21st Century Holding Company Reports Third Quarter 2010 Financial Results
LAUDERDALE LAKES, Fla., Nov. 11, 2010 (GLOBE NEWSWIRE) -- 21st Century Holding Company (Nasdaq:TCHC) today reported results for the quarter ended September 30, 2010 (see tables).
For the three months ended September 30, 2010, the Company reported a net loss of $1.3 million or $0.16 per share on 7.9 million average undiluted and diluted shares outstanding, compared with a net loss of $4.0 million or $0.50 per share on 8.0 million average undiluted and diluted shares outstanding in the same three-month period last year.
For the nine months ended September 30, 2010, the Company reported a net loss of $4.5 million or $0.57 per share on 7.9 million average undiluted and diluted shares compared to a net loss of $2.9 million or $0.36 per share on 8.0 million average undiluted and diluted shares in the same nine-month period last year.Mr. Michael H. Braun, the Company's Chief Executive Officer and President, said, "Although we experienced a net loss this quarter, our results were affected by a number of favorable factors that should positively impact earnings in future quarters. These factors include results from actions taken to earn greater returns from our existing book of business, maintaining a disciplined approach to writing more profitable business and an improved reinsurance structure. Additionally, we have recently filed for a 14.9% average state-wide rate increase on our voluntary homeowner business and anticipate approval within the next few months. Most notably, our net earned premiums and total revenue grew at double digit rates while our losses for the quarter were lower compared to the prior year's quarter." Net premiums earned increased $2.1 million, or 22.2%, to $11.6 million for the three months ended September 30, 2010, compared with $9.5 million for the same three-month period last year. Net premiums earned decreased $4.2 million, or 11.0%, to $33.5 million for the nine months ended September 30, 2010, compared with $37.7 million for the same nine-month period last year.
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