First-quarter revenue declined 2% as EPS improved a remarkable 46% to 67 cents. Gross margin increased and remains strong at 44%. Management was pleased to see momentum from fiscal 2008 performance. The company has a sound financial position as reflected by a low debt-to-equity ratio of .05.
Shares of American Physicians Group have fallen 7% in 2009, but are up 2% from their March low. At its current share price, the stock offers a modest 1.5% dividend yield, but is trading at a price-to-earnings ratio of 7, making it an attractive value investment.
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