TORONTO, June 13, 2003 (PRIMEZONE) -- Goran Capital Inc. (OTCBB:GNCNF) (TSE:GNC), a leading specialty insurer, reported fourth quarter and year end results for 2002.
For the three months ended December 31, 2002, the Company reported a net profit (loss) of $(12,070,000), or $(2.24) per share, as compared to a net profit (loss) of $(9,409,000), or $(1.71) per share, for the same period in 2001. For the three months ended December 31, 2002, net profit (loss) before taxes and distributions on Preferred Securities was $(10,067,000), or $(1.87) per share, as compared to a net profit (loss) of $(6,734,000), or $(1.23) per share for the same period in 2001.
For the twelve months ended December 31, 2002, the Company reported a net profit (loss) of $(29,745,000), or $(5.51) per share, as compared to a net profit (loss) of $(34,093,000), or $(5.99) per share, for the same period in 2001. For the twelve months ended December 31, 2002, net profit (loss) before taxes and distributions on Preferred Securities was $(21,675,000), or $(4.02) per share, as compared to a loss of $(21,568,000), or $(3.79) per share, for the same period in 2001.
The Company anticipates filing the March 31, 2003 10-Q on or before July 3, 2003.
Goran Capital Inc. 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 year ended December 31, 2002 on Form 10-K with the SEC today. The Company's 2002 Annual Report was also filed with the SEC and is incorporated into the 10-K by reference. 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 Risk Factors (see Part I, Item 1 to the Company's Form 10-K for the year ended December 31, 2002), which statements are incorporated into this news release by reference.