ANCASTER, ON, Nov. 10 /CNW/ - The Loyalist Insurance Group Limited (TSX Venture Exchange - NEX symbol: LOY.H) announced today results for the quarter ended September 30, 2009.
The Company's regular revenues for the nine months ending September 30, 2009 were $34,054 consisting of investments and foreign exchange income compared to $232,007 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 nine months ending September 30, 2009 were $399,485 compared to $545,238 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 nine months ending September 30, 2009 was $213,402 compared with a net income of $2,389,742 for the same period in 2008 which included the proceeds from the Company's sale of its customer list in 2008.
The Company has primarily invested in high quality, liquid money market instruments, cash and equities. At September 30, 2009 cash and short term notes were 71.49 % of invested assets, 16.16 % was invested in common stock with the remaining 12.53 % invested in mortgage debt.
Currently, investment income is the only source of revenue for the Company. The Company will continue to review possible acquisitions to augment revenues and profitability and so as not to be reliant only on investment income.
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.
SOURCE Loyalist Group Limited
For further information: For further information: Mr. Donald Coons, President & CEO, The Loyalist Insurance Group Limited, (905) 648-8637 x 247