Richard E. Perlman, Executive Chairman of ExamWorks, said: "We are delighted with our financial and operating results, particularly the growth of our U.K. and Australian businesses, as well as the positive trends in our U.S. and Canadian businesses. Our performance reflects the solid execution of our integration, multiple brand, technology and geographic diversification strategies, which combined with our national account focus, will continue to drive increasing revenue and EBITDA growth in 2013 and beyond."
Financial Review
Revenues - For the three months ended December 31, 2012, revenues were $139.6 million, an increase of 21.1% over the $115.3 million in revenues in the fourth quarter of 2011. Excluding the impact of acquisitions completed within the past twelve months, organic revenue grew by 5.4% over the prior year quarter.
For the year ended December 31, 2012, revenues were $521.2 million, an increase of 31.0% over the $397.9 million in revenues in the comparable period of 2011. Excluding the impact of acquisitions completed in 2011 and 2012, organic revenue grew by 3.4% over the comparable prior year period.
Below is a table presenting our pro forma revenues and growth rates for each of the regions that we serve. The numbers presented below are pro forma for the effect of acquisitions completed in 2011 and 2012.
Pro Forma Revenues--------------------------------------------------------------------------- (In thousands except %) Three Months Ended December 31, Year Ended December 31, -------------------------- -------------------------- Change Change 2011 2012 (a) 2011 2012 (b) --------- --------- ------ --------- --------- ------ExamWorks U.S. $ 83,476 $ 82,673 (1.0)% $ 345,215 $ 352,817 2.2%United Kingdom 27,969 35,804 28.0% 111,083 131,279 18.2%Australia 13,252 16,936 27.8% 49,793 61,474 23.5%Canada 7,404 7,139 (3.6)% 37,190 28,166 (24.3)% --------- --------- ------ --------- --------- ------Total $ 132,101 $ 142,552 7.9% $ 543,281 $ 573,736 5.6% ========= ========= ====== ========= ========= ======(a) For the three months ended December 31, 2012 and excluding the impact of currency, our growth in the U.K. would have been 25.4%, our growth in Australia would have been 24.6%, the decline in Canada would have been (6.5)%, and our total growth would have been 6.9%.(b) For the year ended December 31, 2012 and excluding the impact of currency, our growth in the U.K. would have been 19.5%, our growth in Australia would have been 23.3%, the decline in Canada would have been (23.2)%, and our total growth would have been 5.9%.
In the fourth quarter of 2012, our U.S. businesses generated pro forma revenues of $82.7 million, a (1.0)% decline from the $83.5 million of pro forma revenues generated in the fourth quarter of 2011. In the fourth quarter, our U.S. revenues were negatively impacted by an estimated $3 million as a result of Hurricane Sandy. For the year ended December 31, 2012, our U.S. businesses generated revenues of $352.8 million, a 2.2% increase over the $345.2 million of pro forma revenues generated in the year ended December 31, 2011. The growth was largely due to increased volumes resulting from market share gains.
