Scottsdale-based Rural/ Metro Corp. ended its fiscal year with an 8.7 percent increase in net revenue, compared with the previous fiscal year, but saw a year-overyear decrease in net income.
For the year that ended June 30, the company reported $526.6 million in net revenue, up from $484.6 million for fiscal 2003. Net income totaled $6.21 million for the year, down from $8.96 million for fiscal 2003.
For the fiscal fourth quarte r, net revenue was $132.8 million compared with $122.8 million for the same quarter of the prior year. Net income totaled $1.26 million in the fourth quarter, compared with $4 million in the fourth quarter of fiscal 2003.
Medical transportation and related service revenue for the fiscal year was $452.3 million, a 9.9 percent increase from $411.4 million in fiscal 2003.
Same-service-area medical transportation and related service revenue for the fiscal year increased $36.1 million, or 8.8 percent from fiscal 2003. The company attributes this to the success of its strategy of expanding within existing regional markets throughout the United States.
Fire and other revenue for the fiscal year was $74.3 million, compared to $73.2 million for the previous year. Fire subscription revenue increased by 9.6 percent for the fiscal year.
Rural/Metro has identified its fire subscription business as one of the areas of future growth potential.
"We are very pleased with the progress we made during fiscal 2004 to strengthen and grow the company in order to produce earnings for our stockholders," said Jack Brucker, Rural/Metro’s president and chief executive officer, in a statement. "We achieved solid profits for the full fiscal year and our objective is to continue to build long-term value in our enterprise by consistently achieving sequential yearly growth in financial and operational performance."
The company wouldn’t provide additional comments pending an earnings conference today. The company’s total debt remained at $300 million during the fiscal year as no payments were required, and it continued allocating income to growing the company and improving its internal structure.