Loyalist Insurance Group announces second quarter results



    ANCASTER, ON, Aug. 6 /CNW/ - The Loyalist Insurance Group Limited (TSX
Venture Exchange - NEX symbol: LOY.H) announced today results for the quarter
ended June 30, 2009.
    The Company's regular revenues for the six months ending June 30, 2009
were $26,686 consisting of investments and foreign exchange income compared to
$206,280 for the same period in 2008, which included approximately $190,000
for contingent profit sharing. The gain on sale of the customer list of
Loyalist Insurance Brokers Limited, a former subsidiary of the Company, was
$4,703,536 and the write-off of goodwill was $1,278,813 which was recorded in
revenue in the first quarter of 2008.
    Total expenses of the Company for the six months ending June 30, 2009
were $262,321 compared to $355,818 in 2008. The company received a recovery of
directors and officers legal expenses for approximately $99,000 in January
2009.
    The net loss for the Company for the six months ending June 30, 2009 was
$103,176 compared with a net income of $2,553,435 for the same period in 2008
which included the proceeds from the Company's sale of its customer list in
2008.
    The Company incurred income taxes of $221,000 for all prior periods
including 2008.
    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
company.

    
    The TSX Venture Exchange - NEX has neither approved nor disapproved of
    the information contained herein.
    

    %SEDAR: 00009147E




For further information:

For further information: Mr. Donald Coons, President & CEO, The Loyalist
Insurance Group Limited, (905) 648-8637 x 247

Organization Profile

Loyalist Group Limited

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890