Universal Insurance Holdings Inc (UVE)

[Rawnoc]

Just found something juicy....anybody notice this from the last 10q?

"The Company's net loss ratio increased principally due to additional net losses of $2,220,000 related to 2004 catastrophes recognized in the three-month period ended June 30, 2006."

That was a .06/share one-time charge related to something that happened 2 years ago when they had piss sales and no profits. Obviously it should be discounted, especially when trying to gage how they'll do going forward.

EPS last quarter for all practical purposes was .11 EPS, up .02 EPS over the quarter before. 1st 6 months of 2006 = .20 or a .40 annualized pace. PE at $1.60 = 4. Plus they forecasted growth going forward and that was before they knew how much of a dud this hurricane season would turn out.