Net earnings for Hallmark Financial Services
Dallas-based Hallmark Financial Services Inc. reported operating results for the first quarter to March 31, 2003, saw its net profit increased to $ 8.6 million or $ 0.75 on a diluted basis per share, compared to a loss net $ 1.5 million or $ 0.14 on a diluted basis per share for the same period in 2002.
Total revenues were $ 18.7 million for the quarter to 31 March 2003, compared to $ 5.1 million for the corresponding period of 2002.
Without the extraordinary profits and the cumulative effect of change in accounting principles described below, net earnings for the quarter to 31 March 2003 was $ 0.4 million, compared to net income of $ 0.2 million for the same period in 2002.
Mark Hall, the first quarter of 2003 was positively influenced the result by recent acquisitions of Phoenix Indemnity Insurance Company (Phoenix), with effect from 1 January 2003 and Miller General Agency (MGA), December 1, 2002. The acquisition of Phoenix was established in accordance with Statement of Financial Accounting Standards (SFAS) No. 141, “Business Combinations.” This statement requires the company to estimate the fair value of assets acquired and liabilities of the company at the time of acquisition. In accordance with the application of SFAS 141, the Company has recognized an extraordinary gain of $ 8.2 million from the acquisition of Phoenix.
In addition, the company saw improvements in its normal operating income for first quarter 2003 compared to 2002 because of improved reporting the loss as a result of increases in premium rates in the different insurance companies.
“The assimilation of our recent acquisitions and operational improvements in our existing Texas non-standard automobile insurance are operating procedures in the plan of the company,” said Mark E. Schwarz, president and CEO.
Mark Hall, deals primarily on the sale of damage and accident insurance business products. The store sales, underwriting and premium financing of non-standard personal auto insurance in the first row in Texas, Arizona and New Mexico, commercial insurance in Texas, New Mexico, Idaho, Oregon and Washington , Rights of third parties, hotel, insurance and other related services.
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