Pethealth loss narrows on 60% revenue increase for 2004

Oakville, Ontario-based pet insurer Pethealth Inc. (TSX Venture: PTZ) saw its annual net loss narrow to $422,540, or $0.01 per share last year, a 79% improvement over the loss of $1.99 million, or $0.01 per share, posted in 2003.Revenue was up 60% in 2004 to $11.29 million (2003: $7.05 million). This includes commissions and management fees of $9.57 million in 2004 (2003: $6.40 million), and administration fees of $762,520 (2003: $341,582). And the company recorded a 257% rise in income from its pet microchipping operations, which brought in $802,443 in 2004 versus $224,524 the year prior.The company posted a 43% increase in gross written premiums to $25.31 million for 2004 (2003: $17.66 million) related to the pet insurance operations, which are remitted to its pet insurance carriers. The company’s policies are underwritten by ING Novex and Kingsway General Insurance Co.For the fourth quarter ending December 31, 2004, the company posted a net loss of $187,069, nearly half the loss of $349,681 reported in 2003. Revenue for the most recent quarter was $2.87 million (Q4 2003: $2.04 million), including commissions and management fees of $2.36 million (Q4 2003: $1.85 million), administration fees of $207,221 (Q4 2003: $104,442) and microchipping revenue of $268,920 (Q4 2003: $71,934).Gross written premiums in the fourth quarter of 2004 reached $6.60 million, a 29% increase over the $5.12 million reported for the same period last year.As of December 31, 2004, the company had assets of $14.83 million, more than double the $6.76 million reported a year earlier.