First Acceptance Corporation, a provider of non-standard private passenger automobile insurance, has reported that its net loss for the second quarter ended December 31, 2007 was $11.7 million, or $0.25 per share on a diluted basis, compared with net income of $2.7 million, or $0.05 per share on a diluted basis, reported for the same period of 2006.
First Acceptance’s revenues for second quarter of 2007 were $82.3 million compared with $84.3 million in the same period in 2006. Revenues for the six months ended December 31, 2007 were $169.5 million, compared with $163.4 million for the corresponding period in 2006.
The company’s net loss for the six months ended December 31, 2007 was $9.8 million, or $0.21 per share on a diluted basis, compared with net income of $4.2 million, or $0.08 per share on a diluted basis, for the corresponding period in 2006.
The premiums earned by the company have increased by $4.5 million, or 3%, to $145.3 million for the six months ended December 31, 2007 from $140.8 million for the same period in 2006. This increase was the result of premium growth in our South Carolina, Pennsylvania, Texas and Illinois markets. Total number of insured policies in force at December 31, 2007 decreased 7% to 203,008 from 217,560 at December 31, 2006.