ANCASTER, ON, July 24 /CNW/ - The Loyalist Insurance Group Limited (TSX
Venture Exchange - NEX symbol: LOY.H) announced today results for the quarter
ended June 30, 2008.
Revenue for the Company for the six months ending June 30, 2008 was
$3,631,003 compared to $927,151 for the same period in 2007. After eliminating
the goodwill carried for those assets as investments being $1,278,813, net
sale proceeds were $3,433,488. Commissions and contingent profit commissions
were $191,055. Interest income and other income was approximately $15,225.
Total expenses of the Company for the six months ending June 30, 2008
were $355,818. Included in the income tax expense of $721,750 was a provision
of $300,000 for current year income taxes and a write down of the future tax
asset of $421,750.
The net income for the Company for the six months ending June 30, 2008
was $2,553,435 compared with a net loss of $241,542 for the same period in
Both the consolidated 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