Please wait while we load the requested 10-Q report or click the link below:
American Physicians Capital, Inc. Reports First Quarter 2009 Results
EAST LANSING, Mich.--(BUSINESS WIRE)--April 30, 2009--American Physicians Capital, Inc. (APCapital) (NASDAQ:ACAP) today announced net income of $10.1 million or $1.13 per diluted common share for the first quarter of 2009. This compares to net income of $11.4 million, or $1.13 per diluted common share for the first quarter of 2008. At March 31, 2009, APCapital’s book value per share was $28.95 based on 8,569,382 shares outstanding.
“APCapital continues to produce solid financial results and to return value to shareholders even in these turbulent times,” said President and Chief Executive Officer R. Kevin Clinton. “During the first quarter, APCapital repurchased 295,200 shares at an average cost of $41.72 per share and paid out a cash dividend of $.11 per common share.”
“Loss development trends continued to be stable, resulting in $8.2 million of positive reserve development in the first quarter. Reported claims were again low at 244 for the first quarter and severity remained relatively flat,” stated Clinton.
Clinton continued, “I am also pleased to report that on April 9, 2009 A.M. Best Co. affirmed the financial strength rating of A- (Excellent) our primary subsidiary, American Physicians Assurance Corporation, and maintained our outlook as stable. This rating is a reflection of continued positive operating performance and an effective strategic plan.”
Reaffirm Annual Guidance for 2009
“If the current trends in frequency, severity and pricing remain stable in our book of business through 2009, we believe our Company will again report operating earnings of at least $4.25 per diluted share in 2009,” said Clinton.
The guidance and related assumptions are subject to the risks and uncertainties outlined in the Company’s Forward-Looking Statements section of this press release.
The following information was filed by American Physicians Capital Inc on Thursday, April 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.
View differences made from one quarter to another to evaluate American Physicians Capital Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by American Physicians Capital Inc.