ANCASTER, ON, May 28 /CNW/ - The Loyalist Insurance Group Limited (TSX
Venture Exchange - NEX symbol: LOY.H) announced today results for the quarter
ended March 31, 2009.
Revenue for the Company for the first quarter ending March 31, 2009 was
$16,346 compared to $126,166 for the same quarter in 2008. The proceeds
received for the sale of the assets of a subsidiary in 2008 were recorded in
the "other items" in the financials. Gross cash sale proceeds were $4,712,301.
After eliminating the goodwill being carried for those assets as investments
being $1,278,813 net sale proceeds were $3,433,488.
On January 30, 2009, the Company received $99,494 from the Company's
directors and officers' liability insurer representing 50% of all monies paid
in relation to a lawsuit that was settled in 2008.
Total expenses of the Company for the first quarter of 2009 were $98,753
compared to $205,523 for the same quarter in 2008.
The net income for the Company for the first quarter ending March 31,
2009 was $17,833 compared with a net income of $2,632,381 for the same quarter
in 2008. The results for the same quarter ending March 31, 2008 were
significantly impacted from the gain on sale of the customer list in early
Both the interim financial statements and the MD&A for the period can be
found on SEDAR at www.sedar.com.
The Loyalist Insurance Group Limited is a financial services holding
The TSX Venture Exchange - NEX has neither approved nor disapproved of
the information contained herein.
For further information:
For further information: Mr. Donald Coons, President & CEO, The Loyalist
Insurance Group Limited, (905) 648-8637 x 247