This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Fortegra Financial Corporation Reports Second Quarter And Six Month 2011 Results

Fortegra Financial Corporation (the "Company") (NYSE: FRF) an insurance services company providing distribution and administration services and insurance-related products, today reported results for the second quarter and six months ended June 30, 2011:

  • Net revenues increased 12.6% to $27.3 million for the second quarter of 2011
  • Diluted earnings per share (EPS) on a GAAP basis were $0.07 for the second quarter of 2011 and $0.12 on a non-GAAP basis
  • Adjusted EBITDA for the second quarter of 2011 was $7.8 million

“We were pleased with our revenue growth in the quarter, as we posted double-digit growth in revenue led by our eReinsure and auto club acquisitions,” said Richard S. Kahlbaugh, Chairman and Chief Executive Officer of Fortegra. “At the same time, our expenses this quarter were higher than our initial expectations, and included significant operating costs during the quarter that we plan to reduce or eliminate in the second half of the year, as well as other non-recurring costs. Expense management is a top priority at the Company and we are taking steps to improve our cost structure, which we expect to yield results in the coming quarters.”

Second Quarter Results

Gross revenues increased 9.0% to $53.9 million for the second quarter of 2011 compared to $49.4 million for the second quarter of 2010. Net revenues (revenues net of losses, loss adjustment, and commission expenses) increased 12.6% to $27.3 million for the second quarter of 2011, compared to $24.2 million for the prior-year period. Net income for the second quarter 2011 was $1.6 million, or $0.07 per diluted share, compared to $3.8 million, or $0.22 per diluted share, for the quarter ended June 30, 2010. Net income for the second quarter of 2011 included $0.6 million in acquisition-related costs, as well as $0.4 million in other one-time charges. Net income for the second quarter of 2010 included $0.3 million in one-time re-audit professional fees and $0.1 million of costs related to acquisitions. Excluding these items, net income for the second quarter of 2011 was $2.6 million, or $0.12 per diluted share, compared to $4.1 million, or $0.24 per diluted share, for the prior-year period.

1 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,131.35 -72.02 -0.40%
S&P 500 2,099.15 -8.63 -0.41%
NASDAQ 4,969.1110 -10.79 -0.22%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs