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First Acceptance Q2 net loss narrows

First Acceptance, an automobile insurer, has reported that its net loss for the second quarter ended December 31, 2008 was $1 million, or $0.02 per diluted share, compared with a net loss of $11.7 million, or $0.25 per diluted share, for the second quarter ended December 31, 2007.

Revenues for the second quarter ended December 31, 2008 were $65.1 million, compared with $82.3 million in the same period of 2007. Loss before income taxes for the quarter was $1.4 million, compared with income before income taxes of $33,000 in the same period of 2007.

Premiums earned for the second quarter ended December 31, 2008 were $54.8 million, compared with $70.5 million for the second quarter ended December 31, 2007.

Net income for the six months ended December 31, 2008 was $0.8 million, or $0.02 per diluted share, compared with a net loss of $9.8 million, or $0.21 per diluted share, for the six months ended December 31, 2007.

Revenues for the six months ended December 31, 2008 were $136.7 million, compared with $169.5 million in the same period of 2007. Income before income taxes for the six months ended December 31, 2008 was $2.4 million, compared with $3 million in the corresponding period of 2007.

Premiums earned for the six months ended December 31, 2008 were $116.7 million, compared with $145.3 million for the six months ended December 31, 2007.