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08.05.2018 23:05:00

First Acceptance Corporation Reports Operating Results for the Quarter Ended March 31, 2018

NASHVILLE, Tenn., May 08, 2018 (GLOBE NEWSWIRE) -- First Acceptance Corporation (OTCQX:FACO) today reported its financial results for the quarter ended March 31, 2018. A quarterly report can be found at www.otcmarkets.com/stock/FACO/disclosure.Income before income taxes, for the three months ended March 31, 2018 was $7.2 million, compared with income before income taxes of $1.6 million for the three months ended March 31, 2017. Net income for the three months ended March 31, 2018 was $5.4 million, compared with net income of $0.7 million for the three months ended March 31, 2017. Basic and diluted net income per share were $0.13 for the three months ended March 31, 2018, compared with a basic and diluted net income per share of $0.02 for the same period in the prior year. Net income for the three months ended March 18, 2018 reflects the lowering of the federal corporate tax rate to 21% from 35% in the prior year as a result of the recent tax legislation.For the three months ended March 31, 2018 and 2017, we recognized favorable prior period loss and loss adjustment expense development of $4.1 million and $0.5 million, respectively. For the three months ended March 31, 2018, we also recognized $386 thousand in unrealized losses on equity securities which are now a component of net income in accordance with newly-adopted accounting standards.President and Chief Executive Officer, Ken Russell, commented, "Driven by an improved loss ratio for the current accident period and favorable loss development for prior periods, the Company's first quarter results exceeded our expectations. Both reflect the significant efforts our team made over the past six quarters in appropriately pricing and risk-assessing our Acceptance-branded auto insurance products and improving the efficiency of our claims-handling processes. Along with the other strategic actions we have taken, I believe that these accomplishments have helped to establish a foundation upon which we can sustain profitable future growth.Mr. Russell further added "The Company has also continued to take significant strategic actions that will benefit us in the near and longer term. In April, we made several organizational changes in our sales management team and other operational ...Full story available on Benzinga.com
Weiter zum vollständigen Artikel bei "Benzinga"