This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Independence Holding Company Announces 2010 Fourth-Quarter And Annual Results

STAMFORD, Conn., March 17, 2011 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE:IHC) 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 loss per share from continuing operations attributable to IHC was $(.02) per share, diluted, or $(362,000), for the three months ended December 31, 2010 compared to $(.95) per share, diluted, or $(14,631,000), for the three months ended December 31, 2009. Net income per share from continuing operations attributable to IHC was $1.44 per share, diluted, or $21,993,000, for year ended December 31, 2010 compared to net loss per share of $(.48) diluted, or $(7,423,000), for the year ended December 31, 2009.

Revenues increased 65% to $104,712,000 for the three months ended December 31, 2010 compared to revenues for the three months ended December 31, 2009 of $63,548,000. Revenues increased 23% to $435,368,000 for the year ended December 31, 2010 compared to revenues for the year ended December 31, 2009 of $354,838,000.

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. In the fourth quarter of 2009, the Company was required to record an other-than-temporary impairment (OTTI) loss on its equity investment in AMIC at December 31, 2009 of approximately the same amount due to the length of time and the magnitude of the amount by which the quoted market price of AMIC had been below IHC's carrying value. 

IHC reported operating income 1 per share of $.07 per share, diluted, or $1,066,000, for the three months ended December 31, 2010, compared to $.14 per share, diluted, or $2,210,000, for the three months ended December 31, 2009. IHC reported operating income per share of $.30 per share, diluted, or $4,648,000, for the year ended December 31, 2010, compared to $.48 per share, diluted, or $7,352,000 for the year ended December 31, 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 15% to $15.14 at December 31, 2010 from $13.16 at December 31, 2009, and stockholders' equity at December 31, 2010 reached $231 million. We have accomplished this increase despite taking significant impairment charges in 2008 at the height of the economic crisis."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs