This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

National Interstate Corporation Reports 2013 Fourth Quarter And Full Year Results

  • Gross premiums written increased 14% for fourth quarter and 10% for the full year
  • Fourth quarter and full year net income per share within previously announced ranges
  • Fourth quarter combined ratio of 98.8% also within expected range

RICHFIELD, Ohio, Feb. 25, 2014 (GLOBE NEWSWIRE) -- National Interstate Corporation (Nasdaq:NATL) today reported results for the 2013 fourth quarter and full year that were within the ranges reported on January 30, 2014. Net income of $0.43 per share, diluted for the 2013 fourth quarter was comparable to the $0.42 reported for the same quarter last year and improved compared to the 2013 third quarter.

As previously reported, gross premiums written increased 14% for the 2013 fourth quarter and 10% for the 2013 full year compared to the same periods in 2012 reflecting growth in the Alternative Risk Transfer (ART) and Transportation components.

Earnings

The Company's net income, determined in accordance with U.S. generally accepted accounting principles (GAAP), includes items that may not be indicative of ongoing operations. The following table reconciles net income to net income from operations, a non-GAAP financial measure that is a useful tool for investors and analysts in analyzing ongoing operating trends. Net income from operations includes underwriting income and net investment income.

  Three Months Ended December 31, Year Ended December 31,
  2013 2012 2013 2012
  (In thousands, except per share data) (In thousands, except per share data)
Net income from operations $ 7,842 $ 6,199 $ 13,325 $ 30,252
After-tax net realized gains from investments 716 2,065 4,248 4,042
  Net income  $ 8,558 $ 8,264 $ 17,573 $ 34,294
         
Net income from operations per share, diluted $ 0.40 $ 0.31 $ 0.67 $ 1.54
After-tax net realized gains from investments per share, diluted  0.03 0.11 0.22 0.21
 Net income per share, diluted $ 0.43 $ 0.42 $ 0.89 $ 1.75

Net income for the fourth quarter of 2013 was relatively consistent as compared to the same period in 2012 attributable to loss and loss adjustment expenses ("LAE") that remained elevated, offset by favorable underwriting expenses and improved net investment income.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs