Patriot National (PN) Closes New Credit Facility; Announces Special Dividend, Stock Buyback Hike; Updates on Growth Plan

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Go back to Patriot National (PN) Closes New Credit Facility; Announces Special Dividend, Stock Buyback Hike; Updates on Growth Plan

Patriot National Announces Closing of New Credit Facility and Capital Distribution to Shareholders

November 14, 2016 6:47 AM EST

FORT LAUDERDALE, Fla., Nov. 14, 2016 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), ("Patriot National or "the Company") a leading provider of technology and outsourcing solutions to the insurance industry, today announced that it has closed a new credit facility with Cerberus Business Finance, LLC to recapitalize the Company. The Company also announced a significant capital distribution to shareholders, and an expansion of its share repurchase program.... More

Patriot National Announces Third Quarter 2016 Financial Results

November 14, 2016 6:45 AM EST

FORT LAUDERDALE, Fla., Nov. 14, 2016 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), ("Patriot National or "the Company") a leading provider of technology and outsourcing solutions, today announced its financial results for the quarter ended September 30, 2016.

Financial Highlights:(For the quarter ended September 30, 2016, all comparisons correspond to the prior-year period)

Total Revenues increased 2.9% to $60.2 million Total Fee Income increased 2.9% to $60.2 million GAAP Net Income of $1.9 million,... More