American Physicians Capital, Inc. Reports Fourth
Quarter and Year End 2009 Results
February 11, 2010 04:08 PM Eastern Time
EAST LANSING, Mich.--(EON: Enhanced Online News)--American Physicians Capital, Inc. (APCapital)
(NASDAQ:ACAP) today announced net income of $9.7 million or $.94 per diluted common share for the fourth
quarter of 2009. For the year ended December 31, 2009, APCapital generated net income of $40.6 million, or
$3.67 per diluted common share. The 2009 net income represents a return on beginning GAAP equity of 16.0%. At
December 31, 2009, APCapital’s book value per share was $23.74 based on 9,986,187 shares outstanding, an
increase of 9.8% from $21.62 at December 31, 2008.
APCapital generated net income of $11.6 million or $.93 per diluted share in the fourth quarter of 2008 and net
income of $45.2 million or $3.45 per diluted share for the year ended December 31, 2008.
“The Company had a very successful 2009, reporting another year of strong profitability,” said President and Chief
Executive Officer R. Kevin Clinton. “We generated a return on beginning equity of 16.0%, returned $59.7 million to
our shareholders through share repurchases and cash dividends, and increased our book value per share by 9.8%.”
“We were able to retain 88.0% of our business and generate new premiums in select markets while maintaining our
underwriting discipline in a soft market. In addition, we completed a major information systems enhancement in
2009,” added Clinton.
As previously announced, on June 23, 2009, the Company’s Board of Directors declared a four-for-three stock
split of its common shares to shareholders of record on July 10, 2009. Shares resulting from the stock split were
distributed to shareholders on July 31, 2009. All share and per share numbers disclosed in this press release have
been adjusted to reflect this stock split.
Consolidated Income Statement
(Dollars in thousands)
Three Months Ended Year Ended