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APS Announces First Quarter Results, Reports
Record Number of Policyholders
AUSTIN, TEXAS, May 3, 2010 American Physicians Service Group, Inc. (APS) (NASDAQ: AMPH) today announced results for the quarter ended March 31, 2010. Revenues were $20 million compared to $19.2 million for the same period last year. Net earnings were $4.5 million or $.65 per diluted share, compared to $4.7 million or $.67 per diluted share in the same period last year.
Ken Shifrin, APS Chairman of the Board, stated, We continued to build our financial strength going into 2010. Good earnings were the key to a 3% increase in book value per share to $23.89. We also reduced debt, through an early $1 million redemption payment on our preferred stock, even as cash and investments grew to $273 million, a 5% increase from year end.
Tim LaFrey, President of APS, added, Our insurance operations remain very strong, with the number of policyholders growing 5% during the quarter and gross written premiums up 6% in that same time period. Retention, at 90%, reflects our focus on providing the ultimate in service to our insured physicians and other healthcare professionals. We have not relaxed our underwriting standards to achieve this growth, as seen in our excellent claims experience. Pending claims declined by 6% from year-end and our reserves per claim is the strongest it has ever been. We recognized $4.7 million of favorable claims development during the quarter, compared to $5.7 million in the comparable quarter of 2009.
Mr. LaFrey continued, In our financial services operation we experienced some degradation in the bottom line, as flat revenues did not completely offset an increase in professional fees. We did see a pickup in revenues at quarter-end and continue our efforts to maximize the contribution from this segment.
Mr. LaFrey concluded, As Mr. Shifrin noted, our cash and investments increased during the quarter. We continued to move the portfolio in a safer, shorter, direction at the expense of some yield. Investment income was down about $51 thousand quarter-over-quarter as a result, but we feel that protecting our capital now gives us greater flexibility to take advantage of interest rates when they move up. We continue to believe that our stock is undervalued and we repurchased approximately 24 thousand shares during the quarter at an average price below book value. We are looking forward to reporting our progress as we continue into 2010.
The following information was filed by American Physicians Service Group Inc on Monday, May 3, 2010 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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