Printer Friendly

US FACILITIES CORP. POSTS 25 PERCENT EARNINGS GAIN IN 1993 SECOND QUARTER

 COSTA MESA, Calif., Aug. 3 /PRNewswire/ -- US Facilities Corp. (NASDAQ-NMS: USRE) today reported a 25 percent increase in earnings for the second quarter ended June 30, 1993. Net income rose to $1,844,000, or $.31 per share, from $1,469,000, or $.25 per share, a year earlier. Total revenues in the current quarter were up 38 percent to $27,155,000 from $19,705,000 in the same period last year.
 For the six months ended June 30, 1993, net income rose 18 percent to $3,694,000, or $.62 per share, from $3,130,000, or $.52 per share, in the corresponding 1992 period. Revenues advanced 36 percent in the first six months to $53,169,000 from $38,965,000 in the same period of 1992.
 The company's revenue growth in the second quarter of the year was attributable primarily to a 57 percent increase in earned medical stop- loss reinsurance premiums. Commission and fee income increased 17 percent in the 1993 quarter compared with a year earlier, as medical stop-loss rate increases continued and the number of accounts improved. Total premiums earned advanced 46 percent to $20,005,000 in the second quarter vs. $13,665,000 a year ago.
 US Facilities Corp. is a specialty insurer principally engaged in the marketing, underwriting and reinsuring of medical stop-loss coverage through its subsidiaries, US Benefits Inc. and USF RE Insurance Co. USF RE also reinsures property and casualty business through reinsurance intermediaries nationwide.
 US FACILITIES CORP.
 Condensed Consolidated Income Statements
 (000 omitted except for per share data)
 Quarter Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues:
 Premiums earned $20,005 $13,665 $39,120 $26,797
 Commissions and fees 5,308 4,525 10,546 9,134
 Net investment income 1,517 1,255 2,917 2,627
 Realized investment gains 325 260 586 407
 Total revenues 27,155 19,705 53,169 38,965
 Operating expenses:
 Losses and loss
 adjustment expenses 13,881 9,109 26,905 18,005
 Other expenses 10,895 8,642 21,462 16,598
 Interest expense 22 46 51 117
 Total operating expenses 24,798 17,797 48,418 34,720
 Income before income taxes 2,357 1,908 4,751 4,245
 Income tax expense 513 439 1,057 1,115
 Net income $1,844 $1,469 $3,694 $3,130
 Net income per common and
 common equivalent share: $.31 $.25 $.62 $.52
 Average number of common
 shares outstanding during
 period 5,935 5,933 5,916 5,983
 -0- 8/3/93
 /CONTACT: George Kadonada, chairman, or Rosemary Mulligan, of US Facilities, 714-549-1600/
 (USRE)


CO: US Facilities Corp. ST: California IN: INS SU: ERN

MF-LS -- LA013 -- 8833 08/03/93 11:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 3, 1993
Words:460
Previous Article:DOLCO PACKAGING CORP. ANNOUNCES SECOND QUARTER RESULTS
Next Article:TOSCO REPORTS RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters