DCAP Group, which owns and operates a chain of independent storefront insurance agencies, has reported a net loss of $229,658 for the first quarter of 2008, compared to a net income of $88,794 for the same period of 2007.
For the first quarter of 2008, net loss from continuing operations was $109,548 compared to a net income from continuing operations of $50,929 for the same period of 2007. Loss from discontinued operations, net of tax, was $120,110 for the quarter compared to a net income from continuing operations of $37,865 for the same quarter of 2007.
Barry Goldstein, chairman and CEO of DCAP, said: The difficult market conditions experienced during calendar years 2006 and 2007 continue, but seem to be abating.
Our company-owned and franchised stores continue to feel the commission declines caused by the rate decreases taken in the two prior years. While it appears that the market is now poised to increase premium rates, the timing is anything but certain.