National Investment Managers Inc., a nationally based and regionally operated retirement plan administration and investment management company, today posted its 2009 revenue and earnings.
The company reported full-year revenues of $48.1 million in 2009, up 15.5 percent compared to revenues of $41.7 million for 2008; full year EBITDA SBC was $9.1 million, up 14 percent compared with EBITDA SBC of $8.0 million in the same period in 2008; net operating income for 2009 was reported at $1.4 million compared to approximately $62,000 for the full year 2008.
The company reported a net loss for the year ended December 31, 2009, of approximately $476,000 compared to a net loss of $130,000 for the full-year 2008.
The company said it is optimistic that it has the leverage to improve and strengthen future operations.
“We are encouraged by the company’s financial performance in 2009 and the trends we see in 2010. The new agreements with our principal lenders should allow us time to accomplish a refinancing or sale that will strengthen the company and its business going forward,” Steven J. Ross, CEO of NIVM, stated in the press release.
National Investment Managers announced that it was granted an extension for the maturity of its loans, previously from July 2010 to January 2011. Additionally, the company’s senior bank lender also increased the maximum revolving credit borrowings to the company from $2.5 million to $4.0 million.
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