Brea, Calif.-based Veterinary Pet Services Inc., the ancestor aggregation of Veterinary Pet Allowance Aggregation and its subsidiary, DVM Allowance Agency, appear a 26 percent access in acquirement for the division concluded June 30, 2003. Acquirement grew to $11.2 actor compared to $8.9 actor for the aforementioned aeon in 2002.
The aggregation appear a net accident of $209,000 in the added division of 2003 compared to net assets of $437,000 for the aforementioned aeon in 2002. Assets for the six months catastrophe June 30, 2003 was $402,000 compared to $873,000 for the aboriginal six months of 2002. The abatement in net income, as able-bodied as the accident produced in the accepted quarter, is carefully a aftereffect of college accepted and authoritative costs. The key factors accidental to the college costs accommodate added expenditures apropos to added business and announcement campaigns; college abrasion and added consulting costs associated with the accomplishing of the company’s software arrangement conversion; and added expenditures pertaining to the accomplishment processes. The announcement and business programs will abide to enhance approaching business advance and access revenue. Investments into the accomplishment processes and software development are accepted to access the company’s operating efficiencies to abutment approaching acquirement growth.
The aggregation wrote about 14.6 percent added pet allowance behavior in the added division of 2003 than in the commensurable aeon of 2002. Gross premiums produced in the added division of 2003 added 29.4 percent to $20.7 actor compared to gross premiums produced of $16 actor for the aforementioned aeon in 2002.
Gross premiums produced accommodate sales of pet allowance behavior in California by VPI and sales of pet allowance alfresco of California through DVM that are underwritten by National Casualty Aggregation above-mentioned to the appliance of the allocation allotment reinsurance acceding VPI has with Scottsdale Allowance Company, an associate of National Casualty.
Total gross revenue, which comprises gross premiums produced, account fees and advance income, for the added division of 2003 was $22.2 actor compared to $16.9 actor in the added division of 2002, a 31.4 percent increase.
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