Independence Holding Company Announces 2010 Second-Quarter And Six-Months Results
STAMFORD, Conn., Aug. 12, 2010 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE:IHC) 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 per share from continuing operations attributable to IHC was $.11 per share, diluted, or $1,753,000, for the three months ended June 30, 2010 compared to $.13 per share, diluted, or $1,976,000, for the three months ended June 30, 2009. Revenues increased 6% to $106,431,000 for the three months ended June 30, 2010, compared to revenues for the three months ended June 30, 2009 of $99,983,000.Net income per share from continuing operations attributable to IHC increased to $1.17 per share, diluted, or $17,914,000, for the six months ended June 30, 2010 compared to $.35 per share, diluted, or $5,332,000, for the six months ended June 30, 2009. Revenues increased 12% to $222,781,000 for the six months ended June 30, 2010, compared to revenues for the six months ended June 30, 2009 of $198,778,000. These results were positively impacted by the gain on bargain purchase under acquisition accounting as a result of IHC acquiring a controlling interest in American Independence Corp. (AMIC) in March 2010. The gain recorded in the 2010 first quarter on IHC's investment in AMIC was $16,733,000, net of $11,097,000 of taxes. The gain was generated because in the fourth quarter of 2009 the Company was required to record an other-than-temporary impairment (OTTI) loss at December 31, 2009 in approximately the same amount. IHC reported operating income (1) per share of $.09 per share, diluted, or $1,395,000, for the three months ended June 30, 2010, compared to $.08 per share, diluted, or $1,162,000, for the three months ended June 30, 2009. IHC reported operating income per share of $.11 per share, diluted, or $1,625,000 for the six months ended June 30, 2010, compared to $.23 per share, diluted, or $3,565,000 for the six months ended June 30, 2009. Chief Executive Officer's Comments Roy Thung, Chief Executive Officer, commented, "The Company's financial condition remains very strong as our book value per share increased 14% to $14.97 at June 30, 2010 from $13.16 at December 31, 2009, and stockholders' equity at June 30, 2010 reached $228 million. We repurchased 49,700 of our common shares during the quarter at an average price of $6.77. The repurchases were made pursuant to the Company's share repurchase program, under which 293,600 shares remain available for repurchase."
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