TORONTO, Nov. 15, 2002 (PRIMEZONE) -- Goran Capital Inc. ("the Company") (OTCBB:GNCNF) (TSE:GNC), a leading specialty insurer, reported third quarter results for 2002.
For the three months ended September 30, 2002, the Company reported a net loss of $(3,322,000), or $(0.62) per share, as compared to a net loss of $(9,041,000), or $(1.57) per share, for the three months ended September 30, 2001. For the three months ended September 30, 2002, net loss before taxes and distributions on Preferred Securities was $(1,243,000), or $(0.23) per share, as compared to a net loss of $(6,558,000), or $(1.14) per share, for the three months ended September 30, 2001.
For the nine months ended September 30, 2002, the Company reported a net loss of $(17,675,000), or $(3.28) per share, as compared to a net loss of $(24,684,000), or $(3.90) per share, for the nine months ended September 30, 2001. For the nine months ended September 30, 2002, net loss before taxes and distributions on Preferred Securities was $(11,608,000), or $(2.15) per share, as compared to a net loss of $(14,834,000), or $(2.57) per share, for the nine months ended September 30, 2001.
The Company owns insurance companies principally in the non-standard automobile insurance market. Visit the Company's websites at www.gorancapital.com and www.sigins.com.
The Company filed its results for the three months ended September 30, 2002 on Form 10-Q with the SEC. This information may be accessed on the SEC's website using the EDGAR database at www.sec.gov/.
"Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. A variety of factors could cause the Company's actual results to differ from the reported results expressed in such forward-looking statements. Investors are referred to the Company's Forward Looking Statements and Certain Risks (Part I, Item 2 of the Company's Form 10-Q for the three months ended September 30, 2002), which statements are incorporated into this news release by reference.