American Physicians Service Group, Inc. Reports 34 Percent Increase in Third Quarter Revenues

AUSTIN, Texas, Nov. 14, 2001 (PRIMEZONE) -- American Physicians Service Group, Inc. ("APS") (Nasdaq:AMPH) today announced results for the quarter and nine months ended September 30, 2001. For the three months ended September 30, 2001, revenues increased to $6,456,000 from $4,806,000 in the year-ago period. Net earnings were $117,000 or $.05 per share, compared to a loss of $85,000 or $.03 per share, in the comparable year-ago period. For the nine months ended September 30, 2001, revenues increased to $18,414,000 from $15,456,000 in the earlier period. Net earnings were $527,000 or $.20 per share, compared to $392,000 or $.14 per share in the comparable year-ago period.

Ken Shifrin, APS Chairman of the Board stated, "As anticipated in our second quarter earnings announcement, the momentum in our core businesses has continued into the third quarter. Ignoring non-recurring real estate sales in prior periods, revenues are up 34% for the quarter and 25% for the nine months period. Operating income responded accordingly, moving from $31,000 in the year ago quarter to $238,000 this quarter and increasing 39% in the nine month comparison. Both our financial services group and insurance services group shared in this success with quarterly operating income increases of 118% and 78%, respectively."

Mr. Shifrin concluded, "We are pleased with the performance of our core businesses in 2001. We cannot, of course, be certain how we will be affected by the general economy, but we are anticipating continued good performances from these businesses."

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 33 states; refractive vision surgery; mobile medical technology; 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 the 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.

                        SELECTED FINANCIAL DATA

                 (In thousands, except per share data)

                             Three Months              Nine Months 
                                Ended                     Ended
                            September 30,              September 30,
                           ---------------          ----------------
                           2001       2000          2001        2000
                           ----       ----          ----        ---- 
 Revenues              $  6,456    $  4,806      $ 18,414    $ 15,456

 Expenses                 6,218       4,775        17,300      14,652

  income                    238          31         1,114         804

 Equity in
  earnings (loss)
  of unconsolidated
  affiliates                 34        (117)          (62)        (89)

 Earnings (loss)
  from operations
  before income
  taxes and 
  interest                  272         (86)        1,052         715

 Income tax
  (benefit)                 113         (23)          420         304

  interest                  (42)        (22)         (105)        (19)

 Net earnings
 (loss)                     117         (85)          527         392

 Diluted earnings
  (loss) per share:

    Net earnings
     (loss)            $   0.05    $  (0.03)     $   0.20    $   0.14

    Weighted average
     (diluted)            2,608       2,706         2,601       2,747

For further information, visit the APS Website at


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