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
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
The Company incurred income taxes of $221,000 for all prior periods
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