FIRST ACCEPTANCE CORP
SymbolFAC

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First Acceptance Corporation Reports Operating Results for the Quarter and Fiscal Year Ended June 30, 2009

2009-09-14 17:08 ET - News Release


NASHVILLE, Tenn. -- (Business Wire)

First Acceptance Corporation (NYSE: FAC) today reported its financial results for the quarter and fiscal year ended June 30, 2009.

   

 

Three Months Ended

June 30,

(unaudited)

Year Ended

June 30,

Summary Financial Results2009   20082009   2008
(in thousands, except per share data)
Reported
Revenues $ 61,699 $ 78,915 $ 265,465 $ 332,399
Loss before income taxes $ (56,260 ) $ (8,306 ) $ (49,904 ) $ (4,023 )
Net loss $ (71,532 ) $ (8,764 ) $ (68,300 ) $ (17,845 )
Net loss per diluted share $ (1.50 ) $ (0.18 ) $ (1.43 ) $ (0.37 )
Number of shares used to calculate net loss per diluted share 47,673 47,640 47,664 47,628
Adjusted*
Revenues $ 61,699 $ 78,915 $ 265,465 $ 332,399
Income (loss) before income taxes $ 11,730 $ (8,306 ) $ 18,086 $ (4,023 )
Net income (loss) $ 6,608 $ (5,441 ) $ 9,840 $ (2,893 )
Net income (loss) per diluted share $ 0.14 $ (0.11 ) $ 0.20 $ (0.06 )
Number of shares used to calculate net income (loss) per diluted share 48,643 47,640 48,948 47,628
 

* 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. Adjusted results for the three months and year ended June 30, 2008 exclude deferred tax charges of $3,323 and $14,952, respectively. These non-GAAP financial measures are detailed on page 9.

 

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