Monday, insurer First Acceptance Corp. (FAC) reported a rise in the third-quarter net income from the year-ago period primarily due to lower costs and expenses.
The Nashville, Tennessee-based company reported a rise in the third-quarter net income to $2.39 million or $0.05 per share, up from $0.76 million or $0.02 per share in the corresponding quarter last year.
Revenues for the quarter declined to $67.10 million from $83.99 million in the similar period last year.
Costs and expenses for the third-quarter of fiscal 2009 was $63.11 million compared to $82.70 million in the comparable period of fiscal 2008.
Premiums earned for the quarter was $54.85 million compared to $72.21 million in the third quarter of fiscal 2008. The company had a quarterly net realized gains on fixed maturities of $1.73 million compared to a net realized losses on fixed maturities of $0.22 million in the corresponding period of fiscal 2008.
For the nine-month period, net income was $3.23 million or $0.07 per share compared to a net loss of $9.08 million or $0.19 per share in the nine-month period of fiscal 2008.
Revenues for the nine-month period was $203.77 million, down from $253.48 million in the nine-month period last year.
First Acceptance closed Monday's regular trading at $2.45, up $0.24 or 10.86%, on a volume of 45,862 shares on the NYSE.
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