ALLENTOWN, Pa., April 2, 2008 /PRNewswire-FirstCall/ -- Penn Treaty American Corporation (NYSE: PTA) today announced that it has filed its Form 10-K and audited financial results for the period ended December 31, 2006, reporting a net loss of $33.2 million, or $1.42 per fully diluted share. Book value at December 31, 2006 was $8.91 per fully diluted share.
Penn Treaty filed its unaudited financial statements and related disclosures for the period ended December 31, 2006 on Form 8-K on February 1, 2008. The Company has since performed an additional evaluation of its claims reserves and determined to increase reserves by $9.6 million at December 31, 2006, which decreased book value per share by $.24 from its previously announced results.
The filing of its Form 10-K and audited financial results satisfies the requirements of the New York Stock Exchange ("NYSE") for continued trading of the Company's common stock. The NYSE had granted the Company an extension on trading through April 2, 2008.
The Company will host a conference call for investors on Tuesday, April 15, 2008 at 2 pm EDT. At that time, the Company will provide an operational update for the first quarter of 2008. The Company is focusing its efforts on the audit of its 2007 statutory and GAAP financial statements and will provide an update on the progress of these audits on the conference call. Investors and analysts may participate on the conference call by dialing 800.762.6568. The call will be available for replay by calling 800.475.6701, access code 918239. The call will also be available on the Company's website, http://www.penntreaty.com, beginning Thursday, April 17, 2008.
The Company, through its wholly owned direct and indirect subsidiaries, Penn Treaty Network America Insurance Company, American Network Insurance Company, American Independent Network Insurance Company of New York, United Insurance Group Agency, Inc., Network Insurance Senior Health Division and Senior Financial Consultants Company, is primarily engaged in the underwriting, marketing and sale of individual and group accident and health insurance products, principally covering long-term nursing home and home health care.
|SOURCE Penn Treaty American Corporation|
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