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AMERICAN PHYSICIANS SERVICE GROUP ANNOUNCES RESULTS OF OPERATIONS FOR FIRST QUARTER OF 1992

 AMERICAN PHYSICIANS SERVICE GROUP ANNOUNCES RESULTS OF
 OPERATIONS FOR FIRST QUARTER OF 1992
 AUSTIN, Texas, May 18 /PRNewswire/ -- American Physicians Service Group, Inc. (NASDAQ: AMPH) today announced results for the first quarter of 1992. For the three months ended March 31, 1992, revenues were $3,819,000 vs. $4,812,000 in the year ago period. Net earnings of $39,000, or $0.01 per share in the first quarter of 1992 compare to $122,000, or $0.03 per share in the same quarter in 1991.
 Ken Shifrin, chairman of the board stated, "The decline in both revenues and net income was due to the results of operations at our financial subsidiary, APS Financial Corporation. Uncertainties in the market regarding the direction of interest rates reduced activity in fixed income products, resulting in lower revenues at APS Financial."
 Shifrin added, "This week we completed the previously announced transaction to repurchase approximately 1.3 million shares of our common stock at a substantial discount to book value. If this purchase had been completed as of March 31, 1992, book value per share would have increased from $3.16 to $3.68 at that date. The stock repurchase represents an important step for the company's shareholders, since it eliminates the uncertainty associated with the eventual disposition of such a large block of shares. The block, which was held by the Resolution Trust Company as a result of the failure of a large financial institution, had created a lingering cloud of uncertainty for the past few years by overhanging the marketplace. As investors come to recognize the current disparity between book value and market price, a favorable impact on the stock price should follow."
 APS is a management and financial services firm with subsidiaries and affiliates which provide: medical malpractice insurance services for doctors and hospitals; brokerage, financial planning and investment services to institutions and individuals; computer systems for medical clinics and university medical schools; management of diagnostic imaging and cardiac rehabilitation centers; third party administration services for self-insured and fully-insured medical and dental plans; and Hispanic Yellow Page directories. Founded in 1974, the company in headquartered in Austin, Texas, and maintains offices in San Antonio and Dallas, and Little Rock, Ark.
 AMERICAN PHYSICIANS SERVICE GROUP, INC.
 Selected Financial Data
 (In thousands, except per share data)
 Three months ended March 31 1992 1991
 Revenues $3,819 $4,812
 Earnings Before Income Taxes 32 214
 Net Earnings $ 39 $ 122
 Net Earnings Per Share $ .01 $ .03
 Weighted Average Shares Used
 in Computation 4,432 4,390
 -0- 5/18/92
 /CONTACT: Kenneth Shifrin, chairman of the board, or W. H. Hayes, vice president-finance of American Physicians Service Group, 512-328-0888/
 (AMPH) CO: American Physicians Service Group Inc. ST: Texas IN: HEA SU: ERN


SM -- NY028 -- 1225 05/18/92 10:31 EDT
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Publication:PR Newswire
Date:May 18, 1992
Words:467
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