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WESTBRIDGE CAPITAL'S SECOND QUARTER NET MORE THAN DOUBLED PRIOR-YEAR PERIOD

 WESTBRIDGE CAPITAL'S SECOND QUARTER NET
 MORE THAN DOUBLED PRIOR-YEAR PERIOD
 FORT WORTH, Texas, Aug. 5 /PRNewswire/ -- Westbridge Capital Corp. (AMEX: WBC), a specialized health insurer, today reported that net income for the second quarter ended June 30, 1992, rose to $400,000, equal to 9 cents per share, on total revenues of $13,845,000.
 This compared with net income of $190,000, or 5 cents per share, and revenues of $15,557,000 reported in the corresponding period of 1991. The weighted average outstanding shares rose approximately 6 percent between the two periods resulting from the effect of the increased price of Westbridge shares on stock options outstanding.
 For the six months, net income totaled $1,782,000, equal to 41 cents per share, compared to net income of $294,000, or 7 cents per share, in the 1991 period. This year's net income includes a one-time gain of $1,134,000, or 26 cents per share, representing the effect of a change in accounting principle. Total revenues were $28,611,000 and $31,036,000 for the respective first-half periods. Weighted average shares outstanding during the first six months of 1992 similarly increased by approximately 3 percent over the same period a year ago.
 The new accounting principle, FAS 109, "Accounting for Income Taxes," which mandates the liability method for recording deferred income taxes, was promulgated by the Financial Accounting Standards Board for adoption no later than the first quarter of 1993, with early adoption encouraged. Having elected to adopt the principle during the recent second quarter, Westbridge was required to record its cumulative effect as of the beginning of the year and to restate first quarter amounts in the financial results for the first six months ended June 30, 1992.
 Martin E. Kantor, chairman and president, said that the improved operating profit during the quarter was attributable to improved product performance, caused primarily by reduced claims, and to the maintenance of strict overhead controls. "Revenue levels, which are down because of last year's sale of a block of old life business and the effect of rate increases introduced last fall, are expected to recover as the result of increasing marketing activity in our new products. This should further improve our operating margins," he concluded.
 WESTBRIDGE CAPITAL CORP.
 (In 000s, except per-share data)
 Periods ended June 30 Three Months Six Months
 1992 1991 1992(B) 1991
 Total revenues $13,845 $15,557 $28,611 $31,036
 Income before cumulative
 effect of change in
 accounting principle 400 190 648 294
 Cumulative effect on prior years
 of change in accounting for
 income taxes(A) -- -- 1,134 --
 Net income 400 190 1,782 294
 Earnings per share:
 Before cumulative effect of
 change in accounting principle $.09 $.05 $.15 $.07
 Cumulative effect on prior
 years of change in accounting
 principle(A) -- -- .26 --
 Net income .09 .05 .41 .07
 Wtd. avg. shrs. outstdg. 4,387 4,148 4,293 4,148
 (A) -- Reflects one-time gain from adoption of Statement of Financial Accounting Standards (FAS) No. 109 "Accounting for Income Taxes" effective Jan. 1, 1992.
 (B) -- Previously reported first quarter net income and per share amounts included in 1992 six months results restated to give effect to adoption of above-mentioned accounting principle.
 -0- 8/5/92
 /CONTACT: Michael C. Batte, VP and CFO of Westbridge Capital, 817-878-3300/
 (WBC) CO: Westbridge Capital Corp. ST: Texas IN: INS SU: ERN


LR-CK -- NY056 -- 7124 08/05/92 13:07 EDT
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Date:Aug 5, 1992
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