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American Physicians Capital, Inc. Reports Second Quarter 2009 Results
EAST LANSING, Mich.--(BUSINESS WIRE)--July 30, 2009--American Physicians Capital, Inc. (APCapital) (NASDAQ:ACAP) today announced net income of $11.0 million or $1.30 per diluted common share for the second quarter of 2009. This compares to net income of $11.0 million, or $1.11 per diluted common share for the second quarter of 2008. Year-to-date, the Company has generated net income of $21.1 million or $2.43 per diluted common share in 2009, compared to $22.4 million or $2.24 per diluted common share in the first six months of 2008. At June 30, 2009, APCapital’s book value per share was $29.83 based on 8,053,487 shares outstanding.
“Our careful management of investments and capital, solid underwriting, and favorable reserve development resulted in a very strong quarter for APCapital,” said President and Chief Executive Officer R. Kevin Clinton. “We continued to return value to our shareholders through dividends and share repurchases, and effective tomorrow, our shareholders will be distributed additional shares as a result of our recent four-for-three stock split.”
“The market remains competitive, making premium growth challenging,” added Clinton. “However, we remain a disciplined underwriter and continue to be patient as we search for growth opportunities.”
On June 23, 2009, the Company’s Board of Directors declared a four-for-three stock split of its common shares to shareholders of record on July 10, 2009. Shares resulting from the stock split will be distributed to shareholders July 31, 2009. All share and per share numbers disclosed in this press release are presented pre-stock split. Our quarterly report on Form 10-Q will be filed subsequent to the stock split, and as such will include disclosures of share and per share amounts on a split adjusted basis.
Updated Annual Guidance for 2009
“We have previously stated that we expect to report operating earnings of at least $4.25 per diluted share for 2009,” said Clinton. “However, as a result of better than expected loss cost trends in the first six months of 2009, we are updating our annual guidance for 2009. We believe that if the trends in frequency, severity and pricing remain stable in our book of business throughout the second half of 2009, we should report operating earnings for 2009 of at least $4.60 per diluted share.”
The following information was filed by American Physicians Capital Inc on Thursday, July 30, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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