Acordia Reports Financial Results for Third Quarter of 1995
Acordia, a network of companies providing insurance broking, managed healthcare integration, and consulting services, announced its financial results for the third quarter and nine months ended September 30, 1995. Despite a notable 31% increase in revenues, the company's operating income and net income declined significantly compared to the same period in 1994. Acordia's Chairman and CEO, L. Ben Lytle, attributed the decline to several factors that will impact the fourth quarter, but expects operating income to rebound in 1996.
Key Takeaways:
- Revenues for the third quarter of 1995 grew 31% to $136,965,000, compared to $104,418,000 in the third quarter of 1994.
- Operating income (income before amortization and income tax expense) declined 23% to $11,522,000, compared to $14,931,000 in the third quarter of 1994.
- Net income declined 51% to $2,877,000 ($0.20 per share) from $5,851,000 ($0.42 per share) in the same period in 1994.
- For the nine months ended September 30, 1995, revenues grew 39% to $403,130,000, compared to $290,534,000 for the same period in 1994.
- Operating income increased 2% to $46,909,000, compared to $45,886,000 for the same period in 1994.
- Net income declined 13% to $16,139,000 ($1.12 per share) from $18,560,000 ($1.32 per share) in the same period in 1994.
- The company expects operating income to rebound in 1996 due to anticipated improvements in the fourth quarter.
Statistics:
- Revenue growth (Q3 1995 vs. Q3 1994): 31%
- Operating income (Q3 1995 vs. Q3 1994): -23%
- Net income (Q3 1995 vs. Q3 1994): -51%
- Revenue growth (9M 1995 vs. 9M 1994): 39%
- Operating income (9M 1995 vs. 9M 1994): 2%
- Net income (9M 1995 vs. 9M 1994): -13%
- Weighted average shares outstanding (Q3 1995): 14,322,372
Sources:
- "Acordia Reports Third Quarter Results" (no publication date provided)
- William Carmichael, media, 317-488-6248
- Thomas Vanneman, investor relations, 317-488-6246, both of Acordia