(April 7 – 09:55 ET) – Hi-Alta Capital Inc. has released its latest annual results, showing continued growth but declining earnings.
Earnings increased 40% to $345,226 in 1999, but earnings per share slipped to 3¢ in the year from 4¢ in 1998 — a result that Hi-Alta attributes to “the structure of the $15 million of investments made by insurance companies.” The firm says that it expects EPS to be affected by this structure in the short- and medium-term, “until conversion of the insurance companies’ debentures.”
Nevertheless, revenues and cash flow almost doubled in the year. Its asset base increased by 66% to $45.8 million for the year ending December 31, 1999.
After a year of consolidation in the insurance brokerage business, Hi-Alta says it is now focusing on adding value to its brokerage network and strengthening the product mix.
-IE Staff