Access Plans Inc. is a leading membership and insurance marketing company. Access today announced its financial results for its fiscal fourth quarter and year ended September 30, 2009, with results reflecting the company’s acquisition of Access Plans USA on April 1, 2009, and a reincorporation merger in December.
Revenues for the fourth quarter of 2009 grew to $13.6 million, up from $5.5 million reported in the fourth quarter of 2008. The company attributes this to its acquisition of Access Plans USA operations.
Net income for the quarter was $1.3 million, or $0.06 per diluted share, up from $0.8 million, or $0.05 per diluted share, the same period last year.
For fiscal 2009, Access posted revenue of $39.1 million, up from $20.9 million the year prior. Net income for the fiscal year was $3.4 million, or $0.19 per diluted share, compared to $2.7 million, or $0.18 per diluted share in fiscal 2008.
“Fiscal 2009 was a transformational year for the company as we successfully enhanced and expanded our operations through the Access Plans acquisition and integration,” Danny Wright, Access CEO stated in the press release. “In the fourth quarter, we continued to realize additional efficiencies resulting from the acquisition and consolidation of our Atlanta call center operation into the Irving, Texas location. This will result in significant annualized savings going forward.”
Wright said the company is aggressively pursuing various avenues for continued growth and expansion, as well as ways to lower network costs.
“Despite market challenges, we were able to maintain positive results in the fourth quarter and position the business for more profitable, long-term growth. We are actively pursuing opportunities to cross-sell our expanded suite of services, particularly our membership and insurance offerings geared towards the individual healthcare market and are currently negotiating a significant reduction in network costs,” Wright stated.
For 2010, the company anticipates continued growth and stability as the government and American citizens seek out more reasonable healthcare options.
“As we move into fiscal 2010, we see several opportunities to drive improved performance and profitable growth in all three businesses. Wholesale Plans remains fundamentally sound with signs of stabilization in claims expense, Retail Plans is expected to benefit from the addition of two new accounts, and Insurance Marketing offers us tremendous growth potential as we strengthen our value proposition to our selling agents and pursue new distribution channels to better address Americans that have struggled with healthcare costs,” Wright stated.
On December 8, 2009, Access announced its name change from Alliance HealthCard Inc. to Access Plans Inc. to better reflect its broadened scope of services. The company also said it plans on changing its ticker symbol, though it is pending final approval.