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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Kingstone Files Annual Report

Stocks in this article: KINS

Kingstone Companies, Inc. (NASDAQ: KINS) filed its Form 10-K for the year ended December 31, 2010.

Barry Goldstein, Kingstone’s Chairman and CEO, said “2010 was our first full year which includes Kingstone Insurance Company (“KICO”). We exited the agency business in 2009 and acquired KICO on July 1, 2009. While our financial statements include KINS results for 2010 and 2009, we include in 2009 earnings only six months of results for the insurance company, and the results of the agency business are included in discontinued operations.”

Selected data

 

       
Item   2010

(In thousands

except per share data)

  2009

(In thousands

except per share data)

Total Revenues   $21,596   $8,391
Operating Expenses   $19,747   $8,609
Income (Loss) from Operations   $1,849   $(219)
Gain on Acquisition of KICO   -   $5,178
Interest Income - CMIC Note Receivable   -  

$61

Income Tax Expense (Benefit)   $767   $(67)
Income from Continuing Operations   $1,082   $5,087
Loss from Discontinued Operations   $(99)   $(266)
Net Income   $983   $4,821
Comprehensive Income   $912   $5,037
Net Income Per Share   $.29   $1.62
Total Stockholders’ Equity   $12,944   $10,383
Book Value Per Share at Year End   $3.37   $3.47
   

Victor Brodsky, Chief Financial Officer, commented that “the reader should be cautious when making a comparison to the prior year. On an apples to apples approach, when comparing the two years, it may be best to compare the standalone insurance company results for the last six months of 2010 to the same period in 2009, the period when we began to include KICO in our results:

  • Total revenues for the last six months increased to $11.44 million in 2010 from $7.79 million in 2009 or an increase of 47%. The two main components of the KICO revenue stream, Earned Premiums and Ceding Commission, increased by 39% and 50%, respectively.
  • Income before taxes for the last six months increased to $1.3 million in 2010, up from $810,000 in 2009, or an increase of 70%.
  • Net income on this six month basis increased to $920,000 in 2010, up from $520,00 in 2009, or an increase of 79%.

Forward Looking Statements

Statements in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. More information about these factors can be found in Kingstone’s filings with the Securities and Exchange Commission, including its latest Annual Report filed with the Securities and Exchange Commission on Form 10-K. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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