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CITIZENS SECURITY GROUP INC. POSTS RECORD FIRST QUARTER EARNINGS

 RED WING, Minn., April 22 /PRNewswire/ -- CITIZENS Security Group Inc. (NASDAQ: CSGI) today announced substantial improvement in earnings for the first quarter ended March 31, 1993. Net income for the three months was $629,899, or $.22 per share, compared to $224,207, or $.09 per share, for the same period in 1992.
 First quarter premiums earned were $5,740,315 in 1993 as compared to $6,087,965 in 1992. Realized gains on investments were $298,694 in the first quarter of 1993 compared to a realized loss of $168,417 in 1992. Revenues for the first three months of fiscal 1993 totaled $6,659,240 versus $6,496,346 in the same period a year ago.
 Spencer A. Broughton, chairman and chief executive officer, commented, "We are extremely pleased with our earnings for the first quarter. Our goal is to provide shareholders with consistent earnings growth. This was our sixth consecutive quarter of positive earnings. Our direct premiums written for the first quarter of 1993 rose 4.7 percent over 1992. As expected, earned premiums were lower than a year ago as a result of our homeowner reinsurance contract."
 The loss ratio (loss and loss adjustment expenses incurred to premiums earned) was 66.3 percent for the first quarter of 1993 compared to 64.0 percent in the first quarter of 1992. The expense ratio continued to improve as the company realized benefits from past actions executed to decrease expenses. The company experienced a $38,000 tax benefit as a result of the implementation of Financial Accounting Standard No. 109.
 CITIZENS Security Group Inc. is a holding company owning subsidiaries -- Citizens Fund Insurance Company and Insurance Company of Ohio -- engaged in the preferred risk property and casualty business conducted in six states, principally in the Upper Midwest. The common stock of the company is traded on the NASDAQ Small-Cap Market under the symbol CSGI.
 CITIZENS SECURITY GROUP INC.
 CONDENSED, CONSOLIDATED STATEMENT OF EARNINGS
 (Unaudited)
 Three Months Ended
 3/31/93 3/31/92
 Revenues:
 Premiums earned $5,740,315 $6,087,965
 Investment income, less related expenses 523,430 492,591
 Realized gains (losses) on investments 298,694 (168,417)
 Other 96,801 84,207
 Total revenues 6,659,240 6,496,346
 Losses and expenses:
 Losses and loss adjustment expenses 3,804,540 3,893,644
 Operating expenses 2,009,801 2,327,495
 Total losses and expenses 5,814,341 6,221,139
 Income before income taxes 844,899 275,207
 Income tax expense 253,000 51,000
 Net income from continuing operations 591,899 224,207
 Cumulative FAS 109 adjustment 38,000 --
 Net income $629,899 $224,207
 Weighted average shares outstanding 2,911,585 2,562,495
 Earnings per share $.22 $.09
 -0- 4/22/93
 /CONTACT: Mary B. Plein of Citizens Security Group, 612-388-7171, ext. 255/
 (CSGI)


CO: Citizens Security Group Inc. ST: Minnesota IN: FIN INS SU: ERN

KH -- MN007 -- 9481 04/22/93 12:56 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
Words:495
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