First Acceptance Corporation Reports Operating Results For The Quarter And Fiscal Year Ended June 30, 2010
First Acceptance Corporation (NYSE: FAC) today reported its financial results for the quarter and fiscal year ended June 30, 2010.
|Three Months Ended June 30, (unaudited)||Year Ended June 30,|
|Summary Financial Results||2010||2009||2010||2009|
|(in thousands, except per share data)|
|Income (loss) before income taxes||$||850||$||(56,260||)||$||7,481||$||(49,904||)|
|Net income (loss)||$||736||$||(71,532||)||$||7,040||$||(68,300||)|
|Net income (loss) per diluted share||$||0.02||$||(1.50||)||$||0.14||$||(1.43||)|
|Number of shares used to calculate net income (loss) per diluted share||48,494||47,673||48,638||47,664|
|Income before income taxes||$||850||$||11,730||$||7,481||$||18,086|
|Net income per diluted share||$||0.02||$||0.14||$||0.14||$||0.20|
|Number of shares used to calculate net income per diluted share||48,494||48,643||48,638||48,948|
|*||Adjusted results for the three months and year ended June 30, 2009 exclude a goodwill impairment charge of $67,990 and deferred tax charges of $10,150. These non-GAAP financial measures are detailed on page 8.|
Revenues for the three months ended June 30, 2010 were $56.0 million, compared with $61.7 million for the same period in fiscal year 2009. Income before income taxes for the three months ended June 30, 2010 was $0.9 million, compared with a loss before income taxes of $56.3 million in the same period in fiscal year 2009. The loss before income taxes for the three months ended June 30, 2009 included a goodwill impairment charge of $68.0 million, or $1.40 per share on a diluted basis. Net income for the three months ended June 30, 2010 was $0.7 million, or $0.02 per share on a diluted basis, compared with a net loss of $71.5 million, or $1.50 per share on a diluted basis, for the same period in fiscal year 2009. The net loss for the three months ended June 30, 2009 included the goodwill impairment charge and an additional charge of $10.2 million, or $0.21 per share on a diluted basis, related to the write-down of deferred tax assets.
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