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Independence Holding Company Announces 2012 Fourth-Quarter And Annual Results

Stocks in this article: IHC

STAMFORD, Conn., March 7, 2013 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE:IHC) today reported 2012 fourth-quarter and annual results. As previously reported, IHC paid a special 10% stock dividend to shareholders of record on February 17, 2012. All per share amounts reflect such stock dividend. This press release contains both GAAP and non-GAAP financial information for which reconciliations can be found at the end of this release.

Financial Results

Net income per share attributable to IHC increased to $.46 per share, diluted, or $8,290,000, for the three months ended December 31, 2012 compared to $.18 per share, diluted, or $3,225,000, for the three months ended December 31, 2011. Revenues increased to $112,960,000 for the three months ended December 31, 2012 compared to revenues for the comparable period in 2011 of $104,493,000, primarily as a result of an increase in premiums. Due to the profitability in 2012 and projected continuing profitable results of the Company's 80% owned subsidiary, American Independence Corp. (AMIC), IHC's net income and operating income for the fourth quarter and year 2012 was positively impacted by an increase of $4,637,000, net of minority interest for an increase in the deferred tax asset related to AMIC's federal net operating loss carryforward (NOL). The deferred tax asset is reviewed for reasonableness on a quarterly basis.

Net income per share attributable to IHC increased to $1.09 per share, diluted, or $19,661,000, for the year ended December 31, 2012 compared to $.74 per share, diluted, or $13,003,000, for the year ended December 31, 2011. This increase was achieved despite not receiving a one-time benefit this period comparable to the credit of $2,319,000 of deferred income taxes relative to the Company's investment in AMIC that we recorded in the first quarter of 2011. The year 2012 net income was positively impacted by the increase in deferred tax asset of AMIC mentioned above. Revenues increased to $428,061,000 for the year ended December 31, 2012 compared to revenues for the year ended December 31, 2011 of $417,996,000, primarily due to an increase in premiums.

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