American Independence Corp. Announces 11% Sequential Increase in Net Income from Continuing Operations for Three Months Ended June 30, 2003.Business Editors NEW YORK--(BUSINESS WIRE)--July 28, 2003 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Independence Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMIC Am´ic a. 1. (Chem.) Related to, or derived, ammonia; - used chiefly as a suffix; as, amic acid; phosphamic acid. s> Amic acid (Chem. ) today reported net income and net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $2.1 million ($.25 per share, 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. ) for the three months ended June June: see month. 30, 2003 and revenues of $12.6 million for the same period. Net income includes a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $0.5 million for amortization and depreciation primarily related to intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . Net income for the six months ended June 30, 2003 amounted to $4.1 million ($.49 per share, diluted). Net income from continuing operations amounted to $4.0 million ($.48 per share, diluted) and revenues amounted to $23.2 million for the same period. Net income for the six months ended June 30, 2003 includes a non-cash charge of $1.0 million for amortization and depreciation primarily related to intangible assets. Net income for the six months ended June 30, 2003 includes $0.1 million ($.01 per share, diluted) from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the first quarter of 2003. Roy Roy, city (1990 pop. 24,603), Weber co., N Utah, near Great Salt Lake; settled by Mormons 1877, inc. 1937. Computer equipment is manufactured, and many residents work at nearby Hill Air Force Base. T.K. Thung, Chief Executive Officer, commented, "We are pleased to report that we remained quite profitable in our second full quarter as an insurance holding company, and our net income from continuing operations increased sequentially from $1.9 million ($.23 per share, diluted) to $2.1 million ($.25 per share, diluted), an 11% increase. Premiums reinsured under treaties with Independence Holding Company (NASDAQ: INHO) increased 28% from the first quarter of 2003 as additional cases renewed each month. Independence American Insurance Company's premiums will continue to increase during the balance of this year, and the total benefit from these treaties will not be realized until 2004. Our MGU MGU Most General Unifier MGU Managing General Underwriter (insurance) MGU Mahatma Gandhi University (Kerala India) MGU Movement for Guatemalan Unity MGU Midcourse Guidance Unit operations performed well in the second quarter, and we continue to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op as to our future results. At the corporate level, AMIC's shareholders consented to a reduction in its authorized capital stock authorized capital stock The number of shares of capital stock that a business may issue. Authorized capital stock is stated in a firm's articles of incorporation; changes in it may occur only if approved by the stockholders. to 15,001,000 shares, which will substantially reduce the Company's franchise taxes." AMIC is a holding company engaged principally in the insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. business through Independence American Insurance Company and its employer medical stop-loss stop-loss, n a general term referring to that category of coverage that provides insurance protection (reinsurance) to an employer for a self-funded plan. and managed care managing general underwriters. Some of the statements included herein may be considered to be forward looking statements, which are subject to certain risks and uncertainties. Factors which could cause the actual results to differ materially from those suggested by such statements are described from time to time in AMIC's filings with the Securities and Exchange Commission.
AMERICAN INDEPENDENCE CORP.
SECOND QUARTER REPORT
JUNE 30, 2003
(in Thousands Except Per Share Data)
Three Months Ended Six Months Ended
2003 2002 2003 2002
---- ---- ---- ----
Premiums earned $ 8,422 $ - $14,972 $ -
Investment and other income 532 394 1,055 810
Realized gains 170 - 349 -
MGU fee income 3,512 - 6,866 -
------- ------- ------- -------
Revenues 12,636 394 23,242 810
------- ------- ------- -------
Insurance benefits, claims and
reserves 5,204 - 9,199 -
Selling and general expenses 4,666 1,665 8,743 3,715
Amortization and depreciation 507 34 1,007 95
Other expenses 60 18 106 1,631
------- ------- ------- -------
Expenses 10,437 1,717 19,055 5,441
------- ------- ------- -------
Operating income (loss) from
continuing operations 2,199 (1,323) 4,187 (4,631)
State income taxes 95 - 181 -
Federal income taxes - - - -
------- ------- ------- -------
Net income (loss) from continuing
operations 2,104 (1,323) 4,006 (4,631)
Loss from discontinued operations - - - (901)
Income (loss) on disposition of
discontinued operations - (70) 114 (2,470)
------- ------- ------- -------
Net income (loss) $ 2,104 $(1,393) $ 4,120 $(8,002)
======= ======= ======= =======
Basic Income (Loss) Per Common
Share:
Net income (loss) from
continuing operations $ .25 $ (.16) $ .48 $ (.55)
Loss from discontinued
operations - - - (.11)
Income (loss) on disposition
of discontinued operations - (.01) .01 (.29)
------- ------- ------- -------
Net income (loss) $ .25 $ (.17) $ .49 $ (.95)
======= ======= ======= =======
Weighted average basic common
shares 8,415 8,394 8,405 8,394
======= ======= ======= =======
Diluted Income (Loss) Per Common
Share:
Net income (loss) from
continuing operations $ .25 $ (.16) $ .48 $ (.55)
Loss from discontinued
operations - - - (.11)
Income (loss) on disposition of
discontinued operations - (.01) .01 (.29)
------- ------- ------- -------
Net income (loss) $ .25 $ (.17) $ .49 $ (.95)
======= ======= ======= =======
Weighted average diluted common
shares 8,481 8,394 8,458 8,394
======= ======= ======= =======
As of June 30, 2003, there were 8,417,195 common shares outstanding,
net of treasury shares.
|
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion