21st Century Holding Company Reports Second Quarter 2010 Financial Results
LAUDERDALE LAKES, Fla., Aug. 12, 2010 (GLOBE NEWSWIRE) -- 21st Century Holding Company (the "Company") (Nasdaq:TCHC), today reported results for the quarter ended June 30, 2010 (see attached tables).
For the three months ended June 30, 2010, the Company reported a net loss of $2.3 million, or $0.30 per share on 7.95 million average undiluted and diluted shares outstanding, compared with net income of $0.8 million, or $0.10 per share on 8.01 million average undiluted and diluted shares outstanding in the same three-month period last year.
For the six months ended June 30, 2010, the Company reported a net loss of $3.3 million, or $0.42 per share on 7.95 million average undiluted and diluted shares outstanding, compared with net income of $1.1 million, or $0.14 per share on 8.01 million average undiluted and diluted shares in the same six-month period last year.Mr. Michael H. Braun, the Company's Chief Executive Officer and President, said, "We have been taking a disciplined approach to writing new business in the current unfavorable rate environment. As we head into the second half of 2010, we expect our financial results to reflect the improving environment and the effects of the actions we have taken over the past 12 months. We expect that our reduced reinsurance expenses and our rate increases will yield greater returns from our existing portfolio of policies as well as allow us to more actively write new policies on favorable terms. Demand remains strong in the Florida market, and we are well-positioned to capitalize on the opportunities available." Gross premiums written decreased $6.0 million, or 17.9%, to $27.6 million for the three months ended June 30, 2010, compared with $33.6 million for the same three-month period last year. Voluntary homeowners' gross written premium decreased $0.09 million, or 0.4%, to $21.6 million for the three months ended June 30, 2010, compared with $21.7 million for the same three-month period last year. The decrease in gross written premiums can be attributed to higher reinsurance costs in the second quarter of 2010 as compared with the second quarter of 2009.
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