FinCor Holdings Posts Double-Digit Increases in Revenue and Net Income for Thi... ( LANSING Mich. Nov. 12 /- Leading ...)

FinCor Holdings Posts Double-Digit Increases in Revenue and Net Income for Third Quarter

Date:11/12/2007

LANSING, Mich., Nov. 12 /PRNewswire/ -- Leading health care risk management and insurance provider FinCor Holdings Inc. released its third quarter results for the period ended Sept. 30, 2007, including significant increases in net income for the quarter and first nine months of the year.

The privately held Lansing, Mich.-based provider of medical professional liability insurance and integrated risk management products and services for health care providers and institutions posted an 18.8 percent increase in net income for the third quarter. FinCor reported net income of $4.9 million, or $7.82 per diluted share, compared with net income of $4.1 million, or $7.03 per diluted share, for the same quarter last year.

FinCor reported total revenues of $25.8 million in the quarter, up 29.1 percent from the prior year. The Company said the improved top- and bottom- line results were from the combination of increased revenue growth in its FinCor Solutions and Washington Casualty Company subsidiaries, along with the improved profitability of MHA Insurance Company. The Company also noted its solid year-to-date returns on its investment portfolio as an additional contributing factor.

Net income for the nine months ended Sept. 30, 2007, increased 35.1 percent to $11.5 million, or $18.45 per diluted share, up from $8.5 million, or $14.43 per diluted share, for the first nine months of 2006. Total nine- month revenues increased 4.6 percent to $72.6 million, compared to $69.4 million in 2006.

Annualized return on common equity for the first nine months of 2007 was 16.3 percent compared to 14.6 percent for the first nine months of 2006. Total assets have also increased 10.7 percent since the start of 2007.

Key factors contributing to the Company's success in 2007 include the October 2006 acquisition of Washington Casualty Company and the May 2007 acquisition of the Insurance Services and Employee Safety and Disability Management divisions of the M
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SOURCE FinCor Holdings Inc.
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