First Acceptance Corporation Reports Operating Results for the Quarter and Fiscal Year Ended June 30, 2010
[Business Wire] – NASHVILLE, Tenn.—-First Acceptance Corporation today reported its financial results for the quarter and fiscal year ended June 30, 2010. Three Months Ended June 30, Year Ended June 30, Summary Financial Results 2010 2009 2010 2009 Reported Revenues $ 55,970 $ 61,699 $ 223,173 $ 265,465 Income before income taxes $ 850 $ $ 7,481 $ Net income $ 736 $ $ 7,040 $ Net income per diluted share $ 0.02 $ $ 0.14 $ Number of shares used to calculate net income per diluted share 48,494 47,673 48,638 47,664 Adjusted* Revenues $ 55,970 $ 61,699 $ 223,173 $ 265,465 Income before income taxes $ 850 $ 11,730 $ 7,481 $ 18,086 Net income $ 736 $ 6,608 $ 7,040 $ 9,840 Net income per diluted share $ 0.02 $ 0.14 $ 0.14 $ 0.20 Number of shares used to calculate net income per diluted share 48,494 48,643 48,638 48,948 * Adjusted results for the three months and year ended June 30, 2009 exclude a goodwill impairment charge of $67,990 and deferred tax charges of $10,150.
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