21st Century Holding Company Reports Strong Second Quarter And Six-Months 2012 Financial Results

SUNRISE, Fla., Aug. 9, 2012 (GLOBE NEWSWIRE) -- 21st Century Holding Company (Nasdaq:TCHC) (the "Company) a Florida-based provider of insurance, today reported results for the quarter ended June 30, 2012 (see attached tables).

Highlights include:

• Second quarter net income improved to $1.4 million, or $0.18 per share for the 2nd quarter 2012 compared with $1.1 million, or $0.13 per share for 1st quarter 2012 and a net loss of $0.8 million, or $0.10 per share in 2nd quarter 2011
• Net Income for the 2012 six month period improved to $0.31 per share compared with a net loss of $0.35 per share in the same six-month period last year
• Book value increased to $7.89 at June 30, 2012 compared with $7.61 at March 31, 2012 and $7.05 at June 30, 2011
• Gross written premiums increased by $5.1 million, or 18.1%, compared with the same three-month period last year
• Net premiums earned increased by $3.0 million, or 26.0%, compared with the same three-month period last year
• Homeowners policy count has grown from 43,793 at the start of 2012 to 52,908 at June 30, 2012, or 20.8%

Mr. Michael H. Braun, the Company's Chief Executive Officer and President, said, "Our continued focus on writing sustainable quality business and controlling expenses has led to another profitable quarter. The growth in our policy count, gross written premium, and net earned premiums are notable after tightly controlling our book of business over the prior two years. While we have taken a prudent path towards growth, we feel these decisions have set the course for future success."

Second Quarter 2012 Financial Review

• For the three months ended June 30, 2012, the Company reported net income of $1.4 million, or $0.18 per share on 7.95 million average undiluted and 8.0 million average diluted shares outstanding, compared with a net loss of $0.8 million, or $0.10 per share on 7.95 million average undiluted and diluted shares outstanding in the same three-month period last year.   
• For the six months ended June 30, 2012, the Company reported net income of $2.5 million, or $0.31 per share on 7.95 million average undiluted and 8.0 million average diluted shares outstanding, compared with a net loss of $2.8 million, or $0.35 per share on 7.95 million average undiluted and diluted shares in the same six-month period last year. The Company's results of operations for the three and six months ended June 30, 2012 reflected the improvement in the Company's core operating results.   
• Gross premiums written increased $5.1 million, or 18.1%, to $33.1 million for the three months ended June 30, 2012, compared with $28.0 million for the same three-month period last year. Homeowners' gross premiums written increased $5.7 million, or 25.3%, to $28.3 million for the three months ended June 30, 2012, compared with $22.6 million for the same three-month period last year.  
• Gross premiums written increased $9.2 million, or 16.7%, to $64.3 million for the six months ended June 30, 2012, compared with $55.1 million for the same six-month period last year. Homeowners' gross premiums written increased $10.4 million, or 23.1%, to $55.4 million for the six months ended June 30, 2012, compared with $45.0 million for the same six-month period last year.  
• Unearned premiums increased $13.7 million, or 28.5%, to $61.6 million as of June 30, 2012, compared with $47.9 million as of December 31, 2011.  
• Net premiums earned increased $3.0 million, or 26.0%, to $14.7 million for the three months ended June 30, 2012, compared with $11.7 million for the same three-month period last year. Net premiums earned increased $4.7 million, or 20.6%, to $27.5 million for the six months ended June 30, 2012, compared with $22.8 million for the same six-month period last year.  
• Total revenues increased $2.6 million, or 18.7%, to $16.8 million for the three months ended June 30, 2012, compared with $14.2 million for the same three-month period last year. Total revenues increased $4.3 million, or 15.6%, to $31.6 million for the six months ended June 30, 2012, as compared with $27.3 million for the same six-month period last year. 

Conference Call Information

The Company will hold an investor conference call at 4:30 PM (ET) today, August 9, 2012. The Company's CEO and its CFO, Peter J. Prygelski, III, will discuss the financial results and review the outlook for the Company. Messrs. Braun and Prygelski invite interested parties to participate in the conference call.

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