Jan 22 2010
On January 22, 2010, Forterus, Inc. (Pink Sheets: FTER) announced its results of its 2009 Fiscal Year.
Paul Howarth, Forterus's CEO, stated, "This has been a transformational year for Forterus and we are pleased with the Company's achievements. Even more so, we believe we have a strong foundation from which to grow our business and capitalize on future prospects and we remain focused in our determination to build shareholder value. While the struggling economy has impacted our business, we have continued to build upon our insurance contracts. We were delighted to have achieved positive net income of $383,937 and earnings per share of $.03 for the fiscal year 2009. Looking forward through 2010, if we continue to execute our key strategic initiatives and continue to adhere to the disciplines of our core business model, we should continue to see a steady increase in our core business. Furthermore, we will continue to make strategic investments in qualified and experienced staff, the major asset of any quality organization, to complement the investments to grow our bed count as we continue on a sustainable, scalable and profitable growth path in fiscal 2010."
Key Financial Highlights
$383,937 in Net Income for Fiscal 2009 compared to a loss of $1,671,525 in Fiscal 2008.
$5,842,182 in Revenue For Fiscal 2009 compared to revenue of $4,089,139 in Fiscal 2008.
435% increase in Net Income from Fiscal 2008 to Fiscal 2009.
43% increase in Revenue from Fiscal 2008 to Fiscal 2009.
$0.43 Revenue Per Share (on share count of 13,513,264).
$0.03 Earnings Per Share (on share count of 13,513,264).
The company reported a consolidated net profit of 383,937 or $.03 per share and revenue of $5,842.182, or $0.43 per share, for the 2009 fiscal year.
Business Overview
For fiscal year 2009, the Company reported revenues of $5,842,182 from its continuing operations (healthcare services business), compared to revenues from continuing operations of $4,989,139 during the comparable period in 2008.
The Company has received numerous requests for comparable public companies in our industry. The Company has provided the shareholders with Hythiam, Inc. as a comparable. Hythiam is traded on NASDAQ. Hythiam reported a net loss of $10,714,000 for the nine months ending September 30, 2009 on $1,346,000 in revenue for the same time period.
"When looking at Hythiam's market capitalization of $28,358,896 as of January 15, 2010 and their performance against Forterus's, we are excited about the possible increase in our matrices, including shareholder equity," stated CEO Paul Howarth. "We did not actively seek out or receive any financing through the issuance of our common stock in 2009. However, we may begin to explore such possibilities based on Hythiam's $7,000,000 capital raise in 2009. However, Forterus's Board feels the current market price and price throughout 2009 does not warrant the Company raising money through the issuance of its stock at this time."
SOURCE Forterus, Inc.