AMIC posts big EPS #s. 1.7m floater
http://finance.yahoo.com/news/american-independence-corp-announces-2012-002422765.html
Net income attributable to AMIC increased to $7.2 million ($.87 per share, diluted), for the three months ended December 31, 2012, compared to $0.5 million ($.06 per share, diluted), for the three months ended December 31, 2011. Due to our profitability in 2012 and projected continuing profitable results, AMIC's net income and operating income for the fourth quarter and year ended December 31, 2012 were positively impacted by an increase of $5.9 million in the deferred tax asset related to our federal net operating loss carryforwards ("NOLs").
Revenues increased to $29.4 million for the three months ended December 31, 2012, compared to revenues of $21.4 million for the three months ended December 31, 2011, primarily due to an increase in premiums.
Net income attributable to AMIC increased to $9.6 million ($1.16 per share, diluted), for the year ended December 31, 2012, compared to $2.5 million ($.29 per share, diluted), for the year ended December 31, 2011. Revenues increased to $101.9 million for the year ended December 31, 2012, compared to revenues of $88.0 million for the year ended December 31, 2011, primarily due to an increase in premiums.
The Company's operating income for the three months ended December 31, 2012 was $1.5 million ($.19 per share, diluted), as compared to $0.7 million ($.08 per share, diluted) for the three months ended December 31, 2011. Operating income was $5.3 million ($.64 per share, diluted), for the year ended December 31, 2012, as compared to $3.5 million ($.41 per share, diluted) for the year ended December 31, 2011.
Chief Executive Officer's Comments
Roy Thung, Chief Executive Officer, commented, "We continue to experience growth and improved loss ratio results in our stop-loss line from business underwritten by IHC Risk Solutions. We are excited by the growth and returns on our pet line of business and our expansion into new lines of business, including non-subscriber occupational accident and international insurance, and our new direct-to-consumer tools and distribution platforms. Our financial condition and balance sheet remain strong. We have no debt and have grown our book value to $12.59 per share at December 31, 2012 from $11.36 per share at December 31, 2011."
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
Net income attributable to AMIC $ 7,158 $ 507 $ 9,592 $ 2,494
Amortization of intangible assets related to purchase accounting 30 34 124 135
Net realized investment gains (403) (197) (603) (520)
Net impairment losses recognized in earnings -- 69 189 89
Federal income tax charge related to deferred taxes for operating income 647 291 1,868 1,258
Reduction of valuation allowance related to deferred tax asset (5,900) -- (5,900) --
Operating Income from continuing operations $ 1,532 $ 704 $ 5,270 $ 3,456
Non - GAAP Basic Income Per Common Share: $ .19 $ .08 $ .64 $ .41
Non - GAAP Diluted Income Per Common Share: $ .19 $ .08 $ .64 $ .41
