American Independence Corp. Announces 2010 Second-Quarter And Six-Months Results
NEW YORK, Aug. 12, 2010 (GLOBE NEWSWIRE) -- American Independence Corp. (Nasdaq:AMIC) today reported 2010 second-quarter and six-months results. This press release contains both GAAP and non-GAAP financial information for which reconciliations can be found at the end of this release.
Net income was $0.5 million ($.06 per share, diluted), for the three months ended June 30, 2010, and for the three months ended June 30, 2009, respectively. Net income decreased to $1.3 million ($.16 per share, diluted), for the six months ended June 30, 2010, compared to $1.9 million ($.22 per share, diluted), for the six months ended June 30, 2009.The Company's operating income (1) for both the three months ended June 30, 2010 and 2009 was $0.9 million ($.11 per share, diluted). Operating income was $2.2 million ($.26 per share, diluted), for the six months ended June 30, 2010, as compared to $2.9 million ($.34 per share, diluted) for the six months ended June 30, 2009. Revenues decreased to $23.8 million for the three months ended June 30, 2010, compared to revenues of $26.8 million for the three months ended June 30, 2009. Revenues decreased to $46.6 million for the six months ended June 30, 2010, compared to revenues of $53.4 million for the three months ended June 30, 2009, primarily due to a reduction of premiums. Chief Executive Officer's Comments Roy Thung, Chief Executive Officer, commented, "Given our expertise in medical stop-loss and supplemental health products, we are well-positioned to take advantage of opportunities that will be created as health care reform is implemented. Our financial condition and balance sheet remain strong. We have no debt, $274 million of federal net operating loss carryforwards, and have grown our book value to $10.76 per share at June 30, 2010 from $10.46 per share at December 31, 2009. Our investment portfolio continues to be rated, on average, AA and has a low duration. This enables us, if we deem prudent, the flexibility to reinvest in much higher yielding longer-term securities, which would significantly increase investment income. A low duration portfolio such as ours also mitigates the adverse impact of potential inflation."
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