DCAP Group Reports Results for First Quarter 2009
May 19 2009 - 11:16AM
Business Wire
DCAP Group, Inc. (NASDAQ: DCAP) reported a net loss for the
first quarter of 2009 of $171,514 (or ($0.06) per diluted share) as
compared to a net loss of $229,658 in 2008 (or ($0.08) per diluted
share). Net loss from continuing operations was $155,835 in 2009 as
compared to net income from continuing operations of $188,081 in
2008. Loss from discontinued operations, net of tax, was $15,679 in
2009, as compared to a loss of $417,739 in 2008.
Barry Goldstein, DCAP�s CEO stated, �During April and May 2009,
we sold our New York State-based retail locations and our franchise
operations. We are also seeking to sell our remaining three retail
locations in Pennsylvania. We included the financial results of our
retail locations and franchise business in the first quarter of
2009 as discontinued operations and have reclassified our first
quarter 2008 results to reflect the same.�
Mr. Goldstein continued, �As previously announced, DCAP�s
reformation of its business model from a retail insurance brokerage
operation to the ownership of an insurance company is subject to
policyholder approval of the conversion of Commercial Mutual
Insurance Company from an advance premium cooperative to a stock
property and casualty insurance company. A special meeting of the
policyholders of Commercial Mutual to approve the plan of
conversion is scheduled to be held on June 8, 2009.�
Financial Results
�
2009
�
2008
� Fee revenue from continuing operations (1) $ 112,037 $ 99,184
(Loss) income from continuing operations $ (155,835 ) $ 188,081
Loss from discontinued operations-net of tax $ (15,679 ) $ (417,739
) Net loss $ (171,514 ) $ (229,658 ) �
Basic and Diluted Per
Share Information: (Loss) income from continuing operations $
(0.05 ) $ 0.06 Loss from discontinued operations $ (0.01 ) $ (0.14
) Loss per common share $ (0.06 ) $ (0.08 ) � Weighted Average
Basic and Diluted Shares Outstanding 2,972,746 2,969,024
__________
�
(1) Represents premium finance
placement fees.
Forward Looking Statements
Statements in this press release may contain �forward-looking
statements� within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of
historical facts, may be forward-looking statements. These
statements are based on management�s current expectations and are
subject to uncertainty and changes in circumstances. These
statements involve risks and uncertainties that could cause actual
results to differ materially from those included in forward-looking
statements due to a variety of factors. More information about
these factors can be found in DCAP�s latest Annual Report filed
with Securities and Exchange Commission under Form 10-K. The
company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Unity Wealth Partners Dy... (NASDAQ:DCAP)
Historical Stock Chart
From Dec 2024 to Jan 2025
Unity Wealth Partners Dy... (NASDAQ:DCAP)
Historical Stock Chart
From Jan 2024 to Jan 2025