UPDATE 21st Century's third-quarter net falls 38% |
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Mon, 05 Nov 2007 20:40
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Corrected per share earnings excluding chargesSAN FRANCISCO (Thomson Financial) - 21st Century Holding Co. on Monday reported third-quarter net earnings fell 38% to $1.87 million, or 24 cents a share, from $3.03 million, or 40 cents a share, in the year-ago period.The third quarter was impacted by a $2.8 million assessment by the Florida Insurance Guarantee Association, the company said. Upon regulatory approval, the assessment will be fully recouped by 21st Century through policy surcharges over an expected twelve-month period.Excluding the charge, the company's earnings would have been 46 cents a share.Total revenue in the three months ended Sept. 30 rose 19.4% to $29.6 million.The Lauderdale Lakes, Fla.-based insurance holding company forecast fourth-quarter earnings of 80 cents a share, and reaffirmed its 2007 forecast of $2.50 a share.Shares of 21st Century fell 13% to $13.88.Gabriel Madwaygm/vj/vjCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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21st Century Insurance upgraded on hopes of good integration with AIG - S&P 