Hi-Alta hitting its marks

Scott Tannas, president of Alberta-based broker consolidator Hi-Alta Capital Inc., says his company has reached important benchmarks at the 1999 six quarter mark. “We are judged by our operating margins and our EBITDA (earnings before interest, taxes, depreciation and amortization) and in both areas, we have again this quarter demonstrated exceptionally strong performance.” Hi-Alta’s second quarter figures show a marked increase in revenue over last year’s figures, from $3.0 million in 1998 to this year’s $8.5 million. EBITDA almost doubled in the second quarter of 1999, to $1.6 million compared to $848,043 in the same period last year. This translates into earnings per share equaling last year’s result of 2c this quarter.

The company also announced a new acquisition having purchased Kenmex Insurance of Red Deer, Alberta adding approximately $10 million in annual premium sales and putting Hi-Alta’s total annual network sales over the $100 million mark. The Hi-Alta network now has brokers in 24 rural communities in British Columbia, Alberta and Saskatchewan.