Message #8 From:
TheMachine Date: June 23, 2009 09:49:17 PM
AAME Stock News : Atlantic American Corporation Reports First Quarter Results
Atlantic American Corporation (Nasdaq: AAME) today reported net income
for the first quarter ended March 31, 2009 of $0.3 million or $.01 per
diluted share, compared to a net loss of $1.7 million or $.10 per
diluted share in the first quarter of 2008. Total revenue for the first
quarter of 2009 decreased to $25.6 million, a decrease of 1.1% from 2008
first quarter revenue of $25.9 million. Premiums for the first quarter
of 2009 decreased 1.0% to $22.8 million from $23.0 million for the
comparable quarter in 2008. The decrease in premiums for the quarter was
due to the extremely competitive marketing and pricing environment
particularly in the specialty property and casualty lines of business.
Included in the net loss for the quarter ended March 31, 2008, was a
loss of $2.2 million or $0.10 per diluted share from discontinued
operations, which represented the Company’s regional property and
casualty companies that were disposed of on March 31, 2008.
Commenting on the quarter, Hilton H. Howell, Jr., Chairman, president
and chief executive officer, stated “The first quarter of 2009 contains
a glimpse of what we hope will continue throughout the year and well
into the future. Our insurance premiums declined at a much smaller rate
than in recent previous quarters; we believe that with our continuing
emphasis on not only new business but retaining existing business, we
should return to a period of increasing insurance premiums and related
revenues. We are also continuing with our focus on our investment
portfolio and expense control and believe that even while we navigate
through this difficult economic period, with the proper focus on the key
parts of our operations, we can continue to grow our operating earnings
in future periods.”
Atlantic American is an insurance holding company involved through
its subsidiary companies in specialty markets of the life, health, and
property and casualty insurance industries.Its principal
subsidiaries include American Southern Insurance Company, American
Safety Insurance Company, Bankers Fidelity Life Insurance Company and
Self-Insurance Administrators, Inc.
Note regarding Private Securities Litigation Reform Act: Except for
historical information contained herein, this press release contains
forward-looking statements that involve a number of risks and
uncertainties.Actual results could differ materially from those
indicated by such forward-looking statements due to a number of factors
and risks detailed from time to time in statements and reports that
Atlantic American Corporation has filed with the Securities and Exchange
Commission.
