AUSTIN, Texas, August 15, 2000 (PRIMEZONE) -- American Physicians Service Group, Inc. ("APS") (Nasdaq:AMPH) today announced results for the quarter and six months ended June 30, 2000. For the three months ended June 30, 2000, revenues decreased to $4,209,000 from $5,573,000 in the year-ago period. Net earnings were $642,000 or $.23 per share, compared to $381,000 or $.13 per share, in the comparable year-ago period. For the six months ended June 30, 2000, revenues increased to $10,766,000 from $9,945,000 in the earlier period. Net earnings were $1,165,000 or $.42 per share, compared to $712,000 or $.20 per share in the comparable year-ago period.
Mr. Ken Shifrin, APS Chairman of the Board stated, " Strong expense controls and an emphasis on marketing at our insurance management subsidiary have resulted in improved performance for both the three and six month periods. The performance of our financial services group directly reflected the financial markets, with a downturn in the second quarter. Our real estate subsidiary had exceptional results, taking advantage of a strong local real estate market to dispose of condominium office space that was surplus to the Company's needs. We continue to hold additional appreciated office space in the same complex."
Mr. Shifrin continued, " Our affiliates and investments have experienced strong growth this quarter. Prime Medical Services, Inc. ("Prime Medical") (Nasdaq:PMSI) is the country's largest provider of lithotripsy services, operating 65 units in 32 states. Prime Medical is now expanding into the LASIK surgery business and recorded record revenues on the strength of this expansion. Prime Medical completed three LASIK acquisitions and opened one new center during the quarter, bringing its total to ten centers since beginning in 1999. Prime has an aggressive plan for continued growth in this area and substantial resources to carry it out. Uncommon Care, the developer and operator of dedicated Alzheimer's care centers, kept its expansion plans on track. A new facility opened in Louisville at the close of the quarter and Nashville will open in September. A second facility in Fort Worth, Texas is expected to open before year-end, bringing the total to ten Alzheimer facilities in four states."
Mr. Shifrin concluded, "Along with generating growth through our investment in companies like Prime Medical and Uncommon Care, we are also working to build shareholder value by acquiring our own shares. With last year's reacquisition of approximately 1.4 million shares and the buyback plan we announced in May of this year, we have significantly increased book value and earnings per share."
APS is a management and financial services firm with subsidiaries and affiliates which provide: medical malpractice insurance services for doctors; brokerage and investment services to institutions and high net worth individuals; lithotripsy services in 32 states; refractive vision surgery; and dedicated care facilities for Alzheimer's patients. The Company is headquartered in Austin, Texas and maintains offices in Dallas and Houston.
This press release includes forward-looking statements related to the Company that involve risks and uncertainties that could cause actual results to differ materially. These forward-looking statements are made in reliance on the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect the Company's future results, please see the Company's recent filings with the Securities and Exchange Commission. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ materially from management expectations. Copies of the filings are available upon request from the Company's investor relations department.
AMERICAN PHYSICIANS SERVICE GROUP, INC.
SELECTED FINANCIAL DATA
(In thousands, except per share data)
3 Months Ended 6 Months Ended
June 30, June 30,
-------------- ----------------
2000 1999 2000 1999
---- ---- ---- ----
Revenues 4,209 5,573 10,766 9,945
Expenses 3,649 5,463 9,877 9,984
Operating income (loss) 560 110 889 (39)
Equity in earnings of unconsolidated
affiliates 482 474 953 992
Earnings from continuing operations before
income taxes and minority interest 1042 584 1,842 953
Income tax expense 394 215 680 341
Minority interest (6) 12 3 37
Earnings from continuing operations 642 381 1,165 649
Discontinued operations:
Earnings from discontinued operations
net of income tax of ($32) for the
six months ended June 30, 1999 -- -- -- 63
Net earnings 642 381 1,165 712
Diluted earnings per share:
Earnings from continuing operations $.23 $.13 $.42 $.18
Discontinued operations -- -- -- .02
Net earnings .23 .13 .42 .20
Weighted average shares
outstanding (diluted) 2,745 2,962 2,750 3,569
For further information, visit APS= website at www.amph.com.