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American Independence Corp. Announces 2010 Fourth-Quarter And Annual Results

Stocks in this article: AMIC

NEW YORK, March 17, 2011 (GLOBE NEWSWIRE) -- American Independence Corp. (Nasdaq:AMIC) today reported 2010 fourth-quarter and annual 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 decreased to $0.2 million ($.02 per share, diluted), for the three months ended December 31, 2010, compared to $0.5 million ($.06 per share, diluted), for the three months ended December 31, 2009. Net income decreased to $2.1 million ($.25 per share, diluted) for the year ended December 31, 2010, compared to $2.6 million ($.31 per share, diluted), for the year ended December 31, 2009.

The Company's operating income 1 for the three months ended December 31, 2010 was $1.3 million ($.15 per share, diluted), as compared to $0.9 million ($.10 per share, diluted) for the three months ended December 31, 2009. Operating income was $4.6 million ($.54 per share, diluted) for the year ended December 31, 2010, as compared to $4.3 million ($.51 per share, diluted) for the year ended December 31, 2009.

Revenues decreased to $21.0 million for the three months ended December 31, 2010, compared to revenues of $25.1 million for the three months ended December 31, 2009.  Revenues decreased to $89.4 million for the year ended December 31, 2010, compared to revenues of $104.2 million for the year ended December 31, 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 fourth quarter of 2010 of $1.3 million or $.15 per share from $0.9 million or $.10 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 $10.82 per share at December 31, 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."

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