American Independence Q2 earnings drop
Published:12-August-2008
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American Independence Corporation, a holding company engaged in health insurance and reinsurance, has reported a net income of $0.8 million, or $0.09 per diluted share for the second quarter ended June 30, 2008, representing a decrease from $1.2 million, or $0.14 per diluted share for the same quarter of 2007.
Revenues dropped to $29.2 million for the quarter from $32.7 million for the comparable quarter in 2007.
On a non-GAAP basis, the company's operating income from continuing operations excluding certain amortization expense, net realized investment gains or losses and federal income tax charge related to deferred taxes for the quarter was $1.7 million as against $1.8 million a year ago.
For the first six months ended June 30, 2008, net income reduced to $1.59 million or $0.19 per share from $2.29 million or $0.27 per share in the corresponding period last year. Revenues declined to $57.57 million from $60.76 in the prior-year period.
Operating income from continuing operations on a non-GAAP basis was $3 million for the period compared to $3.5 million for the same period in the previous year.
