1347 Property Insurance Holdings, Inc. Reports Preliminary First Quarter 2020 Financial Information
1347 PROPERTY INSURANCE HOLDIN (PIH)
Last 1347 property insurance holdin earnings: 3/20 04:15 pm
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1347pih.com
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Source: Business Wire
TAMPA, Fla.--(BUSINESS WIRE)--1347 Property Insurance Holdings, Inc. (Nasdaq: PIH) (the “Company”), which intends to operate as a diversified holding company of reinsurance and investment management businesses, today announced preliminary unaudited financial information for its first quarter ended March 31, 2020.Operating ResultsThe Company expects to report a net loss attributable to common shareholders of $8.6 million for the quarter, or $1.43 per diluted share, which primarily results from non-cash losses associated with the change in fair value of the Company’s investment in the common stock of FedNat Holding Company (Nasdaq: FNHC) (“FedNat”). Full results will be filed via Form 10-Q as soon as practicable.As of March 31, 2020, key balance sheet items are expected to include:Cash and cash equivalents of $27.7 million.Equity securities, consisting of 1,773,102 shares of common stock of FedNat, with a cost basis of $25.5 million. As of March 31, 2020, the equity securities were
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