First Mercury Financial Corp. announced results for the first quarter ended March 31, 2007.
Highlights for the quarter include:
— Total operating revenues increased 51.6 percent from the first quarter of 2006 to $53.0 million.
— Net income of $10.0 million.
— Diluted net income per share of $0.55.
— Combined ratio of 73.7 percent.
— Book value per share of $10.55 compared to $9.98 at December 31, 2006.
— Annualized return on average stockholders’ equity of 22.4 percent.
For the three months ended March 31, 2007, premiums produced were $64.3 million, a 7.3 percent increase from premiums produced during the same period in 2006. Premiums produced consists of all of the premiums billed by CoverX(R), First Mercury’s licensed wholesale insurance broker, which produces and underwrites all of the company’s business.
Total operating revenues for the three months ended March 31, 2007 increased 51.6 percent to $53.0 million compared to $35.0 million for the same period of 2006.
First Mercury’s combined ratio for the three months ended March 31, 2007 was 73.7 percent compared with 74.8 percent for the same period in 2006.
Net investment income earned during the three months ended March 31, 2007 was $3.3 million, up 53.2 percent from the same period of 2006.
Net income for the first quarter 2007 was $10.0 million compared to $5.4 million for the same period of 2006. Net income for the three months ended March 31, 2006 includes interest expense of $1.3 million and amortization of debt issuance costs of $0.1 million, net of tax, on senior notes which were issued in August 2005 and repaid in October 2006 with proceeds from First Mercury’s initial public offering.
The company will host a conference call on May 3, 2007 at 11 a.m. Eastern Time to discuss first quarter results. The call can be accessed live by dialing 800-936-9754 or by visiting the Company’s website at http://www.firstmercury.com/.
Investors may access a replay by dialing 877-519-4471, passcode 8701615, which will be available through May 10, 2007. The webcast replay will also be archived in the “Investor Relations” section of the company’s website.
Source: First Mercury Financial Corp.
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