This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

First Acceptance Corporation Reports Operating Results For The Third Quarter And Nine Months Ended March 31, 2010

First Acceptance Corporation (NYSE: FAC) today reported its financial results for the third quarter and nine months ended March 31, 2010 of its fiscal year ending June 30, 2010.

Operating Results

Revenues for the three months ended March 31, 2010 were $56.1 million, compared with $67.1 million for the same period in fiscal year 2009. Income before income taxes for the three months ended March 31, 2010 was $2.2 million, compared with $4.0 million in the same period in fiscal year 2009. Net income for the three months ended March 31, 2010 was $2.1 million, or $0.04 per share on a diluted basis, compared with $2.4 million, or $0.05 per share on a diluted basis, for the same period in fiscal year 2009.

Revenues for the nine months ended March 31, 2010 were $167.2 million, compared with $203.8 million for the same period in fiscal year 2009. Income before income taxes for the nine months ended March 31, 2010 was $6.6 million, compared with $6.4 million in the same period in fiscal year 2009. Net income for the nine months ended March 31, 2010 was $6.3 million, or $0.13 per share on a diluted basis, compared with $3.2 million, or $0.07 per share on a diluted basis, for the same period in fiscal year 2009.

Premiums earned for the three months ended March 31, 2010 were $46.7 million, compared with $54.8 million for the same period in fiscal year 2009. Premiums earned for the nine months ended March 31, 2010 were $140.3 million, compared with $171.5 million for the same period in fiscal year 2009. These declines were primarily due to the weak economic conditions, which have caused both a decline in the number of policies written, as well as an increase in the percentage of our customers purchasing liability-only coverage. The closure of underperforming stores also contributed to the decrease in policies written and premiums earned. At March 31, 2010, the number of policies in force was 169,603, compared with 173,674 at March 31, 2009. At March 31, 2010, we operated 405 stores, compared with 419 stores at March 31, 2009.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,304.37 -112.48 -0.65%
S&P 500 2,004.80 -16.45 -0.81%
NASDAQ 4,655.3950 -28.0120 -0.60%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs