FORT LAUDERDALE, Fla. /PRNewswire/ — Patriot Risk Services, Inc. announced today financial results for its fiscal 2011 first quarter ended March 31, 2011. The Company posted record revenue of $9.2 million and record pretax quarterly income of $5.3 million. These results compare to revenue of $5.5 million and net pretax quarterly income of $2.8 million in the first quarter of 2010. Gross margin was 57.6% percent compared to 49.8% in the first quarter of 2010.
“We had a phenomenal first quarter with revenue growing 66% and pretax income growing 92% over the same quarter in 2010,” said Steven M. Mariano, Patriot’s Chairman. “I am particularly pleased that Patriot Risk Services achieved record quarterly results while improving gross margin by more than seven percentage points.”
“We couldn’t be happier with the performance of our business, ” said Timothy Ermatinger, Patriot Risk Services’ Chief Executive Officer. “Both our cost containment and nurse case management units set record highs as we continue to scale our business model.”