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American Physicians Capital, Inc. Reports Fourth Quarter and Year End 2008 Results, Provides 2009 Annual Guidance and Increases Cash Dividend
EAST LANSING, Mich.--(BUSINESS WIRE)--February 12, 2009--American Physicians Capital, Inc. (APCapital) (NASDAQ:ACAP) today announced net income of $11.6 million or $1.24 per diluted common share for the fourth quarter of 2008. For the year ended December 31, 2008, APCapital generated net income of $45.2 million, or $4.60 per diluted common share. At December 31, 2008, APCapital’s book value per share was $28.83 based on 8,811,802 shares outstanding, an increase of 10.8% from $26.02 at December 31, 2007.
APCapital generated net income of $12.7 million or $1.19 per diluted share in the fourth quarter of 2007 and net income of $52.8 million or $4.73 per diluted share for the year ended December 31, 2007.
Today, APCapital’s Board of Directors elected to increase its quarterly cash dividend by 10% to $0.11 per common share payable on March 31, 2009 to shareholders of record on March 13, 2009.
“APCapital had a very strong year again in 2008,” said President and Chief Executive Officer R. Kevin Clinton. “We generated a return on beginning equity of 17.1%, returned $57.0 million to our shareholders through share repurchases and cash dividends, and increased our book value per share by 10.8%.”
Annual Guidance for 2009
“Our goal in 2008 was to report earnings of at least $4.25 per diluted share, and we significantly exceeded that goal,” said Clinton. “While premium rates have come down in recent years and reduced interest rates have lowered our investment return, we still believe 2009 will be another strong year. If the current trends in frequency, severity and pricing remain stable in our book of business, we expect to again exceed the benchmark of $4.25 earnings per diluted share in 2009.”
The following information was filed by American Physicians Capital Inc on Thursday, February 12, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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