Life insurer Life Partners Holdings Inc. (LPHI) Friday said it expects to report a 5% year-over-year increase in net income and a 9% growth in revenues for the fiscal year 2010.
The company now projects fiscal 2010 net income of $28.4 million or $1.91 per share, up 5% from net income of $27.2 million or $1.83 per split adjusted share reported in the previous year.
The Waco, Texas-based insurer said latest year earnings were affected by a non-recurring, non-operational charge in the fourth quarter due to a decrease in market value of publicly traded securities acquired about five years ago, amid the challenging general securities markets.
Excluding the one-time charge, the company estimates full year earnings would have been $2.04 per share.
Analysts polled by Thomson Reuters expects the company to report earnings of $2.18 per share for the year. Analysts' estimates typically excludes one-time items.
Life Partners now expects annual revenues of $113 million, up from $104 million generated a year ago. Analysts currently looking for revenues of $119.47 million for the year.
For the year, the company also expects a 11% year-over-year growth in income from operations to $45 million.
LPHI is currently trading at $21.64 per share, up $0.33 or 1.55%, on the Nasdaq.
For comments and feedback: editorial@rttnews.com