Insurance company AmComp has reported net income of $2.4 million, or $0.16 per diluted share for the fourth quarter ended December 31, 2007, compared to $1.3 million, or $0.08 per diluted share for the corresponding period of 2006.
Total revenue for the fourth quarter was $61.9 million versus $68.7 million in the comparable period in 2006.
For the full-year period ended December 31, 2007, net income was $18.8 million, or $1.20 per diluted share, an increase of 13.7% compared to $16.6 million, or $1.11 per diluted share for 2006. Total annual revenue decreased 12.3% to $249.1 million in 2007 compared to $283.9 million in 2006.
Fred Lowe, president and CEO, said: We are pleased with the bottom line results we achieved in the fourth quarter and overall for the 2007 fiscal year. Our earnings were strong and reflect our commitment to maintaining underwriting profitability and a solid balance sheet.