PRESS RELEASE May 6, 2011
For confirmation call:
ACMAT Corporation Henry W. Nozko, Jr., President
233 Main Street
New Britain, CT 06050 (860) 229-9000
ACMAT REPORTS FOURTH QUARTER
AND YEAR END RESULTS
Fourth Quarter Ended December 31, | Year Ended December 31, | |||
2010 | 2009 | 2010 | 2009 | |
Revenues | $1,544,391 | 2,656,626 | 8,063,085 | 11,898,928 |
Net earnings (Loss) | $ (286,764) | (3,763,883) | 940,693 | (2,723,748) |
Basic Earnings (Loss) Per Share | $ (.21) | (2.75) | .69 | (1.98) |
Diluted Earnings (Loss) Per Share | $ (.20) | (2.53) | .64 | (1.83) |
The net income for the year ended December 31, 2010 was $940,693, or basic income per share of $.69, compared with a net loss of $2,723,748, or basic loss per share of $1.98, which included a net of tax impairment loss of $4,279,802 relating to the write-down of the value of the company’s headquarters building. During the fourth quarter ended December 31, 2010 and 2009, ACMAT Corporation recorded a one time non-cash pretax charge of $401,624 and $6,484,548, respectively, relating to the write down of the value of the company’s corporate headquarters building. The building is owned free and clear without a mortgage or other debt. As a consequence, ACMAT Corporation reported a net loss of $(286,764), or basic loss per share of $.21, for the three months ended December 31, 2010 compared with a net loss of $3,763,883, or basic loss per share of $2.75, for the three months ended December 31, 2009.
For the three months ended December 31, 2010, the Company recorded revenues of $1,544,391 compared to $2,656,626 for the same three months in 2009. The decrease in revenues was caused primarily by a decrease in earned premium, investment income and realized capital gains. For the year ended December 31, 2010, the Company recorded revenues of $8,063,085, compared to $11,898,928 for 2009. The decrease in revenues was caused primarily by a decrease in contract revenues, earned premiums and investment income.
ACMAT’s insurance subsidiary, ACSTAR Insurance Company, is licensed nationwide and provides surety bonds for prime contractors, specialty trade and environmental remediation contractors. ACSTAR also provides miscellaneous surety and some general liability.