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Equisure Financial Network Inc - Equisure six-month results Equisure Financial Network Inc EFN Shares issued 22,939,164 1999-07-23 close $6 Monday Jul 26 1999 Mr. George Hutchison reports For the second quarter ended June 30, 1999, the corporation again set new record highs in revenue, net income, earnings, EBITDA (earnings before interest, taxes, depreciation and amortization), shareholders' equity and assets. In the first six months of 1999, consolidated revenue was up 6 per cent to $46.9-million from $44.1-million in the same period of 1998. Pretax 1999 six-month income increased by 25 per cent to $5.635-million from $4.481-million in the first six months of 1998. Net income also rose by 21 per cent to $2.7-million from $2.2-million in the first six months of 1998. The corporation's assets exceeded $214.6-million at June 30, 1999, an increase of 44 per cent over $147.1-million at June 30, 1998. Shareholders' equity in the same period increased by 59 per cent to $91.1-million from $57.2-million. The corporation experienced strong growth during the first half of 1999 in all segments, with the exception of its financial services sector where a significant industry wide downturn in mutual fund sales are being felt. EBITDA per share remained unchanged at 40 cents at June 30, 1999. Earnings per share (EPS) for the first quarter 1999 increased by 8 per cent to 13 cents from 12 cents in the first six months of 1998. During the first six months of 1999, the average number of common shares outstanding increased by 25 per cent to 20.62 million shares from 16.37 million in the comparable period of 1998. KEY OPERATING MARGINS Six months ended June 30 1999 1998 Retail insurance 35.1% 30.8% Wholesale insurance 6.4% 2.4% Financial services 2.3% 6.4% Trust company 17.2% 16.6% Equisure is in the process of licensing its new full-service securities firm, Equisure Securities Ltd., which will be based in Toronto. The corporation's plan is for Equisure Securities Ltd. to provide services facilities to Equisure's clients. Another project under way is the startup, subject to regulatory approval, of a new general insurance company to be called Northbrooke General Insurance Company of Canada. Northbrooke General will be jointly owned by Equisure and ING Canada and will underwrite general insurance business exclusively for the Equisure network. On May 13, 1999, Equisure announced in Stockwatch the planned deployment of a major new e-commerce-based insurance and financial service site on the Internet. This new site will operate under the moneyramp.com name and offer a wide range of insurance and financial services via the Internet. On June 30, 1999, Equisure completed the infrastructure work for its new MasterCard credit card program, which will be rolled out in the third quarter of 1999. To date in 1999, Equisure has completed the acquisition of three significant insurance brokerages, which added six new offices to the network. The corporation's consolidated annualized commission revenue now exceeds $104-million and annual network volume is approximately $325-million. The corporation expects to complete a number of additional acquisitions throughout the balance of 1999. FINANCIAL HIGHLIGHTS Six months ended June 30 (thousands of dollars) 1999 1998 Revenues $46,968 $44,103 EBITDA 8,180 6,511 Income before taxes 5,635 4,481 Net income 2,704 2,218 Per share EBITDA per share 40 cents 40 cents Net income per share 13 cents 14 cents Earnings per share 13 cents 12 cents Equisure Financial Network is pleased to announce that it has received regulatory approval to make a normal course issuer bid to purchase up to a maximum of 1,589,579 common shares, representing 10 per cent of the public float. As at July 16, 1999, there were 22,939,164 common shares issued and outstanding. The bid will commence on July 27, 1999, and will be open until July 26, 2000. Equisure has purchased for cancellation 530,243 common shares at an average price of $6.80 within the last 12 months and Equisure Trust Company, acting in its capacity of trustee of the Equisure Financial Network Inc. employee stock purchase plan, has purchased 98,509 common shares at an average price of $6.57 within the last 12 months pursuant to normal course issuer bids previously in effect. Management of Equisure believes that the current market price for the common shares of Equisure do not reflect their value. Equisure believes that it is in the best interests of the shareholders of Equisure, and that shareholder value will be increased, if common shares of Equisure are purchased pursuant to the bid. Equisure Financial Network Inc. is pleased to announce that the necessary regulatory approval has been received to change the name of the corporation's wholly owned trust company from Evangeline Trust Company to Equisure Trust Company effective July 1, 1999. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com | ||||||||||||||
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