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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.

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