Pethealth reports mixed 1-Q results

Pethealth Inc. (TSX: PTZ) produced a net loss of $68,505, equal to 1c a share, for the first quarter of this year compared with a loss of $75,881 (1c a share) for the same period in 2004. The company says its earnings would be significantly better but for a 7.5% appreciation of the Canadian dollar over its U.S. monetary counterpart during the latest review period Pethealth derives approximately 65% of its commission and management fee revenue from the U.S.
Pethealth’s gross written premiums, which are generated from the company’s pet insurance operations, rose by 21% to $6.97 million for the first quarter of 2005 versus the $5.75 million reported a year ago. The company’s commission and management fees climbed by 36% year-on-year to $2.24 million for the latest quarter (2004 1-Q: $1.65 million) while administration fee revenue increased by 58% year-on-year to $262,828 from last year’s $166,695. Pethealth’s total revenue for the first quarter of this year clocked at $3.2 million, reflecting an overall rise of 26% on the $2.5 million disclosed for the same period in 2004. "We are very pleased to be reporting another quarter of record revenueswe continue to see strong policy growth and greater administration efficiencies through such developments as PetPoint, our shelter management software system, and EVE, our online claims submission system for clinics," says Mark Warren, president of PetHealth.