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FORTUNE NATIONAL CORPORATION RELEASES 1991 RESULTS

 FORTUNE NATIONAL CORPORATION RELEASES 1991 RESULTS
 HOUSTON, March 19 /PRNewswire/ -- Fortune National Corporation


(NASDAQ: FRNC) today reported a 1991 net loss of $1,074,853 or $.41 per common share, compared to 1990 net income of $297,872 or $.11 per common share. The company stated that the principal factors contributing to the 1991 loss included the general decline in market interest rates, the default on interest of a few investments, an increase in death benefits, and an increased ratio of expenses in relation to revenues.
 Fortune National Corporation is a life insurance holding company. Operations are conducted through American Capitol Insurance Company, in which the company owns a controlling interest through Fortune National Corporation's majority-owned subsidiary, Acap Corporation (NASDAQ: ACAP). The company's corporate strategy is to make leveraged acquisitions of existing life insurance policies through direct purchase or the acquisitions of life insurance companies. The company frequently reviews potential acquisitions for candidates that meet its criteria.
 At this time, the company is unable to predict the timing of its next acquisition.
 -0- 3/19/92
 /CONTACT: J.L. Young, secretary of Acap Corporation, 713-974-2242/
 (FRNC) CO: Fortune National Corporation ST: Texas IN: INS SU: ERN


AH -- NY077 -- 9778 03/19/92 15:11 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 19, 1992
Words:205
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FORTUNE NATIONAL CORPORATION RELEASES 1992 RESULTS

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