AssuranceAmerica Corporation Announces Record Milestones; Best May Ever, and Pre-tax Earnings Cross Million Dollar Level.ATLANTA -- Atlanta based AssuranceAmerica Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ASAM ASAM American Society of Addiction Medicine ASAM Advanced Surface-to-Air Missile ASAM Advanced Services Access Manager ASAM ATM Subscriber Access Multiplexer (Alcatel) ASAM Association for Solidarity with Asylum Seekers and Migrants .OB), today announced its unaudited results for May, 2005. Pre-tax profit grew from a loss of $26,000 in May 2004 to a gain of $66,000 in May 2005, a 253% improvement. Year-to-date pre-tax profit was $1,015,000, compared to $197,000 for the same 5 months of 2004. This was the first time the company's pre-tax profit has ever crossed the $1,000,000 mark even in a full 12-month year. Gross premium controlled by the company in both its wholesale group, made up of its Managing General Agency and its Insurance Carrier, and its retail group, made up of 32 insurance agency locations, was $8,708,000, a 51% increase over May 2004 which was $5,783.000. Company revenues grew to $2.8 million in May 2005 up 47% from $1.9 million in May 2004. For the five months ended May 31, 2005, revenues were $13.2 million compared to $10 million for the same period last year. In announcing May and year-to-date results, Lawrence (Bud) Stumbaugh, President and 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. of AssuranceAmerica Corporation said, "In addition to our positive showing on the top line and bottom line, many of our key ratios improved over the prior year including our revenue per associate, our cost per transaction, and our loss ratios. We are encouraged that all these operational pieces are fitting together so well. With a view toward further enhancing our results, we will continue our focus on these key indicators." AssuranceAmerica focuses on the specialty automobile insurance marketplace, primarily in Florida, Georgia, Alabama and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. . Its principal operating subsidiaries are TrustWay Insurance Agencies, which sells personal automobile insurance policies through its 32 retail agencies, AssuranceAmerica Managing General Agency, and AssuranceAmerica Insurance Company. This press release includes statements that may constitute "forward-looking" statements. These statements are made pursuant to the 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. provisions of 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. 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. inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. |
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