Printer Friendly

PENN TREATY AMERICAN REPORTS FOURTH QUARTER 1991 AND FULL YEAR 1991 RESULTS

 PENN TREATY AMERICAN REPORTS FOURTH QUARTER 1991
 AND FULL YEAR 1991 RESULTS
 SARASOTA, Fla., March 24 /PRNewswire/ -- Penn Treaty American Corporation (NASDAQ: PTAC) today reported increased earnings for 1991, a year in which the company also expanded sales into 14 new states, including California, for a total of 39 states and increased its sales force by 27 percent to a total of 8,840 licensed agents.
 Net income for the three months ended Dec. 31, 1991, totalled $1,659,714 or 53 cents per share, compared to $1,250,114 or 40 cents per share for the same three-month period the previous year. For the entire year of 1991, the company reported net income of $6,515,253, or $2.08 per share, compared to $4,823,663, or $1.51 per share for 1990, an increase of 35.1 percent.
 Premium revenue for the quarter totalled $12,490,477, a 10 percent increase over the previous year's three-month total of $11,351,341. For the year ended Dec. 31, 1991, premium revenue totalled $51,922,927, a 28 percent increase over the previous year's premium revenue of $40,508,689.
 "We are very pleased with our year-end figures as the company continues on the road to expansion," said Irving Levit, president and chief executive officer. "These results are particularly impressive in light of the difficulties encountered by many other insurance companies, the recent changes in long-term care and Medicare Supplement legislation and regulation and the poor state of the nation's economy. While these factors had a negative impact on the company's growth during the latter half of 1991, the prospects for future premium growth remain outstanding."
 Penn Treaty American Corporation, through its wholly owned direct and indirect subsidiaries, Penn Treaty Life Insurance Company, Network America Life Insurance Company and Cher-Britt Service Company, is primarily engaged in the underwriting, marketing and sale of individual fixed, defined benefit, accident and health insurance products principally covering long-term nursing home care and home health care. The company is licensed to conduct business in 44 states and the District of Columbia.
 -0- 3/24/92
 /CONTACT: Michael F. Grill, treasurer of Penn Treaty American, 800-222-3469/
 (PTAC) CO: Penn Treaty American Corporation ST: Pennsylvania, Florida IN: INS SU: ERN


LJ-MK -- PH040 -- 1182 03/24/92 15:03 EST
COPYRIGHT 1992 PR Newswire Association LLC
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.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 24, 1992
Words:383
Previous Article:FIRST MEETING OF EAST EUROPEAN INTELLIGENCE AGENCY CHIEFS TO BE PREVIEWED BY FORMER CIA DIRECTOR; APRIL CONFERENCE IN BULGARIA TO FOCUS ON PROPER...
Next Article:NORD SUBSIDIARY ARRANGES FINANCING FROM OVERSEAS PRIVATE INVESTMENT CORPORATION
Topics:


Related Articles
PENN TREATY AMERICAN CORPORATION REPORTS IMPROVED THIRD QUARTER EARNINGS
PENN TREATY AMERICAN CORPORATION REPORTS IMPROVED THIRD QUARTER EARNINGS
PENN TREATY AMERICAN CORPORATION REPORTS IMPROVED THIRD QUARTER EARNINGS
PENN TREATY AMERICAN REPORTS FOURTH QUARTER 1991 AND FULL YEAR 1991 RESULTS
PENN TREATY AMERICAN CORPORATION ANNOUNCES THIRD QUARTER RESULTS
PENN CENTRAL ANNOUNCES 1992 EARNINGS
PENN TREATY AMERICAN CORPORATION ANNOUNCES FOURTH QUARTER 1992 AND FULL YEAR 1992 RESULTS
PENN TREATY AMERICAN CORPORATION ANNOUNCES FOURTH QUARTER 1993 AND FULL YEAR 1993 RESULTS
PENN TREATY AMERICAN CORPORATION ANNOUNCES FOURTH QUARTER 1993 AND FULL YEAR 1993 RESULTS
PENN TREATY AMERICAN CORPORATION ANNOUNCES FOURTH QUARTER 1993 AND FULL YEAR 1993 RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters