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AMERICAN PHYSICIANS SERVICE GROUP, INC. REPORTS
THIRD QUARTER EARNINGS
AUSTIN, TX (MARKET WIRE) November 2, 2010 American Physicians Service Group, Inc. (APS) (NASDAQ: AMPH) today announced results for the quarter and nine months ended September 30, 2010. For the three months ended September 30, 2010, revenues were $18.3 million compared to $19.9 million for the same period last year. For the nine months ended September 30, 2010, revenues were $55.4 million compared to $55.8 million in the same period last year. Net earnings for the third quarter were $4.9 million or $.71 per diluted share, compared to $6.4 million or $.92 per diluted share, in the same period last year. Net earnings for the first nine months were $15.6 million or $2.25 per diluted share, compared to $16.1 million or $2.28 per diluted share in the same period last year.
Ken Shifrin, APS Chairman of the Board, stated, On September 1, 2010 we announced our agreement to merge with ProAssurance Corporation for $32.50 cash per common share. While this quarters earnings were excellent, they declined from the prior period due to non-recurring transaction related expenses of $1.5 million, including legal and other professional expenses, a fairness opinion, and certain compensation expenses.
Tim LaFrey, President of APS, added, A competitive environment spurred by the success of tort reform in Texas continues to put pressure on prices and thus premium revenue in our largest market. Conversely, tort reform benefits us with low claims frequency and our underwriting margin continues to be very favorable. On the investment side, recurring investment income is beginning to stabilize at a lower level as interest rates have little room to fall any further; likewise, the investment portfolio has stabilized, with increased capital gains and fewer impairments in 2010. We continue to emphasize safeguarding our capital in our investment decisions.
Mr. Shifrin concluded, Our management team is focused on completing the requirements of the merger in order to achieve a 2010 closing. We look forward to communicating further with you as that event approaches.
As a result of the proposed acquisition of APS by ProAssurance Corporation, the Company has elected to discontinue hosting its earnings conference call.
APS is an insurance services firm with subsidiaries and affiliates which provide medical malpractice insurance and related services for physicians and other healthcare providers. APS is headquartered in Austin, Texas.
The following information was filed by American Physicians Service Group Inc on Tuesday, November 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.
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