Revenues Increase in Q2 for APS

Austin, Texas-based American Physicians Service Group Inc. (APS) announced that revenues increased for both the second quarter and the six month period that ended June 30, 2003.

For the three months ended June 30, 2003, revenues increased to $7,719,000 from $6,345,000 in the year-ago period. Net earnings were $684,000 or $.30 per share, compared to $449,000 or $.19 per share, in the comparable year-ago period.

For the six months ended June 30, 2003, revenues increased to $15,232,000 from $12,248,000 in the comparable year-ago period. Net earnings were $1,236,000 or $.55 per share, compared to $3,051,000 or $1.26 per share in the comparable year-ago period.

Ken Shifrin, APS chairman of the Board stated, “Revenues, earnings and cash flow from our core Investment Services and Insurance Services businesses continued to meet our expectations. Combined revenues were up 28 percent and 27 percent over the prior three and six month periods, respectively. Combined operating income was up 18 percent and 24 percent during those same periods. Substantially all of the growth was in the Investment Services area.”

APS is a management and financial services firm with subsidiaries that provide: medical malpractice insurance services for doctors; and brokerage and investment services to institutions and high net worth individuals. The company is headquartered in Austin, Texas and maintains offices in Dallas and Houston.