Concordis Group (Pinksheets: CNGI) $0.16. Announced Tuesday after market close that it has made public the acquisition of Reber and Associates, which the Company acquired on February 20, 2012.
Specializing in insuring a broad range of equipment on behalf of financial institutions, nationally renowned and respected Reber and Associates focuses on businesses and organizations with significant medical, financial, communication, facility, information technology, and office equipment inventories.
By providing specialized risk management products and services, Reber and Associates is able to lower costs so businesses can reinvest capital in more productive areas. Targeted markets include hospitals and clinics, banks and credit unions, media and broadcasting companies, colleges and universities, state and municipal government agencies.
Chairman and CEO of Concordis Group, Inc., Trent Sommerville, stated,"This acquisition [Reber] complements our RENTALMASTER Product that we announced back on October 8, 2011. Equipment lessors will be attracted by the competitive yet adequate premiums Reber can provide through supplemental lines, and with more focused coverage and expert customer service than the larger multi-line insurance companies. This will be especially significant when the economy turns around, we will be there to offer a variety of insurance products. With so much untapped potential, the Reber acquisition is on track to bring tremendous value to CNGI and its shareholders."
What They Do: Concordis Group, Inc. is a diversified holding company that provides business insurance solutions through its two wholly own subsidiaries: Concordis Insurance SPC (CISPC) and Concordis Capital, Inc. (CCI). CISPC, a Cayman Island corporation, is a captive insurance company that specializes in structuring and managing alternative risk management solutions for mid-market companies. CCI, a Florida corporation, provides captive cell funding for CISPC and other businesses and organizations.
Concordis Group's business strategy is based upon strong organic growth combined with strategic acquisitions of companies in the financial services and insurance industries that create additional synergy, have positive cash-flow, exhibit strong long-term growth potential, and have highly qualified management teams.
Perrigo Company (Nasdaq: PRGO) $101.43. Announced Tuesday after market close that it has received final approval from the U.S. Food and Drug Administration for its abbreviated new drug application (ANDA) for butoconazole nitrate 2% vaginal cream, the generic equivalent of Gynazole·1®. Perrigo was the first applicant to submit a substantially complete ANDA with a paragraph IV certification and is entitled to 180-days of marketing exclusivity. Perrigo is working exclusively with KV Pharmaceutical Company on a collaboration to launch the product by the end of calendar year 2012.
What They Do: Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes OTC and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, and active pharmaceutical ingredients (API).
PetSmart (Nasdaq: PETM) $55.62. Announced Tuesday after market close earnings of $0.85 per share, up 39% compared to $0.61 per share in the first quarter of 2011. Net income totaled $95 million in the first quarter of 2012, compared to $71 million in the first quarter of 2011.
Total sales for the first quarter of 2012 increased 9.4% to $1.6 billion. The increase in net sales was partially impacted by $2 million in unfavorable foreign currency fluctuations. Comparable store sales, or sales in stores open at least a year, grew 7.4%, benefitting from comparable transactions growth of 3.3%. Services sales, which are included in total sales, grew 8.3% to $181 million.
What They Do: PetSmart is the largest specialty pet retailer of services and solutions for the lifetime needs of pets.
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