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National Interstate Corporation Reports 2014 First Quarter Results

  • Net income per share of $0.41; net operating income per share of $0.39 up 8%
  • Gross premiums written increased 8% compared to last year
  • Combined Ratio of 97.2%

RICHFIELD, Ohio, May 6, 2014 (GLOBE NEWSWIRE) -- National Interstate Corporation (Nasdaq:NATL) today reported 2014 first quarter net income of $8.1 million or $0.41 per share which was the same as the 2013 first quarter and gross premiums written of $163.6 million which were 8% ahead of last year.

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 March 31,
  2014 2013
  (In thousands, except per share data)
Net income from operations $  7,669 $ 7,012
After-tax net realized gains from investments  1,693  1,005
After-tax impact from transaction expenses    (1,307)    --
     
 Net income $ 8,055 $ 8,017
     
Net income from operations per share, diluted $  0.39 $  0.36
After-tax net realized gains from investments per share, diluted  0.09  0.05
After-tax impact from transaction expenses per share, diluted   (0.07)   --
     
Net income per share, diluted $  0.41 $ 0.41

Net income for 2014 first quarter substantially matched the 2013 first quarter reflecting improved operating earnings and gains from investments offset by transaction expenses related to a tender offer for a portion of the Company's shares that was made and withdrawn during the 2014 first quarter.

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