August 30, 2001 by Canadian Underwriter
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA), parent of the Western Insurance Network (WIN), reports strong growth in the first six months of 2001. The company, which operates mainly in Western Canada offering a wide range of financial products including insurance, saw revenue and net income rise over last year.
Net income growth was an astounding 380% compared with the first half of 2000, up to $556.9 million from $115.8 million. Earnings per share rose from nil last year to $0.05 for the first six months of this year. Revenue grew more than 15%, to $11.5 million in 2001, from $9.95 last year.
Hi-Alta has been on the acquisition trail recently, and CEO Scott Tannas expects this to continue through the coming months. “With recent equity financing, we expect to achieve our current goal of expanding to a total of 50 locations by the end of the first quarter of 2002.” The company also plans to expand its product base further, he adds.
At the same time, the company announces that with the retirement of WIN president Linda Lively, current Hi-Alta senior vice president for Saskatchewan, Tom Dutton, will step in as president and chief operating officer of the network.