Hartville Group Reports Exceeds 2nd Quarter Guidance; Earning Net Profits of $0.06 Per Share.Business Editors NORTH CANTON North Canton, city (1990 pop. 14,748), Stark co., NE Ohio, a suburb of Canton; settled c.1815, inc. as a city 1961. Vacuum cleaners and industrial die castings are among the city's manufactures. , Ohio--(BUSINESS WIRE)--Aug. 6, 2003 Hartville Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :HTVL HTVL Horizontal Takeoff Vertical Landing ), one of the leading pet health insurance companies in the United States, announced today record financial results for the second quarter ended June 30, 2003. The company's net earnings after taxes and claim reserves (IBNR IBNR Incurred But Not Reported IBNR Interesting But Not Relevant ) were $177,756 or $0.06 per share. For the year Hartville has earned $310,326 or $0.10 per share. Mr. Russell Smith III, Chairman and Chief Executive Officer of Hartville Group, Inc., commented, "Due to the strengthening of our capital position, the company has been able to increase its underwriting risk retention to 40%. The more risk retention the company takes on the premiums it writes potentially increases the earnings power of the company. Our long-term strategy calls for the company to continue to increase the percentage of its risk retention by its underwriting subsidiary, Hartville Insurance Company, so that eventually we reinsure re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. 100% of the premiums we write. In addition, our agency, Petsmarketing Insurance.com Agency, Inc., through improved operational efficiencies contributed over $50,000 to the bottom line profit." Hartville Group, Inc. is a holding company specializing in niche insurance product lines with limited competition due to specialization, which afford sizeable underwriting returns in insurance lines such as pet health insurance, equine, farm/ranch and animal mortality. The Company, through its pet insurance marketing subsidiary and provider of the Petshealth Care Plans, is one of the leading pet health insurance companies in the United States. 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. Statement 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: Except for historical information, the forward looking matters discussed in this news release are subject to certain risks and uncertainties including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-Q Form 10-Q See 10-Q. filed on May 15, 2003 and any subsequent amendments. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. For more information on the Company's Petshealth Care Plans for pets, call 1-800-807-6724 or visit www.petshealthplan.com. The site provides educational topics, money saving tips and links to other informative pet web sites. For more information on the Company, visit our corporate web site: www.hartvillegroup.com |
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