Printer Friendly

PROVIDENT AMERICAN REPORTS RESULTS

 PROVIDENT AMERICAN REPORTS RESULTS
 NORRISTOWN, Pa., March 31 /PRNewswire/ -- Provident American


Corporation (NASDAQ: PAMC), an insurance holding company, announced today that for the 12 months ended Dec. 31, 1991, it had a loss from operations of $745,000 or $.11 per share, on $69,235,000 of gross revenue.
 This compares with a loss from operations of $1,971,000 or $.33 per share, on $50,717,000 of gross revenue for the 12 months ended Dec. 31, 1990.
 For the three months ended Dec. 31, 1991, Provident had a loss from operations of $877,000 or $.13 per share, on $19,185,000 of gross revenue compared with a loss of $246,000 or $.03 per share, on $13,602,000 of gross revenue for the three months ended Dec. 31, 1990.
 Pre-need sales for the fourth quarter of 1991 were $2.8 million of face value and life premium income reached $14.5 million for the year compared to $7 million for 1990. For the first three quarters of 1991 the high cost of developing the pre-need market, distribution system and product portfolio, all of which have been charged to operations and not deferred, were offset by the favorable results in the special risk segment. In the fourth quarter, the operating results for the special risk segment were unable to offset the pre-need costs. For the year ended Dec. 31, 1991, the company spent in excess of $3 million for pre- need developmental costs.
 PROVIDENT AMERICAN CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Operations
 (000s omitted)
 Periods ended Three Months Year
 Dec. 31 1991 1990 1991 1990
 Accident and health
 premiums, gross $15,403 $11,342 $51,964 $41,662
 Life insurance premiums 2,653 1,655 14,468 7,005
 Other revenue 1,129 605 2,803 2,050
 Total gross revenue 19,185 13,602 69,235 50,717
 Less accident and
 health reinsurance 8,655 6,348 29,896 25,348
 Total net revenue 10,530 7,254 39,339 25,369
 Expenses 11,365 7,499 39,974 27,300
 Loss before taxes 835 245 635 1,931
 Tax expense 42 1 110 40
 Net loss 877 246 745 1,971
 Loss per share $.13 $.03 $.11 $.33
 /delval/
 -0- 3/31/92
 /CONTACT: Anthony R. Verdi, CFO of Provident American, 215-279-2500/
 (PAMC) CO: Provident American Corporation ST: Pennsylvania IN: INS SU: ERN


MP-KA -- PH013 -- 3349 03/31/92 10:56 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 31, 1992
Words:407
Previous Article:BROOKTROUT TECHNOLOGY TR112 FAX CARDS SEND, RECEIVE ONE MILLION FAXES IN 25 DAYS WITHOUT ERROR
Next Article:32-BIT DESCRIBE WORD PROCESSOR FOR OS/2 2.0
Topics:


Related Articles
PROVIDENT AMERICAN ANNOUNCES EARNINGS
PROVIDENT AMERICAN REPORTS RESULTS
PROVIDENT AMERICAN REPORTS RESULTS
PROVIDENT AMERICAN CORPORATION ANNOUNCES PROFITABLE THIRD QUARTER
PROVIDENT AMERICAN REPORTS RESULTS
PROVIDENT AMERICAN CORPORATION REPORTS
PROVIDENT AMERICAN ANNOUNCES EARNINGS
PROVIDENT AMERICAN REPORTS FIRST QUARTER RESULTS
PROVIDENT AMERICAN CORPORATION REPORTS THIRD QUARTER RESULTS
Provident American Reports Second Quarter Results

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