For fiscal 2008 total revenues decreased by 2% to $268.69m from the $275.17m for fiscal 2007
Hallmark Financial Services has reported a net loss of $2.41m, or $0.12 per diluted share, for the fourth quarter ended December 31, 2008, compared to a net income of $7.28m, or $0.35 per diluted share, for the fourth quarter ended December 31, 2007.
Total revenues for the fourth quarter of 2008 were $60.2m, representing a 14% decrease from the $69.9m reported for the same quarter of 2007.
Hallmark reported fiscal 2008 net income of $12.9m, or $0.62 per diluted share, compared to $27.86m, or $1.34 per diluted share, reported for fiscal 2007.
For fiscal 2008, total revenues decreased by 2% to $268.69m from the $275.17m for fiscal 2007.
According to Hallmark, the fourth quarter and fiscal 2008 results were impacted by investment impairments the company has recognised to reflect market conditions, investment losses realised for tax planning purposes, a valuation allowance on its deferred tax asset and the hurricanes that hit the Texas coast during the third quarter.
Hallmark Financial sells both general and exceptional insurance to cover risks. Its Hallmark General Agency unit provides general commercial property and casualty coverage while its Texas General Agency sells specialty property and casualty insurance.