Patriot National (PN) Prelim. Q4 Revenue Outpaces Expectations

Patriot National (NYSE: PN) announced certain unaudited preliminary financial results for its fourth quarter ended December 31, 2014.

Patriot National expects to report revenue in the range of $39.0 million to $40.0 million and reference premiums of approximately $82.0 million for the fourth quarter ended December 31, 2014. The company anticipates that net income and adjusted EBITDA will exceed analysts' expectations for the fourth quarter 2014.

*** The Street sees Q4 revenue of $34.5 million.

"We expect to finish the year on a high note, getting even more traction than we forecast," said Steven Mariano, Patriot National's Chief Executive Officer. "I am extremely pleased with our team's efforts. Our better-than-expected results in the fourth quarter are evidence that the strong value proposition we deliver to our clients is gaining recognition and momentum in the workers' compensation industry."

The information presented above is preliminary and based on currently available information. The company's independent public accounting firm has not audited, reviewed or performed any procedures on this preliminary information.

Patriot National will provide more details on its fourth quarter and full year 2014 results, as well as its outlook for fiscal year 2015, in its earnings announcement on March 16, 2015 and conference call on March 17, 2015. The company will issue a separate press release today with conference call and webcast information.

Partial Release of Lock-up Agreement

The company also announced today that UBS Securities LLC, on behalf of itself and the other underwriters for Patriot National's previously completed initial public offering of shares of common stock, is releasing lock-up restrictions with respect to certain shares of Patriot National's common stock held by Steven Mariano. The release is being granted for the purpose of permitting these shares to be pledged to UBS Bank USA in connection with a loan to Mariano that is expected to close February 26, 2015, and the release will be effective as of that date. The 1.3 million shares included in the release represent approximately eight percent of Mariano's total holdings in Patriot National. The remainder of Mariano's shares remain subject to existing lock-up restrictions.

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