Please wait while we load the requested 10-K report or click the link below:
|FOR IMMEDIATE RELEASE|
|Media Contact:||Investor Relations Contact:|
|Suzie Boland||Alison Ziegler|
|RFB Communications Group||Cameron Associates|
Homeowners Choice Reports Profitable Fourth Quarter and 2009
Tenth consecutive quarter of profitability
Strong balance sheet: $92 million in cash and short term and liquid investments with no debt
Book value of $7.03 per share increased 29.5% during 2009
Clearwater, Fla. (Mar. 9, 2010) Homeowners Choice, Inc. (NASDAQ:HCII), a Florida-based provider of homeowners insurance, today announced its results of operations for the three months and year ended Dec. 31, 2009.
Fourth Quarter 2009
Net income for the fourth quarter of 2009 was $807,000, or $0.11 per diluted share, compared with net income of $5.1 million, or $0.71 per diluted share, for the fourth quarter of 2008. Book value per share increased from $5.43 at Dec. 31, 2008 to $7.03 at Dec. 31, 2009, an increase of 29.5 percent.
Gross premiums earned for the fourth quarter of 2009 increased to $25.9 million from $24.5 million in the prior year quarter. Net premiums earned for the fourth quarter of 2009 decreased 35 percent to $12.4 million from $19.0 million in the prior year quarter. Net premiums earned are gross premiums earned reduced by premiums ceded to reinsurance companies that cover certain risks from hurricanes and other catastrophes. During the fourth quarter of 2009, reinsurance costs were 52 percent of the companys gross premiums earned compared to only 23 percent in the prior year quarter. Homeowners Choice also reported investment income of $558,000 for the fourth quarter compared with $469,000 in the prior year fourth quarter.
Losses and loss adjustment expenses for the fourth quarter were $6.0 million compared with $10.5 million in the prior year quarter. Policy acquisition and other underwriting expenses for the fourth quarter of 2009 were $3.9 million. This compares to a $1.1 million net cost benefit realized during the fourth quarter of 2008 primarily due to a one-time, retroactive reduction of $3.6 million in the assumed commissions applicable to policies assumed from Citizens during 2008 and 2007. Other operating expenses, which include a variety of general and administrative costs, for the three months ended Dec. 31, 2009 and 2008 were $1.7 million and $1.4 million respectively.
Full Year 2009
For the year ended Dec. 31, 2009, net income was $10.9 million, or $1.52 per diluted share, a decline from net income of $12.7 million, or $2.08 per diluted share, for the year ended Dec. 31, 2008.
The following information was filed by Hci Group, Inc. (HCI) on Tuesday, March 9, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Hci Group, Inc.'s financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Hci Group, Inc..