Houston-based Rockport Healthcare Group Inc., a management company dedicated to developing, operating and managing a network consisting of healthcare providers and medical suppliers that serve employees with work-related injuries and illnesses, announced its third consecutive profitable quarter and record revenue for its third fiscal quarter and nine-month period ended Dec. 31, 2002.
For the first nine months of the company’s current fiscal year ended Dec. 31, 2002, revenue increased 133 percent to $2,806,914 from $1,207,383 and net income was $197,196 compared to a net loss of $1,271,732 for the 2001 period. Rockport reported net income per diluted share of $0.01 compared to a net loss per diluted share of $0.10 for the 2001 period. Rockport reported EBITDA of $309,317 compared to a negative EBITDA of $1,194,562 for the 2001 period, which was an improvement of $1,503,879. As of Dec. 31, 2002, Rockport had cash of $118,367 and working capital of $189,148.
For the fiscal quarter ended Dec. 31, 2002 when compared to the fiscal quarter ended Dec. 31, 2001, revenue increased 154 percent to $980,816 from $385,636 and net income was $20,775 compared to a net loss of $603,363 for the 2001 period. Rockport reported EBITDA of $59,454 compared to a negative EBITDA of $573,295 for the 2001 period, which was an improvement of $632,749.
Revenue and earnings for the first nine months of Rockport’s current fiscal year when compared to the previous fiscal year’s period were favorably impacted by favorable increases in what Rockport calls “Growth Indicators within the Workers’ Compensation Market.”
The number of clients and their customers accessing Rockport’s healthcare provider network increased by 25 percent to 245; the number of healthcare providers contracted with Rockport or Rockport’s network partners to provide their services to Rockport’s clients increased by 11 percent to in excess of 283,000 nationwide; the number of in-network medical bills processed increased by 177 percent to 588,802; revenue increased by 133 percent to $2,806,914; and the company reported net income and EBITDA of $197,196 and $309,317, respectively.
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