We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Atlantic American Corporation | NASDAQ:AAME | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0001 | 0.01% | 1.88 | 1.88 | 2.00 | 1.90 | 1.8663 | 1.88 | 1,257 | 21:00:01 |
Commenting on the results, Hilton H. Howell, Jr., chairman, president and chief executive officer, stated, “I couldn’t be more proud of our employees’ efforts during these trying times of the COVID-19 pandemic. In an unprecedented move, we quickly shifted to a work from home environment with no interruptions in servicing the needs of our policyholders and agents. Although results for the quarter were overshadowed by recent disruption in the financial markets, I’m encouraged by the improvement in operating results over prior year.”
Atlantic American Corporation is an insurance holding company involved through its subsidiary companies in specialty markets of the life, health, and property and casualty insurance industries. Its principal insurance subsidiaries are American Southern Insurance Company, American Safety Insurance Company, Bankers Fidelity Life Insurance Company and Bankers Fidelity Assurance Company.
Note regarding non-GAAP financial measure: Atlantic American Corporation presents its consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP). However, from time to time, the Company may present, in its public statements, press releases and filings with the Securities and Exchange Commission, non-GAAP financial measures such as operating income (loss). Management believes operating income (loss) is a useful metric for investors, potential investors, securities analysts and others because it isolates the “core” operating results of the Company before considering certain items that are either beyond the control of management (such as income tax expense, which is subject to timing, regulatory and rate changes depending on the timing of the associated revenues and expenses) or are not expected to regularly impact the Company’s operating results (such as any realized and unrealized investment gains (losses), which are not a part of the Company’s primary operations and are, to a limited extent, subject to discretion in terms of timing of realization). The financial data attached includes a reconciliation of operating income (loss) to net income (loss), the most comparable GAAP financial measure. The Company’s definition of operating income (loss) may differ from similarly titled financial measures used by others. This non-GAAP financial measure should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.
Note regarding Private Securities Litigation Reform Act: Except for historical information contained herein, this press release contains forward-looking statements that involve a number of risks and uncertainties. Actual results could differ materially from those indicated by such forward-looking statements due to a number of factors and risks detailed from time to time in statements and reports that Atlantic American Corporation files with the Securities and Exchange Commission.
For further information contact: | |
J. Ross Franklin | Hilton H. Howell, Jr. |
Chief Financial Officer | Chairman, President & CEO |
Atlantic American Corporation | Atlantic American Corporation |
404-266-5580 | 404-266-5505 |
Atlantic American CorporationFinancial Data
Three Months Ended | |||||||
March 31, | |||||||
(Unaudited; In thousands, except per share data) | 2020 | 2019 | |||||
Insurance premiums | |||||||
Life and health | $ | 30,628 | $ | 30,976 | |||
Property and casualty | 14,922 | 13,806 | |||||
Insurance premiums, net | 45,550 | 44,782 | |||||
Net investment income | 2,039 | 2,334 | |||||
Realized investment gains, net | 249 | 1,385 | |||||
Unrealized gains (losses) on equity securities, net | (8,455 | ) | 6,489 | ||||
Other income | 27 | 28 | |||||
Total revenue | 39,410 | 55,018 | |||||
Insurance benefits and losses incurred | |||||||
Life and health | 24,049 | 26,264 | |||||
Property and casualty | 9,534 | 9,043 | |||||
Commissions and underwriting expenses | 12,626 | 11,015 | |||||
Interest expense | 476 | 546 | |||||
Other expense | 2,952 | 2,865 | |||||
Total benefits and expenses | 49,637 | 49,733 | |||||
Income (loss) before income taxes | (10,227 | ) | 5,285 | ||||
Income tax expense (benefit) | (2,140 | ) | 1,123 | ||||
Net income (loss) | $ | (8,087 | ) | $ | 4,162 | ||
Earnings (loss) per common share (basic) | $ | (0.40 | ) | $ | 0.20 | ||
Earnings (loss) per common share (diluted) | $ | (0.40 | ) | $ | 0.19 | ||
Reconciliation of Non-GAAP Financial Measure | |||||||
Net income (loss) | $ | (8,087 | ) | $ | 4,162 | ||
Income tax expense (benefit) | (2,140 | ) | 1,123 | ||||
Realized investment gains, net | (249 | ) | (1,385 | ) | |||
Unrealized (gains) losses on equity securities, net | 8,455 | (6,489 | ) | ||||
Non-GAAP Operating loss | $ | (2,021 | ) | $ | (2,589 | ) | |
March 31, | December 31, | ||||||
Selected Balance Sheet Data | 2020 | 2019 | |||||
Total cash and investments | $ | 249,563 | $ | 281,530 | |||
Insurance subsidiaries | 243,633 | 274,730 | |||||
Parent and other | 5,930 | 6,800 | |||||
Total assets | 347,861 | 377,626 | |||||
Insurance reserves and policyholder funds | 192,846 | 201,906 | |||||
Debt | 33,738 | 33,738 | |||||
Total shareholders' equity | 101,518 | 118,394 | |||||
Book value per common share | 4.70 | 5.51 | |||||
Statutory capital and surplus | |||||||
Life and health | 29,997 | 35,546 | |||||
Property and casualty | 44,971 | 45,827 |
1 Year Atlantic American Chart |
1 Month Atlantic American Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions