November 14, 2008
Hallmark Financial Q3 Net Income Falls
Hallmark Financial Services has reported a net income of $0.6 million for the third quarter of 2008, as compared to $6.8 million for the third quarter of 2007.
Year to date, Hallmark has reported a net income of $15.3 million, compared to $20.6 million for the first nine months of 2007.
On a fully diluted basis, net income was $0.03 per share and $0.73 per share for the third quarter and nine months ended September 30, 2008, as compared to $0.33 per share and $0.99 per share for the similar periods of 2007.
According to Hallmark, the decrease in net income for the three and nine months ended September 30, 2008 was primarily attributable to decreased revenue for the three-month period and increased losses and loss adjustment expense for both the three- and nine-month periods primarily attributable to third quarter net hurricane losses.
Total revenues were $65 million and $208.5 million for the third quarter and first nine months of 2008, representing a 10% decrease and a 2% increase from the $72.6 million and $205.3 million reported for the similar periods of 2007.
The company's net loss ratio was 66.2% for the third quarter of 2008, as compared to 61.4% for the same quarter in the prior year.