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Kingstone Companies Announces Year To Date And Second Quarter Results

Kingstone Companies, Inc. (NASDAQ: KINS) reported its results for the period ended June 30, 2012. Year to date net income was $1.32 million, or $.35 per share, up from the $.90 million and $.23 per share earned during the comparable period in 2011. Second quarter net income was $560,000, or $.15 per share, as compared to $774,000 and $.20 per share in the second quarter of 2011. Net operating income 1 for the six months ended June 30, 2012 was $1,295,000, or $.34 per share, as compared to $796,000 and $.20 per share generated during the comparable period in 2011. Second quarter net operating income was $556,000 and $.14 per share, while second quarter 2011 amounts were $715,000 and $.18 per share.

The Company also announced that its board declared an increased quarterly dividend of $.04 per share payable on September 18, 2012 to shareholders of record at the close of business on August 31, 2012. This marks the fifth consecutive quarter of dividend distributions and an increase of 33% from the $.03 per share dividends previously declared.

_____________ 1This measure is not based on U.S. generally accepted accounting principles (“GAAP”) and is defined and reconciled to the most directly comparable GAAP measure in “Information Regarding Non-GAAP Measures.”

Operating Highlights

  • Direct premiums written in the second quarter 2012 were up by 17.5% over the second quarter of 2011. For the six months ended June 30 2012, direct premiums written increased 17.7% over the prior year’s amount.
  • Net premiums written in the second quarter were up 17.3% over 2011. Year to date the increase was 12.9%.
  • Net premiums earned in the second quarter were up by 18.4% over 2011. Year to date the increase was 18.2%.
  • Ceding commission revenue earned in the second quarter increased by 6.7% over 2011. Year to date the increase was 15.4%.
  • Q2 net loss ratio was 57.8% as compared to 51.9% in Q2 2011.
  • Q2 combined ratio was 76.2% as compared to 63.5% in Q2 2011.

Financial Highlights

           
For the Three Months Ended June 30, For the Six Months Ended June 30,
2012     2011    

$ Change

    % Change 2012     2011    

$ Change

    % Change
(000's except per share amounts and percentages)
Direct premiums written (1) $ 12,439 $ 10,587 $ 1,852 17.5 % $ 23,675 $ 20,120 $ 3,555 17.7 %
Net premiums written (1) $ 4,817 $ 4,106 $ 711 17.3 % $ 9,197 $ 8,143 $ 1,054 12.9 %
Net premiums earned $ 4,165 $ 3,517 $ 648 18.4 % $ 8,137 $ 6,885 $ 1,252 18.2 %
Ceding commission revenue $ 2,911 $ 2,727 $ 184 6.7 % $ 5,815 $ 5,040 $ 775 15.4 %
Net investment income $ 230 $ 160 $ 70 43.8 % $ 497 $ 338 $ 159 47.0 %
Interest expense $ 20 $ 39 $ (19 ) (48.7 ) % $ 41 $ 85 $ (44 ) (51.8 ) %
Net income $ 560 $ 774 $ (214 ) (27.6 ) % $ 1,326 $ 901 $ 425 47.2 %
Net income per diluted share $ 0.15 $ 0.20 $ (0.05 ) (25.0 ) % $ 0.35 $ 0.23 $ 0.12 52.2 %
Comprehensive income $ 755 $ 973 $ (218 ) (22.4 ) % $ 1,815 $ 1,121 $ 694 61.9 %
Net operating income (1) $ 556 $ 715 $ (159 ) (22.2 ) % $ 1,295 $ 796 $ 499 62.7 %
Operating income per diluted share (1) $ 0.14 $ 0.18 $ (0.04 ) (21.5 ) % $ 0.34 $ 0.20 $ 0.14 70.0 %

____________________ 1These measures are not based on GAAP and are defined and reconciled to the most directly comparable GAAP measures in “Information Regarding Non-GAAP Measures.”

Management Commentary

Barry Goldstein, Kingstone’s Chairman and CEO, stated “The second quarter was another excellent one for KICO. We continue on a solid growth path and continue to manage our risk profile in a conservative and prudent manner.

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