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For Immediate Release
ACCESS PLANS REPORTS RECORD FY2011 OPERATING RESULTS
Net Income Increases 105% to $6.2 Million, or $0.30 Per Diluted Share, versus $3.0 million, or $0.15 per share, in FY2010
NORMAN, OklahomaDecember 20, 2011 Access Plans, Inc. (OTCBB: APNC), a leading membership benefits marketing company, today announced its operating results for the quarter and fiscal year ended September 30, 2011. The Company has scheduled an investor conference call for 11:00 a.m. Eastern Time today to discuss its FY2011 operating (see details below).
For the twelve months ended September 30, 2011, revenues decreased approximately 4% to $53.0 million, compared with $55.3 million in the previous fiscal year. A revenue decrease of $3.9 million in the Insurance Marketing division was primarily due to significant commission reductions as a result of the Healthcare Reform Act. A revenue decrease of $0.6 million within the Retail Plans division was offset by a $2.9 million increase within the Wholesale Plans division. Operating income increased approximately 118% to $10.5 million in FY2011, versus $4.8 million in FY2010. Net income more than doubled to $6.2 million, or $0.30 per diluted share, in FY2011, compared with $3.0 million, or $0.15 per diluted share, in FY2010. The number of weighted average diluted shares outstanding approximated 20.7 million during the most recent fiscal year, compared with 20.1 million shares in the previous fiscal year.
Revenues for the three months ended September 30, 2011 decreased approximately 17% to $11.9 million, compared with $14.2 million in the fourth quarter of FY2010. Operating income increased approximately 238% to $2.0 million, versus $0.6 million in the prior-year period, reflecting reduced cost of sales and operating expenses associated with the inbound call center program. Net income increased approximately 186% to $1.3 million, or $0.06 per diluted share, in the fourth quarter of FY2011, compared with $0.5 million, or $0.02 per share in the corresponding period of the previous fiscal year.
We are very pleased to report that Fiscal 2011 was a record year for our Company, noted Danny Wright, Chief Executive Officer of Access Plans, Inc. Strong margins within our Wholesale and Retail Plans divisions and focused expense management throughout the Company more than offset the anticipated revenue reduction within the Insurance Marketing division created by the implementation of portions of the Healthcare Reform Act.
Wholesale Plans division revenue increased approximately 13% to $25.2 million in the fiscal year ended September 30, 2011, versus $22.4 million in the previous fiscal year, while operating income increased approximately 81% to $7.3 million, compared with $4.0 million in FY2010.
The following information was filed by Access Plans Inc (APNC) on Thursday, December 22, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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