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Fortegra Financial Corporation Reports First Quarter Results

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.

FORTEGRA FINANCIAL CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (Unaudited)

(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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