Fortegra Financial Corporation, together with its subsidiaries, operates as an insurance services company in the United States. It offers products that protect lenders and their customers from death, disability, or other events that could impair their ability to repay a debt. The company offers credit insurance, debt protection, warranty and other service contracts, motor club solutions, and membership plans under the name of Life of the South, ProtectCELL, 4Warranty, Continental Car Club, United Motor Club, and Auto Knight Motor Club brands to consumer finance companies, regional banks, community banks, retailers, small loan companies, warranty administrators, automobile dealers, vacation o...
10151 Deerwood Park Boulevard
Jacksonville, FL 32256
Founded in 1981
Fortegra Financial Corp. Announces Board Changes; Amends Five-Year Credit Agreement
Dec 5 14
Fortegra Financial Corp. appointed Michael Barnes and Geoffrey Kauffman as directors. Each member of the board other than Richard Kahlbaugh on Dec. 4 resigned from his positions with the company in connection with the consummation of the merger with Tiptree Operating Co. LLC's unit Caroline Merger Sub Inc., and as contemplated by the merger agreement and not because of any disagreement with the company, effective immediately after the completion of the merger.
The company on Dec. 4, 2014 entered into an amended and restated $140.0 million secured credit agreement with the company and unit LOTS Intermediate Co. as borrowers, certain lenders and Wells Fargo Bank NA as administrative agent, swingline lender and issuing lender. The five-year credit agreement amends and restates the company's prior $100.0 million secured credit agreement. The agreement provides for a $50.0 million term loan facility and a $90.0 million revolving credit facility with a sublimit of $10.0 million for swingline loans and $10.0 million for letters of credit. Subject to earlier termination, the agreement terminates on Dec. 4, 2019. The agreement includes a provision under which, from time to time, the borrowers may request that the lenders at their discretion increase the maximum amount of commitments under the facilities by an amount not to exceed $50.0 million. At the borrowers' election, borrowings under the revolving facility will bear interest either at a specified base rate plus an applicable interest margin or a specified adjusted LIBOR plus an applicable interest margin. Pursuant to the agreement, the borrowers are required to repay the aggregate outstanding principal amount of the initial $50 million term loan facility in consecutive quarterly installments on the last business day of each March, June, September and December, commencing March 31, 2015, in an amount equal to 2.5% of the initial principal amount, with the remainder of the outstanding principal balance due on Dec. 4, 2019.
Fortegra Financial Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 10 14
Fortegra Financial Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenues of $87,635,000 against $90,277,000 a year ago. The decrease represents a revenue decrease of $5.8 million, partially offset by $3.2 million as a result of the accounting treatment required under purchase accounting for the ProtectCELL acquisition. The revenue decrease was primarily due to a $5.0 million decrease in ProtectCELL and a $3.0 million decrease in motor club revenues reflecting competitive pressures, and a $1.0 million decrease in client administrative revenues. Income from continuing operations before income taxes was $4,784,000 against $4,338,000 a year ago. Net income attributable to the company was $3,588,000 against $3,222,000 a year ago. Basic and diluted net income per share was $0.18 against $0.16 a year ago. Net revenues were $28,626,000 against $26,610,000 a year ago. EBITDA from continuing operations was $8,383,000 against $7,877,000 a year ago. Adjusted EBITDA from continuing operations was $9,573,000 against $8,411,000 a year ago. Total non-GAAP adjustments, net of tax was $571,000 against $668,000 a year ago. Net income from continuing operations - non-GAAP basis was $4,201,000 against $3,289,000 a year ago. Non-GAAP earnings per share from continuing operations - basic and diluted were $0.21 against $0.16 a year ago.
For the nine months, the company reported total revenues of $266,687,000 against $255,388,000 a year ago. Income from continuing operations before income taxes was $16,121,000 against $11,882,000 a year ago. Net income attributable to the company was $9,762,000 against $10,157,000 a year ago. Basic and diluted net income per share was $0.50 against $0.52 a year ago. Net revenues were $84,880,000 against $77,444,000 a year ago. EBITDA from continuing operations was $26,687,000 against $22,369,000 a year ago. Adjusted EBITDA from continuing operations was $29,803,000 against $24,751,000 a year ago. Total non-GAAP adjustments, net of tax was $571,000 against $668,000 a year ago. Net income from continuing operations - non-GAAP basis was $11,638,000 against $9,002,000 a year ago. Non-GAAP earnings per share from continuing operations-diluted were $0.57 against $0.44 a year ago.