National Security Group, Inc. Releases Earnings
29 February 2008 - 6:30AM
Business Wire
The National Security Group, Inc. (NASDAQ: NSEC) today announced
its financial results for the year and three month periods ended
December 31, 2007. Total revenues for the year increased 3.65% to
$69,563,000 compared to $67,113,000 for 2006. Leading the increase
in total revenue was a 5.73% increase in premium revenue to
$62,250,000 in 2007 compared to 58,874,000 for the year 2006.
Growth in the dwelling fire and homeowners lines of business in the
property and casualty subsidiaries were the primary contributors to
the growth in premium revenue. Net income for the year increased
42.12% to $6,040,000, or $2.45 per share, compared with net income
of 4,250,000, or $1.72 per share for 2006. Net income from
continuing operations of the insurance subsidiaries was $4,721,000
compared to $4,439,000 in 2006, an increase of 6.35%. Increased
earnings in the property and casualty subsidiary were the primary
contributor to the increase in earnings for the year. Net income
from discontinued operations of $1,319,000 consisted of a gain on
disposal of the majority of a 50% investment in Mobile Attic, Inc.
in the second quarter of 2007. The Company maintains a 5% interest
in Mobile Attic. Mobile Attic�s net loss from discontinued
operations for 2006 was $189,000. Fourth quarter 2007 net income
declined 2.08% to $1,552,000, or $0.63 per share, compared to
$1,585,000, or $0.64 per share for the quarter ended December 31,
2006. Moderate adverse development on claims incurred in prior
years was the primary contributor to the decrease in earnings
during the fourth quarter. There was no material contribution to
net income from discontinued operations in the fourth quarter of
2007. Stockholders equity for the year ended December 31, 2007 was
$48,447,000 compared to $45,379,000 at December 31, 2006, an
increase of $3,068,000 or 6.76%. The change in stockholders equity
is composed of dividends paid to shareholders of $2,220,000; net
income of $6,040,000 and a decline in accumulated other
comprehensive income, consisting of accumulated unrealized capital
losses, of $752,000. Year end book value per share, defined as
stockholders equity divided by common shares outstanding of
2,466,600, was $19.64 at December 31, 2007 compared to $18.39 at
December 31, 2006. � � � Three Months Year Ended December 31 Ended
December 31 2007 � 2006 2007 � 2006 Premium Earned $ 15,888,000 $
14,331,000 $ 62,250,000 $ 58,874,000 Investment Income 1,120,000
1,109,000 4,749,000 4,463,000 Realized Investment Gains 964,000
646,000 1,493,000 2,565,000 Other Income 251,000 274,000 1,071,000
1,211,000 Total Revenues � 18,223,000 16,360,000 69,563,000
67,113,000 Net Income $ 1,552,000 $ 1,585,000 $ 6,040,000 $
4,250,000 Net Income Per Share $ 0.63 $ 0.64 $ 2.45 $ 1.72 � The
National Security Group, Inc., through three wholly owned
subsidiaries, offers a range of personal lines life, accident and
health, property and liability insurance in twelve states. The
Company is listed on the NASDAQ Global Market under the symbol:
NSEC. For more financial information please visit the investor
section our website www.nationalsecuritygroup.com.
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