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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

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)
Reported
Revenues $ 55,970 $ 61,699 $ 223,173 $ 265,465
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
Adjusted*
Revenues $ 55,970 $ 61,699 $ 223,173 $ 265,465
Income before income taxes $ 850 $ 11,730 $ 7,481 $ 18,086
Net income $ 736 $ 6,608 $ 7,040 $ 9,840
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.

 

Operating Results

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.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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