3,603 $ 3,474
Depreciation and amortization of intangibles 1,635 1,054
Interest expense 2,031 1,891
Income taxes 1,775 2,076
Net income (loss) attributable to non-controlling interest (174 ) 15
EBITDA 8,870 8,510
Transaction costs (a) 181   288
Adjusted EBITDA $ 9,051   $ 8,798

(a) Represents transaction costs associated with acquisitions.



(All Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited) For the Three Months Ended
March 31, 2011   March 31, 2010
Net income $ 3,603 $ 3,474
Retirement of debt 546


Transaction costs associated with acquisitions 181   288
Net income - Non-GAAP basis $ 4,330   $ 3,762
Earnings per share - basic $ 0.18 $ 0.22
Retirement of debt and transaction costs 0.04   0.02
Non-GAAP Earnings per common share - basic $ 0.22   $ 0.24
Earnings per share - diluted $ 0.17 $ 0.21
Retirement of debt and transaction costs 0.03   0.02
Non-GAAP Earnings per common share - diluted $ 0.20   $ 0.23
Weighted average common shares outstanding:
Basic 20,464,592 15,742,336
Diluted 21,668,333 16,941,372

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