Pethealth sees record revenue in 2005

Pethealth Inc. (TSX :PTZ) saw record revenues for both the full 2005 year at CDN$14.4 million, a 28% increase over 2004, and for the fourth quarter at CDN$3.9 million, a 37% increase over 2004.
The Company also saw a net loss for the year of CDN$1.89 million ($0.01/share) a 44% improvement from the restated CDN$3.4 million ($0.01/share) recorded in 2004. In addition, for the year, Pethealth’s insurance carrier premiums earned were CDN$30.9 million, a 22% increase over 2004. The Company’s cash resources by year end was CDN$2.97 million.
For the fourth quarter ended Dec. 31, 2005, Pethealths’ total revenue was CDN$3.9 million, a 37% increase over 2004’s results.
The Q4 net losses reduced to CDN$563,662 from the restated net loss of $617,196 recorded in Q4, 2004. In addition gross premiums earned by insurance carriers increased 27% from Q4 2004 to reach CDN$8.3 million in Q4, 2005.
Mark Warren, president and CEO of Pethealth, says that 2005 was a financially successful year for the Company having reached 100,000 paid policies faster than any other North American pet health insurance provider.
“The completion of our underwriting agreement with the Insurance Corporation of Hannover represents a significant milestone in the development of our pet insurance business as we will begin to participate in a portion of our U.S. underwriting results starting in 2006,” Warren says.