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Loyalist Insurance reports turnaround in Q1

The Loyalist Insurance Group has reported a net income of $2.63 million for the first quarter ended March 31, 2008, versus a net loss of $42,679 for the same quarter of 2007.

Revenue of the company for the quarter increased to $3.56 million from $529,371 posted during the corresponding period of 2007. The increase in revenue was primarily due to the sale of assets of its subsidiary.

Gross cash sale proceeds for the quarter were $4.71 million. After eliminating the goodwill being carried for those assets as investments being $1.28 million, net sale proceeds were $3.43 million. Contingent profit commissions of approximately $123,000 were received during the quarter compared to $180,215 for the same period of 2007. Interest and other income was approximately $3,000.

Total expenses of the company for the quarter were $927,272, of which $721,750 was related to income tax expense, compared with expenses of $572,049 for the same quarter of 2007.