Florida-based 21st Century Holding Co. reported record results for the quarter ended June 30, 2004.
For the quarter ended June 30, 2004, the company reported record net income of $3,674,778, or $0.95 per share on 3,863,262 undiluted shares, versus net income of $2,113,934 or $0.69 per share on 3,063,105 undiluted shares in the same period last year. Income before provision for income tax expense increased by 82.6% from $3,148,996 in the second quarter of 2003 to $5,749,421 for the quarter ended June 30, 2004. On a diluted share basis, the company reported record earnings of $0.91 per share, based on 4,055,944 average diluted shares outstanding.
Net premiums earned in the second quarter of 2004 surged 54.6% to $16.9 million from $10.9 million in the same period last year. Total revenues for the second quarter of 2004 increased 37.7% to $20.6 million from $14.9 million in the same period last year.
Edward (Ted) Lawson, president & chairman of the Board, noted, “I am very pleased with our results for the second quarter. We had another solid quarter reflecting significant growth in premiums written from our property and general liability insurance lines. Because we believe that these favorable trends will continue, I am now increasing guidance for calendar year ending December 31, 2004 from $3.25 – $3.75 per share to $3.70 – $3.80 per share on an undiluted basis.”
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