Highlights:
For the quarter ended December 31, 2015:
(Comparisons to the corresponding prior-year period)
Total Revenues and Fee Income of $60.9 million, increased 51%
GAAP Net Loss of $5.4 million, or $0.19 per share
Adjusted Earnings of $5.5 million, or $0.19 per diluted share, up 204%
Adjusted EBITDA of $14.6 million, up 49%
Operating Cash Flow of $5.6 million, up 65%
For the year ended December 31, 2015:
(Comparisons to the corresponding prior-year period)
Total Revenues of $209.7 million and Fee Income of $209.8 million, up 79% and 104%, respectively
GAAP Net Loss of $5.4 million, or $0.20 per share
Adjusted Earnings of $20.1 million, or $0.75 per diluted share, up 236%
Adjusted EBITDA of $51.5 million, up 90%
Operating Cash Flow of $37.1 million, up 729%
Invested $3 million to add 90 insurance carrier clients
Recent Developments:
On February 16, 2016, Patriot National announced an expanded relationship with Travelers, the second largest writer of commercial U.S. property and casualty insurance, whereby Patriot National will initially offer all lines of Travelers' small business insurance in 15 states, with plans for national expansion.
On January 28, 2016, Patriot National acquired Mid Atlantic Insurance Services, which increased Patriot National's property and casualty service offering with eight new products, added 12 new carrier relationships and 1,100 new retail agencies.
On January 26, 2016, the Company appointed financial services industry veteran Michael Corey as its fourth independent director, expanding the board to a total of six members.
In early January, the Company expanded its hospitality program through a partnership with ProSight Specialty Insurance to launch a new restaurants, bars and taverns program encompassing property, general liability and liquor liability.
In February, Patriot Technology Solutions launched PN ClaimsAlert, a mobile application that streamlines incident reporting.
