Kingstone Companies Inc. (KINS, Financial) filed Quarterly Report for the period ended 2010-06-30.
Kingstone Companies Inc. has a market cap of $7 million; its shares were traded at around $2.3 with and P/S ratio of 0.91.
During the six months ended June 30, 2010 (“2010”), revenues from continuing operations were $9,897,000, as compared to $357,000 for the six months ended June 30, 2009 (“2009”). The increase in total revenues was due to the increases in all sources of revenue stemming from the acquisition of KICO that occurred on July 1, 2009.
Total expenses in 2010 were $8,894,000, as compared to $861,000 in 2009. The increase in total expenses was due to the increases in all categories of expenses stemming from the acquisition of KICO that occurred on July 1, 2009.
Interest income from CMIC notes receivable in 2010 was $-0-, as compared to $68,000 in 2009. The decrease in 2010 was due to the forgiveness of the notes receivable in exchange for our 100% equity interest of KICO on July 1, 2009.
The provision for income taxes (including state taxes) was $436,000 in 2010, as compared to a tax benefit of $210,000 in 2009. The increase in 2010 was due to the change from a loss from continuing operations before taxes in 2009 to income from continuing operations before taxes in 2010. The tax provision/benefit on income from continuing operations in both periods include the tax provision/benefit resulting from discontinued operations.
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Kingstone Companies Inc. has a market cap of $7 million; its shares were traded at around $2.3 with and P/S ratio of 0.91.
Highlight of Business Operations:
On July 1, 2009, we completed the acquisition of 100% of the issued and outstanding common stock of Kingstone Insurance Company (“KICO”) (formerly known as Commercial Mutual Insurance Company (“CMIC”)) pursuant to the conversion of CMIC from an advance premium cooperative to a stock property and casualty insurance company (see Note 3 to the Consolidated Financial Statements - “Acquisition of Kingstone Insurance Company”). Pursuant to the plan of conversion, we acquired a 100% equity interest in KICO, in consideration for the exchange of $3,750,000 principal amount of surplus notes of CMIC. In addition, we forgave all accrued and unpaid interest of approximately $2,246,000 on the surplus notes as of the date of conversion.During the six months ended June 30, 2010 (“2010”), revenues from continuing operations were $9,897,000, as compared to $357,000 for the six months ended June 30, 2009 (“2009”). The increase in total revenues was due to the increases in all sources of revenue stemming from the acquisition of KICO that occurred on July 1, 2009.
Total expenses in 2010 were $8,894,000, as compared to $861,000 in 2009. The increase in total expenses was due to the increases in all categories of expenses stemming from the acquisition of KICO that occurred on July 1, 2009.
Interest income from CMIC notes receivable in 2010 was $-0-, as compared to $68,000 in 2009. The decrease in 2010 was due to the forgiveness of the notes receivable in exchange for our 100% equity interest of KICO on July 1, 2009.
The provision for income taxes (including state taxes) was $436,000 in 2010, as compared to a tax benefit of $210,000 in 2009. The increase in 2010 was due to the change from a loss from continuing operations before taxes in 2009 to income from continuing operations before taxes in 2010. The tax provision/benefit on income from continuing operations in both periods include the tax provision/benefit resulting from discontinued operations.
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