First Acceptance Corporation Reports Operating Results for the Quarter and Year Ended December 31, 2023
First Acceptance Corporation Reports Operating Results for the Quarter and Year Ended December 31, 2023
NASHVILLE, TN / ACCESSWIRE / March 5, 2024 / First Acceptance Corporation (OTCQX:FACO) today reported its financial results for the quarter and year ended December 31, 2023. Our 2023 Annual Report can be found at .
田納西州納什維爾/ACCESSWIRE/2024年3月5日/第一驗收公司（OTCQX: FACO）今天公佈了截至2023年12月31日的季度和年度的財務業績。我們的 2023 年年度報告可在以下網址找到。
Income before income taxes, for the three months ended December 31, 2023, was $84.0 million, compared with loss before income taxes of $2.4 million for the three months ended December 31, 2022. Net income for the three months ended December 31, 2023, was $62.4 million, compared with net loss of $2.1 million for the three months ended December 31, 2022. Diluted net income per share was $1.62 for the three months ended December 31, 2023, compared with diluted net loss per share of $0.06 for the same period in the prior year.
截至2023年12月31日的三個月，所得稅前收入爲8,400萬美元，而截至2022年12月31日的三個月，所得稅前虧損爲240萬美元。截至2023年12月31日的三個月，淨收入爲6,240萬美元，而截至2022年12月31日的三個月的淨虧損爲210萬美元。截至2023年12月31日的三個月，攤薄後的每股淨收益爲1.62美元，而去年同期的攤薄後每股淨虧損爲0.06美元。
Income before income taxes, for the year ended December 31, 2023, was $99.0 million, compared with loss before income taxes of $22.0 million for the year ended December 31, 2022. Net income for the year ended December 31, 2023, was $73.9 million, compared with net loss of $17.5 million for the year ended December 31, 2022. Diluted net income per share was $1.92 for the year ended December 31, 2023, compared with diluted net loss per share of $0.46 for the same period in the prior year.
截至2023年12月31日止年度的所得稅前收入爲9,900萬美元，而截至2022年12月31日止年度的所得稅前虧損爲2,200萬美元。截至2023年12月31日止年度的淨收入爲7,390萬美元，而截至2022年12月31日止年度的淨虧損爲1,750萬美元。截至2023年12月31日的財年，攤薄後的每股淨收益爲1.92美元，而去年同期的攤薄後每股淨虧損爲0.46美元。
On December 1, 2023, the Company sold its wholly owned subsidiary, Acceptance Insurance Agency of Tennessee, Inc. ("the Insurance Agency"). The Insurance Agency was the retail sales agency operation of the Company, and principally sold non-standard automobile insurance and related products through employee-agents operating from 288 leased retail locations in 13 states. The Company has recognized a gain of $73.0 million on this sale, net of disposals of goodwill and intangible assets and net of transaction and other related costs.
2023年12月1日，該公司出售了其全資子公司田納西州驗收保險代理有限公司（“保險機構”）。該保險機構是公司的零售銷售代理機構，主要通過員工代理銷售非標準汽車保險及相關產品，這些員工代理在13個州的288個租賃零售點開展業務。該公司確認此次出售的收益爲7,300萬美元，扣除商譽和無形資產的處置以及交易和其他相關成本。
Excluding the gain on sale of the Insurance Agency of $73.0 million, income before income taxes for the year ended December 31, 2023 was $26.0 million compared with loss before income taxes of $22.0 million for the year ended December 31, 2022, and income before income taxes for the three months ended December 31, 2023 was $11.0 million compared with loss before income taxes of $2.1 million for the three months ended December 31, 2022.
不包括保險機構的7,300萬美元銷售收益，截至2023年12月31日的年度所得稅前收入爲2,600萬美元，而截至2022年12月31日止年度的所得稅前虧損爲2,200萬美元，截至2023年12月31日的三個月的所得稅前收入爲1,100萬美元，而截至2022年12月31日的三個月的所得稅前虧損爲210萬美元。
The Company's President and Chief Executive Officer, Ken Russell, commented "Following the sale of our retail insurance agency operations on December 1, 2023, our Company began a transition from an automobile insurance carrier with a primarily captive retail-based distribution to a solely independent agent-based distribution. As presented in our 2023 financial statements, this transaction provided the financial benefits of increased stockholder value and both current and future additional statutory surplus for our insurance companies. It has also allowed us to narrow our operational focus to the underwriting results of our insurance companies."
該公司總裁兼首席執行官肯·羅素評論說：“繼2023年12月1日出售我們的零售保險機構業務後，我們公司開始從一家主要以專屬零售爲基礎分銷的汽車保險公司過渡到完全獨立的代理分銷。正如我們在2023年財務報表中所述，該交易爲我們的保險公司提供了股東價值增加以及當前和未來的額外法定盈餘所帶來的財務利益。它還使我們能夠將運營重點縮小到保險公司的承保業績上。”
"In connection with our transition and reorganization, I am pleased to announce some organizational changes effective March 1, 2024. Doug Jensen, previously our insurance carrier's Chief Insurance Operations Officer, has been named Chief Operating Officer of First Acceptance Corporation and will manage all day-to-day corporate operations. I will retain the position of President and Chief Executive Officer continuing to strategically direct the Company and provide our executive team with guidance and support. Additionally, Anthony Delaney, previously in-charge of Product and Underwriting for the insurance carrier, has been promoted to Executive Vice President and named the Chief Insurance Operations Officer, replacing Mr. Jensen, and Sarannah McMurtry, the Company's General Counsel, has been promoted to Executive Vice President - General Counsel."
“關於我們的過渡和重組，我很高興地宣佈，一些組織變更將於2024年3月1日生效。道格·詹森（Doug Jensen）曾任我們的保險公司首席保險運營官，現被任命爲第一驗收公司的首席運營官，將管理公司的所有日常運營。我將繼續保留總裁兼首席執行官的職位，繼續對公司進行戰略指導，併爲我們的執行團隊提供指導和支持。此外，曾負責該保險公司產品和承保的安東尼·德萊尼已被提升爲執行副總裁，並被任命爲首席保險運營官，接替詹森先生，公司總法律顧問薩蘭娜·麥克默特里被提升爲執行副總裁兼總法律顧問。”
Mr. Russell further commented "We have now seen a full year of favorable impact from our premium rate increases and the moderation of physical damage loss severities. In addition, we have experienced premium and policy growth in both our former retail channel (now part of the independent agent channel) and our existing expanded independent agent channel. We believe that the current market conditions for the Company remain favorable, and we expect these positive trends to continue."
羅素進一步評論說：“保費率的提高和物理傷害損失嚴重程度的緩和，我們已經看到了整整一年的有利影響。此外，我們在以前的零售渠道（現爲獨立代理渠道的一部分）和現有的擴大的獨立代理渠道中都經歷了保費和保單的增長。我們認爲，公司當前的市場狀況仍然良好，我們預計這些積極趨勢將繼續下去。”
About First Acceptance Corporation
關於第一驗收公司
First Acceptance Corporation is an insurance holding company headquartered in Nashville that underwrites non-standard personal automobile insurance through insurance companies known as the First Acceptance Insurance Group.
First Acceptance Corporation是一家總部位於納什維爾的保險控股公司，通過名爲第一接受保險集團的保險公司承保非標準的個人汽車保險。
Additional information about First Acceptance Corporation can be found online at .
有關第一驗收公司的更多信息，請在線查看。
Forward-Looking Statements
前瞻性陳述
This press release contains forward-looking statements. All statements made other than statements of historical fact are forward-looking statements. You can identify these statements from our use of the words "believe," "expect," "look," or the negative of these objective terms and similar expressions. These statements, which have been included in reliance on the "safe harbor" provisions of the federal securities laws, involve risks and uncertainties. Investors are hereby cautioned that these statements may be affected by important factors, including, among others, the factors set forth under the caption "Risk Factors" in our Annual Report for the year ended December 31, 2023, filed by the Company with the OTCQX. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
本新聞稿包含前瞻性陳述。除歷史事實陳述以外的所有陳述均爲前瞻性陳述。您可以從我們使用的 “相信”、“期望”、“看” 等詞語或這些客觀術語的否定詞和類似表述中識別出這些陳述。這些聲明是根據聯邦證券法的 “安全港” 條款納入的，涉及風險和不確定性。特此提醒投資者，這些陳述可能會受到重要因素的影響，其中包括公司向OTCQX提交的截至2023年12月31日的年度報告中在 “風險因素” 標題下列出的因素。除非法律要求，否則我們沒有義務公開更新或修改任何前瞻性陳述，無論是由於新信息、未來發展還是其他原因。
First Acceptance Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(amounts in thousands, except per share data)
首次驗收公司和子公司
簡明合併運營報表
（金額以千計，每股數據除外）
| Three Months Ended | Year Ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||
Revenues |
$ | 216,395 | $ | 87,858 | $ | 560,576 | $ | 302,296 | |||||||||
Income (loss) before income taxes |
$ | 84,021 | $ | (2,434 | ) | $ | 99,033 | $ | (22,033 | ) | |||||||
Net income (loss) |
$ | 62,395 | $ | (2,146 | ) | $ | 73,912 | $ | (17,488 | ) | |||||||
Net income (loss) per diluted share |
$ | 1.62 | $ | (0.06 | ) | $ | 1.92 | $ | (0.46 | ) | |||||||
Average diluted shares outstanding |
38,553 | 37,799 | 38,409 | 37,795 | |||||||||||||
Loss Ratio |
67.3 | % | 80.0 | % | 69.6 | % | 78.7 | % | |||||||||
Expense Ratio |
29.5 | % | 30.0 | % | 27.6 | % | 30.6 | % | |||||||||
Combined Ratio |
96.8 | % | 110.0 | % | 97.2 | % | 109.3 | % | |||||||||
Book Value per Common Share |
$ | 3.71 | $ | 1.73 | |||||||||||||
| 三個月已結束 | 年終了 | ||||||||||||||||
| 十二月三十一日 | 十二月三十一日 | ||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||
收入 |
$ | 216,395 | $ | 87,858 | $ | 560,576 | $ | 302,296 | |||||||||
所得稅前收入（虧損） |
$ | 84,021 | $ | (2,434 | ) | $ | 99,033 | $ | (22,033) | ) | |||||||
淨收益（虧損） |
$ | 62,395 | $ | (2,146) | ) | $ | 73,912 | $ | (17,488) | ) | |||||||
攤薄後每股淨收益（虧損） |
$ | 1.62 | $ | (0.06 | ) | $ | 1.92 | $ | (0.46) | ) | |||||||
攤薄後的平均已發行股數 |
38,553 | 37,799 | 38,409 | 37,795 | |||||||||||||
損失比率 |
67.3 | % | 80.0 | % | 69.6 | % | 78.7 | % | |||||||||
費用比率 |
29.5 | % | 30.0 | % | 27.6 | % | 30.6 | % | |||||||||
合併比率 |
96.8 | % | 110.0 | % | 97.2 | % | 109.3 | % | |||||||||
每股普通股賬面價值 |
$ | 3.71 | $ | 1.73 | |||||||||||||
INVESTOR RELATIONS CONTACT:
投資者關係聯繫人：
Michael J. Bodayle
mbodayle@firstacceptance.com
邁克爾·J·博代爾
mbodayle@firstacceptance.com
SOURCE: First Acceptance Corporation
來源：第一驗收公司
譯文內容由第三人軟體翻譯。