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RESULTS OF OPERATIONS THROUGH JUNE 30, 2014 - American Overseas Group Limited Announces Net Loss of $1.1 Million and Operating Income of $1.6 Million through June 30, 2014
RESULTS OF OPERATIONS THROUGH JUNE 30, 2014 - American Overseas Group Limited Announces Net Loss of $1.1 Million and Operating Income of $1.6 Million through June 30, 2014.
About this update from American Overseas Group Limited
[{"type":"text","content":"\nHAMILTON, Bermuda, Sept. 29, 2014 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX:AORE.BH) (Pink Sheets:AORE.PK) (\"AOG\" or the \"Company\") today reported net loss of $1.1 million, or $0.38 per diluted share, for the six months ended June 30, 2014. This compares to a net loss of $2.1 million, or $0.77 per diluted share, for the first six months of 2013. Property/casualty premiums earned for the six months ended June 30, 2014 were $8.6 million compared to $7.7 million for the first six months of 2013. The results for the first six months of 2014 were impacted by net unrealized losses on credit derivatives of $2.4 million. Book value per share at June 30, 2014 was $27.92, an increase of 1% from year-end 2013 when book value per share was $27.54.\n\n\tDuring the first six months of 2014, operating income was $1.6 million, or $0.58 per diluted share, compared to operating income of $6.2 million, or $2.28 per diluted share, during the first six months of 2013. Operating book value per share was $50.66 at June 30, 2014, an increase of 3% from year-end 2013 when operating book value per share was $49.38. Operating income and operating book value per share are non-GAAP financial measures. Please refer to \"Explanation of Non-GAAP Financial Measures\" below for a description of operating income and for a reconciliation of operating income to net income and operating book value per share to book value per share.\n\n\tAs previously announced, as a cost saving measure, the Company began publicly reporting financial results and publishing financial statements semi-annually rather than quarterly, effective for periods beginning January 1, 2014.\n\n\tForward-Looking Statements \n\n\tThis release contains statements that may be considered \"forward-looking statements\" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, the Company's expectations respecting the volatility of its insured portfolio, losses, loss reserves and loss development, the adequacy and availability of its liquidity and capital resources, its current run off strategy, its strategy for writing other reinsurance businesses and its expense reduction measures. These statements are based on current expectations and the current views of the economic and operating envir...