Alliance HealthCard, Inc. today announced its fourth quarter and year-end financial results. The company recognized double digit growth accross the board, including in revenue, gross profit and net income, for the 2008 fiscal year. The fourth quarter was also very successful with record sales and earnings.
Highlights of the 2008 Fiscal Year include:
– 19% increase in revenue to $20.9 million
– Substantial improvement in gross profit to $9.8 million
– Net Income of $2.7 million
– $0.18 earnings per share versus ($0.47) per share loss
– Cash Flow from operations were up 63% to $3.3 million
– Stockholder equity rose to $3.3 million in 2008 from $.4 million in 2007
According to the press release, the 19% increase in revenue was attributable to the increase in membership sales by both existing clients and new accounts brought on during the year. The 62%increase in gross profit was due to the higher revenue numbers and a reduction in direct costs for both fulfillment and network services.
Danny Wright, CEO, commented, “We are proud of the record results we have posted for both the quarter and the fiscal year. We have consistently strived to form strong partnerships with our clients and vendors and the results of these efforts are showing in our performance. In an economic environment that is virtually unprecedented, we are among those that continue to see improved operating results.”
Mr. Wright continued, “We look forward to continued development of our organic growth opportunities, as well as the completion of the acquisition of Access Plans USA scheduled in the first calendar quarter of 2009. The merger will increase our overall size and scale, while at the same time open up new product lines and distribution, primarily in insurance.”
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