Independence Holding Company Announces 2010 Third-Quarter And Nine-Months Results

STAMFORD, Conn., Nov. 9, 2010 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE:IHC) 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.

Financial Results

Net income per share from continuing operations attributable to IHC was $.29 per share, diluted, or $4,441,000, for the three months ended September 30, 2010 compared to $.12 per share, diluted, or $1,876,000, for the three months ended September 30, 2009. Revenues increased 17% to $107,875,000 for the three months ended September 30, 2010, compared to revenues for the three months ended September 30, 2009 of $92,512,000.

Net income per share from continuing operations attributable to IHC increased to $1.46 per share, diluted, or $22,355,000, for the nine months ended September 30, 2010 compared to $.47 per share, diluted, or $ 7,208,000, for the nine months ended September 30, 2009. Revenues increased 14% to $330,656,000 for the nine months ended September 30, 2010, compared to revenues for the nine months ended September 30, 2009 of $291,290,000. 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 $.13 per share, diluted, or $1,957,000, for the three months ended September 30, 2010, compared to $.10 per share, diluted, or $1,528,000, for the three months ended September 30, 2009. IHC reported operating income per share of $.23 per share, diluted, or $3,582,000, for the nine months ended September 30, 2010, compared to $.33 per share, diluted, or $5,093,000 for the nine months ended September 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 20% to an all time high of $15.81 at September 30, 2010 from $13.16 at December 31, 2009, and stockholders' equity at September 30, 2010 reached $241 million. We have accomplished this increase despite taking significant impairment charges in 2008 at the height of the economic crisis. "

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