ANCASTER, ON, Nov. 28 /CNW/ - The Loyalist Insurance Group Limited (TSX
Venture Exchange symbol: LOY) announced today results for the quarter ended
September 30, 2007.
Revenue for the Company for the third quarter ending September 30, 2007
was $406,312 compared to $449,380 for the same quarter in 2006. The decrease
in revenue was due to the non-renewal of a few commercial accounts in the
quarter and comparatively from the sale of a customer list that began in the
third quarter of 2006.
Total expenses of the Company for the third quarter of 2007 were $500,455
compared to $520,450 for the same quarter in 2006. The reduction in expenses
compared to the prior period was due to reduced variable commissions paid to
employees. Also fees relating to removing the cease trade orders on the shares
of the Company were eliminated.
The net loss in the Company for the third quarter ending September 30,
2007 was $94,143 compared with a net income of $143,953 for the same quarter
in 2006. The results for the same quarter in 2006 were due to a gain on sale
of a book of business and the collection of a note receivable which had been
previously written down from a former subsidiary. The Company's wholly owned
subsidiary, Loyalist Insurance Brokers Limited ("LIB") continued to incur
legal fees relating to an arbitration over commissions that were due from a
third party insurer. LIB received an unsuccessful judgment.
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
company primarily involved, through its subsidiary in the retail insurance
The TSX Venture Exchange has neither approved or disapproved of the
information contained herein.
For further information:
For further information: Mr. Donald Coons, President & CEO, The Loyalist
Insurance Group Limited, (905) 648-6767