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CORRECTING and REPLACING Kingstone Reports First Quarter 2014 Results

Stocks in this article: KINS

In the release dated May 15, 2014, net operating income per diluted common share for the quarter ended March 31, 2014 should read $.03 (instead of $.01).

The corrected release reads:

KINGSTONE REPORTS FIRST QUARTER 2014 RESULTS

Company elects to reduce Personal Lines Quota Share

Kingstone Companies, Inc. (NASDAQ:KINS) reported its results of operations for the quarter ended March 31, 2014. Net income was $327,000, or $.04 per diluted common share, up from the $191,000, or $.05 per diluted common share earned for the quarter ended March 31, 2013. Net operating income 1 for Q1 2014 was $203,000, or $.03 per diluted common share, as compared to $122,000, or $.03 per diluted common share generated in Q1 2013. Book value per share was $4.98, up 1.4% from year end 2013. Policies in force at March 31, 2014 totaled 38,493, up 23.5% over Q1 2013.

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.”

   

Financial Highlights

For the Three Months Ended March 31,
2014   2013  

$ Change

% Change
(000's except per share amounts and percentages)
Direct premiums written (1) $ 16,347 $ 12,845 $ 3,502 27.3 %
Net premiums written (1) $ 6,585 $ 4,971 $ 1,614 32.5 %
Net premiums earned $ 5,926 $ 4,623 $ 1,303 28.2 %
Ceding commission revenue $ 3,381 $ 2,294 $ 1,087 47.4 %
Net investment income $ 379 $ 283 $ 96 33.9 %
Net income $ 327 $ 191 $ 136 71.2 %
Net income per diluted common share $ 0.04 $ 0.05 $ (0.01) (20.0) %
Weighted average diluted common shares 7,372 3,914 3,458 88.3 %
Comprehensive income $ 776 $ 485 $ 291 60.0 %
Net operating income (1) $ 203 $ 122 $ 81 66.4 %
Net operating income per diluted common share (1) $

0.03

$ 0.03 $

-

-

%
Net loss ratio 73.0% 53.4% 36.7 %
Net underwriting expense ratio 22.5% 41.5% (45.8) %
Net combined ratio 95.5% 94.9% 0.6 %
Net combined ratio excluding the effect of catastrophes (1) 73.6% 76.2% (3.4) %
 
As of As of
March 31, December 31,        
2014 2013

$ Change

% Change
Book value per share $ 4.98 $ 4.91 $ 0.07 1.4 %
Statutory surplus $ 31,705 $ 31,830 $ (125) (0.4) %
 

(1) These 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, KINS Chairman and CEO, said “We are quite pleased with our core operating performance. Direct and net premiums written grew by 27.3% and 32.5%, respectively. Other underwriting expenses increased by only 3.1%. As a percentage of direct written premiums, other underwriting expenses declined to 14.0% from last year’s 17.2%. Net investment income was ahead of last year by 33.9%.

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