American Physicians Service Group, Inc.
American Physicians Service Group, Inc. Reports Second-Quarter Earnings
AUSTIN, Texas, Aug. 14, 2003 (PRIMEZONE) -- American Physicians Service Group, Inc. ("APS") (Nasdaq:AMPH) today announced results for the quarter and six months ended June 30, 2003. For the three months ended June 30, 2003, revenues increased to $7,719,000 from $6,345,000 in the year-ago period. Net earnings were $684,000 or $.30 per share, compared to $449,000 or $.19 per share, in the comparable year-ago period. For the six months ended June 30, 2003, revenues increased to $15,232,000 from $12,248,000 in the comparable year-ago period. Net earnings were $1,236,000 or $.55 per share, compared to $3,051,000 or $1.26 per share in the comparable year-ago period. Net earnings includes items of a non-recurring nature. In 2002, recognition in the first quarter of a gain on the sale of investment securities and a related deferred income recognition was approximately $2,180,000, net of income taxes. In 2003, non-recurring items consisted primarily of second-quarter gains, net of income taxes, of $155,000 related to our investment in an unconsolidated affiliate and a $49,000 gain from the sale of securities. Excluding those non-recurring investment-related gains, net earnings decreased 4% for the quarter ended June 30, 2003 and increased 13% for the six months then ended. Income deferred upon the sale of real estate in late 2001 under a sale/leaseback arrangement was recognized as an expense reduction in the reporting periods; $122,000 in both quarters ended June 30, 2002 and 2003 and $244,000 in both six month periods then ended. There was no cash flow related to the amortization of this deferral in any of the reporting periods.