American Independence Corp. Announces 2010 Third-Quarter And Nine-Months Results
NEW YORK, Nov. 9, 2010 (GLOBE NEWSWIRE) -- American Independence Corp. (Nasdaq:AMIC) today reported 2010 third-quarter and nine-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 increased to $0.6 million ($.07 per share, diluted), for the three months ended September 30, 2010, compared to $0.2 million ($.03 per share, diluted), for the three months ended September 30, 2009. Net income decreased to $1.9 million ($.23 per share, diluted), for the nine months ended September 30, 2010, compared to $2.1 million ($.25 per share, diluted), for the nine months ended September 30, 2009.The Company's operating income (1) for the three months ended September 30, 2010 was $1.1 million ($.13 per share, diluted), as compared to $0.6 million ($.07 per share, diluted) for the three months ended September 30, 2009. Operating income was $3.3 million ($.39 per share, diluted), for the nine months ended September 30, 2010, as compared to $3.4 million ($.41 per share, diluted) for the nine months ended September 30, 2009. Revenues decreased to $21.8 million for the three months ended September 30, 2010, compared to revenues of $25.7 million for the three months ended September 30, 2009. Revenues decreased to $68.4 million for the nine months ended September 30, 2010, compared to revenues of $79.2 million for the nine months ended September 30, 2009, primarily due to a reduction of premiums. Chief Executive Officer's Comments Roy Thung, Chief Executive Officer, commented, "We are gratified with our improved operating earnings for the third quarter of 2010 of $1.1 million or $.13 per share from $0.6 million or $.07 per share for the comparable period of 2009. 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 $11.00 per share at September 30, 2010 from $10.46 per share at December 31, 2009. Our investment portfolio is rated, on average, AA and has a low duration although we are experiencing pressure on investment income due to lower yields on our fixed income portfolio. The regulations proposed to-date (including those mandating minimum loss ratios) seem to have validated our strategy of pursuing niche lines of business across many states utilizing multiple carriers, and we believe they will have minimal impact on the Company in the near future."
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