Hallmark Financial Services Inc. expected to Report Fiscal Year 2009 Results on March 22, 2010. This event was calculated by Capital IQ (Created on November 13, 2009).

Hallmark Financial Services Inc. - Conference Presentation Calls

Hallmark Financial Services Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company's net premiums earned were $62,319,000 against $59,764,000 a year ago. Income before tax was $6,803,000 against $10,588,000 a year ago. Net income attributable to the company was $4,275,000 or $0.20 per diluted share on total revenues of $70,744,000 against $7,410,000 or $0.35 per diluted share on total revenues of $71,984,000 a year ago. The decrease in net earnings was primarily attributable to decreased revenue, higher loss and loss adjustment expense due mostly to unfavorable prior year loss development of $1.8 million recognized as compared to favorable development of $0.3 million and $1.8 million recognized during the three months and six months ending June 30, 2008. The decrease in revenue was primarily attributable to lower commission and fee income in the company's standard commercial and specialty commercial segments due to profit sharing commission adjustments related to adverse loss development on prior accident years as well as a shift in the company's specialty commercial segment from a third party agency structure to an insurance underwriting structure. This decrease in revenue was partially offset by increased earned premium due to increased retention of business in the company's specialty commercial segment, the acquisition of the company's Heath XS Operating Unit in the third quarter of 2008 and increased production by Personal Lines Segment, partially offset by reduced earned premium in Standard Commercial Segment due to the deterioration of the general economic environment in major markets. Cash flow from operations was $19,931,000 against $17,361,000 a year ago. Book value per share was $10.08 against $9.24 a year ago. Annualized return on average equity was 8.5% against 15.7% a year ago. For the six months, the company's net premiums earned were $121,749,000 against $119,008,000 a year ago. Income before tax was $15,248,000 against $21,382,000 a year ago. Net income attributable to the company was $11,065,000 or $0.53 per diluted share on total revenues of $141,654,000 against $14,675,000 or $0.70 per diluted share on total revenues of $143,505,000 a year ago. The decrease in net earnings was primarily attributable to decreased revenue, higher loss and loss adjustment expense due mostly to unfavorable prior year loss development of $1.8 million recognized as compared to favorable development of $0.3 million and $1.8 million recognized during the three months and six months ending June 30, 2008. The decrease in revenue was primarily attributable to lower commission and fee income in the company's standard commercial and specialty commercial segments due to profit sharing commission adjustments related to adverse loss development on prior accident years as well as a shift in the company's specialty commercial segment from a third party agency structure to an insurance underwriting structure. This decrease in revenue was partially offset by increased earned premium due to increased retention of business in the company's specialty commercial segment, the acquisition of the company's Heath XS Operating Unit in the third quarter of 2008 and increased production by Personal Lines Segment, partially offset by reduced earned premium in Standard Commercial Segment due to the deterioration of the general economic environment in major markets. Cash flow from operations was $28,782,000 against $29,749,000 a year ago. Book value per share was $10.08 against $9.24 a year ago. Annualized return on average equity was 11.4% against 15.8% a year ago.