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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.”
2010 (In thousands except per share data)
2009 (In thousands except per share data)
Income (Loss) from Operations
Gain on Acquisition of KICO
Interest Income - CMIC Note Receivable
Income Tax Expense (Benefit)
Income from Continuing Operations
Loss from Discontinued Operations
Net Income Per Share
Total Stockholders’ Equity
Book Value Per Share at Year End
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.