FPIC Insurance reported a net income of $4.5m for Q4 08 compared to $15.1m for Q4 07
FPIC Insurance has reported a net income of $4.5m, or $0.55 per diluted share, for the fourth quarter ended December 31, 2008, as compared to $15.1m, or $1.62 per diluted share, for the fourth quarter ended December 31, 2007.
Operating earnings for the fourth quarter of 2008 were $9.7m, or $1.19 per diluted share, as compared to $15.3m, or $1.64 per diluted share, for the fourth quarter of 2007. For the quarter, total revenues were $43.01m, as compared to $56.98m for the same quarter in 2007.
Net income for the year ended December 31, 2008 was $32.1m, or $3.72 per diluted share, as compared to $50.9m, or $5.21 per diluted share, for the year ended December 31, 2007. For the year 2008, operating earnings were $41.1m, or $4.76 per diluted share, compared to $51.4m, or $5.27 per diluted share, for the year 2007. Total revenues for 2008 declined to $190m from $230.02m for 2007.
John Byers, president and CEO of FPIC, said: Our operating results benefited from the continuation of overall favorable claims results, as well as the success of our business development and capital management initiatives. As we move into 2009, we are a financially strong and well-positioned organisation with an unwavering focus on creating sustainable shareholder value.