Equisure posts record first quarter

Equisure Financial Network Inc. (TSE: EFN) released record first quarter figures, setting new highs in revenue, net income, earnings, shareholders equity, assets and EBITDA (earnings before interest, taxes, depreciation and amortization).

The company’s consolidated revenue was up 3% from 1998’s $21.1 million to $21.6 million. Net income rose by 38% to $1.05 million from $762,000 in the first three months of 1998. The corporation’s assets increased 39%, exceeding $198.1 million by March 1999, up from $142.8 million by March 1998. Shareholder equity in the same period increased by 63% to $89.6 million from 1998’s $54.9 million. EBITDA per share increased to 19c at March 31, 199, up from 16c for the same quarter in 1998.

The company also announced it has continued its expansionary drive of 1998 into the new year, having entered into agreements to acquire three insurance brokerages in the first quarter of 1999.