TCHC reports record quarter
EPS of .89 versus stock price of 14.80 ... a large chunk of their business is Florida homeowners insurance and they are benefiting from huge rate increases after the hurricanes. A great buy if last year was a fluke. They claim it was a 1 in 700 year event to have 4 hurricanes hit Florida ...
LAUDERDALE LAKES, Fla.--(BUSINESS WIRE)--April 27, 2005--21st Century Holding Company (Nasdaq:TCHC - News), today reported results for the quarter ended March 31, 2005 (see attached tables).
For the quarter ended March 31, 2005, the Company reported net income of $5,821,260, or $0.95 per share on 6,152,548 undiluted shares, versus net income of $2,924,008 or $0.52 per share on 5,639,743 undiluted shares in the same three-month period last year. On a diluted share basis, the Company reported earnings of $0.89 per share, based on 6,532,023 average diluted shares outstanding. These record results beat Company guidance of $0.80 to $0.85 per share by $0.10 and $0.04 per share respectfully as income surged by almost 100% from the same three-month period last year.
Net premiums earned increased $6.6 million or 54.0% to $18.8 million for the three months ended March 31, 2005, as compared to $12.2 million for the same three-month period last year.
Total revenues increased $7.2 million or 48.8% to $21.9 million for the three months ended March 31, 2005, as compared to $14.7 million for the same three-month period last year.
Edward J. (Ted) Lawson, President and Chairman of the Board, said, "I am very pleased with our first quarter results and expect our profitability momentum to continue. As a further sign of our improving cash position, we will be using cash to pay our upcoming quarterly principal and interest payment on our subordinated debt issues, as opposed to using stock, as we have in the past. We are receiving substantial cash from our continuing operations and our stock is selling at a very low valuation. Additionally, we feel comfortable with our reserve adequacy for our claims. Consequently, instead of using our stock at a depressed level to repay our note obligation, we anticipate that future payments will continue to be made in cash. "
AI
