ACAP CORPORATION RELEASES 1991 RESULTS
ACAP CORPORATION RELEASES 1991 RESULTS HOUSTON, March 19 /PRNewswire/ -- Acap Corporation (NASDAQ: ACAP)
today reported a 1991 net loss of $1,657,796, 60 cents per common share, compared to 1990 net income of $758,250, 17 cents 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.
Acap Corporation is a life insurance holding company. Operations are conducted through its wholly owned subsidiary, American Capitol Insurance Company. Acap's corporate strategy is to make leveraged acquisitions of existing life insurance policies through direct purchase or the acquisition 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 of Acap, 713-974-2242/ (ACAP) CO: Acap Corporation ST: Texas IN: INS SU: ERN SM -- NY080 -- 9794 03/19/92 15:30 EST
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|Date:||Mar 19, 1992|
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