CONTACT:
Hallmark Financial Services, Inc.
Mark J. Morrison
President and Chief Executive Officer
(817) 348-1600
www.hallmarkgrp.com
FORT WORTH, Texas -- March 26, 2009 -- Hallmark Financial Services, Inc. today reported fiscal 2008 net income of $12.9 million compared to $27.9 million reported for fiscal 2007. Hallmark reported a net loss of $2.4 million for the fourth quarter of 2008 compared to net income of $7.3 million reported for the fourth quarter of 2007. On a fully diluted basis, fiscal 2008 net income was $0.62 per share and fourth quarter 2008 was a net loss of $0.12 per share, as compared to net income of $1.34 per share and $0.35 per share for the similar periods of 2007. Total revenues were $268.7 million and $60.2 million for fiscal 2008 and the fourth quarter 2008, representing a 2% and a 14% decrease from the $275.2 million and $69.9 million reported for the similar periods of 2007.
The fourth quarter and fiscal 2008 results were impacted by investment impairments we recognized to reflect market conditions, investment losses realized for tax planning purposes, a valuation allowance on our deferred tax asset and the hurricanes that hit the Texas coast during the third quarter. The following table details these items and their impact on our reported net income and diluted earnings per share ($ in thousands, except per share amounts):
Click link below for entire earnings in PDF
http://www.investquest.com/iq/h/haf/news/hall408.pdf
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