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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."

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