Gainsco has reported revenues of $49.06m for the fourth quarter of 2009, almost flat compared to $49.012m for the same period last year.
The company’s net premiums earned for the quarter were $43.7m, a decrease of 2% compared to $44.6m for the same period last year. Gross premiums earned for the fourth quarter of 2009 were $35.6m, a decrease of 16% compared to $42.4m for the same period last year.
Geographically, gross premiums written for the quarter in the Southeast regions that include Florida, Georgia, South Carolina were $21.3m, while Southwest regions that include Texas, Arizona, Nevada, New Mexico gross premiums written were $14.2m. West region, California, has $0.2m gross premiums written for the quarter.
For the forth quarter ended December 31, 2009, the company posted a net income of $0.24m, or $0.05 per diluted share compared to a net loss of $0.11m, or $0.02 per diluted share for the fourth quarter of 2008.
For the full year 2009, the company has reported revenues of $206.8m compared to $190.5m for 2008. Net premiums earned in 2009 were $185.2m compared to $176.6m in 2008. Net income for the fourth quarter was $4.1m, or $0.85 per diluted share compared to a net loss of $3.4m, or $0.70 per diluted share for the same period last year.