Patriot National (PN) Misses Q2 EPS by 10c; Updates on Ebix Deal
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Patriot National (NYSE: PN) reported Q2 EPS of $0.11, $0.10 worse than the analyst estimate of $0.21. Revenue for the quarter came in at $56.5 million versus the consensus estimate of $64.76 million.
Strategic Opportunities Consideration
The Special Committee, which is comprised of independent directors, is working collaboratively with Ebix, Inc. to explore the possible combination of the two businesses, while continuing to explore other available strategic opportunities for Patriot National to maximize value for shareholders. Ebix is expected to complete its due diligence by August 31, 2016, as the Special Committee nears the conclusion of its evaluation of the prospects it has received and expects to make a recommendation to the Board of Directors soon on whether the Company should enter into any transaction or pursue another alternative. As announced August 1, 2016, Ebix made an improved offer to acquire 100% of the outstanding stock of the Company.
Outlook for 2016 Financial Guidance
Patriot National has updated the Company's prior financial guidance for 2016. For the full year ending December 31, 2016, Patriot National currently expects the following financial results.
Total Fee Income
$258 - $269
GAAP Net Income
$32 - $35
$25 - $28
$66 - $71
Operating Cash Flows
$45 - $48
For earnings history and earnings-related data on Patriot National (PN) click here.
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