WESTBRIDGE CAPITAL REPORTS QUARTERLY EARNINGS GAIN
WESTBRIDGE CAPITAL REPORTS QUARTERLY EARNINGS GAIN FORT WORTH, Texas, Nov. 4 /PRNewswire/ -- Westbridge Capital Corp.
(AMEX: WBC) today reported that its net earnings for the third quarter ended Sept. 30, 1992 increased to $469,000, equal to $.11 per share, doubling net earnings of $235,000, or $.06 per share, reported in the corresponding quarter a year ago. Comparative quarterly revenues were $13,641,000 and $15,746,000, respectively.
For the recent nine months, net operating income (excluding a one-time gain in the second quarter resulting from the adoption of FAS 109) rose to $1,117,000, equal to $.26 per share on total revenues of $42,252,000. Net income for the period, including the nonrecurring gain, totaled $2,251,000, or $.52 per share. In the first nine months of 1991, a period during which there were no extraordinary items, net income totaled $529,000, equal to $.13 per share, and revenues totaled $46,782,000. Martin E. Kantor, chairman and president of Westbridge, said that the results reflected continuing operating improvement from overhead reductions relative to premium revenue, increased administrative efficiencies and the stabilization of claim expense at acceptable levels. "Our recent acquisition of American Integrity's Medicare supplement business," he said, "will not significantly affect our reported results this year because of the timing of the purchase as well as the closing and other costs associated with the transaction. However, it has increased our total assets by 24 percent to $103.4 million and should improve next year's revenues by an estimated 40 percent. If we have done our homework and can administer the block efficiently, the impact on our earnings in 1993 should be substantial, starting in the first quarter," Mr. Kantor concluded. WESTBRIDGE CAPITAL CORP. (Thousands omitted except per share data, unaudited) Period ended Three months Nine months Sept. 30 1992 1991 1992 1991 Total revenues $13,641 $15,746 $42,252 $46,782 Income before cumulative effect of change in accounting principle 469 235 1,117 529 Cumulative effect on prior years of change in accounting principle -- -- 1,134 -- Net income 469 235 2,251 529 Earnings per share: Income before cumulative effect on change in accounting principle .11 .06 .26 .13 Cumulative effect on prior years of change of accounting principle -- -- .26 -- Net income .11 .06 .52 .13 Weighted average shares outstanding 4,403 4,148 4,330 4,148 -0- 11/4/92 /CONTACT: Michael C. Batte, vice president and chief financial officer of Westbridge Capital Corp., 817-878-3300/ (WBC) CO: Westbridge Capital Corp. ST: Texas IN: INS SU: ERN
TS-OS -- NY036 -- 2491 11/04/92 12:47 EST
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|Date:||Nov 4, 1992|
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