SeaBright Holdings Reports Second Quarter And Six Month 2012 Results
SeaBright Holdings, Inc. (NYSE: SBX) today announced results for the quarter and six months ended June 30, 2012.
For the second quarter of 2012, the Company recorded net income of $1.4 million or $0.06 per diluted share compared to a net loss of $15.7 million or $0.74 per diluted share for the same period in 2011. Total revenue for the quarter was $64.3 million versus $69.0 million in the year-earlier period. For the second quarter of 2012, net premiums earned were $56.6 million compared to $62.1 million for the same period in 2011. Net realized gains totaled $2.1 million in the second quarter of 2012 compared to $0.1 million recorded in the same period in 2011. Net realized gains in 2012 resulted from the sale of investment securities in order to realize a portion of the Company’s tax loss carry forwards and to reduce exposure to interest rate risk.
For the six months ended June 30, 2012, the Company recorded net income of $9.5 million or $0.43 per diluted share compared to a net loss of $15.8 million or $0.75 per diluted share for the same period in 2011. Total revenue for the six months was $137.6 million versus $132.8 million in the year-earlier period. For the first six months of 2012, net premiums earned were $115.7 million compared to $118.8 million for the same period in 2011. Net realized gains were $10.1 million during the first six months of 2012 compared to $0.4 million recorded in the same period last year.
"Our second quarter results reflect sustained progress on our return to profitability,” said John Pasqualetto, SeaBright’s Chairman, President and Chief Executive Officer. “Net loss reserves remained stable in the quarter and workers’ compensation rates continue to rise. We are sustaining meaningful price increases and are also achieving greater diversification of our book of business by industry and region."
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