Patriot National, Inc (PN) has reported 50.48 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $1.88 million, or $0.06 a share in the quarter, compared with $3.79 million, or $0.14 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $3.11 million, or $0.12 a share compared with $5.70 million or $0.20 a share, a year ago. Revenue during the quarter went up marginally by 2.90 percent to $60.22 million from $58.52 million in the previous year period.
Total expenses move up
Operating income for the quarter was $3.10 million, compared with $5.18 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $11.42 million compared with $14.63 million in the prior year period. At the same time, adjusted EBITDA margin contracted 603 basis points in the quarter to 18.97 percent from 25 percent in the last year period.
Meanwhile, income from fees and commission for the quarter moved up marginally by 2.88 percent or $1.69 million to $60.22 million.
"While our financial results for the third quarter were lower than expected, we are encouraged by the strength of our business development pipeline. We have been leveraging our deep customer relationships and broad product portfolio to serve a greater share of our customers' needs and are seeing solid evidence of success, including a significant expansion of our partnership with one of our key carriers," said Steven M. Mariano, Chief Executive Officer of Patriot National. "We are also realizing increased productivity throughout our organization as measured by revenue per employee. With our powerful operating platform, innovative technology solutions and greater efficiency, we expect our efforts will deliver stronger top-line growth and profitability."
Liabilities outpace assets growth
Total assets increased 25.01 percent or $73.26 million to $366.15 million on Sep. 30, 2016. On the other hand, total liabilities were at $265.82 million as on Sep. 30, 2016, up 28.31 percent or $58.65 million from year-ago. Return on assets stood at 0.95 percent in the quarter, down 0.66 from 1.61 percent in the last year period. At the same time, return on equity was at 1.87 percent in the quarter, down 2.55 from 4.42 percent in the last year period.
Investments increase substantially
Investments stood at $13.63 million as on Sep. 30, 2016, up 319.39 percent or $10.38 million from year-ago. Meanwhile, yield on investments went down 149 basis points to 0.01 percent in the quarter. Total debt was at $134.66 million as on Sep. 30, 2016, up 9.16 percent or $11.30 million from year-ago. Shareholders equity stood at $100.33 million as on Sep. 30, 2016, up 17.05 percent or $14.62 million from year-ago. As a result, debt to equity ratio went down 10 basis points to 1.34 percent in the quarter from 1.44 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
