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Kingsway Financial Services Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: March 28, 2012 06:47AM

Kingsway Financial Services Inc. (KFS) filed Quarterly Report for the period ended 2011-09-30. Kingsway Finl has a market cap of $44.7 million; its shares were traded at around $0.82 with and P/S ratio of 0.2.



Highlight of Business Operations:

The Company also reported decreases in gross premiums written in non-standard automobile, its primary line of business, which decreased by 41.6% (39.4% year to date) in the third quarter compared to the same period last year. The significant reduction in premium volume is a reflection of the Company's strategy of discontinuing certain lines of business, terminating unprofitable business and increasing premium rates.

For the three months ended September 30, 2011, net realized gains on sales from the securities portfolio were $0.1 million compared to net realized gains of $6.0 million for the three months ended September 30, 2010 ($0.1 million compared to $6.5 million prior year to date).

In the third quarter of 2011, the Company reported income from continuing operations of $6.3 million (loss of $15.5 million year to date), compared to a loss from continuing operations of $5.7 million in the third quarter of last year ($137.2 million prior year to date). Diluted earnings per share was $0.12 for the quarter (loss per share of $0.30 year to date), compared to diluted loss per share of $0.11 for the third quarter of 2010 ($2.63 prior year to date). As noted above, the current quarter's income is primarily due to unrealized gain on fair value of debt and investment income, offset by underwriting losses and corporate expenses.

In the third quarter of 2011, the Company reported net income of $6.3 million (loss of $16.8 million year to date), compared to net loss of $7.4 million in the third quarter of last year ($110.8 million prior year to date). Diluted earnings per share was $0.12 for the quarter (loss per share of $0.32 year to date) compared to loss per share of $0.14 for the third quarter of 2010 ($2.13 prior year to date).

Read the The complete Report



Stocks Discussed: KFS,
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