Please wait while we load the requested 10-Q report or click the link below:
AMERICAN PHYSICIANS SERVICE GROUP, INC. REPORTS 28% GROWTH IN SECOND QUARTER EARNINGS PER SHARE
AUSTIN, TX (MARKET WIRE) August 2, 2010 American Physicians Service Group, Inc. (APS) (NASDAQ: AMPH) today announced results for the quarter and six months ended June 30, 2010. For the three months ended June 30, 2010, revenues were $20.7 million compared to $20.1 million for the same period last year. For the six months ended June 30, 2010, revenues were $40.8 million compared to $39.3 million in the same period last year. Net earnings for the second quarter were $6.2 million or $.90 per diluted share, compared to $4.9 million or $.70 per diluted share, in the same period last year. Net earnings for the first six months were $10.7 million or $1.54 per diluted share, compared to $9.7 million or $1.36 per diluted share in the same period last year.
Ken Shifrin, APS Chairman of the Board, stated, We are pleased to announce another successful quarter in which our net income and earnings per share exceeded the estimates of our outside equity analysts. Our book value per share continued its upward trend, increasing 2.4% in the quarter to a record $24.47, even while paying our seventh consecutive annual dividend on June 30th.
Tim LaFrey, President of APS, added, Our operating trends continued favorably. The number of policy holders grew 8% since June 2009, aided by a strong 92% retention rate in the second quarter. Our reserves remain at the upper end of the estimated range of loss exposure and we continue to accrue our current accident year at the high end of the loss estimate. On the investment side, cash and investments grew 2% since the beginning of the year to $264 million. We continue to maintain a shortened overall maturity in our portfolio, with an emphasis on safeguarding our capital while being ready to take advantage of any improvement in financial markets.
Mr. Shifrin concluded, Demonstrating faith in our continuing performance, we purchased a little over 1% of our outstanding stock during the quarter at an average price significantly below book value. Our board recently authorized an additional $5 million for our stock repurchase program, bringing the total authorized to $5.5 million. We look forward to reporting our progress as we move into the second half of 2010.
The following information was filed by American Physicians Service Group Inc on Monday, August 2, 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.
View differences made from one quarter to another to evaluate American Physicians Service Group 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 Service Group Inc.