21st Century Holding Company Reports Record Year-End Results and Beats Guidance.Business Editors PLANTATION Plantation, city (1990 pop. 66,692), Broward co., SE Fla., a residential suburb of Fort Lauderdale; inc. 1953. The city has grown rapidly along with the development of S Florida. , Fla.--(BUSINESS WIRE)--March 15, 2004 21st Century Holding Company (Nasdaq:TCHC TCHC Tri-City Homeless Coalition (Fremont, CA) ), today reported record results for the year ended December December: see month. 31, 2003 (see attached tables). For the year ended December 31, 2003, the Company reported net income of $8,364,876, or $2.64 per undiluted share. This beat company guidance of $2.25 - $2.45 per undiluted share by $0.19 per share. On a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share basis, the Company reported earnings of $2.50 per share. For the fourth quarter, the Company earned $0.56 per share on an undiluted basis and $0.53 per share on a diluted basis, based on 3,708,311 average diluted shares outstanding. Net premiums earned in the fourth quarter of 2003 increased 33.1% to $12.0 million from $9.0 million in the same period last year. Total revenues for year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2003 increased 49.4% to $60.6 million from $40.6 million in the same period last year. Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide J. (Ted) Lawson The name Lawson can refer to a number of different things: People
The Company will hold an investor conference call at 4:30 PM (ET) on Monday Monday: see week. , March 15, 2005. Mr. Lawson and Mr. Richard A. Widdicombe, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , will discuss the financial results and review the outlook for the Company. Messrs. Lawson and Widdicombe invite interested parties to participate in the conference call. Listeners can access the conference call by dialing toll free 888-694-4641. Please call at least five minutes in advance to ensure that you are connected prior to the presentation. About the Company The Company, through its subsidiaries, underwrites standard and non-standard personal automobile insurance, flood insurance Flood insurance denotes the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands and floodplains that are susceptible to flooding. , general liability insurance, mobile home insurance and homeowners' property and casualty insurance in the State of Florida. The Company underwrites general liability in the state of Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. as a surplus lines carrier. In addition, the Company has underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. authority and process' claims for third party insurance companies. In addition to insurance services, the Company offers premium finance services to its insureds as well as insureds of third party insurance companies. Lastly, the Company offers other ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. services including licensing of its tax preparation software products, electronic income tax filing, tax preparation and tag and title transfer services. The Company offers single and master franchise opportunities to individuals through its subsidiaries Fed USA Insurance/Financial Services and EXPRESSTAX(R) Franchise Corporation. Safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statements under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements in this press release that are not historical fact are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. Without limiting the generality gen·er·al·i·ty n. pl. gen·er·al·i·ties 1. The state or quality of being general. 2. An observation or principle having general application; a generalization. 3. of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the other negative variations thereof or comparable terminology are intended to identify forward-looking statements. The risks and uncertainties include, without limitation, uncertainties related to estimates, assumptions and projections generally; inflation and other changes in economic conditions (including changes in interest rates and financial markets); pricing competition and other initiatives by competitors; ability to obtain regulatory approval for requested rate changes and the timing thereof; legislative and regulatory developments; the outcome of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. pending against the Company, and settlement thereof; risks related to the nature of the Company's business; dependence on investment income and the composition of the Company's investment portfolio; the adequacy of its liability for loss and loss adjustment expense ("LAE"); insurance agents; claims experience; limited experience in the insurance industry; ratings by industry services; catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes and hail); changes in driving patterns and loss trends; acts of war Tom Clancy's Op-Center: Acts of War is a technothriller by Jeff Rovin Plot introduction The mobile Regional Operations Center (ROC) in Turkey investigates a dam blown up by Kurdish terrorists. and terrorist activities; court decisions and trends in litigation and health care and auto repair costs; and other matters described from time to time by the Company in releases and publications, and in periodic reports and other documents filed with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission. In addition, investors should be aware that generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting prescribe pre·scribe v. To give directions, either orally or in writing, for the preparation and administration of a remedy to be used in the treatment of a disease. when a company may reserve for particular risks, including litigation exposures. Accordingly results for a given reporting period could be significantly affected if and when a reserve is established for a major contingency contingency n. an event that might not occur. . Reported results may therefore appear to be volatile in certain accounting periods.
21st CENTURY HOLDING COMPANY
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2003 2002 2003 2002
---- ---- ---- ----
Revenue:
Gross premiums
written $16,798,631 $15,862,255 $73,358,434 $63,036,468
Gross premiums
ceded (3,667,440) (6,012,215) (19,498,209)(25,286,828)
---------- ----------- ---------- ----------
Net premiums
written 13,131,191 9,850,040 53,860,225 37,749,640
---------- ----------- ---------- ----------
Increase (decrease)
in prepaid reinsurance
premiums (877,198) (182,458) (3,427,818) 5,691,283
Decrease (increase)
in unearned
premiums (266,205) (659,612) (5,188,177)(14,047,919)
---------- ----------- ---------- ----------
Net change
in prepaid
reinsurance
premiums and
unearned
premiums (1,143,403) (842,070) (8,615,995) (8,356,636)
---------- ----------- ---------- ----------
Net premiums
earned 11,987,788 9,007,970 45,244,230 29,393,004
Commission income 370,702 43,538 1,513,818 1,905,936
Finance revenue 1,080,002 1,092,846 4,327,675 4,452,626
Managing general
agent fees 434,157 (427,937) 2,328,681 1,970,226
Net investment
income 395,031 240,309 1,624,216 1,253,765
Net realized
investments gains
(losses) 777,868 86,552 2,231,333 (1,369,961)
Other income 743,215 595,481 3,347,020 2,973,949
---------- ----------- ---------- ----------
Total revenue 15,788,763 10,638,759 60,616,973 40,579,546
---------- ----------- ---------- ----------
Expenses:
Loss and loss
adjustment
expenses 6,905,242 5,243,762 27,508,979 15,987,125
Operating and
underwriting
expenses 3,473,853 2,961,396 11,782,436 10,425,765
Salaries and wages 2,437,596 2,078,062 9,152,028 8,004,694
Interest expense 319,560 69,182 606,910 353,225
Amortization of
deferred
acquisition costs,
net 193,806 (2,325,618) (720,606) (2,064,314)
---------- ----------- ---------- ----------
Total expenses 13,330,057 8,026,784 48,329,747 32,706,495
---------- ----------- ---------- ----------
Income before
provision for
income tax expense 2,458,706 2,611,975 12,287,226 7,873,050
Provision for income
tax expense (506,996) (811,915) (3,922,350) (3,302,849)
---------- ----------- ---------- ----------
Net income $1,951,710 $1,800,060 $8,364,876 $4,570,201
========== =========== ========== ==========
Basic net income per
share $0.56 $0.60 $2.64 $1.52
========== =========== ========== ==========
Weighted average
number of common
shares outstanding 3,457,406 3,005,626 3,171,315 3,005,626
========== =========== ========== ==========
Fully diluted net
income per share $0.53 $0.60 $2.50 $1.52
========== =========== ========== ==========
Weighted average
number of common
shares outstanding
(assuming dilution) 3,708,311 3,005,626 3,348,625 3,005,626
========== =========== ========== ==========
Dividends declared
per share $0.12 $0.06 $0.38 $0.15
========== =========== ========== ==========
21st CENTURY HOLDING COMPANY
Balance Sheet Data
(Unaudited)
Period Ending
12/31/03 12/31/02
--------- --------
Total Cash & Investments $54,261,019 $29,856,179
Total Assets 104,083,912 75,318,011
Unpaid Loss and Loss Adjustment Expense 25,127,679 16,983,756
Total Liabilities 72,087,535 57,220,347
Total Shareholders' Equity 32,046,376 18,097,664
Premium Breakout
----------------
Line of Business 2003 2002
---------------- ------ ------
Automobile 67.2% 83.4%
Homeowners 23.4% 13.8%
General Liability 7.0% 0.0%
Mobile Home Owners 2.4% 2.8%
------ ------
Gross Written Premiums 100.0% 100.0%
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