Initial reports acceptance Corporation fourth quarter and fiscal 2004 Financial Results
Nashville, Tenn.. — First Acceptance Corporation (NYSE: FAC) reported today on its financial results for the fourth quarter and year ended June 30, 2004.
The main strengths
– Successful participation to 30 April 2004, the acquisition of USAuto Holdings, Inc. ( “USAuto”) for $ 76 million in cash, was partially offset by a right issue for shareholders and issuance of shares 13250000 the shareholders of the USAuto.
– From the acquisition date until June 30, 2004 (two months), insurance operations produced a turnover of $ 18.2 million and profit before tax of $ 3.3 million, a report by the combined ratio of 74.8% (after adjustment expenses for ceding commissions and fee income reinsurers), a loss ratio of 61.1% over the same period.
Actual results
The net loss for the three months to June 30, 2004 (which is also that two months after the insurance operations) was $ 6.1 million, a net loss of $ 0.16 per share on a fully verwässerter, compared to a net loss of $ 0.8 million, a net loss of $ 0.04 on a fully verwässerter for the same period of fiscal 2003. All revenue rose from $ 0.3 million in the fourth quarter of 2003 to $ 18.4 million in the fourth quarter of 2004, following the opening of USAuto’s non-standard auto insurance. Total expenditure for the period 2004 $ 3.3 million of costs and commitments of $ 7.6 million on hand to pay for staff. Total weighted average diluted shares increased by 20.4 million in the fourth quarter of 2003, to 38.2 million in the fourth quarter of 2004, following the purchase of the rights issue and USAuto purchase.
The net loss for the year ended June 30, 2004 was $ 3.8 million, a net loss of $ 0.15 per share on a fully verwässerter, compared to a net loss of $ 1.9 million, a net loss of $ 0.09 on a fully diluted basis for fiscal 2003. Total weighted average diluted shares increased by 20.4 million during fiscal 2003 to 25.0 million in 2004 following the exercise of the right baseline and emission USAuto purchase.
Pro-forma results
On pro forma basis for the year ended June 30, 2004 (the acquisition of USAuto took place on 1 July 2002), total revenues were $ 100.3 million, compared to $ 80.4 million for fiscal 2003. On pro forma basis, net income increased 27% to $ 9.1 million for fiscal 2003 to $ 11.6 million for fiscal 2004, and is entirely verwässerter, net income per share s ‘is increased by 26% from $ 0.19 for fiscal 2003 to $ 0.24 for fiscal 2004.
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