EX-99.1 2 cnfr-ex99_1.htm EX-99.1 EX-99.1

 

img218339982_0.jpg

News Release

 

For Further Information:

Jessica Gulis, 248.559.0840

[email protected]

 

Conifer Holdings Reports 2024 Fourth Quarter and Year End Financial Results

 

Troy, MI, March 28, 2025 – Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer” or the “Company”) today announced results for the fourth quarter and year ended December 31, 2024.

 

Year End 2024 Financial Highlights

•
Net income allocable to common shareholders of $23.5 million
•
$61 Million gain on sale of insurance agency operations in August 2024
•
Continuing Personal Lines business profitable for the fourth quarter of 2024
•
Book value per share of $1.76 as of December 31, 2024

Management Comments

Brian Roney, CEO of Conifer, commented, “2024 was indeed a transitional year for Conifer Holdings as we successfully sold our insurance agency operations, paid down considerable debt, further strengthened reserves, streamlined our organization overall, and focused our production efforts on select personal lines going forward.”

 

Reduction of Commercial Lines Business

For the full year 2024, total Gross Written Premium was down almost 50% from the prior year, and Net Earned premium was down 27.5% for the same period. As a result of the sale of Conifer’s insurance agency operations, completed in August 2024, we anticipated and planned for this significant decline in Commercial Lines revenue. We expect Commercial Lines business to represent a diminishing percentage of total gross written premium going forward.

Future premiums are expected to consist primarily of Personal Lines business, notably our homeowner’s insurance portfolio in Texas and the Midwest. As detailed in the Personal Lines results overview below, gross written premium for those lines of business for the fourth quarter of 2024 increased 10.6% from the prior year period and increased 23.4% for the full year 2024 over the prior year.

 

 

 

Conifer Holdings, Inc. Page 2

March 28, 2025

 

Additional information regarding the disposal of Conifer’s agency business and its impact on future Company operations can be found in the Company’s 2024 Annual Report to be filed March 28, 2025 on Form 10-K.

2024 Fourth Quarter and Full Year Financial Results Overview

 

 

At and for the
Three Months Ended December 31,

 

 

At and for the
Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

%
Change

 

 

2024

 

 

2023

 

 

%
Change

 

 

 

(dollars in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

13,683

 

 

$

24,398

 

 

 

-43.9

%

 

$

72,053

 

 

$

143,834

 

 

 

-49.9

%

Net written premiums

 

 

9,526

 

 

 

15,329

 

 

 

-37.9

%

 

 

49,338

 

 

 

68,688

 

 

 

-28.2

%

Net earned premiums

 

 

12,708

 

 

 

14,821

 

 

 

-14.3

%

 

 

60,862

 

 

 

83,935

 

 

 

-27.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1,352

 

 

 

1,411

 

 

 

-4.2

%

 

 

5,763

 

 

 

5,447

 

 

 

5.8

%

Net realized investment
gains (losses)

 

 

—

 

 

 

(20

)

 

**

 

 

 

(125

)

 

 

20

 

 

**

 

Change in fair value of equity securities

 

 

(21

)

 

 

13

 

 

**

 

 

 

(203

)

 

 

608

 

 

**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) allocable to common shareholders

 

 

(25,382

)

 

 

(19,479

)

 

 

 

 

 

23,530

 

 

 

(25,923

)

 

 

 

Net income (loss) allocable to common shareholders
per share, diluted

 

$

(2.08

)

 

$

(1.59

)

 

 

 

 

$

1.93

 

 

$

(2.12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income
(loss)*

 

 

(25,821

)

 

 

(19,411

)

 

 

 

 

 

(34,558

)

 

 

(27,867

)

 

 

 

Adjusted operating income (loss) per share,
diluted*

 

$

(2.11

)

 

$

(1.59

)

 

 

 

 

$

(2.83

)

 

$

(2.28

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common
share outstanding

 

$

1.76

 

 

$

0.24

 

 

 

 

 

$

1.76

 

 

$

0.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic and
diluted

 

 

12,222,881

 

 

 

12,222,881

 

 

 

 

 

 

12,222,881

 

 

 

12,220,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio (1)

 

 

254.6

%

 

 

191.1

%

 

 

 

 

 

120.2

%

 

 

97.8

%

 

 

 

Expense ratio (2)

 

 

38.3

%

 

 

40.6

%

 

 

 

 

 

35.8

%

 

 

37.1

%

 

 

 

Combined ratio (3)

 

 

292.9

%

 

 

231.7

%

 

 

 

 

 

156.0

%

 

 

134.9

%

 

 

 

 

 

 

 

Conifer Holdings, Inc. Page 3

March 28, 2025

 

2024 Fourth Quarter Gross Written Premium

Gross written premiums decreased 43.9% in the fourth quarter of 2024 to $13.7 million, compared to $24.4 million in the prior year period. This decrease reflects the Company’s operational shift away from commercial lines insurance business given the sale of our agency group earlier in the year.

 

Commercial Lines Financial and Operational Review

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

% Change

 

 

2024

 

 

2023

 

 

% Change

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

3,124

 

 

$

14,850

 

 

 

-79.0

%

 

$

26,686

 

 

$

107,078

 

 

 

-75.1

%

Net written premiums

 

 

488

 

 

 

7,009

 

 

 

93.0

%

 

 

14,541

 

 

 

36,580

 

 

 

-60.2

%

Net earned premiums

 

 

4,254

 

 

 

7,296

 

 

 

-41.7

%

 

 

28,160

 

 

 

59,221

 

 

 

-52.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

650.8

%

 

 

316.7

%

 

 

 

 

 

184.8

%

 

 

105.7

%

 

 

 

Expense ratio

 

 

33.8

%

 

 

38.4

%

 

 

 

 

 

29.8

%

 

 

35.5

%

 

 

 

Combined ratio

 

 

684.6

%

 

 

355.1

%

 

 

 

 

 

214.6

%

 

 

141.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution to combined
   ratio from net (favorable)
   adverse prior year
   development

 

 

550.9

%

 

 

205.5

%

 

 

 

 

 

118.5

%

 

 

32.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accident year combined
   ratio (1)

 

 

133.7

%

 

 

149.6

%

 

 

 

 

 

96.1

%

 

 

108.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The accident year combined ratio is the sum of the loss ratio and the expense ratio, less changes in net ultimate loss estimates from prior accident year loss reserves. The accident year combined ratio provides management with an assessment of the specific policy year's profitability and assists management in their evaluation of product pricing levels and quality of business written.

 

 

The Company’s commercial lines production was down 79% for the fourth quarter of 2024 and represented roughly 23% of total gross written premium in quarter. Commercial Lines net earned premium was down 41.7% for the same period. The Commercial Lines loss ratio for the quarter increased significantly as the Company’s management focused on additional commercial lines reserve strengthening overall.

 

 

 

Conifer Holdings, Inc. Page 4

March 28, 2025

 

Personal Lines Financial and Operational Review

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

% Change

 

 

2024

 

 

2023

 

 

% Change

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

10,559

 

 

$

9,548

 

 

 

10.6

%

 

$

45,367

 

 

$

36,756

 

 

 

23.4

%

Net written premiums

 

 

9,038

 

 

 

8,320

 

 

 

8.6

%

 

 

34,797

 

 

 

32,108

 

 

 

8.4

%

Net earned premiums

 

 

8,454

 

 

 

7,525

 

 

 

12.3

%

 

 

32,702

 

 

 

24,714

 

 

 

32.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

55.2

%

 

 

69.0

%

 

 

 

 

 

64.6

%

 

 

78.9

%

 

 

 

Expense ratio

 

 

40.6

%

 

 

42.7

%

 

 

 

 

 

41.1

%

 

 

40.7

%

 

 

 

Combined ratio

 

 

95.8

%

 

 

111.7

%

 

 

 

 

 

105.7

%

 

 

119.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution to combined
   ratio from net (favorable)
   adverse prior year
   development

 

 

0.9

%

 

 

-2.6

%

 

 

 

 

 

0.8

%

 

 

-5.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accident year combined
   ratio

 

 

94.9

%

 

 

114.3

%

 

 

 

 

 

104.9

%

 

 

125.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Lines premium represented 77% of total gross written premium for the fourth quarter
of 2024. Personal Lines production increased 10.6% from the prior year period to
$10.6 million for the quarter, led by growth in the Company’s low-value dwelling line of business in Texas and the Midwest.

Despite storm activity in the full year, the combined ratio for personal lines business improved significantly in 2024 compared to the same period in 2023.

 

Combined Ratio Analysis

 

 

Three Months Ended
December 31,

 

 

 

Year Ended
December 31,

 

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

254.6

%

 

 

191.1

%

 

 

 

120.2

%

 

 

97.8

%

 

Expense ratio

 

 

38.3

%

 

 

40.6

%

 

 

 

35.8

%

 

 

37.1

%

 

Combined ratio

 

 

292.9

%

 

 

231.7

%

 

 

 

156.0

%

 

 

134.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution to combined ratio from net (favorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

adverse prior year development

 

 

185.0

%

 

 

100.0

%

 

 

 

55.3

%

 

 

21.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accident year combined ratio

 

 

107.9

%

 

 

131.7

%

 

 

 

100.7

%

 

 

113.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

 

Conifer Holdings, Inc. Page 5

March 28, 2025

 

Net investment income increased 5.8% to $5.8 million for the year ending December 31, 2024, compared to $5.4 million in the prior year period.

Change in Fair Value of Equity Securities

During the quarter, the Company reported a loss of $21,000 from the change in fair value of equity investments, compared to a $13,000 gain in the prior year period.

Net Income (Loss) allocable to common shareholders

The Company reported a net loss allocable to common shareholders of $25.4 million, or $2.08 per share, for the fourth quarter of 2024. For the full year 2024, the Company reported net income allocable to common shareholders of $23.5 million, or $1.93 per share.

Adjusted Operating Income (Loss)

In the fourth quarter of 2024, the Company reported an adjusted operating loss of $25.8 million, or $2.11 per share. See Definitions of Non-GAAP Measures.

About Conifer Holdings

Conifer Holdings, Inc. is a Michigan-based property and casualty holding company. Through its subsidiaries, Conifer offers specialty insurance coverage for both commercial and personal lines, marketing through independent agents. The Company is traded on the Nasdaq Capital Market under the symbol CNFR. Additional information is available on the Company's website at www.ir.cnfrh.com.

Forward-Looking Statement

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include Conifer’s expectations regarding future revenue, premiums, earnings, its capital position, expansion, and business strategies. The forward-looking statements contained in this press release are based on management’s good-faith belief and reasonable judgment based on current information. The forward-looking statements are qualified by important factors, risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those in the forward-looking statements, including those described in our Form 10-K (“Item 1A Risk Factors”) filed with the SEC on March 28, 2025 and subsequent reports filed with or furnished to the SEC. Any forward-looking statement made by us in this press release speaks only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws or regulations.

Definitions of Non-GAAP Measures

Conifer prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with

 

 

 

Conifer Holdings, Inc. Page 6

March 28, 2025

 

statutory accounting rules as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.

We believe that investors’ understanding of Conifer’s performance is enhanced by our disclosure of adjusted operating income. Our method for calculating this measure may differ from that used by other companies and therefore comparability may be limited. We define adjusted operating income (loss), a non-GAAP measure, as net income (loss) excluding: 1) net realized investment gains and losses, 2) change in fair value of equity securities 3) other gains and 4) net income from discontinued operations. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance.

 

 

 

 

Conifer Holdings, Inc. Page 7

March 28, 2025

 

Reconciliations of adjusted operating income (loss) and adjusted operating income (loss) per share:

 

 

Three Months Ended
December 31,

 

 

Year Ended
December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(25,382

)

 

$

(19,460

)

 

$

24,347

 

 

$

(25,904

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

 

—

 

 

 

(20

)

 

 

(125

)

 

 

(20

)

Change in fair value of equity securities

 

 

(21

)

 

 

13

 

 

 

(203

)

 

 

608

 

Other gains

 

 

646

 

 

 

-

 

 

 

646

 

 

 

-

 

Net income from discontinued operations

 

 

(186

)

 

 

(42

)

 

 

58,587

 

 

 

1,375

 

Impact of fincome tax expense (benefit) from adjustments *

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Adjusted operating income (loss)

 

$

(25,821

)

 

$

(19,411

)

 

$

(34,558

)

 

$

(27,867

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares, diluted

 

 

12,222,881

 

 

 

12,222,881

 

 

 

12,222,881

 

 

 

12,220,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(2.08

)

 

$

(1.59

)

 

$

1.99

 

 

$

(2.12

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

 

-

 

 

 

-

 

 

 

(0.01

)

 

 

-

 

Change in fair value of equity securities

 

 

-

 

 

 

-

 

 

 

(0.02

)

 

 

0.05

 

Other gains

 

 

0.05

 

 

 

-

 

 

 

0.06

 

 

 

-

 

Net income from discontinued operations

 

 

(0.02

)

 

 

-

 

 

 

4.79

 

 

 

0.11

 

Impact of income tax expense (benefit) from adjustments *

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Adjusted operating income (loss), per share

 

$

(2.11

)

 

$

(1.59

)

 

$

(2.83

)

 

$

(2.28

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The Company has recorded a full valuation allowance against its deferred tax assets as of December 31, 2024 and December 31, 2023, respectively. As a result, there were no taxable impacts to adjusted operating income from the adjustments to net income (loss) in the table above after taking into account the use of NOLs and the change in the valuation allowance.

 

 

 

 

Conifer Holdings, Inc. Page 8

March 28, 2025

 

 

 

December 31,

 

 

 

 

December 31,

 

 

 

2024

 

 

 

2023

 

Assets

 

 

 

 

 

 

 

Investment securities:

 

 

 

 

 

 

 

Debt securities, at fair value (amortized cost of $117,827 and $135,370,
   respectively)

 

$

105,665

 

 

 

$

122,113

 

Equity securities, at fair value (cost of $1,836 and $2,385, respectively)

 

 

1,603

 

 

 

 

2,354

 

Short-term investments, at fair value

 

 

21,151

 

 

 

 

20,838

 

Total investments

 

 

128,419

 

 

 

 

145,305

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

27,654

 

 

 

 

10,663

 

Premiums and agents' balances receivable, net

 

 

9,901

 

 

 

 

29,364

 

Receivable from Affiliate

 

 

-

 

 

 

 

1,047

 

Reinsurance recoverables on unpaid losses

 

 

84,490

 

 

 

 

70,807

 

Reinsurance recoverables on paid losses

 

 

6,919

 

 

 

 

12,619

 

Prepaid reinsurance premiums

 

 

6,088

 

 

 

 

28,908

 

Deferred policy acquisition costs

 

 

6,380

 

 

 

 

6,405

 

Receivable from contingent considerations

 

 

8,070

 

 

 

 

-

 

Other assets

 

 

3,735

 

 

 

 

7,036

 

Assets from discontinued operations

 

 

-

 

 

 

 

3,452

 

Total assets

 

$

281,656

 

 

 

$

315,606

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

189,285

 

 

 

$

174,612

 

Unearned premiums

 

 

30,590

 

 

 

 

65,150

 

Reinsurance premiums payable

 

 

1

 

 

 

 

246

 

Debt

 

 

11,932

 

 

 

 

25,061

 

Funds held under reinsurance agreements

 

 

25,829

 

 

 

 

24,550

 

Premiums payable to other insureds

 

 

-

 

 

 

 

13,986

 

Liabilities from discontinued operations

 

 

-

 

 

 

 

4,083

 

Accounts payable and accrued expenses

 

 

2,494

 

 

 

 

5,029

 

Total liabilities

 

 

260,131

 

 

 

 

312,717

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

—

 

 

 

 

—

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

Series A Preferred stock, no par value (10,000,000 shares authorized; 0 and 1,000 issued and outstanding, respectively)

 

 

-

 

 

 

 

6,000

 

Common stock, no par value (100,000,000 shares authorized;
   12,222,881 issued and outstanding, respectively)

 

 

98,178

 

 

 

 

98,100

 

Accumulated deficit

 

 

(63,153

)

 

 

 

(86,683

)

Accumulated other comprehensive income (loss)

 

 

(13,500

)

 

 

 

(14,528

)

Total shareholders' equity

 

 

21,525

 

 

 

 

2,889

 

Total liabilities and shareholders' equity

 

$

281,656

 

 

 

$

315,606

 

 

 

 

 

Conifer Holdings, Inc. Page 9

March 28, 2025

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31

 

 

 

2024

 

 

2023

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue and Other Income

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

 

 

 

 

 

 

 

 

 

 

 

Gross earned premiums

 

$

19,721

 

 

$

38,115

 

 

$

106,612

 

 

$

146,572

 

Ceded earned premiums

 

 

(7,013

)

 

 

(23,294

)

 

 

(45,750

)

 

 

(62,637

)

Net earned premiums

 

 

12,708

 

 

 

14,821

 

 

 

60,862

 

 

 

83,935

 

Net investment income

 

 

1,352

 

 

 

1,411

 

 

 

5,763

 

 

 

5,447

 

Net realized investment gains (losses)

 

 

—

 

 

 

(20

)

 

 

(125

)

 

 

(20

)

Change in fair value of equity securities

 

 

(21

)

 

 

13

 

 

 

(203

)

 

 

608

 

Other gains

 

 

646

 

 

 

-

 

 

 

646

 

 

 

-

 

Other income

 

 

41

 

 

 

144

 

 

 

328

 

 

 

552

 

Total revenue and other income

 

 

14,726

 

 

 

16,369

 

 

 

67,271

 

 

 

90,522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses, net

 

 

32,349

 

 

 

28,470

 

 

 

73,302

 

 

 

82,413

 

Policy acquisition costs

 

 

3,535

 

 

 

2,392

 

 

 

13,335

 

 

 

15,797

 

Operating expenses

 

 

3,165

 

 

 

3,969

 

 

 

11,831

 

 

 

16,738

 

Interest expense

 

 

862

 

 

 

845

 

 

 

4,883

 

 

 

3,206

 

Total expenses

 

 

39,911

 

 

 

35,676

 

 

 

103,351

 

 

 

118,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

 

(25,185

)

 

 

(19,307

)

 

 

(36,080

)

 

 

(27,632

)

Income tax expense (benefit)

 

 

11

 

 

 

111

 

 

 

(1,840

)

 

 

(353

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

 

(25,196

)

 

 

(19,418

)

 

 

(34,240

)

 

 

(27,279

)

Net income (loss) from discontinued operations

 

 

(186

)

 

 

(42

)

 

 

58,587

 

 

 

1,375

 

Net income (loss)

 

 

(25,382

)

 

 

(19,460

)

 

 

24,347

 

 

 

(25,904

)

Series A Preferred Stock Dividends and Redemption premium

 

 

-

 

 

 

19

 

 

 

817

 

 

 

19

 

Net income (loss) allocable to common shareholders

 

 

(25,382

)

 

 

(19,479

)

 

 

23,530

 

 

 

(25,923

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share,
   basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

(2.06

)

 

$

(1.59

)

 

$

(2.87

)

 

$

(2.23

)

Net income (loss) from discontinued operations

 

$

(0.02

)

 

$

-

 

 

$

4.79

 

 

$

0.11

 

Net income (loss) allocable to common shareholders

 

$

(2.08

)

 

$

(1.59

)

 

$

1.93

 

 

$

(2.12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares
   outstanding, basic and diluted

 

 

12,222,881

 

 

 

12,222,881

 

 

 

12,222,881

 

 

 

12,220,551